The media report that Goldman Sachs is reconstituting a department that handled issues related to trading and derivatives on digital assets amid growing interest in bitcoins among its clients. This department was first organized in 2018, but to a large…
The government of one of China regions, Inner Mongolia, intends to gather public opinion by March 3 on possible changes to industrial regulation. One of the amendments involves the complete closure of all cryptocurrency mining companies in the region, already…
Decentralized protocol and token exchange service Furucombo suffered a hack that resulted in the theft of more than $15 million The Furucombo team reported the incident on its Twitter account on Feb. 27. Furucombo’s proxy server was attacked and hacked around 5 p.m. UTC. The company confirmed that the vulnerability has been fixed and all components have been deauthorized. Furucombo advises users to revoke token transfer authorization on the site as a precaution. $15 million stolen The project team confirmed the amount of funds stolen in a February 28 message. However, the exchange claims that users’ money is safe. The company is thinking about how to mitigate the consequences of the hack and promises to release an action plan in the near future. No clear timeline is given. One Furucombo user claimed to have lost $197,000 worth of USDT as a result of the hack. He asked how the company plans to compensate him for the loss. Furucombo team representatives replied that the mitigation plan will be published in due time. Over the past year, dozens of projects working in the DeFi (decentralized finance) segment became victims of hacks and exploits. In particular, attackers withdrew money from DeFi platforms through vulnerabilities in smart contracts. Security remains an issue for DeFi and DEX An entire book could be compiled from the list of projects affected by hackers. Akropolis, for example, fell victim to a hacker stealing $2 million from the project. This happened even despite numerous audits confirming the reliability of the savings pools. Last year, the Harvest Finance project lost $24 million in digital assets. On the popular and well-known decentralized exchange SushiSwap, an attacker reaped $103,000. The exchange claimed that the intruder merely picked up what was bad, but in fact he took the profits of other users. Whatever the case, the decentralized finance industry and decentralized exchanges still have a long way to go before they manage to bring security to an acceptable level. Hackers are already pretty good at understanding how smart contracts work. These projects need to hire the best in the business to prevent the theft of customer funds. The popular DeFi education platform, DeFi Prime, reported that all customers can take advantage of Revoke.Cash and revoke transfers to the hacker’s address. Security problems and hacks are hurting the cryptocurrency space and the decentralized finance segment. Recently it was reported that Kazakhstan wanted to snatch 1% of global cryptocurrency turnover.
Kazakhstan’s Ministry of Digital Transformation is working on creating domestic cryptocurrency exchanges to control miners. Ministry of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan (R K) intends to create their own crypto-exchanges to handle 1% of global cryptocurrency turnover. Bagdat Musin, head of the ministry, announced this at an extended board meeting. According to him, the President of Kazakhstan has agreed on the development of the institute of crypto-exchanges on the basis of the International Financial Center “Astana” (M F C A). At the same time, the cryptocurrency market itself in Kazakhstan will remain unrecognized. “We will not recognize cryptocurrency in Kazakhstan, but we will participate in the global cryptoindustry,” Musin said. Thus, crypto exchanges created on the basis of the MFCA will collect taxes on $30 million mined by miners in the country, Musin added.Kazakhstan has long been trying to take control of the local crypto market. For example, back in August 2020, the government of the republic proposed to introduce a 15 % tax on mining companies. At that time, the taxation was explained by the need to create infrastructure to combat the COVID-19 pandemic. However, the local crypto market was almost immediately skeptical of the authorities’ proposal. Kazakhstan’s Xive mining company said that the tax on miners would reduce the investment attractiveness of businesses in the country. It is noteworthy that last summer the Kazakh authorities announced their intention to attract almost $ 740 million of investment to the local crypto market that equal to 1% of global cryptocurrency turnover. Whether or not the authorities succeeded in achieving this or not, remains unknown. However, it is known that this had no effect on the legalization of the crypto market. Recently it was reported why Ukraine decided to block cryptosites and who is behind…
Goloseevsky District Court of Kiev decided to block cryptosites in Ukraine, including cryptocurrency resources. The count of blocked sites more the 400. Ukraine was considered a promising region for cryptocurrency development in Eastern Europe and the CIS. Last year, Kiev…
Early on February 24, bitcoin was able to recover from the decline to $43,000 seen on February 22-23 and surpass the $50,000 level. The market was positively influenced by news about investment companies from Wall Street. Square, which is managed by Jack Dorsey, who is also the shareholder and CEO of social network Twitter, announced that it had bought 3,318 thousand bitcoins for $170 million. Thus, the organization’s investment in the No. 1 cryptocurrency reached $394 million, or about 5% of the value of the line item in Square’s Cash and Marketable Securities balance sheet. Jack Dorsey reportedly plans to double Square’s involvement in bitcoin. Ark Investment Management, an investment group, was another company that backed bitcoin. Its head Kathy Wood said that she is “very positive about bitcoin, and very happy to see that the market is seeing a very normal market correction of the asset,” which is how she reacted to the downward price movement of the number one cryptocurrency that was seen in the previous two days. Kathy Wood also agreed with Bespoke Investment Group, which said that the decline in the price of bitcoin was “very moderate.” Institutional investor interest in bitcoin has increased recently, especially after the Canadian regulator approved the launch of the world’s first cryptocurrency ETF. In just one week, the amount of funds that ended up invested in bitcoin ETFs exceeded $564 million. Recently it was reported that BTC.com mining pool will have a new owner.