🔑 Leak of API keys and inactivity of exchanges: analysis of the 3Commas incident from HAPI
For several months now, the community has been discussing the leak of API keys from the 3Commas platform. The latter acknowledged the data compromise only in December 2022, although the first complaints date back to October.
Experts assessed the damage to clients, explained how assets were stolen from users of centralized platforms, and talked about a class action lawsuit that they are preparing to file against 3Commas in the United States.
🗓 In October 2022, 3Commas, together with the FTX cryptocurrency exchange team, reported the compromise of a number of API keys, which were subsequently used to make unauthorized transactions with the DMM Governance (DMG) token.
Some clients of the algorithmic trading platform have reported that keys have been used to transact on Binance, KuCoin, and Coinbase without their consent.
💬 Representatives of 3Commas then called this information "false rumors."
For several months now, the community has been discussing the leak of API keys from the 3Commas platform. The latter acknowledged the data compromise only in December 2022, although the first complaints date back to October.
Experts assessed the damage to clients, explained how assets were stolen from users of centralized platforms, and talked about a class action lawsuit that they are preparing to file against 3Commas in the United States.
🗓 In October 2022, 3Commas, together with the FTX cryptocurrency exchange team, reported the compromise of a number of API keys, which were subsequently used to make unauthorized transactions with the DMM Governance (DMG) token.
Some clients of the algorithmic trading platform have reported that keys have been used to transact on Binance, KuCoin, and Coinbase without their consent.
💬 Representatives of 3Commas then called this information "false rumors."
What are appchains ⁉️
1️⃣ Appchain (application-specific blockchain, appchain) is a blockchain designed exclusively for the operation of one specific application.
The use of such solutions gives developers more freedom in the formation of ecosystems, governance structures and consensus algorithms for the decentralized applications they create.
2️⃣ How do appchains work?
Appchains work in much the same way as the basic blockchain, but on top of the latter. The main difference is that they are app-specific.
In the context of security, appchains rely on first-level (L1) blockchains. Such systems are highly customizable and have significant performance potential because they do not compete with L1 applications for processing power and storage space.
Such solutions usually have a utility token. It is used for staking, as the app's internal currency, and for voting.
Appchains are supported by validators from the main network (if they agree to send resources to a specific application).
1️⃣ Appchain (application-specific blockchain, appchain) is a blockchain designed exclusively for the operation of one specific application.
The use of such solutions gives developers more freedom in the formation of ecosystems, governance structures and consensus algorithms for the decentralized applications they create.
2️⃣ How do appchains work?
Appchains work in much the same way as the basic blockchain, but on top of the latter. The main difference is that they are app-specific.
In the context of security, appchains rely on first-level (L1) blockchains. Such systems are highly customizable and have significant performance potential because they do not compete with L1 applications for processing power and storage space.
Such solutions usually have a utility token. It is used for staking, as the app's internal currency, and for voting.
Appchains are supported by validators from the main network (if they agree to send resources to a specific application).
3️⃣ What are the benefits of appchains?
Using a new approach when building applications has a number of advantages compared to L1, second-layer (L2) solutions and sidechains . As already mentioned, appchains bring customization and increase the performance of systems without sacrificing security, since they rely on the underlying blockchain.
Direct use of L1 when creatingdappsinvolves competition with other applications for limited computing resources. This is fraught with the potential for performance degradation and a lengthy platform upgrade process because the developers have no control over the consensus protocol.
Due to competition between dapps based on the same network, it is possible that just one popular application uses a disproportionate amount of resources. This leads to an increase in fees (as, for example, against the backdrop of the launch of XEN Crypto) and delays in transaction processing.
Appchains offer low and predictable transaction costs, which benefits the user experience.
As the popularity of decentralized applications grows, developers may face the need for advanced customization and optimization of various parameters, including throughput, finalization, security level and accessibility (permissionless or permissioned).
For traditional organizations, appchains provide an opportunity to dive into Web3 without making the platforms public from day one. For example, companies may initially require validators to comply withKYC, rely on a limited set of developers, and select specific services for cross -chain collaboration.
Using a new approach when building applications has a number of advantages compared to L1, second-layer (L2) solutions and sidechains . As already mentioned, appchains bring customization and increase the performance of systems without sacrificing security, since they rely on the underlying blockchain.
Direct use of L1 when creatingdappsinvolves competition with other applications for limited computing resources. This is fraught with the potential for performance degradation and a lengthy platform upgrade process because the developers have no control over the consensus protocol.
Due to competition between dapps based on the same network, it is possible that just one popular application uses a disproportionate amount of resources. This leads to an increase in fees (as, for example, against the backdrop of the launch of XEN Crypto) and delays in transaction processing.
Appchains offer low and predictable transaction costs, which benefits the user experience.
As the popularity of decentralized applications grows, developers may face the need for advanced customization and optimization of various parameters, including throughput, finalization, security level and accessibility (permissionless or permissioned).
For traditional organizations, appchains provide an opportunity to dive into Web3 without making the platforms public from day one. For example, companies may initially require validators to comply withKYC, rely on a limited set of developers, and select specific services for cross -chain collaboration.
4️⃣ What are the disadvantages of appchains?
The main difference and, perhaps, the limitation of appchains is that they are "sharpened" for one specific application. L2 solutions, on the contrary, are able to interact with a wide variety of dapps.
Appchains offer limited composability and some degree of isolation, which can lead to liquidity fragmentation. The problem is largely solved through the integration of cross-chain bridges, however, the latter are often a target for hackers .
If the application is not used actively enough, then launching and maintaining the appchain can be a waste of time and money. Platform-dedicated validators can efficiently deploy resources elsewhere.
The work of the appchain can be fraught with various difficulties. For example, related to the management of additional infrastructure elements likesequencersor validators.
At the disposal of developers, there may not be ready-made solutions “out of the box” - block explorers,RPC-providers,indexers, oracles, fiat gateways, etc.
There are advantages to creating L1 solutions - for example, the availability of a huge amount of resources, infrastructure elements, tools for developers (especially beginners). This abundance can facilitate integration with different ecosystems.
With L2, developers can increase the scalability of services without having to make significant changes to the codebase.
Second-tier solutions also offer a high level of security, as they rely on the main blockchain. For example, Optimism and Arbitrum process transactions quickly and send “fraud proofs” to the main network thanks to Optimistic rollups technology.
The main difference and, perhaps, the limitation of appchains is that they are "sharpened" for one specific application. L2 solutions, on the contrary, are able to interact with a wide variety of dapps.
Appchains offer limited composability and some degree of isolation, which can lead to liquidity fragmentation. The problem is largely solved through the integration of cross-chain bridges, however, the latter are often a target for hackers .
If the application is not used actively enough, then launching and maintaining the appchain can be a waste of time and money. Platform-dedicated validators can efficiently deploy resources elsewhere.
The work of the appchain can be fraught with various difficulties. For example, related to the management of additional infrastructure elements likesequencersor validators.
At the disposal of developers, there may not be ready-made solutions “out of the box” - block explorers,RPC-providers,indexers, oracles, fiat gateways, etc.
There are advantages to creating L1 solutions - for example, the availability of a huge amount of resources, infrastructure elements, tools for developers (especially beginners). This abundance can facilitate integration with different ecosystems.
With L2, developers can increase the scalability of services without having to make significant changes to the codebase.
Second-tier solutions also offer a high level of security, as they rely on the main blockchain. For example, Optimism and Arbitrum process transactions quickly and send “fraud proofs” to the main network thanks to Optimistic rollups technology.
5️⃣ How are appchains different from sidechains?
Sidechains involve the operation of a parallel network with two-way binding to the main one, but such solutions do not rely on the security of L1. Sidechains differ from L2 in that they do not send transactions to the main blockchain.
Appchains are created for a specific application (app-specific). Sidechains, on the other hand, perform operations of any kind. Their main drawback is reduced security due to limited decentralization.
One of the most famous sidechains is Polygon Proof of Stake, which is part of the Polygon project ecosystem. The latter also includes Polygon Edge, an open source development environment that allows you to create L2 solutions.
6️⃣ Which projects have appchains?
Some blockchain projects provide developers with the ability to create appchains. Among them:
🔸Polkadot parachains;
🔸Space Zones;
🔸Avalanche subnets (subnets);
🔸Polygon Supernets;
🔸Polkadot Parachains;
Polkadot is a networkEVM-compatible blockchains - parachains connected to the central network (Relay Chain). The latter specializes in validating transactions of all related systems.
The Relay Chain uses a Proof-of-Stake consensus mechanism where validators stake DOT (Polkadot's native token).
Each group of validators is responsible for a specific parachain, appointed and supported by collators: they collect user transactions and validate blocks based on the Proof-of-Validity algorithm (proof of validity). For their work as nodes, collators receive a reward, the amount of which depends on the specific parachain.
The number of slots for parachains in the Polkadot network is limited to 100. They are distributed through auctions, during which DOT holders vote for projects for their subsequent connection to the Relay Chain.
“Parachain slots can only be obtained for a certain period of up to two years. At the end of this period, the slot is returned to the auction, ” explains on the project website .
Parachains can also serve as bridges connecting the Polkadot network to external L1 blockchains like Ethereum.
Such solutions provide developers with all the above features of appchains, including the freedom to choose an economic or management structure, allowing the use of utility tokens.
One of the main disadvantages of parachains is the limited number of slots that can be won during the auction. This makes such solutions less accessible.
The Polkadot team is working on parathreads , pay-per-use parachains. The solution will allow developers to upload the project code to the Relay Chain and launch several collators without waiting for the parachain auction. In the future, parathreads can be upgraded to parachains in case of participation and victory in auctions.
The number of parathreads supported by Polkadot is also limited to 10,000.
Another drawback of the ecosystem is that Relay Chain does not support smart contracts. This limits the capabilities of the Polkadot network.
Examples of parachain projects:
Acala - DeFi hub for the Polkadot network;
Litentry - cross-chain aggregator of identity solutions.
Sidechains involve the operation of a parallel network with two-way binding to the main one, but such solutions do not rely on the security of L1. Sidechains differ from L2 in that they do not send transactions to the main blockchain.
Appchains are created for a specific application (app-specific). Sidechains, on the other hand, perform operations of any kind. Their main drawback is reduced security due to limited decentralization.
One of the most famous sidechains is Polygon Proof of Stake, which is part of the Polygon project ecosystem. The latter also includes Polygon Edge, an open source development environment that allows you to create L2 solutions.
6️⃣ Which projects have appchains?
Some blockchain projects provide developers with the ability to create appchains. Among them:
🔸Polkadot parachains;
🔸Space Zones;
🔸Avalanche subnets (subnets);
🔸Polygon Supernets;
🔸Polkadot Parachains;
Polkadot is a networkEVM-compatible blockchains - parachains connected to the central network (Relay Chain). The latter specializes in validating transactions of all related systems.
The Relay Chain uses a Proof-of-Stake consensus mechanism where validators stake DOT (Polkadot's native token).
Each group of validators is responsible for a specific parachain, appointed and supported by collators: they collect user transactions and validate blocks based on the Proof-of-Validity algorithm (proof of validity). For their work as nodes, collators receive a reward, the amount of which depends on the specific parachain.
The number of slots for parachains in the Polkadot network is limited to 100. They are distributed through auctions, during which DOT holders vote for projects for their subsequent connection to the Relay Chain.
“Parachain slots can only be obtained for a certain period of up to two years. At the end of this period, the slot is returned to the auction, ” explains on the project website .
Parachains can also serve as bridges connecting the Polkadot network to external L1 blockchains like Ethereum.
Such solutions provide developers with all the above features of appchains, including the freedom to choose an economic or management structure, allowing the use of utility tokens.
One of the main disadvantages of parachains is the limited number of slots that can be won during the auction. This makes such solutions less accessible.
The Polkadot team is working on parathreads , pay-per-use parachains. The solution will allow developers to upload the project code to the Relay Chain and launch several collators without waiting for the parachain auction. In the future, parathreads can be upgraded to parachains in case of participation and victory in auctions.
The number of parathreads supported by Polkadot is also limited to 10,000.
Another drawback of the ecosystem is that Relay Chain does not support smart contracts. This limits the capabilities of the Polkadot network.
Examples of parachain projects:
Acala - DeFi hub for the Polkadot network;
Litentry - cross-chain aggregator of identity solutions.
🔥 Charles Hoskinson Interested in Buying CoinDesk Edition
Cardano founder Charles Hoskinson is considering buying crypto-industry publication CoinDesk.
🗓 On January 19, it became known that the Digital Currency Group (DCG) is considering selling part or 100% of the publication in order to "raise capital to stimulate its future growth."
💸 According to the company's CEO Kevin Worth, over the past few months, the DCG subsidiary has received "numerous signals of interest" from potential buyers. The upper bar of proposals was $200 million.
Hoskinson noted that he has not yet seen CoinDesk's financial filings to make a final decision. In his opinion, the price of $200 million is "a little overpriced."
💬 “I could afford it if I really wanted to,” he added.
The Cardano founder noted interest in the media and expressed a desire to "figure out how to get back to journalistic honesty again."
Cardano founder Charles Hoskinson is considering buying crypto-industry publication CoinDesk.
🗓 On January 19, it became known that the Digital Currency Group (DCG) is considering selling part or 100% of the publication in order to "raise capital to stimulate its future growth."
💸 According to the company's CEO Kevin Worth, over the past few months, the DCG subsidiary has received "numerous signals of interest" from potential buyers. The upper bar of proposals was $200 million.
Hoskinson noted that he has not yet seen CoinDesk's financial filings to make a final decision. In his opinion, the price of $200 million is "a little overpriced."
💬 “I could afford it if I really wanted to,” he added.
The Cardano founder noted interest in the media and expressed a desire to "figure out how to get back to journalistic honesty again."
💵 Nexo to pay $45 million in fines to US regulators
Crypto lending platform Nexo has reached an agreement with US regulators over allegations of an unregistered sale of securities. The company will pay $45 million in fines as part of the claims settlement.
The U.S. Securities and Exchange Commission (SEC), as well as the regulatory agencies of several states, have considered the Earn Interest Product (EIP) crypto-currency interest product as securities.
According to the SEC, the company failed to register the offering under applicable law and circumvented disclosure requirements.
💬 “We are not interested in the labels attached to the proposals, but in their economic realities. And part of that reality is that crypto assets are not exempt from federal securities laws,” said Gurbir Grewal, director of SEC enforcement.
Crypto lending platform Nexo has reached an agreement with US regulators over allegations of an unregistered sale of securities. The company will pay $45 million in fines as part of the claims settlement.
The U.S. Securities and Exchange Commission (SEC), as well as the regulatory agencies of several states, have considered the Earn Interest Product (EIP) crypto-currency interest product as securities.
According to the SEC, the company failed to register the offering under applicable law and circumvented disclosure requirements.
💬 “We are not interested in the labels attached to the proposals, but in their economic realities. And part of that reality is that crypto assets are not exempt from federal securities laws,” said Gurbir Grewal, director of SEC enforcement.
💼 Robinhood will open access to a crypto wallet to a million users
Online broker Robinhood will provide access to its own non- custodial Web3 wallet to a million users on the waiting list.
🗓 In September 2022, 10,000 people who were the first to sign up for early access to the iOS app got the opportunity to test its beta version.
Based on feedback, the team has made a number of improvements to the wallet based on feedback from Robinhood General Manager of Crypto Products Johann Kerbrath.
Support for Ethereum and NFT has been added to the application that originally worked on the basis of the Polygon second-layer solution. Through the wallet, you can operate with more than 50 tokens like COMP, MATIC, SHIB, SOL, UNI, USDC and others.
The company will send the access codes within the next few weeks. After downloading and installing the application, customers will receive $5 in cryptocurrency as a bonus.
✅ Kerbrath noted that the opportunity to join the waiting list is still open.
Online broker Robinhood will provide access to its own non- custodial Web3 wallet to a million users on the waiting list.
🗓 In September 2022, 10,000 people who were the first to sign up for early access to the iOS app got the opportunity to test its beta version.
Based on feedback, the team has made a number of improvements to the wallet based on feedback from Robinhood General Manager of Crypto Products Johann Kerbrath.
Support for Ethereum and NFT has been added to the application that originally worked on the basis of the Polygon second-layer solution. Through the wallet, you can operate with more than 50 tokens like COMP, MATIC, SHIB, SOL, UNI, USDC and others.
The company will send the access codes within the next few weeks. After downloading and installing the application, customers will receive $5 in cryptocurrency as a bonus.
✅ Kerbrath noted that the opportunity to join the waiting list is still open.
💬 For a wide coverage of different audiences, personal ease of use, as well as better interaction between users, USDTSCAN publishes its materials in various social networks:
🔹 Telegram - Official Chanel
🔹 Telegram - Community CHAT
🔹 Twitter
🔹 Medium
🔹 Reddit
🔹 GitHub
🔹 Telegram - Official Chanel
🔹 Telegram - Community CHAT
🔹 Medium
🔹 GitHub
💵 Crypto Whales are Adding These Cryptos to Their Holdings
As investors ponder the possibilities for crypto markets heading deeper into 2023, whales are continuing to amass promising coins as a possible indicator of an impending bull market sometime in 2023. Despite experiencing a slump during 2022, blockchain technology continues to progress with innovative advancements in areas such as AI and EVs–giving both major investors and smaller traders something to anticipate. But what exactly are some of the crypto whale coins at the moment?
Though Bitcoin, Ethereum, and other large cap coins have stolen the spotlight, there are many more projects that are at the forefront of pioneering multiple aspects of the crypto economy. There are an abundance of possibilities for traders to invest their capital into this industry including within decentralized finance (DeFi) and real-world use cases for non-fungible tokens (NFTs), for example.
If you’re considering investing, you may be wondering: should I begin now, and which investments are right for me? Unfortunately, no one can predict where markets will go in the future. That’s why it is vital to only invest money that you are comfortable with losing.
Protecting yourself from scams is paramount, so it’s essential to guarantee that all ventures you invest in comply with all legal guidelines. Assessing the team involved with a specific venture is equally necessary; confirming they have an established background is a step that should not be overlooked.
When evaluating a blockchain project, be sure to determine whether the proposed use cases provide real solutions to existing problems rather than merely capitalizing on the current buzz surrounding blockchain technology.
Also, consider ways to get into projects early, such as presales of upcoming projects. With the right strategic investments, it’s possible to get higher gains than with many larger cap cryptos.
Some digital assets that meet the above requirements are MEMAG, FGHT, CCHG, TARO and RIA.
As investors ponder the possibilities for crypto markets heading deeper into 2023, whales are continuing to amass promising coins as a possible indicator of an impending bull market sometime in 2023. Despite experiencing a slump during 2022, blockchain technology continues to progress with innovative advancements in areas such as AI and EVs–giving both major investors and smaller traders something to anticipate. But what exactly are some of the crypto whale coins at the moment?
Though Bitcoin, Ethereum, and other large cap coins have stolen the spotlight, there are many more projects that are at the forefront of pioneering multiple aspects of the crypto economy. There are an abundance of possibilities for traders to invest their capital into this industry including within decentralized finance (DeFi) and real-world use cases for non-fungible tokens (NFTs), for example.
If you’re considering investing, you may be wondering: should I begin now, and which investments are right for me? Unfortunately, no one can predict where markets will go in the future. That’s why it is vital to only invest money that you are comfortable with losing.
Protecting yourself from scams is paramount, so it’s essential to guarantee that all ventures you invest in comply with all legal guidelines. Assessing the team involved with a specific venture is equally necessary; confirming they have an established background is a step that should not be overlooked.
When evaluating a blockchain project, be sure to determine whether the proposed use cases provide real solutions to existing problems rather than merely capitalizing on the current buzz surrounding blockchain technology.
Also, consider ways to get into projects early, such as presales of upcoming projects. With the right strategic investments, it’s possible to get higher gains than with many larger cap cryptos.
Some digital assets that meet the above requirements are MEMAG, FGHT, CCHG, TARO and RIA.
🏆 Tether Leads In The Emerging Markets
Like any new idea, digital currencies are fighting an ideological battle to convince the world that they offer something beneficial, something which brings value to people globally. However, it is a battle on two fronts, convincing individuals in wealthy, industrialized countries and convincing individuals in emerging markets.
Much of the dialogue, debate, and press coverage over digital currencies is from the point of view of people in wealthy, industrialized countries.
💬 "Why would I use Bitcoin, I have Venmo?"
💬 "The dollar is never going to hyperinflate!"
💬 " Why would I use a stablecoin, I can just use real dollars!"
Answering questions like these for Westerners is something we spend a lot of time doing, and there are good answers to the question of why someone in a wealthy, industrialized country would use digital currencies. However, it's only half of the story, and perhaps much less than half.
Like any new idea, digital currencies are fighting an ideological battle to convince the world that they offer something beneficial, something which brings value to people globally. However, it is a battle on two fronts, convincing individuals in wealthy, industrialized countries and convincing individuals in emerging markets.
Much of the dialogue, debate, and press coverage over digital currencies is from the point of view of people in wealthy, industrialized countries.
💬 "Why would I use Bitcoin, I have Venmo?"
💬 "The dollar is never going to hyperinflate!"
💬 " Why would I use a stablecoin, I can just use real dollars!"
Answering questions like these for Westerners is something we spend a lot of time doing, and there are good answers to the question of why someone in a wealthy, industrialized country would use digital currencies. However, it's only half of the story, and perhaps much less than half.
Many of the questions that get debated first in the West, don't even occur to someone in an emerging market.
Does someone living in Argentina question if they will ever experience hyperinflation? What about Turkey? Lebanon? Egypt?
❓Do people in African nations question why someone might want to use a stablecoin instead of "real US dollars"? Of course not, most people can't get US dollars.
And does the idea of cheap, reliable, near-instant payments hold any appeal for people in Venezuela? Of course, they can't access Venmo!
🥇Tether in the Lead in Emerging Markets
While market pundits obsess over market cap and how large the lead is between Tether and it's competitors, the story being written in emerging markets is different.
Tether is focusing on emerging markets rather than being WallStreet buddies like other competitors.
🏧 Tether worked with ATM companies to make USDT available at over 24,000 ATMs in Brazil Nov 2022.
Two months later stablecoins, and USD₮ in particular, made up over 50% of Brazilian Real volumes.
Does someone living in Argentina question if they will ever experience hyperinflation? What about Turkey? Lebanon? Egypt?
❓Do people in African nations question why someone might want to use a stablecoin instead of "real US dollars"? Of course not, most people can't get US dollars.
And does the idea of cheap, reliable, near-instant payments hold any appeal for people in Venezuela? Of course, they can't access Venmo!
🥇Tether in the Lead in Emerging Markets
While market pundits obsess over market cap and how large the lead is between Tether and it's competitors, the story being written in emerging markets is different.
Tether is focusing on emerging markets rather than being WallStreet buddies like other competitors.
🏧 Tether worked with ATM companies to make USDT available at over 24,000 ATMs in Brazil Nov 2022.
Two months later stablecoins, and USD₮ in particular, made up over 50% of Brazilian Real volumes.
🇧🇷 Brazil also saw record registrations from companies in Brazil holding USD₮ which was the most widely held cryptocurrency in Brazil.
🇪🇬➕🇻🇪 Tether provides a true utility to countries with unstable fiat currencies, unreliable payment rails, and insecure property rights. This is as true in Egypt as it is in Venezuela.
🇪🇬 Since the start of 2022 the Egyptian pound has declined from around 15 pounds per dollar to 30 pounds per dollar. That's a 50% decline versus the dollar in one year! And that is the official rate!
🇪🇬 Whenever a country's currency starts inflating like Egypt's has, it is practically a guarantee that a black market for dollars will emerge. In December, the official exchange rate was 24.6 pounds per dollar but on black markets it was 32 pounds per dollar. These prices are sustained by the fact that people cannot easily access dollars and there is not enough supply to go around.
USD₮ is able to bring dollar liquidity to these areas that is accessible to everyone. There are no gatekeepers, no withdrawal limits, no officially mandated conversion caps.
🔹Anyone with an internet connection can receive and access USD₮.
🔹People turn to Tether in Lebanon when they need to buy groceries.
🔹People turn to Tether in Turkey when they need to protect their savings.
🔹People turn to Tether in Myanmar when they need to fight for Democracy.
🔹People turn to Tether in Argentina when the country's economic stability is in question.
In Africa, young people hopeful of building a better life for themselves are frequently unable to pay for the necessary academic and work credentials because they require dollars they cannot access. Governments with the most volatile currencies have heavily restricted dollar access, but Tether has provided an alternative for people in these countries. USD₮ has been a lifeline for immigration to Western countries.
✅ Tether is committed to serving people in emerging markets globally. Let's build an open future together.
🇪🇬➕🇻🇪 Tether provides a true utility to countries with unstable fiat currencies, unreliable payment rails, and insecure property rights. This is as true in Egypt as it is in Venezuela.
🇪🇬 Since the start of 2022 the Egyptian pound has declined from around 15 pounds per dollar to 30 pounds per dollar. That's a 50% decline versus the dollar in one year! And that is the official rate!
🇪🇬 Whenever a country's currency starts inflating like Egypt's has, it is practically a guarantee that a black market for dollars will emerge. In December, the official exchange rate was 24.6 pounds per dollar but on black markets it was 32 pounds per dollar. These prices are sustained by the fact that people cannot easily access dollars and there is not enough supply to go around.
USD₮ is able to bring dollar liquidity to these areas that is accessible to everyone. There are no gatekeepers, no withdrawal limits, no officially mandated conversion caps.
🔹Anyone with an internet connection can receive and access USD₮.
🔹People turn to Tether in Lebanon when they need to buy groceries.
🔹People turn to Tether in Turkey when they need to protect their savings.
🔹People turn to Tether in Myanmar when they need to fight for Democracy.
🔹People turn to Tether in Argentina when the country's economic stability is in question.
In Africa, young people hopeful of building a better life for themselves are frequently unable to pay for the necessary academic and work credentials because they require dollars they cannot access. Governments with the most volatile currencies have heavily restricted dollar access, but Tether has provided an alternative for people in these countries. USD₮ has been a lifeline for immigration to Western countries.
✅ Tether is committed to serving people in emerging markets globally. Let's build an open future together.
Bitcoin mining difficulty hits all-time high again 🔥
As a result of the next recalculation, the difficulty of mining the first cryptocurrency increased by 4.68%. The indicator has updated its historical high at around 39.35 T.
📈 According to Glassnode , the network's smoothed 7-day moving average hashrate is close to 291 EH/s.
Hash pricewith a value of $0.075 per TH/s per day remains close to the maximum levels over the past three months.
Recall that on January 20, a lone miner with a hardware hashrate of only 10 TH / s included a block in the bitcoin blockchain.
As a result of the next recalculation, the difficulty of mining the first cryptocurrency increased by 4.68%. The indicator has updated its historical high at around 39.35 T.
📈 According to Glassnode , the network's smoothed 7-day moving average hashrate is close to 291 EH/s.
Hash pricewith a value of $0.075 per TH/s per day remains close to the maximum levels over the past three months.
Recall that on January 20, a lone miner with a hardware hashrate of only 10 TH / s included a block in the bitcoin blockchain.
On the evening of January 29, the quotes of the first cryptocurrency came close to the level of $24,000. Over the past day, the asset has grown by 2.1%, according to CoinGecko .
At the moment, digital gold exceeded $23,960. The current price is $23,658.
Ethereum is up 2.4% in 24 hours. At the time of writing, the second largest cryptocurrency by capitalization is holding above $1625.
Following the flagships, assets from the top 10 moved into the "green zone". At the time of writing, the exception is Dogecoin — the coin has lost 0.1%. The total market capitalization is $1.1 trillion.
The crypto-currency index of fear and greed moved from the zone of "extreme fear" to "greed" in a month, reaching 61 points.
According to a CoinGecko survey, 32.1% of the 4,306 participants in the study believe that Bitcoin will be in the $25,000-26,000 range this week. At the same time, 21.4% allow the price to pull back below $22,000.
At the moment, digital gold exceeded $23,960. The current price is $23,658.
Ethereum is up 2.4% in 24 hours. At the time of writing, the second largest cryptocurrency by capitalization is holding above $1625.
Following the flagships, assets from the top 10 moved into the "green zone". At the time of writing, the exception is Dogecoin — the coin has lost 0.1%. The total market capitalization is $1.1 trillion.
The crypto-currency index of fear and greed moved from the zone of "extreme fear" to "greed" in a month, reaching 61 points.
According to a CoinGecko survey, 32.1% of the 4,306 participants in the study believe that Bitcoin will be in the $25,000-26,000 range this week. At the same time, 21.4% allow the price to pull back below $22,000.
💻 South Korea to Implement Cryptocurrency Tracking System in 2023
🏢 The Ministry of Justice of South Korea announced the introduction in the first half of 2023 of a system for tracking crypto transactions to combat money laundering and return illegally obtained funds.
The "Virtual Currency Tracking System" is used to monitor the history of transactions, related information and verify the source of funds before and after the transfer.
💬 “In response to the growing ingenuity of criminals, we will improve our toolbox. We will build a criminal justice system that meets international standards,” the agency said in a statement.
💵 Financial Services Commission of South Korea announced that, as part of the fight against money laundering, it will start tracking transactions of users whose assets exceed 100 million KRW (~ $ 70,000).
A month earlier, the country's authorities arrested 16 people suspected of facilitating illegal foreign exchange transactions as part of the kimchi premium arbitration.
🏢 The Ministry of Justice of South Korea announced the introduction in the first half of 2023 of a system for tracking crypto transactions to combat money laundering and return illegally obtained funds.
The "Virtual Currency Tracking System" is used to monitor the history of transactions, related information and verify the source of funds before and after the transfer.
💬 “In response to the growing ingenuity of criminals, we will improve our toolbox. We will build a criminal justice system that meets international standards,” the agency said in a statement.
💵 Financial Services Commission of South Korea announced that, as part of the fight against money laundering, it will start tracking transactions of users whose assets exceed 100 million KRW (~ $ 70,000).
A month earlier, the country's authorities arrested 16 people suspected of facilitating illegal foreign exchange transactions as part of the kimchi premium arbitration.
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🔥 Binance will create a metaverse and implement solutions based on zk-SNARK
Cryptocurrency exchange Binance spoke about plans for 2023, including the development of solutions to ensure transparency in the operation of the platform and the creation of a metaverse.
⚙️ Mayur Kamata, Head of Product at Binance, said the developers will continue to improve the concept launched at the end of 2022. Now they are preparing the release of several products based onzk-SNARKto implement the Proof-of-Solvency mechanism.
💵 Binance also plans to reach 1 billion verified users through optimization KYC-procedures.
At the same time, the platform is exploring the possibility of creating its own metaverse. Binance CEO Changpeng Zhao did not reveal the details of this project, but said that it will “definitely work on Binance Coin.”
💬 “But since we don’t make games yet and we don’t have a game design team, the exchange is more open to investing in other VR projects or metaverse games,” Zhao said.
Cryptocurrency exchange Binance spoke about plans for 2023, including the development of solutions to ensure transparency in the operation of the platform and the creation of a metaverse.
⚙️ Mayur Kamata, Head of Product at Binance, said the developers will continue to improve the concept launched at the end of 2022. Now they are preparing the release of several products based onzk-SNARKto implement the Proof-of-Solvency mechanism.
💵 Binance also plans to reach 1 billion verified users through optimization KYC-procedures.
At the same time, the platform is exploring the possibility of creating its own metaverse. Binance CEO Changpeng Zhao did not reveal the details of this project, but said that it will “definitely work on Binance Coin.”
💬 “But since we don’t make games yet and we don’t have a game design team, the exchange is more open to investing in other VR projects or metaverse games,” Zhao said.
🏦 Institutions have invested a record amount of funds since July in crypto funds
From January 21 to January 27, $117 million went into cryptocurrency investment products, the highest since July 2022.
📈 Trading volume was $1.3 billion, 17% above the year-to-date average.
The greatest activity was concentrated in bitcoin funds - investors invested $116 million in this type of product. Structures that allow you to open shorts on the first cryptocurrency recorded an inflow of $4.4 million.
The outflow from products based on various altcoins amounted to $6.4 million. The negative dynamics continued for the ninth week in a row.
In altcoins, a positive trend was recorded. Ethereum-based products raised $4.2M, Polkadot raised $1M, XRP and Cardano raised $0.6M each, and Avalanche raised $0.5M.
In general, inflows were predominantly observed in altcoins. Ethereum-based products raised $2.3M, Solana $1.1M, Polygon $0.2M. BNB and XRP-based products saw outflows of $0.4M and $0.2M, respectively.
From January 21 to January 27, $117 million went into cryptocurrency investment products, the highest since July 2022.
📈 Trading volume was $1.3 billion, 17% above the year-to-date average.
The greatest activity was concentrated in bitcoin funds - investors invested $116 million in this type of product. Structures that allow you to open shorts on the first cryptocurrency recorded an inflow of $4.4 million.
The outflow from products based on various altcoins amounted to $6.4 million. The negative dynamics continued for the ninth week in a row.
In altcoins, a positive trend was recorded. Ethereum-based products raised $4.2M, Polkadot raised $1M, XRP and Cardano raised $0.6M each, and Avalanche raised $0.5M.
In general, inflows were predominantly observed in altcoins. Ethereum-based products raised $2.3M, Solana $1.1M, Polygon $0.2M. BNB and XRP-based products saw outflows of $0.4M and $0.2M, respectively.