MyCryptoParadise | Crypto News | Weekly 2
My crypto paradise weekly news is here and this is the final edition of MyCryptoParadise | Crypto News | Weekly 2. Crypto News Weekly 2 has all the trending news of the week.
What’s new this week in the crypto world?
The twitter hack jostled the world when a never before seen social engineering attack took control of high profile accounts luring unsuspecting followers towards a double your money crypto scam. This had negative effects, as investors had finally come at ease in response to the crypto winter finally coming to an end; the recent hacks and the sudden movement may trigger some alarms.
Crypto markets have experienced mild tides after notable cryptocurrencies moved a few percentage points. With Bitcoin dropping by 1% following Ethereum and XRP, the overall market cap for crypto assets entertained a 1% drop. Moreover, High profile Twitter accounts were quickly disabled following a massive hack that took place on the social media platform on Wednesday evening. These high profile accounts include but are not limited to Bill Gates, Kanye West, Jeff Bezos, Elon Musk, and Barrack Obama.
Interestingly, the largest Bitcoin exchange, Binance was also hacked on twitter. Although people may have suspected the high profile accounts being hacked as a scam; Exchanges and Cryptocurrency industry giants may have made it more believable. The Binance Twitter hack and the Coinbase Twitter hack were able to intercept people’s adamancy. Interestingly, industry giants such as Apple weren’t spared from the hack either followed by CashApp and Uber.
Crypto industry giants and celebrities such as Ripple, Bitcoin, Creator of Litecoin Charlie Lee, and BitTorrent’s CEO Justin Sun also fell victim to the attack on Wednesday. Following the attack, Bittorrent’s CEO, Justin Sun has also announced a whopping $1 million bounty in exchange for Hackers who are responsible for the attack.
In other news, after a long-lasting request from Ethereum’s community, the total gas used on the network accommodated a record high gas limit of 12,500,000; experiencing a 25% increase from the former 10,000,000 gas limit.
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The Week’s Summary:
The bitcoin price continues to be enigmatic as the price varies between $8,900 and $9,500 with some analysts speculating crashing tides for the cryptocurrency; predicting massive price shifts in the days to come.
Bitcoin’s volatility has accommodated a year low after traders and analysts eagerly wait for a golden tsunami. Bitcoin’s price has been displaying trends between $8,900 and $9500. Bitcoin entertained a 0.34% increase to a price of $9,200 with the market capitalization has capped at $168.1 Billion.
The Bitcoin blockchain network is moderated by the SHA-256 consensus algorithm that administers the whole system. With the network hash rate and network difficulty displaying record highs constituting to an average block time of 10 minutes after a recent +15% difficulty adjustment.
With the next block reward halving expected for June 2024, the current block reward constitutes a 1.80% inflation that is intrinsically set to decrease.
The Ethereum network has been in the news lately despite its unreactive prices. The ecosystem has experienced a faster network following the 25% increase in the gas limit after a long-lasting request from Ethereum’s community, the total gas used on the network accommodated a record high gas limit of 12,500,000 from the former 10,000,000 gas limit.
Data suggests that the increase in the gas limit didn’t bottleneck the newly increased on-chain transactions. The transactions had increased to 44 per second, compared to the former limit of 35 per second.
With the number of transactions increasing in response to the increased gas limit and a stable on-chain volume, data suggests that the increase in total gas usage was most likely incurred from the increased use of complex smart contracts with inherently required more gas.
However, despite the surge in the gas limit, the demand for on-chain transactions persists.
This week, high profile twitter accounts were restricted attacks following a massive hack that took place on the popular social media platform. These high profile accounts included various celebrities, politicians, and Crypto industry leaders.
The largest Bitcoin exchange, Binance was also hacked on twitter. Interesting people may have reported the deceitful tweets from hacked celebrities and politicians, however, popular crypto platforms made this scam much more believable.
The Binance Twitter hack and the Coinbase Twitter hack were able to intercept people’s adamancy. With Crypto industry giants and celebrities such as Ripple, Bitcoin, Creator of Litecoin Charlie Lee, and BitTorrent’s CEO Justin Sun also falling victim to the attack on Wednesday. Following the attack, Bittorrent’s CEO, Justin Sun has also announced a whopping $1 million bounty in exchange for Hackers who are responsible for the attack.
These hacked messages displayed trends that led to the Cryptoforhealth. The Binance hack and crypto industry giants had the same message template across multiple hacked tweets, however, this hasn’t been concrete evidence against the hackers.
Experts speculated that third-party applications that were responsible for aggregating tweets with access to the Twitter API were most likely responsible. However, the platform later confirmed that it was a “socially-engineered attack” that was successful in infiltrating employees with access to the internal systems and tools.
The Reddit community has chimed in and speculated that the hack may have been because of a Twitter employee getting phished or trojan-horsed through a third-party platform. As a lot of network attacks have taken place, websites and people running wire shark to probe all open ports on the internet are trying to inject their code.
The mnemonic address among a myriad of Transactions to the attack spelled out
“ Just read all transaction output as text. You take risk when use bitcoin for your twitter game bitcoin is traceable why not Monero”
Right now, scammers have successfully swindled 13 BTC or $120,000. Contrarily, it is still uncertain if whether the message was targeting the responsible party, or for those who were swindled by the Bitcoin giveaway.
In response to the attack and display of incompetency of the social media platform and security, Twitter resorted towards disabling users’ ability to tweet or modify their accounts affecting key communications mechanisms for a myriad of businesses, journalists, politicians, and influencers.
The decentralized nature of the cryptocurrency may be more detrimental than beneficial in building the perception of the revolution of this technology. The fact that the unknown and untraceable hackers remain as such after effectively using their widespread access to verified twitter accounts to swindle cryptocurrency.
The electronic payment system leads the world in procession transaction communications and it has finally got on board with cryptocurrencies. Mastercard is seeking partnerships with cryptocurrency platforms, which is part of the new cryptocurrency program launched by Mastercard.
Mastercard aims to make its “Accelerate program” accessible, enabling its partners with support to entertain continuous growth and expansion. Partners are expected to integrate Mastercard’s technology to benefit from the firm’s top-of-the-line security, expertise, and market research.
With cryptocurrency platforms such as Wirex becoming the first cryptocurrency partner with Mastercard, users will able to immediately convert their crypto assets into fiat currency without the usual hassles.
As growing interest and recognition of cryptocurrency revolutionizes the world, it is only time that Cryptocurrencies are widely accepted and used as the primary payment institution to empower everyone with the experience of a world where currencies, traditional and/or digital, are equal.
Speaking about Monero, The Haven protocol is soon to be launched on top of Monero. The protocol recently advertised an expansion to include a new stable coin that constitutes to the USD, ‘xUSD’.
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In light of the recent events, it may seem that cryptocurrencies are finally getting the recognition they deserved. Although hacks because of incompetent social media platforms as well as scams are likely to deter the reputation of the financial medium, however, as the technology matures from its nascent stages, the end result is still expected to be phenomenal.
Ethereum’s gas limit increase will allow for more transactions, however, the demand for on-chain transactions remains. Mastercard’s partnership is huge for cryptocurrencies and fiat currencies to co-exist and for digital currencies to be used worldwide regardless of geopolitical barriers.
A lot has happened this week, more good than bad, stay tuned for more as MyCryptoParadise will try their best to provide you with the latest new possible.
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