Orbit Bridge Exploit
Orbit Chain, a platform that communicates and transacts with various blockchains, has lost $81 million after hackers exploited the platform’s cross-chain bridge.
Proceeds of the hack were then sent to numerous Ethereum wallets, with $64 million in ETH and around $18 million of the DAI stablecoin.
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DefiLlama data shows that total value locked (TVL) on Orbit Chain dropped from $152 million to $71 million.
Cryptocurrency users lost nearly $2 billion to scams, rug pulls and hacks in 2023, according to security app De.Fi.
More evidence that the EVM Compatible Ecosystem should be avoided for 2024, unless you like being burnt.
The only way to keep ‘0x’ assets safe is to reverse engineer existing wrapping technologies and then ‘wrap’ them according to protocols EVM Compatible systems can’t understand.
If your ‘wrapped’ result is hashed to something which Metamask, Coinbase Wallet, Trust Wallet, Exodus, Guarda etc can’t understand or accommodate, well done! You are probably secure!
Obscurity = Security! – The less travelled road!
Source – coinchapter
Biggest losers of followers among the SM/Platform Silos in 2023
The two biggest losers in membership among the ‘silos’ last year were Instagram and Snapchat. Instagram notionally lost 1 million members from its 2.4 billion base.
Much of the loss to Instagram was as a result of the migration to the new challenger to Twitter (now X) – Threads.
Snapchat lost 130k, but that’s from a 750m user base.
Online searches on how to delete specific platforms were used to develop metrics for intent. The platforms concerned have not acknowledged the figures.
Changes to Python
Python 3.13.0a2 has brought some great new features. One of the previous limitations of Python was seen to be ‘programming bandwidth’.
Changes to the way Python works will be the equivalent to ‘multi-threading’ in processors.
Source – Savi , simplification of analysis report by Andres Pineda
Lucy
Lucy is an integration AI technology that was previously confined to VR Metaverses.
It’s recently broken out into ‘blockchain’ technologies with an application spread across L1s, L2s and dApps.
The agent ensures a secure network connection through technologies like account abstraction and ZKP.
A big plus is users can interact with Lucy using natural language.
Lucy focuses on an ability to support trade and finance critical decisions from LLM (Large Language Model) abstracts with far greater accuracy than typical AI Chat can.
Lucy claims to provide all the essential details, including execution steps and potential fees, allowing the user to make an informed decision.
If you want further info on Lucy, try messaging Yannick Myson
[email protected]
Note that it is a B2B product though, not consumer.
Source – Benzinga
Rise of ‘Advertorial’ pumping has begun in earnest in 2024
Are we really in a bull market at all? The only people that seem to be heralding this bull market seem to be content creators (who want something to write about) and VC professionals (who are broke and need an environment conducive to new deals).
Amid this, we seem to have some ‘Advertorial’ content in the crypto/web3 space, particularly in the ‘D List’ rags, which are suspiciously converging on some notable suspects.
Retik Finance seems to be one. Scapesmania seems to be another.
This is anything but a ‘buy recommendation’. DYOR, and then go to your granny’s house and get her dog to do his as well. Don’t ask FOMO DOG though. He will give a buy recommendation on anything!
RSI – Relative Strength Index
Not exactly news, but a little gift from the first ‘Cherry Bites’ series of the year, to folk that are prone to ‘gambling’ on cryptocurrencies.
‘RSI measures the speed and magnitude of a security’s recent price changes to evaluate overvalued or undervalued conditions in the price of that security.
The RSI is displayed as an oscillator (a line graph) on a scale of zero to 100
The RSI can do more than point to overbought and oversold securities. It can also indicate securities that may be primed for a trend reversal or corrective pullback in price. It can signal when to buy and sell. Traditionally, an RSI reading of 70 or above indicates an overbought situation. A reading of 30 or below indicates an oversold condition.’ – Investopedia
RSI is very relevant to cryptocurrencies.
Elumelu emerges as Investment and Holdings King for Nigeria in 2023
Companies related to Tony O. Elumelu, C.F.R closed 2023 as one of the top performers of the year.
Combined market capitalization was N1.6 trillion, one of the largest gains for a group of companies owned by a billionaire on the NGX.
Transcorp Group, Transcorp Hotels Plc, UBA, Africa Prudential Plc, and United Capital Plc, all listed companies, are associated with Mr. Elumelu where he has majority ownership.
The companies ended the year with a combined market valuation of N2.1 trillion compared to N467 billion at the start of the year, roughly N1.6 trillion in additional value. – Nairametrics
Kyrgyzstan Government raked in almost $900k in tax revenue from Miners in 2023
Kyrgyzstan’s Finance Ministry reports a substantial surge in tax revenue from cryptocurrency miners. In the first 11 months of 2023, the government collected an impressive 78.6 million soms, nearly $883,000, showcasing a remarkable increase in comparison to the previous year.
In 2022, Kyrgyzstan’s revenue from crypto mining stood at 11.1 million soms, or $133,200. The exponential growth observed in 2023 sets the stage for a deeper exploration of the dynamics behind this significant increase in tax revenue.
The Munger Token
Charles Thomas Munger (January 1, 1924 – November 28, 2023) was an American businessman, investor, and philanthropist. He was vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett
Good old Charlie, a serial cryptosceptic, had a memetoken named after him.
It was minted 15 minutes after the billionaire crypto-hater Charlie Munger’s death, and soared by more than 31,000% on Wednesday as speculators flocked to decentralized exchanges with millions of dollars’ worth of ether (ETH) and stablecoins.
The EVM Compatible MUNGER token subsequently lost more than 98% of its value on Thursday after details emerged around the token’s smart contract, which had erroneous functions programmed that allowed developers to restrict the sale of the asset.
Munger had the last laugh on ‘crypto’ from beyond the grave! – Source Coindesk
Every Dude and his Dog Poop we didn’t cover –
- Count down to ETFs (We already know they will happen)
- SBF not being charged on some counts (yeah err.. ok.. but he’s been convicted of enough to put him away for about 700 years, why do we even need to cover this?)
- Bitcoin put on another few %. Yeah… sort of ok but!
What we didn’t do, and someone might consider –
Why maybe Greyscale, Ark, or Pantera might make better candidates to do ETFs than the likes of JP Morgan.
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