fbpx

Crypto Flipsider News – August 13th – Poly Network Talkative Hacker, Axie Infinity on Coinbase, BTC and ETH Mining, Crypto’s Mass Adoption, DAO Exploit

  • A very talkative hacker indeed: thoughts revealed in a Q&A.
  • New listings: AXS on Coinbase, Baby Doge on OKEx.
  • BTC miners are still into Ethereum, while PoS is not yet here.
  • All hail crypto mass adoption. Behold, it’s coming!
  • Crypto crowdfunding platform DAO suffers a $7 million hack.

A Very Talkative Hacker Indeed: Thoughts Revealed in a Q&A

The “author” of the biggest hack in crypto history turned out not to be so humble. After returning all the money, he decided to hold the Q&A embedded within ETH transaction data, explaining his views and attitude towards the created fuss.  

It turned out that money and capital are not the chief of his concerns. In the beginning, the bad actor mentioned that the hack was only “for fun.” However, later on, it was revealed that the person works in the field of security consultation as a high-profile hacker. He even partially revealed his identity, unveiling that English is not his first language. Interestingly, he does not identify as either white-hat or black-hat.  

In any case, the hacker claimed that the Poly Network was a decent system and admitted that the hack was one of the most challenging of his life! 

Flipsider:

  • “With great power comes great responsibility.” This hacker probably has his own uncle Ben.  

New Listings: AXS on Coinbase, Baby Doge on OKEx

  • Coinbase Pro has added the Axie Infinity (AXS) cryptocurrency to its list this week, which saw the coin price of the blockchain NFT game shoot up by 30% within a handful of hours.

Axie Infinity is a hyper popular play-to-earn game. It enables gamers to own, trade and earn from in-game assets. AXS’ value has surged by more than 360% in the past month. 

  • Meme coin BabyDoge has been listed on the OKEx crypto exchange. Baby DogeCoin (BABYDOGE) is a DOGE Coin spinoff memecoin built on the Binance Smart Chain (BSC). The coin spiked in value by nearly 20% in the wake of the announcement. 

BABYDOGE gained global attention after Elon Musk’s tweet last month. OKEx itself was ranked the world’s largest crypto derivatives exchange in 2020.

Flipsider:

  • What was once fun, has now become serious. Chainalysis added DOGE to its reports earlier this week next to other top cryptos. Are memecoins maturing, or do crypto exchanges simply find themselves having to go with the flow?

BTC Miners Still into Ethereum, While PoS Is Not Yet Here

Bitcoin mining firms and hardware producers are continuing their investment in Ethereum mining.

Hut 8, North America’s largest crypto miner, has invested in NVIDIA hardware to mine Ethereum. 

Crypto mining company HIVE Blockchain Technologies continued its acquisition of BTC and ETH miners.

Bitmain, the leading mining hardware manufacturer, is set to launch one of the fastest ever ETH mining machines by the end of this year.

The Ethereum network is expected to shift from a PoW to a PoS consensus mechanism that does not require such powerful mining hardware.

Flipsider:

  • After its recent London upgrade, Ethereum is now closer to Po, nevertheless, the network has long talked about moving to PoS, and has a history of delays. 

All Hail Crypto Mass Adoption. Behold, It’s coming!

  • According to research by Blockdata, over half of the 100 largest banks, such as Barclays, Citigroup, and Goldman Sachs, are  investors in major crypto and blockchain technology-based companies. The banks are getting involved in emerging firms by funding both early and late stage projects and businesses.
  • Half (55) of the top 100 banks by assets under management (AUM) have some form of exposure to the technology.
  • Based on a new report from “Big Four” accounting firm KPMG, serious investors now have a better understanding of crypto assets involving the operational and procedural side of crypto, its custody and storage, storekeeping, and the competitiveness and maturity of service providers.
  • Rising awareness among investors has proven to be the key factor prompting them to invest. It has been predicted that the cryptocurrency space will only continue to mature from here.

Flipsider:

  • While crypto’s mass adoption hints at growing maturity, recent events involving token platform hacks show that security issues continue to stand between crypto and becoming a safe medium of exchange.

Crypto Crowdfunding Platform DAO Suffers a $7 Million Hack

The token sale site for startup DAOs has confirmed the overnight hack that resulted in the loss of $7 million worth of funds. The hack led to some user accounts being completely drained and, as reported, 5,251 users had their funds stolen from the platform.

The firm has since announced that it is working with crypto firm Cipher Blade to create a plan of action regarding user funds and the next steps to be taken.

The concerning part is that the largest cryptocurrency hack performed to date was done “for fun.” The “cheeky” hacker has already begun returning the funds, as $342 million has already been returned to the Poly Network.

Flipsider:

  • Although crypto attracts double the numbers of investors, making the crypto world “stronger,” heists like this only support the concerns that have been raised time and again: crypto is far from safe. In order for crypto to thrive and be considered as a serious medium for exchange, it needs to earnestly work on improving its security measures across the board.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

    You can always unsubscribe with just 1 click.

    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

    Rate This Article
    In order to improve, we give you the opportunity to rate DailyCoin content
    Author

    DailyCoin is an online media outlet, with a focus to cover blockchain and crypto news, opinions, trends and helpful articles. We focus on delivering fast and objective news about cryptocurrencies and crypto markets with a swirl of passion. Our dedicated and motivated global team is here to deliver the highest quality content. If you want to collaborate with DailyCoin and become our contibutor, please contact us at [email protected]