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Crypto Flipsider News – July 16th – Square, THORChain attack, Crypto for Tax Payments, Anonymous Crypto, Picasso NFT

  • Square to create a new open-source platform for DeFi.
  • THORChain attacked, losses surpass $7,6 million.
  • Jackson City, Tennessee, plans to accept crypto for tax payments. 
  • One more picasso NFT, but this time without burning the real picture.
  • Hacktivist group Anonymous announces a brand new crypto.

Square to Create a New Open-Source Platform for DeFi

Payment service giant Square is planning to create an open-source platform for decentralized finance (DeFi) services. In a series of tweets, Jack Dorsey, CEO of Square and Twitter, announced that the new platform, called TBD, will primarily focus on Bitcoin. According to Dorsey, it will be created in a completely open manner.

Earlier this month, Jack Dorsey announced that Square would be building its own hardware wallet. The company will also invest $5 million into solar-powered Bitcoin mining.

Flipsider:

  • Square has definitely identified a new goldmine. Though in a different way to Michael Saylor, Dorsey is also diving deeper, which can only be good for fiercer competition in the crypto space. On the other hand, the warnings about increased centralization in the space do not sound so naive anymore.

THORChain attacked, losses surpass $7,6 million

Cross-chain decentralized exchange (DEX) THORChain lost approximately 4,000 ETH during the recent cyber attack. That’s almost $7.62 million worth of ETH based on today’s $1,905 exchange rate.

THORChain later posted that approximately $4.9 million worth of assets were withdrawn from the exchange. The exploit happened as THORChain’s ETH Bifrost protocol was tricked “using a custom wrapper to read a deposit amount of 200 when it was actually zero.” Bifrost is a DeFi protocol that has connections on various Proof of Stake blockchains.

The THORChain community has temporarily halted the network for security reasons, claiming that the lost funds will be restored.

Flipsider:

  • Every stick has two ends. The more complex interoperability protocols become, the more vulnerable they are. With the knowledge that cross-chain DEXes are vulnerable targets, those which have so far remained untouched have time to prepare and upgrade security.

Jackson City, Tennessee, Plans to Accept Crypto for Tax Payments

The current mayor of Jackson, Scott Conger, posted a tweet in which he disclosed plans to allow the city’s citizens to pay taxes in Bitcoin. It is worth noting that Scott Conger has historically been an active supporter of blockchain technology. Moreover, his official Twitter account perfectly represents his position with the use of “laser-eyes.”

Flipsider:

  • It seems that Miami has a competitor now. It’s time to wait for the second biggest crypto conference to be held in the woods of one of the local national parks. 

Anonymous Arrives on the Scene with a Brand New Crypto

The famous Anonymous has come with a new message for the citizens of the cryptoverse: the creation of its own, brand new Anon Inu coin. The new token will take on Elon Musk in the meme war, but also aims to engage China in the crypto war, the anonymous frontman of the international hacktivist movement declared.

Anonymous blames China’s government for causing the current drop in cryptocurrency prices, which largely occurred as a result of the recent bans on cryptocurrency mining in the country. The reduced prices encouraged institutional investors and whales to buy up, thus leaving less crypto in circulation, which in turn led to the more recent massive price spikes.

The Anon Inu coin has been issued on Binance Smart Chain, which is the biggest crypto exchange by trading volumes.

Flipsider:

  • Another player in the market manipulating our minds, it seems no better than Elon. Good luck with fighting China while your meme token army is issued on a Chinese influenced blockchain. It’s unclear who’s the bigger hypocrite here, Elon or Anonymous.

One More Picasso NFT, but without Burning the Real Picture This Time

Sygmun, a Swiss digital bank, is co-operating with Artemundi in order to release fractionalized ownership shares in a painting by Pablo Picasso. Each of them costs $6,000 and the whole piece is estimated at $3.68 million.

The painting itself is a portrait of a child wearing a beret and bright clothes in the unique style only Picasso could do.

Flipsider:

  • Thank God, this way no one can burn or destroy pieces of art! 

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