In a recent development, the Avalanche (AVAX) C-Chain encountered a significant disruption in block production, leading to a halt for over one hour. This interruption affected the primary network and was observed through the Avascan browser. The last transaction recorded was at block 42046853 (19:13 UTC+8) 1. Avalanche C-Chain Block Production Halt The team behind the Avalanche protocol, Ava Labs, promptly acknowledged the issue and initiated an investigation. According to Kevin Sekniqi, co-founder of Avalanche, the disruption is believed to be related to a new inscription wave launched approximately an hour before the block production interruption. Sekniqi expressed confidence that the incident was caused by an “esoteric bug” stemming from…
Author: ZeroToHero
In a surprising move, Circle, the issuer of the popular stablecoin USDC, has decided to discontinue support for USDC on the TRON blockchain. This decision marks the end of an era and raises questions about the evolving landscape of stablecoins and their underlying networks. The Background USDC, a USD-pegged stablecoin, has gained prominence in the crypto space due to its transparency, regulatory compliance, and widespread adoption. It has been a go-to choice for traders, investors, and DeFi enthusiasts seeking stability in a volatile market. However, its presence on various blockchains has been a critical factor in its success. TRON, founded by the controversial figure Justin…
In a remarkable achievement, First Digital, a leader in digital asset custody and trust services in Asia, proudly announces that its stablecoin, First Digital USD (FDUSD), has reached a market capitalization of US$1 billion. This significant milestone underscores FDUSD’s rapid and widespread adoption since its listing less than six months ago all thanks to zero-trading fee program on Binance The Vision of FDUSD FDUSD, issued by FD121 Limited (a company under the First Digital group), is a reserve-backed stablecoin initially launched on the Ethereum and BNB Chain networks. With plans to expand onto other blockchain networks, FDUSD is setting the pace for interoperable digital currencies. Here…
In a stunning turn of events, Jeff “Jihoz” Zirlin, co-founder of the popular blockchain game Axie Infinity and the Ronin Network, has fallen victim to a significant crypto hack. Two of his personal crypto wallets were compromised, resulting in losses of nearly $10 million worth of Ethereum. Let’s delve into the details of this unfortunate incident. The Hack The breach was first detected and reported by blockchain security firm PeckShield. Unauthorized transfers occurred from Zirlin’s Ronin Bridge wallet, with approximately 3,248 ETH (currently valued at around $9.6 million) being siphoned away. The stolen funds were initially distributed across three different wallets before being deposited into Tornado Cash, a cryptocurrency mixer. https://twitter.com/lookonchain/status/1760892127155011796…
The Growing Importance of DeFi The cryptocurrency industry and decentralized finance (DeFi) have witnessed exponential growth in recent years. With billions of dollars locked into DeFi protocols, the allure for cybercriminals has intensified. Unfortunately, DeFi protocols have become prime targets for hacks, resulting in substantial losses for users. In 2022 alone, crypto hacks led to a staggering $3.8 billion in stolen digital assets, as reported by Chainalysis1. Introducing ERC-7265 In response to these vulnerabilities, a group of Ethereum developers proposed the ERC-7265 standard. This Ethereum Improvement Proposal (EIP) introduces a circuit breaker mechanism designed to enhance security and mitigate cyber risks within DeFi protocols.…
In an impressive achievement, SatoshiSwap.ai, the world’s first Bitcoin decentralized exchange (DEX), has successfully secured $700,000 during its pre-sale round. This substantial investment is poised to propel the development of SatoshiSwap.ai’s flagship project: a DEX specifically tailored for the Bitcoin ecosystem. The Vision of SatoshiSwap.ai Driven by a dedicated team committed to reshaping decentralized finance, SatoshiSwap.ai aims to revolutionize how Bitcoin enthusiasts engage with digital assets. Here are the key highlights of this groundbreaking initiative: On-Chain Trading: SatoshiSwap facilitates peer-to-peer trading of Bitcoin-based assets directly on the blockchain. By enabling trustless and transparent transactions, SatoshiSwap empowers users to transact securely without intermediaries. Liquidity…
What is a stablecoin in cryptocurrency? A stablecoin is a cryptocurrency that is designed to maintain a stable value relative to another asset, such as the US dollar or gold. This makes them attractive to investors who want to avoid the volatility of other cryptocurrencies. Stablecoins are often used for trading, payments, and DeFi applications. How do stablecoins work? There are two main types of stablecoins: fiat-backed stablecoins and algorithmic stablecoins. Fiat-backed stablecoins are backed by a reserve of fiat currency, such as the US dollar. This means that for every stablecoin in circulation, there is an equivalent amount of…
Decentralized crypto exchange FixedFloat has recently fallen victim to a significant security breach, resulting in the loss of approximately $26 million worth of Bitcoin (BTC) and Ether (ETH). The attack was confirmed by the exchange team on February 18, shortly after reports surfaced on X (formerly Twitter) 1. The Attack Unveiled Users began noticing irregularities on the FixedFloat platform, including frozen transactions and missing funds. On-chain data revealed that over 400 Bitcoin (worth around $21 million) and more than 1,700 Ether (worth nearly $5 million) were drained on February 18. The exchange initially attributed the outflows to “minor technical problems” and temporarily switched its services to maintenance mode. However, it soon became evident that the situation…
In a significant move that promises to redefine the Ethereum restaking landscape, Binance Labs has strategically invested in the decentralized finance (DeFi) project Renzo. This investment marks a new era of simplified and diversified restaking options for cryptocurrency enthusiasts. The Renzo Protocol: Liquid Restaking and Risk Management Renzo, a Liquid Restaking Token (LRT) and Strategy Manager for EigenLayer, aims to foster broader adoption of the EigenLayer ecosystem. EigenLayer, an Ethereum restaking protocol, has gained prominence with a Total Value Locked (TVL) of $7.8 billion as of February 22, 2024. How Does Renzo Work? Restaking Hub on EigenLayer: Renzo operates as a Restaking Hub…
In a strategic move that balances regulatory compliance and market dynamics, Binance, one of the world’s leading cryptocurrency exchanges, has implemented a price cap for Tether (USDT) tokens on its peer-to-peer (P2P) platform in Nigeria. This decision comes amidst a backdrop of economic challenges and regulatory scrutiny. The Price Cap: A Prudent Measure Maximum Selling Price: Binance has set a maximum selling price of 1,802 Nigerian naira (NGN) per USDT on its P2P platform1. This proactive step aligns with local regulations and aims to curb speculative trading. Compliance Commitment: Binance has assured its Nigerian users that it is committed to working closely with local authorities, lawmakers, and regulators. The…