Table of Contents
Bitcoin News: 05th October 2021
- Facebook, Instagram, & Whatsapp goes down, Traders take Twitter by storm for a decentralised social app and Bitcoin goes up
- Times are Changing, as Polygon Flips Ethereum on Active User Addresses
- Amitabh Bachchan Joins CoinDCX and will now be the Official Face of the Platform
- Seems Brazil Gonna legalise Bitcoin soon, as the Brazilian Federal Deputy said “You’ll soon be able to buy McDonald’s using Bitcoin”
- Here we are we another DeFi hack: StakeSteak succumbed to a DeFi hack and lost approximately $200,000
- Metis Hackathon will support charity dApps that address the United Nations’ 11 Sustainable Development Goals
- The Bank of America announces the introduction of digital asset analysis
- Link Global, a Canadian Bitcoin mining company, has been fined $5.6 million.
Facebook and Bitcoin goes up
Facebook and linked services such as Instagram, WhatsApp, Messenger, and Oculus were offline for many hours today, with the social media giant blaming the outages on “networking difficulties.”
According to reports, the disruptions were caused by DNS difficulties. According to cybersecurity reporter Brian Krebs, DNS entries were “withdrawn this morning from the global routing tables.” According to some sources, Facebook attempted to restart servers manually, and employees were unable to access buildings owing to widespread service outages.
According to The Verge, services are only now starting to come back online, and global access to all of Facebook’s apps might take hours.
It’s one of Facebook’s worst outages to history, affecting its 2.89 billion global users as well as those who use its linked services. In 2019, Facebook experienced a 14-hour outage, compared to a one-day outage in 2008, when the service had only 150 million users.
Further, according to various Twitter handles it is evident that this leads to a surge in Bitcoin prices as everyone starts buying again.
Polygon Flips Ethereum on Active User Addresses
Polygon’s active user involvement is surging, indicating that its native cryptocurrency MATIC is on the rise. According to data given by polygonscan, the number of unique daily addresses active as sender or receiver reached a new high of 566,516 on Saturday, exceeding Ethereum for the first time. On Oct. 2, Ethereum had a total of 527,158 coins.
Furthermore, according to data from etherscan, the number of active addresses on Polygon has increased by 168 per cent in the last 30 days, while Ethereum’s count has increased by only 0.6 per cent.
According to Spencer Noon, an investor in Variant, a cryptocurrency venture capital fund, acceptance of non-fungible tokens (NFTs) and gaming have spurred the expansion of Polygon’s user base.
“Traders on Polygon OpenSea [the NFT marketplace] have multiplied 45.5x since July, while NFTs sold have multiplied 17.5x,” Spencer noted in a Network report released Oct. 2.
“Second, gaming is exploding. “One example is Arc8, which has 104K DAU [daily active users] just days after launch,” Spencer continued.
Amitabh Bachchan Joins CoinDCX
Mr. Bachchan has joined cryptocurrency exchange CoinDCX as a brand ambassador to raise crypto awareness, according to The Hindu.
With more Indian investors flocking to cryptocurrencies, it’s more important than ever to raise knowledge about safe crypto investments. The cryptocurrency sector in India is a $2 trillion industry, according to the exchange, and it’s just going to become bigger. That is precisely what CoinDCX intends to achieve with their upcoming new campaign. As the campaign’s first brand ambassador and face, superstar Amitabh Bachchan will help establish cryptocurrency as a reliable asset class and enhance its legitimacy among Indian investors. Bachchan’s previous cryptocurrency investing expertise may also be useful. That is, at least, what CoinDCX hopes for.
Further, the Crypto exchange released a statement on Monday stating that
“Through Bachchan, CoinDCX wants to convey that it is at the forefront when it comes to the safety of its users and being compliant with all the regulations. In addition, the brand aims to educate prospective users about the crypto space.”
CoinDCX intends to create its image as a leader in customer safety and regulatory compliance, in addition to teaching new crypto investors. As a result, the cryptocurrency exchange has made improving its credibility in India’s fast-growing digital asset industry a top priority. It had previously joined the Advertising Standards Council of India (ASCI), a self-regulatory group for the advertising industry, in August. It also raised over $90 million in its most recent Series C funding round, making it India’s first and only crypto unicorn.
Seems Brazil Gonna legalise Bitcoin soon
Bitcoin adoption is on the rise as Brazil inches closer to establishing a legal framework. Is this, though, because policymakers support digital innovation?
Following El Salvador’s lead, Brazil may soon adopt Bitcoin as a currency. According to Federal Deputy Aureo Ribeiro, Brazilians would be able to use the world’s largest cryptocurrency to buy houses, vehicles, even McDonald’s.
This is feasible because of Bill 2.303/15, which was passed last Wednesday and aims to provide a legal framework for virtual currencies. However, the Bill will face the last barrier in the coming days when it comes up for a vote in the Chamber of Deputies (Cámara dos Diputados) plenary.
The Chamber of Deputies is the lower house of the Brazilian National Congress, with 513 members who are elected every four years. The plenary is the most important body in the Chamber, where deputies meet to discuss and vote on proposals.
Brazil, according to Ribeiro, needs this to legalise cryptocurrency use and attract foreign investment. As a result, Bitcoin will be used in everyday transactions.
“We want to separate the wheat from the chaff, create regulations so that you can trade, know where you are buying, know who you are dealing with, and have this asset to buy a house, a car, go to McDonald’s to buy a hamburger, it will be a currency in the country as it happens in other countries.”
StakeSteak loses $200k in a DeFi hack
Coming up first, StakeSteak, a Defi protocol on the Fantom network, was hacked today, resulting in a loss of 80,636 FTM and 81,351 USDC, totalling $196,439. According to the protocol’s post-mortem, the breach was triggered by a private key grabbed from one of its Github repositories that had been there for over 5 months. The protocol acknowledged ownership of the vulnerability in a press statement, admitting that it was a “fatal mistake.”
Following the attack, the protocol has stated that a unique token would be issued and airdropped to STEAK holders and LPs prior to the exploit. The protocol, however, clarified that the issue is unrelated to the attack. Instead of the traditional “staking STEAK,” the platform was contemplating rebranding to better enable practical services.
According to the protocol, the rebranding will involve changing the platform Steak StableSwap or Singularity Swap, with Singularity as the token. Before proceeding with a brand change, the Defi procedure has sought community consent.
Following the exploit, the protocol defined its Compensation Plan. The team said that a snapshot of all STEAK token holders, including xSTEAK, STEAK-FTM LPs, STEAK-fUSD, STEAK-iFUSD, and STEAK-FTM, will be taken prior to the exploit. The addresses in the snapshot will be changed to the new token according to their STEAK token balance. However, because of the temporary loss caused by the exploit, LPs will be reimbursed at a higher rate.
Metis Hackathon will support charity dApps
So, coming up next, Metis, a prominent Ethereum Layer-2 Rollup scaling solution, has announced the commencement of its hackathon, which will run from October 2 through November 30, 2021. Metis will award up to $1 million in prizes to software architects who can create decentralised apps (dApps) or other sorts of platforms to address some of the issues raised in the UN Sustainable Development Goals (SDGs).
Addressing poverty-related difficulties, reducing hunger, assisting people in keeping good health, providing excellent education, ensuring gender equality, delivering clean energy, and meeting water supply requirements are among these concerns.
The Metis hackathon’s main goal is to develop high-performance Ethereum-powered dApps. The attendees will also have the option of integrating or migrating their Ethereum dApps to the Metis Layer-2 SDK.
The criteria for evaluating a project include its overall economic, environmental, and social effect, as stated in the announcement. The value proposition of the dApp, as well as its capacity to solve real-world issues, will be evaluated.
Participants will be invited to give a step-by-step tour of their software programmes, with all technical details well described. The fundamental objective of these initiatives should be obvious, and there should be a wealth of information available.
The Bank of America announces the introduction of digital asset analysis
Following significant investor interest in digital currencies, Bank of America, one of the major Wall Street banks, has announced the beginning of digital asset research.
Because of the institutional interest in digital currencies, a number of Wall Street banks have launched cryptocurrency offerings to fulfil customer demand. Bank of America is following in the footsteps of institutional behemoths like Goldman Sachs, who have begun to provide crypto services in order to stay up with the rapidly developing digital asset industry.
BOA’s move to begin digital asset research was praised by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy.
Goldman Sachs established a cryptocurrency desk in 2018, put it on hold because of the price decline, and then restarted it in March of this year amid a surge in interest in cryptocurrencies. Moreover, despite the current negative downturn, investor mood appears to be positive. Established financial investors are willing to add their names to the growing list of institutions offering crypto services as the crypto market matures and companies gain greater trust from investors. With the recent uptrend sparking renewed interest and support, established financial investors are willing to add their names to the growing list of institutions offering crypto services.
Link Global has been fined $5.6 million
And coming to today’s final news, For operating unlicensed power plants in the province of Alberta, Link Global Technologies, a Bitcoin (BTC) mining firm listed on the Canadian Securities Exchange, is facing hefty potential fines. Further, the deadline for Link Global to file its response to the suit has been extended to Oct. 14, 2021.
On September 24, the Alberta Utilities Commission (AUC), the province’s electricity utility regulator, filed a new enforcement filing against Link Global, with enforcement officials suggesting a number of fines for breaches of Alberta’s legal requirements.
The AUC’s enforcement team suggested that Link Global pay an economic disgorgement of roughly 2 million Canadian dollars ($1.6 million) for financial profits from illegal energy generation, according to a document provided with Cointelegraph.
Based on the AUC’s estimations of Link Global’s claimed gross economic gain for two facilities, the regulator is demanding nearly $5 million CAD ($4 million) from the company’s Bitcoin mining activities. In addition, the AUC is seeking two administrative penalties totalling 81,000 CAD ($64,000).
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Read Yesterday’s news here.