Daily Crypto News | December 22nd, 2022

Daily Crypto News | December 22nd, 2022

Daily Crypto News | December 22nd, 2022

Welcome to Barmy’s Daily Crypto News – December 22nd, 2022

1. Twitter users is enables to search the price of Bitcoin (BTC) and Ether (ETH) simply

By putting “Bitcoin” or “Ethereum” into the search field, Twitter users can now easily check the price of Bitcoin (BTC) and Ether (ETH) on the social media platform.

Ether’s price is visible when searching for crypto token names on Twitter, but it seems that BTC and ETH are the only two price charts that appear in the search bar. Other well-known cryptocurrencies, such as Musk’s favorite Dogecoin (DOGE), have not yet been included.

Following Elon Musk’s Nov. 27 preview of “Twitter 2.0,” which highlighted the potential integration of cryptocurrency-based payments on Twitter, rumors started to surface on Dec. 4 that Twitter may launch its own native cryptocurrency, “Twitter Coin,” to be used for payments on the network.

2. Raydium announced details as to how the hack of Dec. 16 occurred, proposes compensation for victims

The Raydium decentralized exchange (DEX) team has disclosed specifics regarding the incident that happened on December 16 and has put forth a suggestion to make amends for victims.

According to a team forum post, the hacker was able to escape with more than $2 million in cryptocurrency loot by taking advantage of a flaw in the DEX’s smart contracts that allowed administrators to withdraw entire liquidity pools despite existing safeguards being intended to prevent such behavior.

In order to recompense victims who lost Raydium tokens, also known as RAY, the team will utilize its own unlocked tokens. However, the developer lacks the stablecoin and other non-RAY tokens necessary to compensate victims, therefore it is requesting a vote from RAY holders to utilize the DAO treasury to purchase the necessary tokens and recompense people harmed by the exploit.

The team has updated the app’s smart contracts in response to the exploit to eliminate admin control over the parameters that were misused by the attacker.

3. Cross-chain exchanges between networks are made possible by OpenOcean

The DEX aggregator OpenOcean has announced the release of their new “all-in-one” cross-chain swap platform, which enables users to swap and bridge assets across Ethereum, BNB Chain, Polygon, Arbitrum, Avalanche, and Fantom.

To provide consumers competitive rates across the supported chains, OpenOcean claimed to have incorporated the Multichain bridge and the Celer Bridge within its platform.

The DEX aggregator, which supports more than 1,100 coins across numerous chains, aims to provide competitive cross-chain swap returns based on a number of factors, including pricing structure, gas costs, slippage, and various optimized trade routes.

In order to provide flexibility and interoperability within the industry, DEX aggregators are essential to the cryptocurrency ecosystem since they let users swap and bridge assets across various blockchain networks.

4. Ireland’s VASP registration is secured by Coinbase

Bitcoin exchange According to a Dec. 21 release, Coinbase has been given authorization by the Central Bank of Ireland to function as a virtual asset service provider (VASP). Cormac Dinan, a former employee of Crypto.com, Deloitte, and Citigroup, will be in charge of the company’s activities in the nation.

The VASP registration includes Coinbase Europe Limited and Coinbase Custody International Limited as covered entities. While Coinbase Custody International offers institutional clients around the area crypto custody services, the first offers cryptocurrency trading services to consumers in Europe.

The CEO also stressed the significance of the political agreement reached by the European Union on the Markets in Crypto-Assets framework, which serves as one of the most important regulatory frameworks for cryptocurrencies globally. Additional registrations or license applications “are in progress in several key markets,” according to Coinbase.

5. A $5 million hack of the Ankr protocol on Dec. 1 was caused by a ex-employee

By incorporating harmful malware into a package of upcoming updates to the team’s internal software, the ex-employee carried out a “supply chain attack.” As soon as this software was updated, the malicious code produced a security flaw that gave the attacker access to the company server and the deployer key for the team.

The company had previously disclosed that a stolen deployer key, which was used to update the protocol’s smart contracts, was the root cause of the issue. However, they did not reveal how the deployer key was taken at the time.

Ankr has notified local authorities and is working to have the assailant prosecuted. To safeguard future access to its keys, it is also making an effort to strengthen its security procedures.

Additionally, Ankr has committed to enhance the use of human resources. All employees, even those who work remotely, will be subject to “escalated” background checks, and access privileges will be reviewed to ensure that only those employees who need access to critical information may do so. New notification systems will be put in place by the business as well to notify the staff more promptly when something goes wrong.

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