Welcome to Barmy’s Daily Crypto News – December 24th, 2022
1. Crypto exchange OKX has released its second proof of reserves on its website
Just one month after publishing its first proof of reserves (PoR), the cryptocurrency exchange OKX has posted its second PoR on its website. The chief marketing officer of OKX, Haider Rafique, declared on Twitter that the cryptocurrency exchange is committed to regularly disclosing its reserve position.
The launch of a new feature that enables “users to view OKX reserve ratios for fresh and previous data” was also announced. According to OKX’s second proof-of-reserves ratios, the exchange has enough Bitcoin, Ether, and Tether to cover all withdrawal requests totaling 101%, 103%, and 101%, respectively.
Following the abrupt collapse of FTX, the exchange hopes that by publishing monthly proof-of-reserves reports, it would encourage transparency and restore users’ faith in cryptocurrency exchanges.
2. Spain Directs 8M Euros to Help the Metaverse and Video Game Ecosystem
The cultural plans of various significant states throughout the world are starting to take video games and metaverse experiences into account. The Spanish Ministry of Culture has made the decision to allocate 8 million euros ($8.51 million) for the creation of video games and metaverse experiences, recognizing the importance of these sectors for the nation.
The program, which is presently in its second wave, has grown funding by 700% since its first wave, when less than 1 million euros were allocated to support businesses in the industry. 25 projects were chosen, though, to receive these grants at the time.
As part of the “Recovery, Transformation, and Resilience Plan,” which aims to digitize and modernize every element of the Spanish economy, the monies, to be granted by the European Union, will be given as yearly or multi-yearly grants to enterprises in the industry. Other nations, like Korea, have already allocated money for investments in the metaverse.
3. A new hack involving a feature on the NFT marketplace OpenSea
Recently, phishing websites have been used to threaten NFT holders due to a new attack affecting a function on the NFT marketplace OpenSea. Anti-theft initiative Harpie alerted NFT users to a fresh attack involving gasless purchases made through the OpenSea platform. Harpie claims that by taking use of the functionality, hackers were able to steal millions in digital assets.
Users must approve a signature request with an unreadable message in order to execute gasless sales on the OpenSea platform. Users can also make private auctions with unreadable signatures using this capability. Thanks to a little-known OpenSea function, hackers have been able to steal NFTs seemingly by magic. It’s the most recent hack, and it’s already cost millions of apes.
Due to this, phishing websites have been requesting that their victims sign one of these incomprehensible letters using this functionality. Harpie claims that the signatures are frequently presented as a step necessary to log in and access the website.
4. Brazil has approved its cryptocurrency law in the nick of time
Law 14.478, which governs cryptocurrency-related activities and virtual asset service providers (VASPs) in Brazil, was adopted by President Jair Bolsonaro. The document will start to be used 180 days after it was sanctioned, on the last day of the authorized period. This will allow everyone involved time to become used to compliance.
The majority of responses to the law’s ratification have been positive, and those working in the sector see this as the beginning of regulating the legal status of cryptocurrencies and cryptocurrency trading in Brazil.
The decision by Brazil to regulate bitcoin as a payment method paves the way for further acceptance of the cryptocurrency throughout Latin America.
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