Central banks across countries have plans to launch their central bank digital currency (CBDC). In July, the governing council of the European Central Bank (ECB) launched the investigation phase of a digital euro project. The investigation phase of the digital euro project is intended to last for two years. The design will be based on users’ preferences and technical advice by merchants and intermediaries. Central banks are working on CBDCs to ward off competition from other cryptocurrencies.
Coinbase Inc., the leading public crypto exchange was hacked last night in what many called a complex hack process. The exchange reported that at least 6,000 accounts were hacked and the funds in them were drained. Coinbase sent out a letter to victims affected by the hack revealing that they might have fallen prey to a phishing campaign.
Argo Blockchain, a London-based cryptocurrency mining company, has announced an expansion of its mining capacity that will more than double its current hashrate. The expansion will be done through the acquisition of 20,000 S19J Pro bitcoin miners from Bitmain, which will be delivered in several installments. These miners will populate the facility the company plans to build in Texas next year.
On the heels of China’s recent crackdown on cryptocurrency, traditional cryptocurrency exchanges are beginning a rapid pullout from one of their biggest markets.
Over the last couple of months, layer-two protocols have seen impressive growth in terms of participation and higher network activity. However, amidst the larger market drama, the tug-of-war between L1 and L2 solutions has also gotten tighter.
Compound, one of the trademark defi protocols on the Ethereum blockchain, is experiencing a bug that allows users to reclaim unusually high amounts of its native token. The issue was caused by the implementation of a proposal that modified the contract that awards tokens to users. Compound Labs founder Robert Leshner declared that user funds were safe and that the bug would have to wait seven days to be patched due to platform policies.
Airdrops have become the cryptocurrency ecosystem’s equivalent of stimulus checks over the past couple of years and further proof of this can be evidenced from popular protocols like Uniswap and dYdX which rewarded their early adopters with token drops that are now worth $30,000 to $2 million.
Three emerging altcoin projects are skyrocketing as Bitcoin, Ethereum, and the entire crypto markets flash signs of strength.
Tesla and Space X CEO Elon Musk Elon Musk believes that it is impossible to destroy crypto in the wake of China’s latest crypto crackdown.