Researchers Say New Lightning Network Attack Could Create ‘Chaos’

A study published on June 29 revealed a way to drain Bitcoin (BTC) wallets’ funds on the Lightning Network by exploiting a bottleneck in the system. According to the “Flood & Loot: A Systemic Attack On The Lightning Network” paper, Jona Harris and Aviv Zohar from the Hebrew University in Israel evaluated a systemic attack on the Lightning Network that allows for the theft of BTC funds that were locked in payment channels. Flooding the blockchain with simultaneous attacks The Lighting Network is used to send payments through intermediary nodes,…

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Visualize Crypto Transaction Privacy Scores With Blockchair’s ‘Privacy-o-Meter’

On June 24, the block explorer and blockchain data platform, Blockchair, announced the launch of a new privacy tool called the “Privacy-o-meter.” According to Blockchair, the new service combats blockchain surveillance companies by highlighting privacy issues for crypto transactions. This week the blockchain explorer and crypto analytics firm, Blockchair, revealed a new tool that aims to show people some of the privacy issues involved with crypto transactions they send. The team has explained that in the future there will be other features coming like address clustering/tagging and other insights that…

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Ethereum Volatility Drops Below Bitcoin’s but ETH Options Are Bearish

Ether (ETH) options implied volatility, a measure of the expected price swings as per the options markets premium, has dropped below Bitcoin’s (BTC) for the first time ever.  This could signal that investors have given up expectations of a price decoupling, or they simply expect ETH price moves to mirror Bitcoin.  In the case of potential catalysts for significant price moves, implied volatility tends to move up whereas an absence of triggers causes volatility to recede, alongside a diminishing premium on options markets. Deribit options implied volatility. Source: Skew The…

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Chances of Indian Crypto Ban Low Compared to 2019, Says Crypto Veteran

News about the Indian Ministry of Finance circulating a “note” for inter-ministerial consultations of cryptocurrency regulations spurred panic within the Indian crypto community. Worries about the 2019 draft bill proposing a blanket ban of cryptocurrencies and possible 10 years sentences for crypto users had kicked in once again. In an interview with Cointelegraph, Ashish Singhal, the founder and CEO of Indian cryptocurrency exchange CoinSwitch, said that the chances of the government placing a blanket ban on digital currencies has reduced considerably as compared to 2019.  Singhal said that in 2019,…

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Lebanon’s Financial Meltdown: Currency Plunges 80%, Huge Losses at Central Bank, IMF Bailout Stalled

The financial crisis in Lebanon has seen its currency, the Lebanese pound, fall 80%. The International Monetary Fund (IMF) has estimated that the country’s central bank has accumulated losses as much as 170 trillion pounds. The disagreement between the Lebanese government and the central bank has stalled bailout discussions. The economic and financial crisis in Lebanon has deepened as the local currency has been in a free-fall. The Lebanese pound sold at a rate of 8,000 to the U.S. dollar on Sunday at local exchanges, losing about 80% of its…

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Kyber Network Sets Date for Launch of Katalyst Protocol Upgrade

On-chain liquidity protocol Kyber announced on June 29 that a major upgrade of Katalyst protocol will go live on July 7, 2020. The upgrade includes changes to the Kyber Network Crystal (KNC) token model to attract more participants to the development of the protocol. According to the announcement, Katalyst aims to reduce friction in liquidity contributions, introduce rebates for high-performing reserves, and allow decentralized apps to integrate with the Kyber network by adding a custom spread. Participating in governance Among the features included in the upgrade is the launch of…

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Bolstering Separation of Money and State Following the 244th Independence Day

With the fourth of July approaching, many Americans will have to contemplate whether or not the holiday is an empty affair. After the last thirteen weeks of Covid-19 lockdowns, business shutdowns, and police brutality, the lack of liberty and freedoms in the U.S. has never been more apparent. With ideas like bitcoin and concepts that bolster secession, the day is coming when money is completely removed from the state, just as the state was separated from the church centuries ago. Roughly six days prior to the empty holiday, as I…

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UK FCA’s Stance on Crypto Seen as Harsh but Fair

Recently, the United Kingdom’s Financial Conduct Authority released a detailed statement urging all local crypto business operators to register with the government watchdog by June 30. As part of the document, the regulator has made it absolutely clear that applications will need to have been processed, at the latest, by the end of the official grace period, which ends on Jan. 10, 2021, and failing to meet the requirement will result in a default. From a more technical standpoint, the FCA’s latest registration guidelines come laden with a number of…

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Blockchain Gaming, DAOs, Guilds, and Ragequitting – Cointelegraph Magazine

Many of the builders and investors in the blockchain space believe that the most compelling route to attracting users to the burgeoning crypto-economy is not upending the global financial order but something with significantly lesser stakes: gaming. And this reasoning makes sense. Both video games and cryptocurrencies feature virtual economies running on a shared set of rules, with a user base that tends to be technically-savvy. In theory, there should be less friction for blockchain’s penetration into the gaming market, but in practice, serious adoption and traction is not yet…

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BitMEX Launching Services for Corporate Customers

Hong Kong-based cryptocurrency derivatives exchange BitMEX is launching a new program with benefits for its corporate clients including enhanced security service, and accounting. According to a June 22 announcement on BitMEX’s support page, the exchange is launching a new program for corporate customers, BitMEX Corporate. Accounts on the crypto exchange that are not owned and operated by an individual can now ensure their BitMEX holdings are the legal property of a corporation. BitMEX said the new features were created for clients who need “different ownership structures for their accounts”, the…

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