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Place/Date: - January 26th, 2023 at 3:12 pm UTC · 3 min read Source: Snowfall Protocol Photo: Snowfall ProtocolCircle, one of the founders of USDC cryptocurrency, is launching an on-chain utility to allow users to transfer USDC from one blockchain to another.
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Although they grabbed less media attention than the collapse of centralized organizations, the so-called bridge exploit incidents in 2022 again proved that the decentralized finance (defi) ecosystem still lacks sufficiently secure solutions, Hugo Philion, the co-founder and CEO of Flare Networks, has argued. Philion insists that the lack of such
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South Korea’s Gyeongbuk Province has announced plans to use Web3 technology to expand its economic relations with Vietnam.In a Dec. 19 announcement, the province’s governor Lee Cheol-woo said the metaverse project would focus on “growing economic, cultural, commercial, and people-centered contacts with Vietnam.” Back in June, the province announced it
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One crypto developer says that centralization and reliance on private key holders are to blame, not the inherent technology and logic behind the bridges themselves. Original Source
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As these examples suggest, focusing on the shortcomings of bridges while failing to address ground-level security measures is not the way forward. Bridges per se are not the problem; technology is, after all, agnostic. The most common factor across exploits is human error. Post-hack investigations and subsequent fixes often serve
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New research from blockchain analytics and crypto compliance firm Elliptic has revealed the extent to which cross-chain bridges and decentralized exchanges (DEXs) have removed barriers for cybercriminals.In an Oct. 4 report titled “The state of cross-chain crime,” Elliptic researchers Eray Arda Akartuna and Thibaud Madelin took a deep dive into
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Tennis legend Maria Sharapova appeared at the Binance Blockchain Week Paris 2022 to share her interest in nonfungible tokens (NFTs).During an exclusive interview with Cryptox, Sharapova mentioned that “she is exposing herself to this new world of crypto and Web3,” noting that the sector will help her better engage with
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Cross-chain bridge hacks have accounted for 69% of the total crypto stolen in 2022, amounting to $2 billion in losses, according to a new report. The report comes from blockchain analytics firm Chainalysis on Aug. 2, noting there have been 13 separate token bridge hacks this year — the most recent
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The recent exploit on Harmony’s Horizon Bridge revealed the inherent flaws with multisig admin keys that leave projects and their users “one small slipup” from deep trouble.Two crypto project leads expressed their concern that the expansion of the multi-chain ecosystem could be hampered by the use of multisig contracts due
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The past few years have plagued the decentralized finance (DeFi) space with hacks, making critics of blockchain technology take a closer look at how this technology is threatening security. This year started off with a US$600 million hack on Axie Infinity’s Ronin sidechain, followed by a US$325 million attack on
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