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Savannah Fortis
2 hours ago
AMZP33X: AMAZON IS STARTING THEIR OWN AMZ TOKEN, DIGITAL MARKETPLACE, WALLET AND
MORE THIS MONTH
BREAKING NEWS: After we had numerous reports of Amazon planning to start their
digital marketplace in May Amazon launched the first stage of their new AMZ
token pre-sale today. AMZ tokens will be stored on their native Amazonwallet and
can be used as exchange tokens or within the Amazon online stores for physical
or digital products.
192k Total views
958 Total shares
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With Amazon making the step forward to release the AMZ Token and Amazonwallet,
we expect the full integration of AMZ to be used as a payment method within all
Amazon stores and services by the end of 2023. You can participate in the AMZ
Sale right here and get a significant bonus on your first time purchase of AMZ
which is limited during the pre-sale only.
Due to the limitation, there will be no bonus offers at any stage of the
upcoming public sales.
The Amazonwallet will be the first app to feature the new AMZ tokens, which are
currently based on the ERC-20 network but will adapt to their own native chain
next year.
Customers can use their AMZ tokens to buy products at a cheaper price, get
better deals on Prime services, and possibly participate in staking programs in
the future.
The supply is rather short during the pre-sale, as only 5 million tokens of AMZ
can be claimed right now (1 AMZ = 1 USD), and we have no official date for the
public sale stage at this point.
The expectations are high to get a strong brand name in the industry, but as
usual, the golden rule is that any investment will not come without any risks.
The reactions so far are highly mixed; some see this as the turning point for
crypto markets; "the bottom is in" is commonly phrased. Now that a strong
mainstream tech company has started its own token, that certainly sends a
message.
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* #Bitcoin
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* Nayib Bukele announces Bitcoin prescription for El Salvador: 1 BTC a day
Zhiyuan Sun
3 seconds ago
SECRET NETWORK RESOLVES NETWORK VULNERABILITY FOLLOWING WHITE HAT DISCLOSURE
Researchers were able to decrypt all of Secret's internal transactions using an
exploit.
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On Nov. 30, Guy Zyskind, CEO of privacy smart contract blockchain Secret
Network, said that developers had patched a privacy-related vulnerability and
users' funds remain secure. In a document dated Nov. 29, Secret Network wrote
that users or developers required no action and that all active nodes were
upgraded to correct the exploit on Nov. 2.
The sequence of events, unveiled late yesterday by the Secret Network
developers, began when a group of white-hat computer science researchers
contacted the Secret team on Oct. 3 regarding a recently disclosed xAPIC
(Advanced Programmable Interrupt Controller) architectural bug. The exploit
allowed uninitialized memory reads in certain Software Guard Extension-enabled
(SGX) Intel CPUs. Secret Network leverages SGX technology to provide
confidential execution of smart contracts.
As stated in their paper, researchers first registered a server as a validator
node on the Secret Network, even when they did not have sufficient funds to be
trusted to actively validate transactions. The registration process then stored
a copy of Secret's global consensus seed inside its SGX enclave. Next, through
the aforementioned CPU glitch, researchers extracted the consensus seed of its
Secret Node and its private Intel Enhanced Privacy ID key. Finally, with these
items, they were able to break Secret's privacy-preserving features and decrypt
the internal state of all smart contracts on the network, as well as the digital
assets embedded in them.
Secret developers verified the exploit on Oct. 4 and devised a plan to patch the
vulnerability together with researchers and Intel staff. First, nodes were
forcefully ejected from the network, and their secret keys deleted. After that,
nodes could only rejoin the network if they patched all known vulnerabilities,
which was completed on Nov. 2. "With this upgrade, it is now infeasible to mount
xAPIC attacks against the Secret Network mainnet," wrote the Secret Network
team.
In addition, new nodes joining the network will be limited to server-class
hardware only, as to limit the attack surface that user-class hardware presents.
Founded in 2015, Secret Network currently has a market cap of $131 million
through its native token SCRT. The firm partnered with director Quentin
Tarantino to launch Secret NFTs last November.
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* Festivals in the metaverse: How Web3 projects are taking culture virtual
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it went
* Binance Proof-of-Reserve pledge gains support following FTX crisis
* Circle’s USDC issuance falls 3 billion from Binance stablecoin conversions
Zhiyuan Sun
45 minutes ago
UNISWAP LAUNCHES NFT MARKETPLACE AGGREGATOR
Developers say the tool can help users save upwards of 15% on gas fees when
shopping for NFTs.
199 Total views
2 Total shares
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According to a new post on November 30, decentralized exchange (DEX) Uniswap
announced that users can now trade nonfungible tokens, or NFTs, on its native
protocol. As told by Uniswap, the function will initially feature NFT
collections for sale on platforms including OpenSea, X2Y2, LooksRare, Sudoswap,
Larva Labs, X2Y2, Foundation, NFT20, and NFTX.
> "To bring users the first-rate experience they've come to expect with Uniswap,
> we built the aggregator to deliver better prices, faster indexing, more
> unassailable smart contracts, and efficient execution."
Uniswap developers claim that users can save up to 15% on gas costs compared to
other NFT aggregators when using Uniswap NFT. unifies ERC20 and NFT swapping
into a single swap router. Integrated with Permit2, users can swap multiple
tokens and NFTs in one swap while saving on gas fees.
The NFT aggregator is powered by the Universal Router smart contract and
optimized by UX smart contract Permit2, both Uniswap inventions. According to
the DEX, it "unifies ERC-20 and NFT swapping into a single swap router.
Integrated with Permit2, users can swap multiple tokens and NFTs in one swap
while saving on gas fees."
> "We originally conceived Permit2 and Universal Router to improve our own
> products, optimizing gas costs, simplifying user transaction flows, and
> strengthening security. As we ideated, we realized that other applications
> could greatly benefit from integrating these contracts."
As part of launch efforts, Uniswap says it is airdropping approximately 5
million USDC to certain historical users of NFT aggregator Genie, based on a
wallet snapshot on April 15, 2022, and offering gas rebates to the first 22,000
NFT users. However, the gas rebate will only run for two weeks and is capped at
0.01 Ether (ETH).
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* Mango Markets hacker allegedly feigns Curve short attack to exploit Aave
* Aave proposes governance changes after failed $60M short attack
* Leading Cardano stablecoin project shuts down after excruciating launch
delays
Helen Partz
2 hours ago
SINGAPORE’S TEMASEK SEES ‘REPUTATIONAL DAMAGE’ DUE TO FTX, OFFICIAL SAYS
Despite writing down its $275 million investment in FTX, Temasek still
apparently holds its investments in many other crypto-related businesses.
2080 Total views
12 Total shares
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2:40
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Singapore government-owned investment firm Temasek has suffered a lot more than
just financial losses due to investing in FTX, according to Deputy Prime
Minister Lawrence Wong.
Wong, who is also the finance minister, believes that Temasek’s $275 million
investment in FTX has caused significant damage to the company’s reputation. The
official addressed the growing criticism over Temasek’s FTX exposure at a
parliament meeting on Nov. 27, according to a report by the South China Morning
Post.
The prime minister emphasized that the collapse of FTX was a result of a “very
badly managed company” as well as possible fraud and misappropriation of user
funds.
“What happened with FTX, therefore, has caused not only financial loss to
Temasek but also reputational damage,” the official said, adding that Temasek
has launched an internal investment review to improve processes and draw lessons
for the future.
Wong stressed that investments by other major institutional investors like
BlackRock and Sequoia Capital do not mitigate that reputational damage.
Temasek, which is fully owned by the minister for finance but operates
independently, said on Nov. 17 that it wrote down its entire $275 million FTX
investment. The amount accounted for just 0.09% of Temasek’s $403 billion
portfolio as of March 2022. According to Wong, FTX-related losses would not
affect investors’ contribution to the net investment returns contribution, which
is the amount of the government revenue coming from interest earned on its
reserves.
Apart from addressing concerns around FTX and Temasek, Wong also argued that
Singapore had no ambitions to become a crypto hub but rather seeks to be a
“responsible and innovative digital asset player.”
“Some of the earlier optimism about blockchain technologies has been proven to
be [...] not well-placed. I think there’s a more realistic sense of what these
technologies can do,” Wong stated. He also emphasized that crypto investors must
be prepared to lose all their investments on crypto, adding: “No amount of
regulation can remove this risk.”
Related: FTX collapse put the Singapore government in a parliamentary hot seat
Despite Temasek writing down its investment in FTX, the state-owned company
apparently still holds investments in many other industry platforms. Despite not
directly investing in crypto, Temasek is known for participating in multiple
investment rounds for big crypto companies, including Binance and Amber Group.
In August, Temasek also reportedly led a $110 million strategic funding round
for the major metaverse and blockchain gaming company Animoca Brands.
Temasek did not immediately respond to Cointelegraph’s request for comment.
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* California regulators to investigate FTX crypto exchange collapse
* No red flags at FTX despite 8 months of ‘extensive due diligence:’ Temasek
* Bahamian securities regulator ordered the transfer of FTX’s digital assets
Gareth Jenkinson
2 hours ago
ILLICIT CROSS-CHAIN TRANSFERS EXPECTED TO GROW TO $10B: HERE'S HOW TO PREVENT
THEM
Forecasts predict cryptocurrency criminals laundering more than $10 billion
through cross-chain bridges by 2025, leading to calls for holistic screening
solutions.
1232 Total views
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4:27
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Improved blockchain analytics will become increasingly important to combat the
use of cross-chain bridges for illicit means, which are estimated to surpass $10
billion in value by 2025.
Blockchain analytics firm Elliptic forecasts a 60% rise in the value of illicit
cryptocurrency laundered through cross-chain bridges from $4.1 billion in June
2022 to $6.5 billion next year. This figure is projected to double midway
through the decade.
Cross-chain crime has been a major talking point in 2022 with over $2 billion
fleeced in hacks targeting cross-chain bridges. Aside from these bridges and
their contracts being targeted, these bridges have also become an avenue for
criminals to launder cryptocurrency. A prime example is an unknown hacker moving
stolen funds from the now bankrupt FTX using cross-chain bridges.
Cointelegraph unpacked the findings of research released by Elliptic in
correspondence with senior cryptocurrency threat analyst Arda Akartuna.
The Elliptic analyst explained that billions of dollars in assets have been
transferred between Bitcoin, Ethereum and other blockchains using bridge
services such as Portal, cBridge and Synapse. Decentralized cross-chain bridges
offer an unregulated alternative to exchanges for transferring value between
blockchains.
Related: After FTX: Defi can go mainstream if it overcomes its flaws
While some bridges are used legitimately, Akartuna noted that the tools have
emerged as a key facilitator in money laundering. ‘Chain-hopping’, or moving
proceeds of crime between blockchains, has long been used to evade tracing
efforts by exchanging cryptocurrency assets through decentralized or anonymous
exchanges.
As blockchain surveillance, enforcement and regulatory efforts have improved,
criminals have turned to cross-chains to continue laundering illicit funds:
> “Decentralized cross-chain bridges provide unregulated alternatives that are
> being embraced by cybercriminals.”
Akartuna also notes that the sanctioning of cryptocurrency mixing service
Tornado Cash has seen a shift in the way criminals launder money. Decentralized
exchanges, cross-chain bridges and coin swap services are becoming a new means
of moving illicit funds:
> “Although the use of these platforms is overwhelmingly legitimate, they
> facilitate cross-chain money laundering and terrorist financing due to their
> lack of identity checks and anti-money laundering controls.”
An example of increased use of a cross-chain avenue for illicit means is
RenBridge, which Elliptic research found to have laundered around $540 million
of criminal proceeds as of August 2022. Meanwhile centralized exchanges, which
also facilitate cross-chain or cross-asset swaps, are less popular for illicit
actors given the push for AML and identity screening/KYC solutions.
The growing prevalence of cross-chain bridge usage for illicit means highlights
the need for solutions or efforts to minimize criminal usage. Akartuna suggested
users conduct due diligence on the services used to hop between blockchains and
tokens and be wary of platforms associated with illicit activity.
Businesses should make use of blockchain analytics tools to screen addresses and
transactions and set clear risk rules for their cryptocurrency usage.
Nevertheless, there are some circumstances that simply cannot be predicted or
avoided, as Akartuna explained:
> “The sanctions against Tornado Cash is a prime example of how legitimate
> wallets may be inadvertently tainted due to sudden enforcement actions, as you
> now have 'pre-sanctions activity' which doesn't carry the same risk as
> post-sanctions activity.”
Existing single blockchain analytics solutions have done a lot to combat money
laundering in the cryptocurrency space but fall short of capabilities to trace,
screen or forensically investigate transactions across blockchains or tokens.
As the Elliptic threat analyst highlighted, once an asset 'hops' to a different
blockchain, investigations become significantly more complex and resource
intensive.
> “The risk here is that a wallet can hold any number of different assets, and
> legacy blockchain solutions are not able to automatically trace the activities
> of the same entity across separate chains.”
Screening the movement of funds on separate blockchains may see some assets
flagged as sanctioned while others may show no risk. In theory, this could lead
to an exchange or wallet user unwittingly transacting with a sanctioned entity.
Elliptic, for example, makes use of a proprietary analytics tool with ‘holistic
screening’ capabilities which merges existing blockchains into an interconnected
system. This allows for visualization and screening across chains to better
detect the movement of illicit funds.
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