A Ledger library was compromised, Solana’s phone could make a profit, and influential tech leaders are backing a new venture. These stories and more, this week in crypto.
Compromised Ledger Wallets
Leading hardware wallet provider, Ledger had its connector library compromised by malicious code. The library is used by various decentralized applications like SushiSwap and Revoke.cash. Although a wallet drainer was added, asset theft required user action and Ledger resolved the issue quickly. Users are advised to immediately discontinue any transaction if their Ledger device and screen display differ.
Increase in sales of Solana phones
Solana’s smartphone experienced a increase in sales due to airdrop from the meme piece BONK based on Solana. BONK’s 1,000% price hike increases the airdrop value for Solana phone users to $877, making it a phone that pays for itself. Co-founder Raj Gokal posted on
BlackRock’s new Bitcoin ETF model
black rock revamped its Bitcoin ETF deposit, changing the way Wall Street banks would interact with Bitcoin. The new model submitted to the SEC facilitates bank participation without direct ownership of bitcoins, instead using a cash redemption. The agency has been hesitant to approve a cash Bitcoin ETF due to risks of market manipulation, and while many issuers would prefer an in-kind redemption, they may simply have to settle for the cash redemption model to get the ‘approval.
JPMorgan: ETF optimism is overrated
While many investors have rejoiced over Bitcoin’s recent recovery, JPMorgan Says ETF Optimism is overrated. Analysts at the bank say Bitcoin is already overbought and believe the importance of Bitcoin ETF approvals in the United States – one of the main drivers of Bitcoin’s recent performance – is misplaced. The report states that Ether could surpass Bitcoin in 2024 due to its upcoming upgrades.
Tether and Dai marked as “high risk”
Credit rating company S&P Global assessed the risk of eight major stablecoins, giving Tether and Dai low ratings on a new scale of 1 to 5. Unlike their usual ratings, this scale focuses on similar qualities and disadvantages. Tether and Dai received “constrained” scores of 4, while TrueUSD received a “weak” 5. Confidence in stablecoins surged but faltered after TerraUSD collapsed last year.
Bitcoin NFT blacklisted
Ocean’s Bitcoin Mining Pool The decision to blacklist BRC20 token transactions and NFT-related ordinal registrations has sparked quite an ethical debate. Luke Dashjr, the operator of Ocean, defended the action by referring to anti-spam measures introduced in Bitcoin Core 0.90, released in 2014. Congestion on the Bitcoin network attributed to ordinals and BRC20 tokens led to strong reactions both in terms of censorship and economic aspects in 2023. .
Sotheby’s sells its first Bitcoin NFTs
First sale at Sotheby’s ordinal listings of the Bitcoin blockchain brought in $450,000, beating estimates by five, underscoring the enormous interest in Bitcoin NFTs. The auction included three images, including an avocado that sold for more than $100,000 and a Super Mario-inspired drawing for more than $240,000. Sotheby’s plans to continue these sales.
“Network states” funded by tech billionaires
The Balaji Fund, led by tech figure Balaji Srinivasan, aims to build “network states” through corporate-focused startups to create alternative online communities. The company is backed by influential technology leaders such as Coinbase’s Brian Armstrong, AngelList’s Naval Ravikant and former Coinbase board member Fred Wilson, highlighting the company’s strong ties to the cryptocurrency industry. band.
This is what happened this week in crypto, see you next week.