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Terra Classic (LUNC) Network Applies Cosmos Chain Security Patch In Record Time

Mark Brennan
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Terra Classic (LUNC) Network Applies Cosmos Chain Security Patch In Record Time

 

Terra Rebels And Validators Respond Swiftly To Cosmos Ecosystem Vulnerability.



In a tweet today via its official Twitter account, the Terra Rebels lauded the efforts of developers and validators in securing the Terra Classic chain.

The comments come as developers and validators acted swiftly to ensure the chain was protected from a Cosmos chain vulnerability. As per a post on the Cosmos Hub Forum, core members of the Cosmos and Osmosis teams carried out an audit of the Inter Blockchain Communication (IBC) protocol that allows Cosmos chains to communicate following the BNB chain hack.

Notably, a critical vulnerability was discovered, and a patch was released yesterday. In a tweet by core Terra Classic developer Edward Kim today, the developer disclosed that several validators brought the vulnerability to the Terra Rebels’ notice on October 10. 

Additionally, Kim reveals that the chain had achieved the minimum required security from the vulnerability in just 5 hours, as a third of the network’s voting power acted swiftly to apply the patch. And at the time of writing, this patch has been applied by over two-thirds of the voting power, the requirement for full chain security.

Unsurprisingly, community members, in response, also lauded the Rebels’ and validators’ efforts.

It bears mentioning that the Terra Rebels have shown a strong desire to protect the chain from further exploits following the ecosystem collapse in May. It can be seen in how reXx of the Terra Rebels, on October 10 alone, took to Twitter to warn the community of 2 exploits, firstly about scam proposals on Terra Station, and the second about a fake swap and burn platform requiring user seed phrases.

As reported by The Crypto Basic, at least $100 million was lost in the BNB chain exploit.

Ripple Community Expecting 7th SEC Motion For Reconsidering Ruling on Hinman’s Documents

Mark Brennan
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Ripple Community Expecting 7th SEC Motion For Reconsidering Ruling on Hinman’s Documents

Ripple Community Expects to See SEC’s Motion For Reconsideration of Judge Torres Ruling on Hinman’s Documents.


XRP holders believe the SEC filed a motion for reconsideration before the deadline.

The Ripple community has eagerly anticipated that the Securities and Exchange Commission will file a motion for reconsideration of Judge Analisa Torres’ order on Hinman’s documents.

Recall that Judge Torres backed her colleague last month, ordering the SEC to turn over the drafts of Hinman’s 2018 speech. Following how the SEC has fought to continue to delay surrendering the documents, many people expect the agency to file a motion for reconsideration.

According to James K. Filan, a former U.S. Prosecutor, the deadline for the SEC’s motion to reconsider Judge Torres was October 13, 2022, at 11:59 PM.

SEC Push to Continue Holding Hinman’s Documents

Since Ripple officially filed a motion seeking the SEC to surrender the drafts of Hinman’s 2018 controversial speech, the SEC has requested reconsideration for every ruling backing the blockchain company.

If the SEC files yet another motion to reconsider Hinman’s documents, it would be the seventh time the agency requests a reconsideration motion to the Judge’s order.

Ripple Community’s Take on the Matter

Members of the Ripple community expect the agency to file a motion for reconsideration before the deadline.

Attorney John Deaton, the founder of Crypto Law, predicted that the SEC might officially file a motion to reconsider Judge Torres’ order by 7 PM – 9 PM.

“I could be wrong, but I predict we’ll see a motion for reconsideration at 7-9 pm tonight,” attorney Deaton said. 

According to Deaton, the SEC may likely replicate its approach in the Rio Tinto lawsuit on Hinman’s document saga. 

He said after Judge Torres’ denied the SEC’s motion for reconsideration, the agency filed for certification of an interlocutory appeal to the Second Circuit about 20 to 26 days after the request was denied.

Meanwhile, Fred Rispoli, Chief Legal Counsel at Reaper Financial LLC, is confident that it is unlikely that Judge Torres would reconsider her ruling on the matter, which took her over a month to “review and write.” 

“It’s clear <cough> very clear that SEC has no chance of getting J. Torres to reconsider her ruling AND change her own mind on a ruling she took 1.5 months to review and write.”

Rispoli further said that a reconsideration request would badly damage SEC’s legal position.

“Both the SEC and Ripple know this. Filing a reconsideration is next-level desperation (a level above the reconsideration with Judge Netburn) that will only further damage the SEC’s credibility with the Court and cement its poor legal position,” Rispoli said.

He added that the most suitable option for the SEC is to file a request to appeal Judge Torres’ decision.

XRPL Labs Improves The Security Of Multisig Addresses, Extends Signers List To 32

Mark Brennan
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XRPL Labs Improves The Security Of Multisig Addresses, Extends Signers List To 32

XRPL Labs have enabled the “ExtendedSignerList” amendment on the XRP Ledger.



In a tweet on Thursday, XRPScan disclosed that XRPL Labs had enabled the ExtendedSignerList amendment on the mainnet.

As XRPL Labs developer Wietse Wind disclosed in a tweet confirming the development, the amendment went live after garnering over 80% of votes. Per the Github documentation shared, it extends the maximum number of signers on a signers list from 8 to 32 while providing an optional tag to identify key holders.

Wind sharing a transaction he signed using the Xumm Wallet, confirmed that the feature is live on the mainnet and is supported by both the Xumm platform and Xumm app. Additionally, the developer reveals that XRPL Labs is already working on an intuitive multisig app. 

Notably, the amendment was coded by a member of XRPL Labs, not Ripple.

It bears mentioning that a multisig address requires at least two or more private keys to approve a transaction, creating a form of two-factor authentication (2FA). Consequently, it takes more to compromise a multisig wallet, making it more secure. In addition, despite being slower than normal addresses that require only one private key, it is useful in several applications. For example, it is useful in escrow transactions and organizational decision-making over funds allocation.

Notably, the more signees needed, the more secure the address.

Per the Github documentation, the proposal was made to accommodate large organizations with more than 8 signees. Additionally, it will provide security benefits to Layer 2 protocols.

It is worth noting that the community has received the news with excitement, especially as the development comes from XRPL Labs and not Ripple, showing greater autonomy.

The latest amendment comes a day after the team launched a fiat to XRP on/off-ramp service in the Netherlands.

It bears mentioning that those running Ripple Ledger version 1.9.1 or older must upgrade to take advantage of the new amendment.

Fox Journalist Says Congress’ New Bill Should Stop the SEC From “Illegally” Suing Crypto Projects

Lele Jima
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Fox Journalist Says Congress’ New Bill Should Stop the SEC From “Illegally” Suing Crypto Projects

Terrett wants Congress to stop the SEC from using its regulation by enforcement approach on crypto projects. 

Eleanor Terrett, a Fox Business journalist, has disclosed that the United States Congress has the power to ban federal agencies, including the SEC, from spending funds on certain projects. 

“I learned today that Congress has the power to ban government agencies from spending money on specific things,” Terrett noted in a tweet today. 

The spending bill is currently among the few pieces of legislation that has a chance of passing this year, the Fox Business journalist said. 

Terrett said one of the provisions in the bill is to stop the Securities and Exchange Commission from spending funds gotten from 2023 fiscal year appropriations on the implementation of amendments made to federal proxy voting rules. 

Terrett Raises an Important Question

However, she expressed concern over the upcoming legislation. 

Terrett questioned the federal government legislature on why it chose not to add a provision in the bill that would prevent the agency from charging crypto companies for securities violations without a clear regulation approach. 

“If Congress is really concerned about the SEC’s regulation by enforcement approach to #crypto, why don’t they add a provision that would prevent the agency from bringing cases without a clear regulatory framework in place?” Terrett quizzed.  

Crypto Community Unhappy With the SEC

Many cryptocurrency enthusiasts have frowned at the Securities and Exchange Commission’s regulation by enforcement approach in the cryptocurrency sector. One of the major issues the industry is facing is the agency’s refusal to provide clearer regulations for the emerging market. 

Following the soured relationship between specific crypto projects and the SEC, many stakeholders have thrown their weight behind the Commodity Futures Trading Commission (CFTC) to become the appropriate regulator for the crypto space. 

However, the SEC is not prepared to lose its control over the crypto industry. The agency has taken significant steps toward showcasing its capabilities. 

Terrett disclosed recently that the SEC fined prominent American socialite Kim Kardashian to prove that it deserves equal rights with the CFTC over regulating the cryptocurrency industry. 

Ex-US Congressional Candidate Highlights Cardano (ADA) Resilience Against Bear Markets

Albert Brown
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Ex-US Congressional Candidate Highlights Cardano (ADA) Resilience Against Bear Markets

David Gokhshtein, a former U.S. Congressional candidate, has highlighted Cardano’s long-lasting resilience against the bears despite predictions of the asset’s crash in the 2018 bear market.



Cardano remains one of the top mainstream crypto assets, showing massive strength against the bears despite the persistent Crypto Winter. Although Cardano has not shown immunity against the effects of the bear market, the asset has not seen a complete crash, as many previously predicted in bear markets.

Former candidate of the U.S. Congress and founder of Gokhshtein Media, David Gokhshtein decided to take his 689k+ followers down memory lane. Gokhshtein recently sought to highlight ADA’s resilience against the hurdles of the markets despite forecasts of the asset’s imminent downfall at the beginning of the 2018 bear market.

“In 2018, during the start of the previous bear market, they stated none of these protocols like $ADA and $VET would survive. The 90% of all of these protocols would go exist (sic). They were wrong,” Gokhshtein remarked in a tweet Thursday.

 

The 2018 bear market remains one of the fiercest periods for the cryptocurrency markets. Bitcoin (BTC), which saw a peak above $19,400 in December of 2017, crashed by nearly 80% to a value of $3,900 at the end of 2018, following a series of selloffs within the year.

ADA launched a year before the 2018 crypto crash, was welcomed into the cryptocurrency scene by a declining market. Notwithstanding a rise to $1.17 at the start of 2018, Cardano’s price action soon succumbed to the demands of the bears, as the asset saw a steady free fall below major supports. The 2018 bear market spilled to 2020 and brought ADA to as low as $0.023 in March 2020. Following the fall from the lofty $1.17 position in January of 2018, ADA consolidated below $0.1 for almost one year before staging a breakout.

Due to ADA’s worrisome declining rate and other new altcoins such as VeChain (VET), certain crypto proponents forecasted the eventual crash of these assets. As a result of the massive FUD pumped into the space then, some pundits asserted that the majority of the new projects than would not survive the Winter.

These assertions appear wrong, as ADA not only survived the previous bear market but has solidified its position amongst the top 10 crypto assets list for seven consecutive quarters despite persistent inauspicious market conditions. As previously reported, Cardano has maintained a position in the top 5 list of cryptocurrencies (excluding stablecoins) since Q1 2021.

After ADA staged a breakout from the grasp of the bears in 2020, the asset rallied to its ATH above $3 in September 2021. Cardano’s price action has kept the asset on the 8th spot of top crypto assets by market cap, despite losing over $2B in valuation since the start of October.

Despite its gloomy response to the latest CPI data and the rest of the crypto markets, ADA doesn’t show any signs of giving up. The asset has dipped by 13.34% in the past week to trade at $0.37 as of press time, making it the highest-losing asset on the top 10 list in a 7-day timeframe.

Meanwhile, ADA has retained its position as the asset with the highest market share in the Grayscale Smart Contract Platform Ex-Ethereum (GSCPxE) Fund, indicating the asset’s increasing dominance in the crypto scene.

Markets Slide, But Joe Biden Remains Positive As US CPI Data Comes More Than Expected

Albert Brown
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Markets Slide, But Joe Biden Remains Positive As US CPI Data Comes More Than Expected

 

US CPI Data Comes in Above Estimate, at 8.2%; Bitcoin Dips in Tandem with Other Risk Assets.



CPI data for September comes in at 8.2%, as most risk assets, including Bitcoin and S&P 500 index futures, see a fall.

Bitcoin’s price movements have been majorly influenced by the asset’s recent correlation with traditional finance. Bitcoin’s correlation with traditional risk assets puts the asset at risk of responding to unfavorable macro conditions. The cryptocurrency community has witnessed the scene play out several times in the current cycle.

Recently, the latest U.S. CPI report has precipitated a wave of FUD into traditional finance and, by extension, the crypto markets. CPI data suggests an 8.2% increase in inflation rate YoY, with a 0.4% increase for the month, as opposed to the 0.3% estimate.

Despite indicating a decrease from 8.3% in August, the 8.2% rate in September is above the expected estimate of 8.1% YoY. Top banking giants such as Bank of America, Goldman Sachs, and JPMorgan forecasted an 8.1% estimate. Barclays and Credit Suisse predicted an 8% estimate.

Despite the drop from last month’s annual rate, the rate remains historically high, representing one of the highest rates the U.S. has seen in about 40 years. The 0.4% monthly increase in September is also above August’s rise of 0.1%.

Risk assets have expectedly responded unfavorably to the report, as the data further confirm the Federal Reserve’s tendency to raise interest rates by another 75-basis point in November.

In particular, the S&P 500 has plummeted by 1.39% in the past day, changing hands at $3,527 as of press time. Additionally, the Nasdaq Composite has decreased 2.18% in the past 24 hours, sweeping $228 from its value to trade at $10,188 at the reporting time.

The Dow Jones Industrial Average has fallen by 0.92%, having summarily touched a 2-year intraday low. Amazon (AMZN) has decreased by 3.71%, with Tesla (TSLA) seeing a 4.21% dip in the past day.

Notwithstanding the economic decline, U.S. President Joe Biden remains confident in the country’s fight against inflation. In a recent statement on the latest CPI report, Biden noted that the U.S. is progressing in its fight against economic deterioration.

Biden highlighted the Inflation Reduction Act as one of his administration’s offenses against inflation, pointing out its benefits.

Today’s report shows some progress in the fight against higher prices, even as we have more work to do. Inflation over the last three months has averaged 2%, at an annualized rate. That’s down from 11% in the prior quarter…

Because of my economic plan, the United States is in a stronger position than any major economy to take on this challenge. And my policies—that Democrats delivered—directly tackles price pressures we saw in today’s report, like health care…“ he remarked.

In the onslaught, the crypto markets have not been spared, as most mainstream assets are seeing some significant dips. Bitcoin and Ethereum have fallen by 3.36% and 5.61% in the past 24 hours.

The dip has breached the BTC support at $19k, which the asset had held on to for over two weeks. Bitcoin has shed 7.60% of its value in the past seven days, as it currently trades at 18,460 against the dollar as of press time.

The macroeconomic climate is unfavorable for Bitcoin, as its goal to conquer the $20k level has faced fierce opposition. The asset has been relegated below the $19k level and has to battle its way above it despite several proponents predicting an auspicious October for the crypto markets.

BlueSnap Now Enables Global Businesses to Accept Shiba Inu (SHIB) Payments

Mark Brennan
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BlueSnap Now Enables Global Businesses to Accept Shiba Inu (SHIB) Payments

Businesses can now accept SHIB as an alternative payment method.


Leading cryptocurrency payment provider BitPay has partnered with BlueSnap, a payment orchestration platform for B2B and B2C businesses.

Under the partnership, businesses across the globe will be allowed to accept the second-biggest canine-themed cryptocurrency Shiba Inu (SHIB). According to an announcement today, the rationale behind the initiative is to help these businesses increase their revenues while mitigating costs.

Backed by world-class equity private investors, BlueSnap is focused on helping businesses accept payments to increase sales and reduce their operating costs. The company’s payment solution cuts across different sales channels, including subscriptions, mobile sales, and marketplaces. Businesses looking for embedded payments can use the BlueSnap white-labeled payments solution. Integrating the BlueSnap payment solution will enable businesses to sell their goods across 200 regions with access to local card acquisition in 47 countries and over 100 fiat currencies.

Commenting on the development, Merrick Theobald, Vice President of Marketing at BitPay, expressed excitement over the partnership as more businesses worldwide will be able to accept SHIB. 

“As many as 85 percent of major retailers already accept some form of crypto payment, and even small businesses are picking up on the trend… Together, BitPay and BlueSnap will bring this popular payment method to more businesses and consumers globally,” Theobald added. 

Aside from Shiba Inu, businesses using the BlueSnap payment solution can also accept other BitPay-supported cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), as well as five stablecoins.

According to PR: “As a result of this partnership, businesses will be able to accept and get paid out in leading cryptocurrencies, including Bitcoin, Shiba Inu…”

Benefits of Accepting SHIB 

The benefits of accepting Shiba Inu as a means of payment cannot be overemphasized. Businesses that accept Shiba Inu payments enjoy unending benefits such as lower processing costs, access to a new customer base, faster transactions, etc. 

These businesses can choose to hold SHIB after a customer makes payments for goods using the cryptocurrency, or they can leverage BitPay’s solution to automatically convert the digital currency to fiat, such as USD, EUR, GBP, NZD, etc. 

Ralph Dangelmaier, CEO of BlueSnap, said: 

“We are excited to partner with BitPay… We look forward to driving further payments innovation through growing technologies like blockchain and cryptocurrency.” 

Growing Adoption of Shiba Inu Payments

This is not the first time businesses have accepted Shiba Inu payments. BitPay collaborates with top companies to foster the adoption of SHIB as a payment method.

As reported, European-based airline company Vueling partnered with BitPay earlier this year to accept Shiba Inu as an alternative payment method.

Massive Dump Incoming For Terra Luna Classic (LUNC) As Analyst Says The Price Action Is “Ugly”

Mark Brennan
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Massive Dump Incoming For Terra Luna Classic (LUNC) As Analyst Says The Price Action Is “Ugly”

IncomeSharks says LUNC is looking to retest the lows.


In a tweet today, crypto analysis dedicated account IncomeSharks sharing a 4-hour LUNC trading chart, expressed the opinion that the token is looking to reclaim previous price lows as it continues to range below the previous upward trendline.

Additionally, the analysis indicates that the on-balance volume of the token continues to decline.

“4h chart looking ugly,” tweeted IncomeSharks. “Declining OBV, ranging below diagonal, looks like it wants to reclaim lower levels after the big pump up.”

It bears mentioning that in early September, LUNC holders were excited to see their bags pump by over 300% in an otherwise bleeding crypto market. The impressive rally resulted from the hype surrounding the 1.2% tax burn proposal by Terra Classic core developer Edward Kim, which promised to bring down the LUNC supply to 10 billion.

However, after the tax parameter change implementation, volumes have dropped considerably. Alex Forshaw, a Terra developer, opposed to the 1.2% tax, estimates that on-chain volumes have dropped as much as 90% since. Consequently, only about 5.5 billion LUNC has been burnt by the tax so far.

It bears mentioning that the price has since given away over 40% of the gains made in early September while consolidating around the $0.0003 price point in recent weeks. Notably, Santiment Feed in September highlighted that LUNC’s price movements bore many similarities with DOGE last year, noting that a massive bull run could follow a consolidation following the 300% rally.

LUNC is currently trading at the $0.0002706 price point, down 7.67% in the last 24 hours and 8.87% in the past week, as the top 40 crypto assets by market cap all print daily losses. It is worth noting that the community has launched a new proposal to reduce the burn tax parameter to 0.2% to attract lost volume, even as developers work toward a solution to re-peg TerraClassicUSD (USTC) to burn LUNC faster.

Shiba Inu Game Surpasses 100,000 Downloads On Google Play Store With 4.6 Rating

Zabi
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Shiba Inu Game Surpasses 100,000 Downloads On Google Play Store With 4.6 Rating

Shiba Eternity is doing awesome.



Shiba Inu Collectible Card Game Dubbed “Shiba Eternity,” achieves a major milestone within 7 days of launch. The Android Version of the Game surpassed 100,000 Downloads and is rated 4.6 stars out of 5.

Shiba Eternity, the game developed by Shiba Inu in collaboration with the world’s leading Gaming Studio, PlaySide Studios, and Game Veteran William Volk, has gained much traction since its launch.

The Android Version of the Collectible Card Game has just surpassed 100,000 downloads while receiving over 11.5K reviews on the Google Play Store. The wider audience, along with Shiba Inu Community, seems to enjoy the game, as it is rated 4.6 stars out of 5.

Shiba Inu Surpasses 100K Downloads
Shiba Inu Game Surpasses 100K Downloads

As reported by Crypto Basic, Shiba Eternity became the #1 Card Game on both Google and Apple app stores across various countries on the day of launch.

The lead developer of Shiba Inu, Shytoshi Kusama, also announced that Shiba Eternity would also contribute towards SHIB Burn. As per Kusama, 5% of the profits earned from Shiba Eternity will be used to Buy and Burn Shiba Inu to reduce the surplus circulating supply of Shiba Inu to push the asset price higher

Shib team also announced they will release How To Play Shiba Eternity Guide

UK Parliament Approves Bill to Utilize Blockchain in Country’s Trillion-Pound Trade Industry

Albert Brown
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UK Parliament Approves Bill to Utilize Blockchain in Country’s Trillion-Pound Trade Industry

 

The U.K. Parliament recently approved a bill seeking to harness blockchain technology in effecting its digital documentation goal within the trade industry.


Though witnessing growing adoption, Blockchain technology has not been wholly harnessed in the global scene. The same happened with the internet. Notwithstanding, as a testament to this growing adoption rate, the U.K. is one step closer to utilizing blockchain in its switch to a digital document system in the trade industry.

The Electronic Trade Documents Bill, which seeks to switch the trade industry’s documentation from paper-based to electronic-based, was approved Wednesday in the U.K. Parliament’s upper house, the House of Lords, as reported by CityAM UK.

Per information from the report, the bill will affect a remarkable transition in the U.K.’s trade industry’s documentation, as it allows for the digitization of trade documents within the industry. This will help curtail the industry’s reliance on paper.

As described within the Electronic Trade Documents Bill, blockchain technology will make an electronic-based system of documentation possible. Blockchain has proven its utility in several areas, such as the finance, music, and diamond industries. Though the government had been considering the cessation of paper used due to concerns of cost, sustainability, and weight, the initiative to implement this idea gained traction during the COVID-19 pandemic, exposing the shortcomings of several traditional systems.

The Commission drafted the bill, making the U.K. the first country to adopt a fully-fledged electronic documentation strategy when completely implemented.

Speaking on the recent development, Baron Holmes of Richmond MBE – life peer in the U.K.’s House of Lords – expressed his delight in the bill, noting that the U.K. is likely to witness the multiple advantages of adopting blockchain in the electronic-based documentation strategy.

Holmes, who also happens to be a staunch advocate of cryptocurrencies, highlighted the massive difference in the respective speeds of transferring paper documents and transferring them electronically. According to him, the former takes about ten days, while the latter will likely take about 20 seconds. 

“It is shocking that an industry worth around £1.266 trillion to the UK still relies on paper documents. This change will transform trade but also demonstrate the way in which the UK can be at the fore of ground-breaking tech enabling legislation”, Holmes remarked.

The Electronic Trade Documents Bill would not be the U.K.’s first interest in blockchain technology. The country’s central bank, the Bank of England (BoE), has indicated a massive interest in launching its CBDC on several occasions.

The BoE is looking towards a consultation this year that will help the government assess the feasibility of a UK CBDC. According to the BoE, its consideration of a digital pound is influenced by the drastic change in how payments are made, as introduced by DeFi and electronic measures.

Furthermore, in mid-June, the U.K.’s digital minister Chris Philip mentioned that the government is looking to make the country a “crypto hub.” Notwithstanding, he noted that the government seeks to establish a hub devoid of the abuses of blockchain and cryptocurrencies.

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