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Synthetix Network Token (SNX ) Price Is Up 72% In December, But why?

Albert Brown
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Synthetix Network Token (SNX ) Price Is Up 72% In December, But why?

Things are going fast for Synthetix Network token. The token started the month with a value of 4.750 USD, and reached the peak of 8.258 USD. That’s an increase of more than 72 percent. But why is it going so fast?

Coinbase adds SNX
According to various media, the main reason for SNX’s price increase is listing on crypto exchange Coinbase, one of the largest crypto exchanges in the world. SNX was also launched simultaneously on Aave and Bancor.

But there are more reasons why SNX is shooting to the moon. The primary reason is that Synthetix token network is being used more actively.

Number of users is increasing

Synthetix is ​​a protocol that allows you to create synthetic tokens with ETH as collateral. For example, there are synthetic Bitcoin, Litecoins and Binance coins. You can then bet these coins on a DeFi platform. DeFi includes all kinds of financial services via smart contracts on the blockchain. You can lend your coins  to earn interest on Defi.

On Synthetix platform you can then use your coins to achieve a high annual return, based on the cash flow mechanism of the protocol. The yield on staking is determined on the basis of the fees paid on the Synthetix protocol. These fees are distributed to SNX stakers.

DefiPulse keeps track of how much value is stored in DeFi protocols. The Synthetix platform is in fifth place, just behind the popular Uniswap. More than $ 1.2 billion in assets are stored in Synthetix protocol. That includes synthetic tokens, as well as staking. Such high amount of total value locked in Synthetix shows community trust on the project.

In short, there are two important factors for SNX’s price growth. SNX listing by Coinbase that often generates positive sentiment, but the increase is also supported by the growth of the Synthetix platform as more than one billion dollars are locked in Synthetix.

If the overall crypto market remains stable we can surely see very nice growth in the price of SNX coin.

NXM Hack Update-Hugh Karp, Founder Of Nexus Mutual Spoke About The Recent Hack Of His Wallet

Albert Brown
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NXM Hack Update-Hugh Karp, Founder Of Nexus Mutual Spoke About The Recent Hack Of His Wallet

The founder of the DeFi platform Nexus Mutual, told details about the recent hacking of his wallet, as a result he lost 370,000 NXM worth $8.4 million.

The hack occurred on December 14, and according to Hugh Karp, he did not install any new software. That day, he was composing an email and noticed that the computer screen blinked several times, but he did not pay attention to it. As it turned out later, the flashing screen was a sign that the attacker had gained remote access to the computer.

After taking control of Hugh computer, the attacker removed the MetaMask extension from Hugh Karp’s computer and replaced it with a malicious version of the program. As previously reported, on December 14, the founder of Nexus Mutual tried to make a transaction from his Ledger hardware wallet using MetaMask.

He Said:

The transaction looked normal, the malicious version of the wallet replaced the original one, so without noticing I calmly confirmed The transaction. On the Ledger wallet, information about the transaction also appeared, and here I did not check the addresses, as NXM tokens are not directly supported by ledger so it didn’t pre-fill human readable info and I confirmed the transaction. Then I saw MetaMask confirming the transaction as successful, but the Nexus Mutual app didn’t receive the funds. Then, I checked Etherscan, and realized what has happened.

Hugh Karp admits that if he had carefully checked the transaction details on the Ledger wallet, the theft could have been avoided. He said that the hack was aimed at him.

 

Experts from Kaspersky Lab are helping Hugh Karp in the investigation of the incident, it is still unknown what vulnerability the hackers used to gain access to the victim’s computer. The founder of the platform emphasizes that users need to use MetaMask with maximum cautions.

Recall that on December 16, the hacker sold 35% of the tokens stolen from Hugh Karp swapping them to ETH and renBTC tokens.

Flipside Crypto: Ethereum 2.0 Validators Earn 0.002792 ETH Or 1.7 USD Per Day

Mark Brennan
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Flipside Crypto: Ethereum 2.0 Validators Earn 0.002792 ETH Or 1.7 USD Per Day

According to Flipside Crypto, at the moment, Ethereum 2.0 validators earn about $1.7 per day or about 3.2% per annum.

ethereum 2 staking

The Average income from Ethereum 2.0 staking for a validator with 32 ETH is 0.002792 ETH per day. At the same time, for a particular day, some validators receive significantly less rewards, and some more.

To participate in ETH 2.0 staking, you need to stake 32 ETH, so the average daily income of the validator corresponds to 0.008725%. In a year, they should receive an income of about 3.2%, but it will decrease with the growth of the number of validators. In addition, according to Flipside Crypto, 30 validators were excluded from ETH 2.0 staking because of incorrect setup.

The zero phase of Ethereum 2.0 called Beacon Chain was launched on December 1. With the launch of the Beacon Chain, the possibility of staking ETH to participate in the confirmation of transactions and generate income has appeared. At the time of launch, 881,569 ETH were staked in the Deposit contract, and 21,063 validator nodes were active in the main network.

Note: All the figure mentioned in our post are from Flipside crypto. We bear no responsibility whether these figures properly display ETH staking rewards or not.

Brad Garlinghouse Said The SEC’s Lawsuit Against Ripple Is An Attack On All Crypto Industry

Jakkk
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Brad Garlinghouse Said The SEC’s Lawsuit Against Ripple Is An Attack On All Crypto Industry

Ripple CEO brad Garlinghouse called the SEC’s lawsuit against his company an attack on the entire cryptocurrency industry.

The US securities and exchange Commission (SEC) accused Ripple of conducting an unregistered ICO for $1.3 billion. However, Garlinghouse does not agree with the charges, and assured shareholders that he will prove his case in court.

 

The head of Ripple said that the lawsuit initiated by the SEC can be regarded not only an attack on XRP, but also on the entire cryptocurrency industry. Garlinghouse is sure that this trial will have a snowball effect. In the near future, the same lawsuits will await for other issuers of well-known altcoins, including large exchanges.

The SEC document mentioned me, Chris Larsen and Ripple. In this case, XRP is representative of other cryptocurrencies, so I have bad news for all market makers. The SEC’s lawsuit against Ripple sets a tragic precedent for any firms working with digital assets, Garlinghouse said.

He added that by SEC actions, the Commission is organizing an all-out attack on the entire industry, despite its claims of readiness to develop innovations. The CEO of Ripple once again reiterated that XRP is not an investment scheme, since the holders of XRP are not connected by business relations with Ripple. In addition, the market value of XRP does not depend on Ripple’s activities, unlike securities. Garlinghouse believes that the SEC is further pushing Ripple to move to another jurisdiction, but the company still hopes to find a compromise with the regulator.

In the fall, Garlinghouse said that due to pressure from US regulators, Ripple may move from the US to the UK, since UK uses a clear classification of digital assets.

Defi Exchange Injective Protocol Bringing Trading Of Amazon, Facebook, Google and Netflix Shares 

Mark Brennan
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Defi Exchange Injective Protocol Bringing Trading Of Amazon, Facebook, Google and Netflix Shares 

The decentralized exchange Injective Protocol has integrated trading for the big-Tech companies Facebook, Amazon, Netflix and Google. The Update is the result of a partnership with Terra and Band Protocol.

Injective Protocol introduces stock trading

Facebook, Amazon, Netflix and Google will be the first shares to be listed on the decentralized exchange. DeFi takes the first step into the traditional financial market. Injective exchange, the high-Speed Layer 2 derivatives exchange, on Thursday integrated traditional stocks in the form of synthesized Assets. The platform is based on the Cosmos SDK.

First, they will enable trading for Facebook, Amazon, Netflix, and Google. Further shares are to be added later. This collection of shares is a bright aspect for crypto traders and these shares have brought investors some of the biggest returns in recent times.

The team is working with Terra and Band Protocol for this step, with Terra offering stock tokenization and Band providing feeding in price data through their Oracle technology.

Injective Protocol’s CEO, Eric Chen announced the news

Investing in equities remains inaccessible to billions of people worldwide, while existing platforms act as gatekeepers and suffer from technical challenges. Injective helps to seamlessly fix these salient issues to allow everyone to trade shares without fees.

The Update is the first product offering of its kind on a decentralized exchange.

DeFi with leap into the traditional financial market

While FTX, the leading  crypto exchange, has focused on driving the industry forward, listing Airbnb on Nasdaq this month, shares have never been available within DeFi. Injective is listing the shares on its Injective Solstice V2 network, and they will be available to buy with USDT.

Injective currently offers shares with Zero Gas fees. As a rule, brokers or other middlemen charge relatively high fees when trading shares.

This development indicates that DeFi is far from finished and continues to make progress by taking on more functions from traditional financial markets.

DeFi Warp Finance Recovered 75% of Stolen Crypto Assets

Mark Brennan
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DeFi Warp Finance Recovered 75% of Stolen Crypto Assets

The decentralized Finance Platform Warp Finance reported that it recovered $5.85 million worth of crypto assets from $7.7 million stolen from the Protocol last week.

On December 18, the DeFi Warp Finance Protocol was attacked using flash loans.

The hacker was able to withdraw stable coins worth $7.7 million from the platform. Over the weekend, the Protocol’s developers said they were able to recover most of the stolen crypto assets.

 

Securing the lost assets was the responsibility of the Warp Finance team and they will return approximately 75% of the users deposited assets.

Recovered crypto assets will be distributed to affected users in an amount proportional to the amount of W-USDC and W-DAI held at the time of the attack.

The developers of the Protocol intend to compensate users for losses and will distribute debt tokens of the platform (IOU) to each victim. IOU tokens will be distributed in the coming days. According to the developers statement, the attack involved several flash loans taken through the dYdX platform and several quick swaps through Uniswap.

The DeFi industry is actively developing this year. Recently, the dappradar portal released an annual report, according to which the volume of transactions in DeFi has increased more than 12 times in 2020.

Read: Accoring To DappRadar Report The Transactions Volume of Defi Industry Exceeded $270 Billion in 2020

Read details of Warp Finance Hack on Medium: https://warpfinance.medium.com/warp-finance-exploit-summary-recovery-of-funds-5b8fe4a11898

 

Burning of ETH Will Take Place In Every Transaction After EIP-1559 Update According To Ethereum Developer

Mark Brennan
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Burning of ETH Will Take Place In Every Transaction After EIP-1559 Update According To Ethereum Developer

Ethereum Developer Eric Conner announced the upcoming implementation of the EIP-1559 on Ethereum Network. This update will bring burning of Ethereum.

EIP-1559 will improve user experience, enhance network security, and increase block performance. After this implementation, new ETH coins will no longer be issued. In addition, EIP-1559 will lead to the burning of a large number of ethers. They will be burned after every transaction processed on the Ethereum blockchain, which is not possible in current ETH mechanism.

Ethereum network gives users the ability to manually set gas fees. Therefore, some users pay higher fees so that miners process their transactions fast. As a result, two serious problems arise, network congestion and sky-high fees for conducting transactions on Ethereum.

EIP-1559 will make an important change, Conner said. The network will automatically offer a base fee based on network activity to optimize the speed of all transactions and prevent blockchain clogging. Most of the Ethers will be burned when gas is consumed. As a result, the number of coins will start to decrease and their supply will become limited.

Despite the bright prospects of EIP-1559, the update can only be implemented on the existing Ethereum network using the Proof-of-Work consensus. But Ethereum has already begun its transition from Proof-Of-Work to Proof-of-Stake . As the next phases of Ethereum 2.0 roll out, miners will give way to stakers and stakers will use their nodes to confirm transactions on the network.

MicroStrategy Buys the Dip With Another $ 650 Million Worth Of Bitcoin

Mark Brennan
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MicroStrategy Buys the Dip With Another $ 650 Million Worth Of Bitcoin

MicroStrategy has passed 1 Billion USD of Bitcoin (BTC) buying in 2020. 29.646 more BTC were purchased worth 650 million USD. On average, the company paid 21,925 USD per Bitcoin.

The CEO of MicroStrategy, Michael Saylor, announced via twitter that the company has now purchased Bitcoin for another 650 million USD as planned. This news came immediately after the short-term Bitcoin price collapse. MicroStrategy announced its intention to buy more Bitcoin earlier this month, with a sale of bonds to raise funds for buying BTC. The bond sale brought $ 650 million, which has now been used to buy Bitcoin as promised.

 

The company now holds a total of 70,470 BTC purchased at an average price of $ 15,964 per Bitcoin. This makes Microstrategy the fifth largest Bitcoin Investor, ahead of the United States government, which owns 69,420 BTC. Michael Saylor motivates other companies to do the same.

MicroStrategy began its Bitcoin journey in August with a purchase of 21,000 BTC for 250 million USD. At the time, the company stated that it intended to use BTC as the primary reserve currency to hedge against US dollar Inflation. Further buying included a purchase for USD 425 million in September, through Coinbase.

Recently, Saylor encouraged fellow billionaire Elon Musk to follow his example and use BTC to replace the US Dollar as Tesla’s primary reserve currency. This would encourage other S&P 500 companies to follow suit.

Megaupload Founder Kim Dotcom Said Bitcoin Cash Can Reach 3000 USD

Albert Brown
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Megaupload Founder Kim Dotcom Said Bitcoin Cash Can Reach 3000 USD

Kim Dotcom sees growth of Bitcoin cash (BCH) more than 800%, BCH is the best known Hard Fork of Bitcoin (BTC). BCH emerged on August 1, 2017 with the aim of being the better and faster means of payment.

Over the past 30 days, Bitcoin Cash has surpassed Bitcoin with a price growth of +31%.

The Megaupload founder Kim Dotcom, announced a price target of 3,000 US dollars for the year 2021. This is a price increase of more than 800%.

Kim Dotcom is known to many because of his company Megaupload. Kim Dotcom, whose real name is Kim Schmitz, has been commenting on the development of cryptocurrencies and the overall market for years.

Schmitz commented on Bitcoin Cash in a recent Tweet. According to the Tweet, Schmitz is calling for a price target of $ 3,000 per Bitcoin Cash by 2021. He gives the explanation of this price target as the increasing acceptance and use of cryptocurrencies.

 

He attributes Bitcoin’s property as a Store of Value. According to him investors normally do not use the BTC for payments, but as a storing assets. Bitcoin Cash, on the other hand, is a well-suited mean of payment, which brings advantages especially for traders.

He expresses his confidence by retweeting his Tweet next year or earlier.

The Internet Entrepreneur argues that there is an increasing adoption of crypto-currencies commercially. In his view, BCH could benefit from this, As BCH, in contrast to Bitcoin, have lower transaction cost and faster transaction time.

Bitcoin Cash (BCH) has increased by almost 13% in the last 24 hours, while the other top 10 cryptocurrencies show less volatility. The performance of BTC is considered a mood test for the overall market. If BTC manages to defend the recent price gains and remained above 20,000 dollars, Bitcoin Cash can definitely benefit from bullish market.

Data of More Than 270,000 Ledger Wallet Users Leaked

Albert Brown
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Data of More Than 270,000 Ledger Wallet Users Leaked

Information about more than 270,000 users of ledger hardware wallet, including their names and addresses, appeared on the raidforums.

Back in late July, hackers gained access to the ledger marketing database, which contained many documents, residential addresses, phone numbers, and email addresses of the company’s customers.

At that time it was reported that hackers were able to get hold of information about 9500 Ledger clients. This time it seems that attackers have gained access to much larger data of users.

According to a representative of ledger, there are signs indicating the database hack. He apologized to users affected by the leak.

Ledger sincerely regrets this situation. We take privacy very seriously and avoiding such situations is the highest priority of our company. we have learned valuable lessons from this incident and will make ledger safer in the future.

In October 2020, it was reported that ledger had passed a SOC 2 type 1 security audit. In the same month, Ledger wallets users began receiving fraudulent emails.

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