July 7, 2022
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Bitcoin (BTC), Ethereum (ETH), and Altcoin Prices Crash as MetaBlaze (MBLZ) Moves to Build an Ecosystem the Crypto World Needs

Bitcoin (BTC), Ethereum (ETH), and Altcoin Prices Crash as MetaBlaze (MBLZ) Moves to Build an Ecosystem the Crypto World Needs thumbnail
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For months, there had been warning indicators that the cryptocurrency market was due for a correction.
The publish Bitcoin (BTC), Ethereum (ETH), and Altcoin Prices Crash as MetaBlaze (MBLZ) Moves to Build an Ecosystem the Crypto World Needs appeared first on Cryptonomie…

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A gaggle of 14 United States senators and House representatives have signed a letter to the Environmental Protection Agency extolling what they consider are the advantages of crypto mining.In a Thursday letter, many U.S. lawmakers together with pro-Bitcoin Senator Cynthia Lummis and Representative Tom Emmer addressed EPA administrator Michael Regan, requesting the federal government company analyze the potential affect of crypto mining in an effort to stability innovation with environmental considerations. The group of 14 senators and representatives claimed mining might have a “substantial stabilizing effect on energy grids” and cited examples of mining operations utilizing flared fuel and renewable power sources. “Digital assets, and their related mining activities, are essential to the economic future of the United States,” said the letter. “Favoring one technology over another, including proof-of-work versus proof-of-stake, can stifle innovation, erode future economic gains, and limit affiliated efficiencies.”BREAKING: 14 members of Congress ship letter to the EPA, informing them of the useful environmental and monetary impacts of #Bitcoin Proof-of-Work mining. pic.twitter.com/LCrZ1nhgd9— Dennis Porter (@Dennis_Porter_) June 16, 2022 In addition to Lummis and Emmer, the lawmakers who signed the letter have been all members of the Republican Party, together with Senators Bill Hagerty, Kevin Cramer, and Steve Daines. House Representatives Patrick McHenry, Pete Sessions, Bill Posey, Bill Huizenga, Andy Barr, Anthony Gonzales, Brian Steil, William Timmons, and Ralph Norman additionally permitted the message to EPA administrator Regan. The Republicans’ request to Regan stood in distinction to an April letter to the EPA from a bipartisan group of twenty-two lawmakers. They raised “serious concerns” round crypto corporations working within the United States, claiming that the businesses contributed to greenhouse fuel emissions and weren’t working in accordance with both the Clean Air Act or the Clean Water Act. “Cryptocurrency mining is poisoning our communities,” mentioned the April letter to Regan. “The rapidly expanding cryptocurrency industry needs to be held accountable to ensure it operates in a sustainable and just manner to protect communities.”Related: Eager to work: Bitcoin change to proof-of-stake stays unlikelyIn May, the Bitcoin Mining Council responded to the April letter with one in all its personal, alleging most of the lawmakers’ claims on mining have been inaccurate. Many environmental teams, together with Greenpeace and the Sierra Club, later urged authorities companies underneath the Biden administration to implement new approaches of their response to crypto mining.
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The hacker who exploited Solana-based liquidity protocol Crema Finance on July 2 returned a lot of the funds however was allowed to maintain $1.6 million as a white hat bounty.The bounty, 45,455 Solana (SOL), is price a beneficiant 16.7% of the $9.6 million Crema misplaced initially, which pressured the protocol to droop companies. Crema’s staff started an investigation to determine the hacker by monitoring their Discord deal with and tracing the unique fuel supply for the hacker’s deal with. Just because it appeared the staff could have been onto the key id, it introduced that it had been negotiating with the hacker. On July 6, the hacker returned 6,064 Ether (ETH) and 23,967 SOL price roughly $8 million.After a protracted negotiation, the hacker agreed to take 45455 SOL because the white hat bounty. Now we now have confirmed the receipt of 6064 ETH + 23967.9 SOL in 4 transactions indicated under. A follow-up compensation plan shall be launched in 48h.— CremaFinance (@Crema_Finance) July 6, 2022 The hacker returned the funds in a sequence of transactions on Ethereum and Solana networks. The first transaction on every community was a take a look at with a negligible quantity of cash, whereas the next was price the vast majority of the funds despatched.Users of Crema and the staff have cause to relaxation simpler now that the funds have been secured, however there’s nonetheless work to do. The staff introduced on July 5, earlier than the deal had been reached, that it submitted new code for auditing to make sure that the identical exploit didn’t occur once more. Although the group awaits an official autopsy on the assault, the Crema staff outlined what occurred in a July 3 thread on Twitter. The attacker took out a flash mortgage from the Solend decentralized finance (DeFi) lending protocol, which was added as liquidity to a Crema pool. The hacker then fabricated pricing information to make it appear as if they have been owed a a lot larger reward than they need to have. This allowed them to take “a huge fee amount” price about $9.6 million from the pool to which they added the flash mortgage. Related: Dutch University set to recuperate greater than twice the paid BTC ransom in 2019The Crema protocol shall be again up and working after the audit is full, in response to the staff’s tweet. The staff may even concern a compensation plan for affected customers by July 8.Crema is fortunate to have recovered as a lot funds because it did, contemplating the calamity that befell the Horizon Bridge on Harmony final month. A hacker stole $100 million in crypto from Harmony’s token bridge and rejected the $1 million white hat bounty to return the funds.

July 7, 2022
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