Blockchain-Powered Satellite Contributes to Ethereum Scaling

The Ethereum KZG ceremony is receiving a contributor from outer space as Cryptosat, a blockchain-powered satellite orbiting Earth, has contributed entropy to the Ethereum scaling effort. The satellite’s Verifiable Random Beacon service generated the entropy, which was signed by the satellite itself and can be verified using the public key of Crypto2.

The Ethereum Foundation requested that users from all over the world contribute randomness to the KZG ceremony to strengthen the security of the next version of Ethereum. The KZG ceremony aims to provide a cryptographic foundation for Ethereum scaling.

The contribution from Cryptosat’s space satellite will be viewable in real-time via a dashboard monitoring the satellite’s trajectory and latest status. According to the announcement from Cryptosat, the satellite orbits Earth every 90 minutes following a remote course 550 km above ground, which makes it difficult for outside actors to gain access during the KZG contribution.

Cryptosat has a Verifiable Random Beacon service, which generates entropy for its contribution. Beacons from this service are signed by the satellite itself and can be verified using the public key of Crypto2, which was also generated in space. The commitment of entropy from Cryptostat’s space satellite will be valuable for strengthening the security of the next version of Ethereum.

Cryptosat is one of the thousands of contributors to the KZG ceremony. The company’s satellite, Crypto2, was launched into space on January 3 aboard the SpaceX Falcon 9. It was the successor to the first satellite launch of Crypto1 back in May. According to Cryptosat, the second satellite has 30 times the computing power of the first one.

Cryptosat’s contribution to the KZG ceremony is part of the company’s efforts to make outer space a “new battleground in the quest for bulletproof cryptography.” The commitment of entropy from Cryptostat’s space satellite will provide an added layer of security to the next version of Ethereum, which is scheduled for an upgrade on April 12.

Generating the parameters for the Ethereum KZG ceremony in a completely physically isolated environment has a lot of merit, according to Michalevsky, a security researcher at Cornell Tech. If leaked, the “toxic waste” could compromise “the integrity of the cryptographic scheme” on which the next version of Ethereum is based.

In conclusion, the contribution of entropy from Cryptosat’s space satellite to the Ethereum KZG ceremony will strengthen the security of the next version of Ethereum, which is scheduled for an upgrade on April 12. The satellite’s Verifiable Random Beacon service generated the entropy, which was signed by the satellite itself and can be verified using the public key of Crypto2. This contribution is part of Cryptosat’s efforts to make outer space a new battleground in the quest for bulletproof cryptography.


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Allbridge Recovers $465,000 Stolen in Crypto Exploit

According to a tweet that was published on April 3, a multichain token bridge known as Allbridge has successfully recovered bitcoin valued at $465,000 that was stolen in a recent exploit. A message was sent to the project by an individual who returned 1,500 BNB, which is equal to $465,000. The remaining money were deemed a white hat reward for the individual, as Allbridge had promised. After that, the project changed all of the Binance Coins (BNB) it had received into Binance Dollars (BUSD) so that they could be utilized as compensation.

Peckshield, a blockchain security company, was the first to discover the vulnerability. On April 1, the company sent a tweet to Allbridge in which it alerted the company that a person was manipulating the BNB Chain pools swap price by serving as both a liquidity provider and a swapper. As the vulnerability was discovered, Allbridge offered the attacker a reward as well as the opportunity to avoid legal repercussions.

Blockchain security companies CertiK and PeckShield calculated that the entire amount taken was very close to $550,000 despite the fact that the project has not publicly stated the complete amount that was stolen. According to PeckShield, the attack generated around $573,000 in total, comprised of $282,889 in Bitcoin USD and $290,868 worth of Tether (USDT).

Allbridge also disclosed that a second address made advantage of the same vulnerability and provided a link to a wallet that at the moment has 0.97 BNB, which has a value of around $300 at the time of this writing. The project requested that the second exploiter make contact and explore the possibility of the monies being returned.

After the original breach, Allbridge made it very obvious that it was collaborating with a number of different groups to recover the missing monies. BNB Chain was one of those firms, and on April 2, it tweeted that it had found at least one of the perpetrators engaged using on-chain analysis. This information was shared with the public. AvengerDAO was recognized by BNB Chain for its contributions to the money recovery effort, and BNB Chain is providing active assistance to the Allbridge team as they work to recover the funds.

The rapid reaction of Allbridge to the vulnerability as well as their offer of a white hat incentive for uncovering vulnerabilities highlight how important it is for the cryptocurrency sector to prioritize security. Projects may strengthen their security and stave off future assaults if hackers are offered financial incentives to disclose flaws rather than use them for their own gain. On the other hand, it is essential for organizations to collaborate in order to track down missing cash and hold those responsible for the thefts accountable for their actions.


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Euler Finance Hacker Returns Stolen Funds

On March 13, 2023, Euler Finance suffered a flash loan attack, resulting in the theft of $196 million worth of various tokens, including Dai, USDC, StETH, and WBTC. This attack drained millions of dollars from Euler Finance’s smart contracts, causing the total value locked inside them to drop from over $311 million to $10.37 million. Additionally, 11 different DeFi protocols, including Balancer,, and Yield Protocol, either froze or lost funds.

Following the attack, Euler Finance took proactive measures to recover the stolen funds. The protocol disabled its vulnerable etoken module and donation function as the first course of action and worked with auditing companies to analyze the root cause of the exploit. At the same time, Euler Finance attempted to contact the hacker to negotiate a bounty.

On March 15, Euler Finance gave the hacker an ultimatum to return 90% of the stolen funds or face a $1 million reward for information leading to their arrest. The hacker, however, started moving funds at will, causing chaos and distress among the victims. Despite this, one victim managed to convince the hacker to return their life savings, resulting in the hacker beginning to return stolen funds over several days.

Meanwhile, Euler Finance’s CEO, Michael Bentley, revealed that ten separate audits over two years deemed the protocol “nothing higher than low risk” with “no outstanding issues.” However, the hack exposed the protocol’s vulnerability and the need for improved security measures.

On March 21, Euler Finance launched a $1 million bounty reward against the hacker after being ghosted mid-conversation while trying to strike a deal. However, the hacker started returning the stolen assets in large numbers on multiple occasions, starting on March 25. Finally, 23 days after the hack, Euler Finance announced that the stolen funds had been recovered, and the $1 million bounty was no longer accepting new information.

In the final transactions, the hacker returned 12 million DAI and 10,580 ETH in multiple transactions. The crypto community applauded Euler Finance’s efforts to recover the funds and restore investor confidence. Gnosis, the team behind Gnosis Safe multisig and Gnosis Chain, recently launched a hash oracle aggregator to improve the security of bridges by requiring more than one bridge to validate a withdrawal.

The Euler Finance hack serves as a cautionary tale for the DeFi industry, highlighting the importance of comprehensive security measures and frequent audits. It also demonstrates the benefits of negotiating with hackers to recover stolen funds and the role of the community in restoring investor confidence. Overall, the recovery of the stolen funds is a significant victory for Euler Finance and the DeFi industry as a whole.


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Dragonfly Capital Invests $10 Million in Bitget

Bitget is an exchange for bitcoin derivatives, and the San Francisco-based company Dragonfly Capital, which is a venture capital firm, just made a statement that it has invested $10 million in Bitget. Dragonfly Capital is a part of the company Bitget. The funds are going to be used toward supporting Bitget’s continuing expansion in the international market and in its services, as well as the company’s planned corporate social responsibility actions targeted at promoting crypto knowledge and acceptance.

Bitget was introduced to the public for the first time in 2018, and since that time, the platform has grown to include more than 80,000 dealers and 380,000 copy traders. Copy traders synchronize their trading positions with the trading positions of other traders by using automation to copy the other traders’ positions. As part of its 2023 strategy, Bitget plans to expand the functionalities of its spot trading, launchpad, and Bitget Earn products.

Dragonfly Capital is a well-known venture capital firm that is renowned for investing in major blockchain businesses such as Matter Labs, 1inch, and Polygon. The firm is also known for investing in other firms related to blockchain technology. In the year 2022, the corporation reportedly handled assets with a value of around $3 billion, as stated in the reports. Bitcoin derivatives exchanges have made a complete comeback despite the fact that FTX had a catastrophic meltdown back in November. Throughout that period of time, the exchange was accountable for enabling a daily trading volume of contracts totaling $6.6 billion, and it had an open interest of $5.1 billion.

As a result of the failure of FTX, the open interest on major exchanges has increased to around $68.5 billion at the time this article was published, according to information compiled by Coinmarketcap and CoinGecko. This number is much more than the predicted $60,1 billion that existed during the month of December 2022, when open interest was at its lowest point.

In spite of the recent spike in activity, the cryptocurrency company is still beset by challenges, like as the recent legal action taken against Binance by the Commodities Futures Trading Commission. Allegations made by the Commodity Futures Trading Commission (CFTC) state that Binance attracted around 2.8 million customers from the United States without first registering with the regulatory body. Since it is the responsibility of the seller to carry out processes of due diligence before registering potential customers in the United States, it is quite unlikely that the claimed users would be the ones to bear the costs of finding their way into the exchange.


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SEB and Credit Agricole launch digital bond platform on blockchain

Skandinaviska Enskilda Banken (SEB) and Credit Agricole Bank have jointly launched a new digital bond platform called “so|bond.” The platform is built on blockchain technology and enables institutional clients to issue, trade and settle bonds digitally. The platform is set to provide a more efficient and secure process than traditional methods, enhancing the clients’ experience.

The so|bond platform is designed to use a validation protocol called “Proof of Climate awaReness” to minimize its environmental footprint while incentivizing participating nodes to improve their environmental impact. Each node will be remunerated according to a formula linked to its climate impact, with the lower the environmental footprint, the larger the reward. This protocol enables the platform to consume energy comparable to non-blockchain systems, making it an eco-friendly solution.

The so|bond platform is the first use case for the “Proof of Climate awaReness” protocol, which was developed by the French-based IT provider Finaxys. The protocol’s innovative approach to the blockchain infrastructure and securities market allows it to play a pivotal role in green and sustainable finance, aligning with Credit Agricole’s Societal Project.

Romaric Rolleti, head of innovation and digital transformation at Credit Agricole, stated that the bond blockchain platform is part of a larger plan for the bank’s digital transformation. The platform’s innovative approach to the blockchain infrastructure and securities market, coupled with the strong commitment to green and sustainable finance, is at the center of Credit Agricole’s Societal Project. This initiative joins many other efforts to explore the use of blockchain, smart contracts, and the Internet of Things for a global environmental cause.

The so|bond platform launch comes amid growing interest in green and sustainable finance. In October 2022, the Bank for International Settlements, the Hong Kong Monetary Authority and the United Nations Climate Change Global Innovation Hub presented the results of their Genesis 2.0 initiative — two prototypes of tokenized green bonds. With so|bond, SEB and Credit Agricole have demonstrated their leadership in addressing environmental concerns while leveraging blockchain technology for a more efficient and sustainable bond market.


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VP Bank Partners with Metaco for Digital Asset Custody Services

VP Bank, one of the most significant financial institutions in the Principality of Liechtenstein, has collaborated with Metaco, a market-leading developer of infrastructure for digital assets. The purpose of this partnership is to work together to combine the digital asset custody and tokenization services offered by VP Bank utilizing Metaco’s Harmonize platform.

This move comes as VP Bank works toward its goal of redefining wealth management by integrating digital ecosystems with more conventional banking practices. This strategy, as VP Bank’s Chief Product Officer Marcel Fleisch explains it, enables the bank’s customers to take advantage of new possibilities and get new services. VP Bank will be able to broaden the services it provides thanks to the Harmonize platform, which will also enable support for the tokenization, minting, and storage of assets.

The Chief Growth Officer at Metaco, Seamus Donoghue, expressed his delight about the relationship and said that the Harmonize platform makes it possible for banks to satisfy the need for new asset classes. Donoghue noted that the platform gives financial institutions the ability to develop their business models in whatever way they see fit. In addition to this, he emphasized that VP Bank is a forward-thinking financial institution that caters to individual customers and intermediaries, which makes it an excellent business partner for Metaco.

Metaco has been working closely with influential members of the European market to develop and provide cutting-edge digital asset management solutions as part of its expansion efforts throughout Europe. For example, on February 9, 2023, Metaco entered into a partnership with the DekaBank of Germany to build a blockchain-based platform that was scheduled to become live in 2024. In a similar vein, on February 23, 2023, Metaco entered into a partnership with DZ Bank, a German asset manager, to include digital currencies into the asset management services that it offers.

In addition, Metaco has formed a partnership with Togg, a Turkish company that specializes in automotive technology, in order to protect its autonomous vehicle mobility services that are enabled by smart contracts. Also, on November 2, 2022, the business assisted the UnionBank of the Philippines in launching custody and trading for Ether (ETH) and Bitcoin (BTC), which marked its debut into the market in Southeast Asia.

In conclusion, thanks to VP Bank’s cooperation with Metaco, the bank will be able to broaden the scope of the digital asset services it provides and better use the potential of the Harmonize platform. The track record that Metaco has established via its collaboration with key financial players throughout Europe and Southeast Asia proves that the company is capable of delivering innovative solutions for the custody of digital assets and the tokenization of such assets.


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Orbs Releases Smart Contract for Validators in TON Blockchain

Orbs, a public blockchain infrastructure designed for mass usage applications, has announced the release of a new smart contract called the single nominator for validators in the Telegram Open Network (TON) blockchain. The contract provides an isolated cold wallet for validators to secure their validation process, enhancing their independence, security, and protection against gas-spending attacks.

In the TON blockchain network, validators participate in a proof-of-stake consensus algorithm by staking their cryptocurrency holdings to support the network’s security and transaction processing. The nominator essentially nominates a validator to represent their stake in the network and earn rewards on their behalf. The validator, in turn, is responsible for validating transactions and adding new blocks to the blockchain.

The single nominator smart contract provides an option for the core team’s nominator pool smart contract. The alternative was developed in-house to provide security for validators who stake their funds. The contract provides an isolated cold wallet for validators to secure their validation process and prevent gas-spending attacks. The contract also offers the ability to recover stakes during emergencies, such as elector upgrades.

The contract has been audited by CertiK, a Web3, blockchain, and smart contract security firm, which recently announced a partnership with TON to audit future projects on the network. Orbs has released the single nominator contract to the community as a free, open-source product.

The release of the single nominator smart contract is a significant development for validators in the TON blockchain network. The contract offers a secure and independent way for validators to participate in the proof-of-stake consensus algorithm, providing enhanced security and protection against gas-spending attacks. The contract’s auditing by CertiK adds an extra layer of security and confidence in the product’s reliability.

Orbs is a leading public blockchain infrastructure designed for mass usage applications. The platform aims to provide a scalable, secure, and decentralized infrastructure for developers to build their blockchain applications. Orbs is committed to advancing the adoption of blockchain technology by providing a user-friendly and developer-friendly platform for building decentralized applications.

In conclusion, the release of the single nominator smart contract by Orbs is a significant development for validators in the TON blockchain network. The contract offers enhanced security and protection against gas-spending attacks, allowing validators to participate in the proof-of-stake consensus algorithm in a secure and independent way. Orbs’ commitment to advancing the adoption of blockchain technology is demonstrated through the release of this free, open-source product, which is audited by CertiK, adding an extra layer of security and reliability to the contract.


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BTG Pactual Launches Stablecoin Backed by USD

The Brazilian investment firm BTG Pactual has revealed that it would be releasing its very own stable currency, which will be known as BTG Dol. The bank’s custody services will be required in order to have access to the stablecoin, which will have a one-to-one correlation with the US dollar as its backing. This action is in line with a trend that has been seen by major financial institutions all over the globe to provide cryptocurrency services to their respective client bases.

The customers of BTG Pactual will have a simple and risk-free method of investing in dollars thanks to the stablecoin that the company has developed. According to André Portilho, who is the head of digital assets at the bank, the stablecoin will make it possible for consumers to “dollarize” a piece of their equity, which will make it easier for conventional finance and the digital economy to engage with one another.

There is a subset of cryptocurrencies known as stablecoins. The value of a stablecoin is tied to the value of an underlying asset, such as the US dollar or gold. In contrast to conventional cryptocurrencies like Bitcoin, which are notorious for their price swings because to their lack of centralized control, this gives the value of the cryptocurrency some degree of predictability.

The decision made by BTG Pactual to develop its own stablecoin comes at a time when interest in cryptocurrencies is continuing to increase on a global scale. Stablecoins offer a more stable option for those who wish to invest in cryptocurrencies but are hesitant due to the high volatility that is associated with traditional cryptocurrencies. As a result, the use of stablecoins has become increasingly popular in recent years. This is because stablecoins offer a more stable option.

The bank has a bigger aim to integrate digital assets into its services, and the introduction of BTG Dol is a component of that ambition. In the last several years, BTG Pactual has made significant strides in broadening the scope of the cryptocurrency services it provides via the establishment of a cryptocurrency exchange as well as a digital asset investment fund.

In general, the entry of BTG Pactual into the field of stablecoins is illustrative of the growing interest in cryptocurrencies among big financial organizations. With the introduction of BTG Dol, the bank is giving its customers a more secure and reliable choice for investing in the digital economy than they previously had.


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AI Image Service Bans Xi Jinping Pictures

Midjourney, an artificial intelligence (AI) service that generates images from natural language descriptions, has recently found itself in the midst of controversy. The company has banned users from creating pictures of Chinese President Xi Jinping, citing concerns about deepfakes. Deepfakes are manipulated digital representations produced by sophisticated machine-learning techniques that can be used to spread false information and propaganda.

While Midjourney’s ban was intended to prevent the proliferation of deepfakes on its platform, users have found a way to circumvent the ban by creating deepfakes of Xi using other methods. Midjourney has responded by disabling access to its free trial version. Although the platform still allows the creation of images featuring world leaders, the Chinese President is notably excluded. Any attempt to generate an image with his likeness or even mention his name in a prompt is strictly prohibited by Midjourney.

Critics, like Sarah McLaughlin, senior scholar at the Foundation for Individual Rights and Expression (FIRE), have argued that the ban constitutes a form of censorship, undermining the fundamental principles of free speech and expression. While Midjourney’s intentions may have been to prevent the spread of deepfakes, the ban has sparked debate about whether it is ever appropriate to limit access to technology in this way.

In messages exchanged on the chat service Discord last autumn, Midjourney’s founder and CEO, David Holz, revealed that the firm had received complaints from local users about “various topics in different countries,” prompting them to block numerous related words. However, according to chat logs examined by The Washington Post, Holz refrained from listing the prohibited terms to prevent unnecessary controversy. Holz also mentioned that the prohibited words were not solely connected to China. Nonetheless, he recognized that China was a particularly sensitive matter, as political humor might put Chinese users at risk.

In response to the criticism, Midjourney has attempted to explain its decision. In a statement, the company stated that its ban on Xi Jinping images was not motivated by financial gain. Instead, the company claims that it was “for the greater good” to ensure that access to this technology was available to Chinese individuals. However, critics argue that this reasoning is flawed, as it assumes that Chinese individuals are incapable of using the technology responsibly.

Despite the ban, users of Midjourney’s platform have found a workaround by creating deepfakes of Xi using other methods. Some users have used the /imagine function and provided the full URL of an existing photo of Xi in the prompt. Others have used the /blend function to combine two existing photos. While these methods are not as seamless as generating an image directly from a description, they still allow users to create images of Xi.

In conclusion, Midjourney’s ban on Xi Jinping images has sparked debate about the limits of technology and free speech. While the company may have had good intentions, its decision has been criticized as a form of censorship. As the debate continues, it remains to be seen whether Midjourney will reconsider its decision or if users will continue to find ways to create deepfakes of Xi.


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BNB Chain Dominates Q1 2023 Rug Pull Scams

In the first quarter of 2023, BNB Chain has been identified as the network with the highest percentage of rug pull scams, according to a report by blockchain security firm Immunefi. The report, titled “Crypto Losses in Q1 2023,” investigated a variety of crypto hacks and scams in the first quarter of the year. It found that BNB Chain saw 73.3% of all rug pulls in the crypto ecosystem, with Ethereum coming in second at 26.7%.

The report also revealed that BNB Chain and Ethereum were the two largest targets for hackers and scammers, accounting for 68.8% of total losses from these networks combined. Of these two networks, BNB Chain was hit the hardest, with 41.3% of total losses from hacks and scams.

One particular type of scam stood out on BNB Chain: rug pulls. This type of scam involves developers raising funds and then shutting down their project without delivering the promised product or service. According to Immunefi, BNB Chain saw 73.3% of all rug pull scams in the crypto ecosystem during Q1 2023.

The Immunefi report highlights the need for increased security measures in the crypto industry, particularly on BNB Chain. As the network continues to grow in popularity, it is likely that more hackers and scammers will try to exploit vulnerabilities in the system. This makes it essential for investors to remain vigilant and do their due diligence before investing in any crypto project.

While BNB Chain has faced its fair share of challenges in Q1 2023, it remains one of the most widely used networks in the crypto ecosystem. Its popularity can be attributed to its low transaction fees, fast confirmation times, and support for smart contracts. As the network continues to evolve and improve, it is likely that it will remain a dominant force in the crypto industry for years to come.

In conclusion, BNB Chain dominated Q1 2023 rug pull scams, accounting for 73.3% of all such scams in the crypto ecosystem. While this is certainly concerning, it is important to remember that the crypto industry as a whole is still in its early stages of development. As the industry matures, it is likely that new security measures will be implemented to prevent these types of scams from occurring in the future. In the meantime, investors should remain cautious and do their own research before investing in any crypto project, particularly on networks like BNB Chain that are more susceptible to scams and hacks.


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