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BNB Chain and MetaMask Resolve Glitch Affecting opBNB Gas Fees

by Blockchain NewsSeptember 25, 2023

Key Takeaways

BNB Chain and MetaMask have resolved a glitch that made opBNB’s gas fees appear unusually high.

The issue was due to MetaMask’s default minimum recommendation price for gas, which was not aligned with opBNB’s lower gas fees.

The corrected algorithm now accurately reflects opBNB’s lower gas fees, offering users fast, cheap, and secure transactions.

The Glitch Explained

MetaMask had initially set a default minimum recommendation price for gas based on the average of all networks. While this approach generally works for most Layer 1 (L1) and Layer 2 (L2) networks, it did not align with the gas price structure of opBNB. As a result, users were under the impression that opBNB was more expensive or slower than it actually is.

Collaboration for a Solution

BNB Chain reached out to MetaMask to address the issue. MetaMask was “extremely helpful and agreed to update their algorithm to accurately reflect the true opBNB gas price,” according to BNB Chain’s official statement. This collaborative effort led to an immediate solution, ensuring that the gas fees displayed are now in line with what opBNB actually charges.

Verifying the Fix

Users can verify the corrected gas fees by switching to the opBNB network on MetaMask and comparing the gas fee with other networks. The update aims to provide a more accurate representation of opBNB’s competitive advantage in terms of lower gas fees, especially when the network is not congested.

Implications for the Web3 Ecosystem

The resolution of this glitch is a significant step towards building a more robust and user-friendly Web3 ecosystem. It not only saves users money, time, and energy but also supports a decentralized and scalable blockchain.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Tagged : BNB CHAIN / Gas Fees / Layer 1 / Layer 2 / Metamask / News / OPBNB / WEB3 ECOSYSTEM

HK SFC Details JPEX Probe; CEO Affirms Hong Kong’s Web3 Commitment

by Blockchain NewsSeptember 25, 2023

Key Takeaways

Hong Kong’s Securities and Futures Commission (SFC) has provided details on its investigation into the unlicensed virtual asset trading platform JPEX.

Over 2,000 people have reported being defrauded by JPEX, involving more than HKD 1.4 billion.

SFC CEO Leung Fung-yee emphasizes that the incident will not change Hong Kong’s direction in developing a Web3 ecosystem.

Background and Investigation Timeline

The Hong Kong Securities and Futures Commission (SFC) has shed light on its investigation into JPEX, an unlicensed virtual asset trading platform accused of fraud. The platform has received complaints from over 2,000 individuals, involving assets exceeding HKD 1.4 billion. The SFC began monitoring JPEX in early 2022, suspecting false claims on its website and advertisements. By July 2022, the platform was put on a watchlist due to its evasive responses. Formal investigations were initiated in June 2023, leading to an official warning issued on September 13, 2023.

Regulatory Stance

SFC CEO Leung Fung-yee stated that the incident underscores the importance of regulation. She emphasized that Hong Kong’s commitment to developing a Web3 ecosystem remains unchanged. “If there is no regulatory system, investors cannot identify which platforms are relatively safe and reliable,” Leung added.

Ongoing Police Investigation

When asked about the possibility of halting or collaborating with overseas financial regulators to block JPEX’s asset transfers, Christopher Wilson, Executive Director of the Regulatory Enforcement Department, said that the police are currently leading the related investigation and declined to disclose further details.

Transition Period Concerns

Regarding the 12-month transition period for virtual asset platforms to comply with new regulations, Huang Lexin, head of the SFC’s fintech group, said that the arrangement is to give platforms operating in Hong Kong reasonable time to apply for licenses and meet regulatory requirements.

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Tagged : Fraud / Hong Kong / JPEX / News / Regulation / Sfc / VIRTUAL ASSET TRADING / WEB3 ECOSYSTEM

Crypto.com’s $10.5 Million Mistake Leads to Legal Fallout for Australian Couple

by Blockchain NewsSeptember 25, 2023

Key Takeaways

Crypto.com mistakenly transferred $10.5 million AUD to Thevamanogari Manivel’s bank account in May 2021.

The error was discovered in December 2021 during an annual audit.

Manivel has been sentenced to an 18-month community corrections order, while her partner, Jatinder Singh, will face a plea trial on October 23, 2023.

The Multi-Million Dollar Error

In May 2021, Thevamanogari Manivel attempted to transfer $100 AUD to her partner Jatinder Singh’s Crypto.com account. Due to a mismatch between the bank account and the Crypto.com account names, the cryptocurrency exchange issued a refund. However, a clerical error led to $10.5 million AUD being transferred to Manivel’s Commonwealth Bank account instead. The mistake remained undetected until December 2021, when Crypto.com conducted its annual audit.

Legal Consequences

Manivel was arrested in March 2022 while attempting to board a flight to Malaysia with close to $11,000 in cash. She has recently pleaded guilty to recklessly dealing with the proceeds of crime and was sentenced to an 18-month community corrections order, including six months of intensive compliance and unpaid community work. She had already spent 209 days in custody prior to the sentencing. Singh, on the other hand, is set to face a plea trial on October 23, 2023, for theft charges.

Asset Recovery and Company Response

The couple allegedly spent the funds on four houses, vehicles, and other assets, and transferred around $4 million AUD to a Malaysian bank account. One of the properties, a five-bedroom house in Craigieburn, was sold for $1.27 million AUD. Crypto.com has since updated its internal processes to prevent similar incidents. The company declined to comment on the ongoing case.

Visa and Future Plans

The legal proceedings have added uncertainty to Manivel’s visa process. She is currently pursuing a bachelor’s degree in science. Singh was charged with theft and is due to face a plea hearing on October 23.

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Tagged : ASSET RECOVERY / COMMUNITY CORRECTIONS ORDER / Crypto.Com / Cryptocurrency / JATINDER SINGH / LEGAL PROCEEDINGS / News / PLEA TRIAL / THEVAMANOGARI MANIVEL

Suspicious Transactions Linked to Mixin Network Hack Involve Huobi and Binance

by Blockchain NewsSeptember 25, 2023

Key Takeaways

Internal investigation by Cyvers Alerts reveals suspicious transactions involving Mixin Network hacker addresses.

Two hacker addresses received 51 ETH from an account that interacted with Huobi Global and Binance.

Calls for Huobi Global, Binance, and CZ Binance to help identify the suspicious account.

Investigation Unveils Suspicious Funding

Cyvers Alerts, a cybersecurity watchdog, recently updated its ongoing investigation into the Mixin Network hack that occurred on September 23, 2023. The breach led to a loss of $200 million and temporarily suspended Mixin Network’s deposit and withdrawal services. According to Cyvers Alerts, two hacker addresses received 51 ETH from an account with the address 0x1795F0eBDa5A836aE63F28CE546E72de069A8bd2. This account had previous interactions with major cryptocurrency exchanges Huobi Global and Binance.

On September 23, 2023, Mixin Network suffered a major security breach, leading to an estimated loss of $200 million. The attack targeted Mixin’s cloud service provider database. Blockchain security firm SlowMist has been enlisted to assist in the ongoing investigation, and a security alert has been issued. Deposit and withdrawal services on Mixin Network are temporarily suspended, although intra-network transfers remain operational. The incident has sparked concern in the crypto community, given the recent spate of similar hacks. Mixin founder Feng Xiaodong is scheduled to address the situation in a public livestream.

The Role of Disperse and USDT Holders

The hackers reportedly used the “disperse” function to send gas fees to USDT holders before transferring the stolen funds to their main address. This method could potentially make tracking the stolen assets more complicated, adding another layer of complexity to the ongoing investigation.

Calls for Exchange Involvement

Cyvers Alerts has publicly called on Huobi Global, Binance, and CZ Binance to assist in identifying the account linked to the suspicious transactions. The involvement of these major exchanges could be crucial in tracing the origins of the funds and possibly recovering some of the stolen assets.

Strengthening Cybersecurity Measures

The Mixin Network hack serves as a stark reminder of the vulnerabilities that exist within the cryptocurrency ecosystem. Cyvers Alerts emphasized the need to strengthen cybersecurity measures to prevent future incidents of this nature.

Summary

Cyvers Alerts has discovered suspicious transactions linked to the recent Mixin Network hack. Two hacker addresses received 51 ETH from an account that had interactions with Huobi Global and Binance. The watchdog has called on these exchanges to help identify the suspicious account as part of ongoing investigations.

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Tagged : #ETH / Binance / Cybersecurity / CYVERS ALERTS / CZ BINANCE / Hack / Huobi Global / MIXIN NETWORK / News / SUSPICIOUS TRANSACTIONS

ChatGPT Predicts Solana SOL Price Could Reach $30 Again by the End of 2023

by Blockchain NewsSeptember 25, 2023

We leveraged our partner’s ChatGPT and AI machine learning technologies to predict Solana’s future, identifying potential trends for its native SOL token. At present, SOL is trading at less than a tenth of its all-time high of $260, suggesting it may be both oversold and undervalued. This stands in contrast to other major cryptocurrencies like Bitcoin, Ethereum, Ripple (XRP), BNB, and LINK, which are trading at levels exceeding 1/10 of their respective record highs. To arrive at this prediction, we employed a multi-faceted approach that includes on-chain analysis, an examination of regulatory challenges, and an assessment of Solana’s core advantages.

Regulatory Hurdles and Market Dynamics

In June 2023, the U.S. Securities and Exchange Commission (SEC) charged both Coinbase and Binance, along with Binance CEO Zhao Changpeng. The SEC identified 13 crypto tokens as securities, including Solana (SOL), Binance’s BNB token, the exchange’s stablecoin BUSD, Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos Hub (ATOM), The Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS), and COTI (COTI). This development has added another layer of complexity to the regulatory landscape surrounding cryptocurrencies, including Solana.

Although Ripple’s XRP, another token classified as a security by the SEC, won a partial victory in July 2023, the implications for other tokens like Solana remain uncertain. The Ripple victory led to a 100% surge in XRP’s price, but the long-term impact of this legal outcome is still unclear.

At the time of writing, Solana (SOL) was trading at $19.4. The cryptocurrency experienced a 30% price surge on July 13, following Ripple (XRP) securing a partial legal victory against the SEC. However, the rally was short-lived, raising questions about the asset’s long-term stability.

For Solana, its founders have expressed concerns about the SEC’s classification of SOL as a security but have not taken any legal action against the claims. The SEC’s judgment implies that all tokens defined as securities can hardly be traded or used within the jurisdiction of the United States.

Solana’s Position in the Market

Solana is a blockchain platform designed to facilitate decentralized finance (DeFi) and decentralized app (DApp) creation. Founded in 2020 by Anatoly Yakovenko, the platform is headquartered in Geneva, Switzerland. Solana employs a unique hybrid consensus model, combining proof-of-history (PoH) with proof-of-stake (PoS), aiming to offer both scalability and security. With a total supply of 489 million SOL tokens, approximately 260 million are currently in circulation. The platform has garnered attention for its focus on scalability and its potential to make DeFi accessible on a larger scale.

Solana has been touted as an “Ethereum killer,” a term that has both intrigued and concerned investors. The platform’s high throughput and low transaction costs make it a formidable competitor to Ethereum. Even Ethereum’s founder, Vitalik Buterin, has shown admiration for the Solana protocol.

Solana excels in the NFT market, attracting numerous projects that issue their NFTs on its platform due to its superior performance and cost-effectiveness. Capable of processing 65,000 transactions per second, Solana offers significantly lower fees compared to Ethereum. This positions Solana as a strong contender to potentially replace Ethereum in the NFT space.

Oversold and Undervalued Compared to Market Peers

Solana’s SOL token is currently trading at less than 1/10 of its record high of $260, signaling that it may be oversold and undervalued, especially when compared to other popular cryptocurrencies like Bitcoin, Ethereum, Ripple (XRP), BNB, and LINK, which are trading at prices higher than 1/10 of their respective record highs. This significant price discrepancy could indicate a potential upside for Solana, especially given its strong performance metrics and growing prominence in the NFT market. Investors may view this as an opportunity for entry, considering Solana’s technological advantages and its potential to challenge Ethereum in the NFT space.

ChatGPT’s Take on Solana

ChatGPT, a conversational AI developed by OpenAI, was queried about Solana’s future prospects. While the chatbot is not a financial advisor, it provided some insights based on the given on-chain metrics and market data. According to ChatGPT, Solana could potentially reach a price of $30 in 2023. The chatbot cited the platform’s fast transaction speeds and low fees as contributing factors to its optimistic outlook.

Conclusion

While ChatGPT’s prediction offers a somewhat optimistic outlook for Solana, it is essential for investors to conduct their own research. AI-generated insights can be valuable but should not replace professional financial advice. The crypto market is highly volatile, and external factors like regulatory actions can significantly influence an asset’s price.

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Tagged : $30 / $Sol / 2023 / CHATGPT / News / Prediction / Price / Solana

SlowMist Reports Surge in Diverse Crypto Security Incidents for the Week of September 17-23, 2023

by Blockchain NewsSeptember 25, 2023

Key Takeaways

Total security incidents reported: 7

Estimated financial loss: Approximately $380,600

Notable trend: Increase in phishing attacks and rug pull tactics

New attack methods: DNS hijacking, contract vulnerability, and phishing attempts

Breakdown of Incidents

Phishing Attacks:

Unimevbot users were targeted through malicious MEV bot codes on the website. The exact loss remains undisclosed, but funds were transferred to the hacker’s on-chain address.

Coinbase Wallet also fell victim to a phishing attack that exploited the Web3 messaging network protocol. The exact financial impact is yet to be reported.

Contract Vulnerabilities:

Linear Finance exposed its $LUSD token to an exploit attack due to a contract vulnerability. No specific loss has been reported.

Rug Pulls:

BNBpay and YZER were involved in rug pull incidents, with losses amounting to approximately $114,000 and $28,600, respectively, following significant liquidity removals.

DNS Hijacking:

Balancer was targeted in a DNS hijacking attack by a phishing group known as AngelDrainer, resulting in a loss of around $238,000.

Infrastructure Vulnerability:

An unspecified infrastructure vulnerability led to significant funding and team token loss for a project named “None.” The exact financial impact remains undisclosed.

Conclusion

The Slowmist report underscores the increasing complexity and diversity of attacks in the crypto and blockchain landscape. SlowMist urges users to remain vigilant and adopt comprehensive security strategies.

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Tagged : Balancer / BNBPAY / Coinbase Wallet / CONTRACT VULNERABILITY / DNS HIJACKING / LINEAR FINANCE / News / Phishing Attacks / Rug Pull / SECURITY REPORT / Slowmist / YZER

Mixin Network Suffers $200 Million Hack

by Blockchain NewsSeptember 25, 2023

Key Takeaways

Mixin Network’s cloud service provider database was attacked on September 23, 2023, resulting in a loss of approximately $200 million.

Blockchain security firm SlowMist is assisting in the ongoing investigation.

Deposit and withdrawal services on Mixin Network have been temporarily suspended.

Security Breach and Financial Impact

In a significant security breach, Mixin Network’s cloud service provider database was compromised on September 23, 2023, Hong Kong time. The attack led to the loss of assets on the mainnet, with the funds involved estimated to be around $200 million. The announcement was made on September 25, 2023, via Mixin’s official Twitter account, which has garnered significant attention, accumulating over 140K views.

Investigation and Immediate Actions

Mixin Network has enlisted the help of blockchain security company SlowMist to assist in the investigation. SlowMist has also issued a security alert regarding the incident. In addition to SlowMist, Mixin Network has contacted Google for further assistance. Deposit and withdrawal services on the network have been temporarily suspended until vulnerabilities are confirmed and fixed. However, transfers between accounts remain unaffected during this period.

Community Reactions and Previous Incidents

The crypto community has expressed concern and frustration over the incident, especially considering the recent hacks involving Stake, CoinEX, and Remitano exchanges. Crypto detective ZachXBT highlighted the alarming frequency of these nine-figure hacks, stating, “Wtf another 9 figure hack (all liquid assets).

Upcoming Announcements

Mixin founder Feng Xiaodong is scheduled to explain the incident in a public Mandarin livestream at 13:00 HKT on September 25, 2023. The Mixin team will later summarize the content in English for broader dissemination. Plans on how to deal with the lost assets will be announced subsequently.

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Tagged : $200 MILLION / Blockchain / CLOUD SERVICE PROVIDER / DEPOSIT AND WITHDRAWAL / Mainnet / MIXIN NETWORK / News / Security Breach / Slowmist

Alipay Facilitates First Digital Cauldron Lighting in Asian Games History

by Blockchain NewsSeptember 25, 2023

Key Takeaways

Alipay, the Official Prestige Partner of the Hangzhou Asian Games, enabled over 100 million digital torchbearers to participate in the first-ever digital cauldron lighting.

The digital torchbearer program was part of the Smart Hangzhou 2022 platform.

Alipay’s technology ensured compatibility across 300 types of phones, including those produced 8 years ago.

The Ceremony and Technology

The Hangzhou Asian Games kicked off on September 23, 2023, with an opening ceremony that blended Chinese culture and digital innovations. Alipay played a crucial role as the technology provider, enabling over 100 million users to become digital torchbearers. These users were represented by a single digital avatar that lit the cauldron alongside Olympic swimming champion Wang Shun.

The Digital Torchbearer Program

Launched on June 15, 2023, the Asian Games Digital Torchbearer Online Relay campaign allowed participants to become “Asian Games Digital Torchbearers” through the Smart Hangzhou 2022 platform. Over 100 million users signed up, making it the first one-stop digital service platform for a major international multi-sport event.

Inclusivity and Compatibility

Alipay’s engineers tested the technology on over 300 types of phones to ensure broad compatibility. The technology stack included Alipay’s in-house developed Galacean interactive engine, AI avatars, cloud services, and blockchain solutions. After the ceremony, participants received a blockchain-stored certificate of participation.

Additional Interactions

Beyond the digital cauldron lighting, tens of thousands of on-site spectators engaged in interactions through Alipay’s AR and AI technologies, including summoning official mascots on their phones and sending virtual lanterns into the sky.

About Alipay

Alipay has evolved from a payment tool to an open platform serving over one billion consumers and 80 million businesses across various industries. It offers a range of digital services through mini-programs, lifestyle accounts, and IoT.

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Tagged : Alipay / Blockchain / DIGITAL TORCHBEARERS / HANGZHOU ASIAN GAMES / News / SMART HANGZHOU 2022

South Korea Targets Crypto Major Shareholders with Proposed Financial Law Amendment

by Blockchain NewsSeptember 25, 2023

Key Takeaways

South Korean lawmaker Yoon Chang-hyun proposes an amendment to scrutinize the criminal records of major shareholders in crypto businesses.

The Financial Intelligence Unit (FIU) is also focusing on the eligibility of major shareholders.

The amendment aims to bring transparency and regulatory compliance to the crypto market.

Legislative Intent

On September 15, Yoon Chang-hyun, a lawmaker from the People Power Party, proposed an amendment to the Special Financial Information Law (특금법). The amendment aims to scrutinize not just the CEOs and registered executives but also the major shareholders’ criminal records during the application and review process for crypto businesses, according to decenter.

Regulatory Focus

The Financial Intelligence Unit (FIU) has also formed a Task Force (TF) to revise the requirements for crypto exchange reporting and will focus on the eligibility of major shareholders. An official from Yoon Chang-hyun’s office stated, “We have consulted with financial authorities and initiated the bill.”

Legal Risks and Implications

The proposal comes against the backdrop of legal risks involving major shareholders in crypto exchanges. For instance, Song Chi-hyung, the chairman of Dunamu (operator of Upbit), is awaiting a Supreme Court trial for allegations of creating fake accounts and manipulating transactions. Similarly, Lee Sang-jun, the CEO of Bithumb Holdings, is under investigation for receiving ‘listing fees’ from Kang Jong-hyun, who is suspected of being the real owner of Bithumb.

Compliance Requirements

If the amendment is enacted, existing crypto businesses will have to report details about their major shareholders within three months. Those found guilty post-enactment will likely be disqualified during the review process. The law will not be retroactive but will require crypto businesses to renew their reporting every three years.

Conclusion

The proposed amendment reflects the legislative intent to integrate the often-volatile crypto market into the regulatory framework. The focus on major shareholders’ eligibility aims to bring a level of transparency and trustworthiness akin to traditional finance.

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Tagged : Crypto Business / FINANCIAL LAW / FIU / News / Regulation / South Korea / YOON CHANG-HYUN

Bankless: Solana’s Resilience and Prospects Amid Market Challenges

by Blockchain NewsSeptember 25, 2023

Key Takeaways

Solana has recovered from a 93% market capitalization drop in 2022, showing a resurgence of ~111% year-to-date.

Priority fees and network upgrades have improved Solana’s uptime to 100% in 2023.

The ecosystem is diversifying with new use-cases like compressed NFTs and AI initiatives.

Upcoming developments like Neon EVM and Solang could further bolster Solana’s growth.

The Present: Overcoming Past Challenges

Network Status: Solana’s network faced significant challenges in 2022, including a 93% drop in market capitalization and a 96% reduction in total value locked (TVL). However, the network has shown resilience in 2023. Priority fees and network upgrades have contributed to a consistent 100% uptime year-to-date. Approximately 42% of daily fees now come from users prioritizing their transactions, a trend expected to continue.

Ecosystem Highlights: The Solana DeFi ecosystem is recovering, with a 41% growth in TVL when denominated in USD. Liquid staking derivatives have also played a role in this resurgence. The ecosystem is diversifying into other sectors like NFTs, gaming, and consumer-oriented applications, driven by technological advancements like state compression.

The Future: A Bright Horizon

Several upcoming developments could further strengthen Solana’s position:

Neon EVM: Went live in July, allowing Ethereum-based applications to operate on Solana.

Solang: A new compiler that enables Solidity-based projects on Solana.

AI Initiatives: A $10 million AI grant fund has been launched to expand into the AI sector.

Capital Injections: Solana is set to receive capital from recently launched growth initiatives like convertible grants, which transform into investments upon meeting specific milestones.

Conclusion

Solana has successfully navigated past challenges, emerging stronger in 2023. With a consistent 100% network uptime and diversification into new sectors, the future looks promising. Upcoming developments like Neon EVM, Solang, and AI initiatives could serve as catalysts for further growth.

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Tagged : AI INITIATIVES / DeFi / NEON EVM / NETWORK UPTIME / News / PRIORITY FEES / Solana / SOLANG / Tvl