Tag: Wallet

Microsoft developing Web3 wallet for Edge browser

by Blockchain News

It would seem that Microsoft is working on a new Web3 wallet that will handle cryptocurrencies and NFTs. This wallet will be integrated into the Edge web browser. The wallet, the development of which has just begun, will be noncustodial, which means that Microsoft will not have access to users’ passwords or recovery keys. Also, the wallet will be incorporated inside the browser rather than functioning as an extension. It has been stated that users will be able to trade, transfer, and acquire crypto assets using the wallet. Also, the wallet will interface with Coinbase and MoonPay to make it simpler for customers to purchase cryptocurrency and deposit it into their wallets.

The software documenter Albacore was the one who released screenshots of the early user interface for the Edge wallet. Albacore also said that the decision by Microsoft to integrate a cryptocurrency wallet in its default browser was problematic. An introduction page for the wallet is shown in the user interface. This page invites users to try out the new feature and offer feedback on their experience with it. It seems that the wallet will also support NFTs, enabling users to search for their first NFTs across a variety of markets before storing and organizing their collections inside the wallet.

This move by Microsoft is a component of a larger attempt to improve the functionality of its Edge browser and play catch-up with industry rivals like Google Chrome and Apple Safari. Microsoft made the announcement in February that it will be integrating OpenAI’s ChatGPT, an AI-driven search engine and chat feature, into its Bing search engine and Edge browser. ChatGPT is a tool that allows users to have conversations powered by search results. Microsoft is sending a signal that it is committed to being competitive and relevant in an environment that is becoming more favorable toward cryptocurrencies with the release of a Web3 wallet.

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MyAlgo warns users of ongoing wallet exploit

by Blockchain News

MyAlgo, a popular wallet provider for the Algorand (ALGO) network, has issued a warning to its users amid an ongoing exploit that has resulted in the theft of an estimated $9.2 million worth of funds. The company has advised users to withdraw funds from any wallets created with a seed phrase due to the vulnerability of such wallets to the exploit. While the company is uncertain about the cause of the recent wallet hacks, it has encouraged everyone to take precautionary measures to protect their assets.

According to a tweet by MyAlgo, a targeted attack was carried out against a group of high-profile MyAlgo accounts, which has seemingly been conducted over the past week. The self-titled “on-chain sleuth,” ZachXBT, has outlined in a tweet that the exploit has pilfered over $9.2 million, with crypto exchange ChangeNOW able to freeze around $1.5 million worth of funds.

The exploit primarily affects users who had mnemonic wallets with the key stored in an internet browser, according to MyAlgo. A mnemonic wallet typically uses between 12 and 24 words to generate a private key. The vulnerability of such wallets to the exploit has been highlighted by the Algorand-focused developer collective D13.co, which released a report that eliminated multiple possible exploit vectors such as malware or operating system vulnerabilities. The report determined the “most probable” scenarios were that the affected users’ seed phrases were compromised through socially engineered phishing attacks or MyAlgo’s website was compromised, leading to the “targeted exfiltration of unencrypted private keys.”

John Wood, chief technology officer at the Algorand Foundation, has confirmed that around 25 accounts were affected by the exploit. He added that the exploit “is not the result of an underlying issue with the Algorand protocol” or its software development kit.

MyAlgo has stated that it will continue to work with authorities and conduct a thorough investigation to determine the root cause of the attack. The company has advised its users to take precautionary measures and to withdraw funds from wallets created with a seed phrase.

In conclusion, the ongoing exploit has resulted in the theft of millions of dollars worth of funds from the Algorand network. The vulnerability of mnemonic wallets with the key stored in an internet browser has been highlighted, and users are advised to take precautionary measures to protect their assets. MyAlgo and other relevant authorities are working to investigate the attack and determine its root cause to prevent future incidents.

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Solana Spaces to Close Down Stores

by Blockchain News

Solana Spaces has decided to close its two Solana (SOL)-themed, community-oriented retail shops in New York City and Miami at the end of this month. These stores are situated in both cities respectively. This decision was taken as a result of the fact that the physical shops did not bring in as many new users as was first anticipated when they were first opened.

Solana Spaces announced the news through a tweet on February 21, which also contained a message from the shop’s founder, Vibhu Norby, explaining the many factors that contributed to the decision to close the stores.

Norby, who founded Solana Spaces in the early part of 2022, explained that the company had reached a “inflection point” with the stores, which prompted them to shift their investment focus to “DRiP,” the firm’s brand-new nonfungible token artwork airdrop platform. This move was prompted by the fact that the company had reached a “inflection point.” Norby also said that he was the one responsible for establishing Solana Spaces in the first place.

“While our stores onboard between 500 and 1,000 people per week, DRiP onboards that same number EVERY DAY,” Norby noted, explaining why the firm opted to shift its investment priority. “While our shops onboard between 500 and 1,000 people per week, DRiP onboards that same number EVERY DAY.” “While our shops bring on between 500 and 1,000 customers every week, DRiP brings on that same number every single day,”

Norby stated that the decision to close the stores, which are located in the Wynwood neighborhood of Miami and the Hudson Yards neighborhood of Manhattan, was made “a few weeks ago,” and that they would “sunset” at the end of the month of February. Both of these neighborhoods are in the city of New York.

Because the two stores in New York and Miami did not open their doors to the general public until the end of July and August, respectively, the ambitious endeavor was only operating for a relatively little period of time.

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Huobi to Discontinue Cloud Wallet Service in May 2023

by Blockchain News

Huobi, a cryptocurrency exchange, has said that it would end its Huobi Cloud Wallet platform five years from now, in May 2023, citing “strategic and product modifications.”

The maintenance and updates of the multitoken wallet service will formally come to an end on February 13, according to a notification that was posted on Huobi’s support website. Users who are still using the cloud wallet are being advised to move any cryptocurrencies and nonfungible tokens (NFTs) that they have to their primary Huobi accounts or to other wallet addresses.

The withdrawal and transfer functionalities of Huobi Cloud Wallet will continue to operate for the next three months; however, users are strongly encouraged to refrain from transferring digital assets to their cloud wallets during this time. The official date that Huobi Cloud Wallet will be decommissioned is May 13th, 2023.

After Huobi Group made an investment of $200 million, the Huobi Wallet name was changed to iToken five months later in May 2022. The Huobi Cloud Wallet was first introduced in October 2021 as a feature of the Huobi Wallet. It enables users to handle digital assets without the need of private keys and was initially rolled out as part of Huobi Wallet.

The provision of a service for custodial wallets was done with the intention of facilitating simpler access to apps and services related to decentralized finance (DeFi). Users of Huobi Cloud Wallet were able to store tokens without having to take responsibility for their own private keys thanks to a third-party management system that held users’ private keys in escrow.

Users of Huobi Global were promised a smooth synchronization with the cloud wallet service, as well as the ability to move tokens between the two platforms in order to access a variety of other DeFi projects.

Huobi also made headlines in January 2023 when it delisted 33 different tokens because they had broken various requirements to be listed on the exchange platform. This caused Huobi to be in the news. Following Justin Sun’s acquisition of the business, the stock exchange announced at the beginning of the year that it intended to implement a reorganization that would include the layoff of twenty percent of its workforce.

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Shopify Launches Blockchain Commerce Tools to Enhance User Experience

by Blockchain News

E-commerce giant Shopify, which is crypto-friendly, has released a suite of blockchain commerce tools with the intention of improving the customer experience of its Web3-focused businesses that are housed on the platform.

Particularly noted are the improved functionality for connecting crypto wallets and the “tokengating” application programming interface (API) tools. The latter was previously exclusively accessible to a limited number of retailers until it entered early access beta access mode in June 2022.

Through the use of tokengating, relevant Shopify merchants now have the ability to build up their businesses in such a way that they may choose which tokenholders have access to exclusive items, nonfungible token (NFT) drops, and advantages and which do not.

The application checks a user’s eligibility by using the associated wallet, and it is being marketed to NFT Merchants as a convenient method to reward certain customers or add an element of exclusivity to certain items.

Shopify has merged with the sign-in with Ethereum (SIWE) protocol, which is led by the Ethereum Name Service (ENS) and the Ethereum Foundation. This integration enables Shopify to provide enhanced support for cryptocurrency wallets.

SIWE enables secure user sign-ins and authentication of Ethereum accounts and ENS domains without giving away private identifiers to third parties such as names, phone numbers, and residential addresses. Essentially, SIWE makes it possible for users to securely sign in and authenticate themselves to Ethereum accounts and ENS domains.

In the past, Shopify has had some issues when it comes to protecting the privacy of its customers’ information. Concerning a significant breach of user data that occurred in 2020, a group of dissatisfied customers filed a class-action lawsuit against the company and the vendor of hardware wallets, Ledger, in April of 2022.

“The statementGenerator prop gives you the ability to modify the statement that is shown whenever a Sign-In with Ethereum message is presented. According to the paper, “the function gets the address of the wallet that has linked, which enables you to extend and adapt your message statements so that they are more aligned with your brand.”

At this stage, once a merchant hooks up the SIWE feature on Shopify wallet connect, it appears that users will be able to click a “sign-in with Ethereum” button to connect their addresses via SIWE’s partnered intermediaries such as Coinbase, Fortmatic, WalletConnect, Portis, and Torus. This is something that users will be able to do once the merchant has hooked up the SIWE feature on Shopify wallet connect.

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Azuki’s Twitter Account Hacked, Over $750,000 Stolen

by Blockchain News

A well-known nonfungible token (NFT) project known as Azuki had its Twitter account stolen on January 27. This resulted in the theft of about $750,000 worth of USD Coin (USDC) by the hackers who stole the account. Azuki is an example of a non-fictional character. Hackers were able to steal USDC by tweeting a link to a malicious “wallet drainer” website that disguised as a virtual land mint. This allowed them to access the website and take USDC. Because of this, they were able to take the USDC.

The data also showed that hackers were responsible for the loss of a total of $6,752.62 worth of USDC from a variety of wallets that held more than 3.9 ether and 11 NFTs combined. This amount of USDC was taken from a wallet that housed a total of $6,752.62 in USDC (ETH).

According to estimations provided by Wallet Guard, the total amount of money taken was in the range of $758,074.42 USD.

Emily Rose, who is the community manager for the NFT project, which is based on anime, verified on January 27 that the Azuki account had been hacked. Emily Rose is responsible for managing the NFT community. Twitter was the medium via which Rose communicated her affirmation. In addition, she cautioned Azuki’s followers to avoid clicking on any of the links that were sent to their Twitter account and warned them not to click on any of the links.

After gaining control of Azuki’s Twitter account, con artists were able to “publish a wallet drainer link,” as stated by Azuki’s head of community and product manager, Dem, on a Twitter Space sponsored by Wallet Guard on January 27. Dem was speaking about the incident. Wallet Guard sponsored the Twitter Space. Dem continued to talk about the event in question. Wallet Guard was in charge of maintaining the Twitter Space. Dem claims that the scam artists were successful in carrying out their operation because they were able to “post a wallet drainer link.”

Dem issued a call to action to the community while the organisation was attempting to recover control of the account. In the message, he advised people to “remain cautious and be vigilant” as the group worked to restore control of the account.

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Kevin Rose, co-founder of Moonbirds, falls victim to phishing attack

by Blockchain News

Kevin Rose, who is also the co-founder of the nonfungible token (NFT) collection Moonbirds, has been a victim of a phishing scam, which has resulted in the loss of nonfungible tokens with a combined value of over $1.1 million that were individually owned by Kevin Rose. Moonbirds was a collection of nonfungible tokens that were named after birds.

On January 25, the news was made to the 1.6 million people who follow the person who created the NFT and a co-founder of PROOF on Twitter. He advised those people to refrain from collecting any Squiggles NFTs until his team was able to have them marked as stolen until his team could do so. Until they could do so, he urged them to wait to acquire any Squiggles NFTs.

Following that, sometime in the neighbourhood of two hours later, he revealed it in a following tweet.

It is believed that Rose’s non-financial assets were depleted when he authorised a bogus signature that transferred a significant amount of his non-financial assets to the exploiter. This theory is based on the fact that Rose may have been the victim of financial exploitation. This was the occurrence that resulted in Rose’s NFTs being used up completely. Because of this, Rose’s natural defence mechanisms (NFTs) were used to their utmost potential.

An independent investigation that was conducted by Arkham discovered that the exploiter stole at least one Autoglyph, which has a floor price of 345 Ether, at least nine OnChainMonkey items, each of which is worth at least 7.2 ether, at least 25 Art Blocks, also known as Chromie Squiggles, which are each worth at least a total of 332.5 ETH, and at least one OnChainMonkey item that is worth at least a total of 332.5 ETH

It is anticipated that a total of at least 684.7 ETH, which is equivalent to around $1.1 million, was successfully obtained.

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Binance Admits to Storing Customer Funds in the same wallet

by Blockchain News

Recent news articles state that the prominent cryptocurrency exchange Binance has acknowledged that it keeps some customer assets in the same wallet that it uses to store its own collateral for certain of its in-house tokens.

Binance quickly started the process of shifting the assets in question to particular wallets that would serve as collateral when the information was made public and shortly after the information was made public.

Binance allegedly made a mistake when it held the collateral for some of the Binance-minted tokens, also known as B-Tokens, in a wallet that also contains customer assets, as stated in an article that was published by Bloomberg on January 24.

Binance released a proof of collateral for B-Tokens accessible to the public on Monday. This document includes information for each of the 94 tokens that the business has previously issued.

In a statement that was released not too long ago, the business emphasised the fact that B-Tokens are always fully collateralized and backed at a ratio of 1:1.

According to the proof of collateral, Binance reserves for about half of all B-Tokens are now housed in a single wallet known as “Binance 8.”

Given the entire quantity of B-Tokens that Binance has made available, the reserve token supply that is retained by the wallet is far more than what one may have anticipated it to be.

This is supposed to provide validity to the idea that Binance combined clients’ currency and collateral rather than keeping the two different sorts of assets in separate places.

Even if the problem is isolated to B-Tokens alone, it would seem that such a wallet management system would go against the standards that Binance has set for its very own wallet. This is the case despite the fact that the issue only affects B-Tokens.

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1inch Network Launches Hardware Wallet Amid Rise of Self-Cust

by Blockchain News

1inch Network, a decentralised exchange (DEX) aggregator, is the most recent cryptocurrency platform to enter the hardware wallet business. This development comes at a time when self-custody is becoming more popular.

The 1inch Hardware Wallet is a proprietary hardware wallet that was built by an independent team operating inside the 1inch Network. The formal introduction of the 1inch Hardware Wallet took place on January 19. The 1inch Hardware Wallet is “completely air-gapped,” which means that it does not have a direct connection to the internet and does not need any kind of wired connection in order to function properly. This was done in order to ensure the highest possible level of security. ” All data is transferred via QR codes or, alternatively, using NFC,” 1inch claimed, pointing out that the 1inch Hardware Wallet does not have any buttons. In addition, 1inch noted that the 1inch Hardware Wallet does not have a display.

The forthcoming hardware wallet is comparable in size to a standard bank card and has a 2.7-inch E-Ink touch display with a grayscale gradient.

The impervious cryptocurrency wallet has a surface made of scratch-proof Gorilla Glass 6 and a frame made of corrosion-resistant stainless steel.

The Li-Po battery in the gadget is meant to provide power for the device for around two weeks, and the device enables wireless charging.

One of the unique characteristics of the 1inch Hardware Wallet is that it imitates the look of the Apple product line. This is one of the wallet’s key advantages.

The wallet is available in five colours, including hex, graphite, sierra blue, silver, and alpine green, which are the same colours as are offered for the iPhone 13 series.

1inch is not the only cryptocurrency company attempting to market its hardware wallet in an effort to capitalise on Apple’s widespread appeal.

The French hardware wallet company Ledger announced a cooperation with Tony Fadell, the creator of the now-iconic iPod Classic model, the previous year in order to produce its most recent cryptocurrency wallet, known as the Ledger Stax.

A spokeswoman for 1inch said that the company began the development of the hardware wallet in the early part of 2022 and anticipates that the device would be released in the fourth quarter of 2023.

In the not-too-distant future, the company also intends to continue with development and improve the security of the system. ” Next month, we will be launching the contributor programme, so everyone will have the opportunity to improve the device truly on their own,” a representative from 1inch said, adding that documentation and source codes will be available on GitHub. Additionally, the representative mentioned that the contributor programme will allow users to improve the device truly on their own.

1inch’s foray into the world of hardware wallets coincides with a growing trend for self-custody in response to widespread mistrust of centralised cryptocurrency exchanges (CEX).

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1inch Network Launches New Hardware Wallet

by Blockchain News

In response to the growing popularity of self-custody, decentralised exchange (DEX) aggregator 1inch Network has become the most recent cryptocurrency platform to enter the hardware wallet business.

The 1inch Hardware Wallet is a proprietary hardware wallet that was built by an independent team operating inside the 1inch Network. The formal launch of the wallet took place on January 19th. “Fully air-gapped” refers to the fact that the 1inch Hardware Wallet does not have a direct connection to the internet and does not need any kind of wired connection in order to guarantee the highest possible level of protection. According to 1inch, ” All data is shared via QR codes or, alternatively, using NFC.” The company also said that the 1inch Hardware Wallet does not have any buttons on it.

A 2.7-inch E-Ink grayscale touch display will be included on the next hardware wallet, which has the dimensions of a standard bank card.

The frame of the watertight cryptocurrency wallet is made of stainless steel, while its surface is made of scratch-resistant Gorilla Glass 6.

The gadget is compatible with wireless charging, and the Li-Po battery is meant to provide power for around two weeks of operation.

The aesthetic of the Apple product line is mirrored in the 1inch Hardware Wallet, which is one of the device’s distinguishing characteristics.

The wallet is available in five hues that correspond to the iPhone 13 colour lineup: hex, graphite, sierra blue, silver, and alpine green.

There are other cryptocurrency companies, in addition to 1inch, who are marketing their hardware wallets in an effort to capitalise on Apple’s widespread appeal.

The French producer of hardware wallets known as Ledger announced a cooperation with Tony Fadell, the creator of the now-iconic iPod Classic form, the previous year in order to build its most recent cryptocurrency wallet known as Ledger Stax.

According to a representative for 1inch, the company began the process of developing the hardware wallet in the early part of 2022 and anticipates releasing the product in the fourth quarter of 2023.

In the not-too-distant future, the company also intends to continue with development and make improvements to security. According to a spokeswoman for 1inch, “next month we will be introducing the contributor programme, so everyone will have the ability to enhance the device really on their own,” and they added that manuals and source codes would be accessible on GitHub.

The launch of 1inch’s first hardware wallet coincides with a growing trend for self-custody as mistrust of centralised cryptocurrency exchanges continues to spread (CEX).

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