Tag: blockchain

  • Crypto heist: Hackers steal $100 million from Harmony blockchain bridge

    Crypto heist: Hackers steal $100 million from Harmony blockchain bridge

    A blockchain bridge titled Harmony, which helps in transferring cryptocurrency tokens between each other, recently disclosed that $100 million in digital currency was stolen on Thursday morning from its Horizon bridge.

    Harmony revealed that its Horizon Ethereum Bridge was a victim of a “malicious attack” in a blog post outlining the incident.

    Harmony said that its separate bridge used for bitcoin wasn’t affected by the hack and that its funds and assets are safe. They have notified other exchanges and stopped its bridge “Horizon” to prevent further transactions as the company investigates the heist. 

    In order to track down the hacker and recover the stolen money, the platform has started working with local law enforcement and forensic experts.

    The hack and ransacking of Horizon weren’t the first this year. In March, cybercriminals stole about $620 million worth of cryptocurrency from a network used to process in-game transactions for Axie Infinity, one of the world’s most popular NFT video games.

  • Bitcoin surrenders weekend gains, slides 5 per cent

    Bitcoin surrenders weekend gains, slides 5 per cent

    Cryptocurrencies continued their steady decline on May 16, surrendering the gains made over the weekend as regulators loomed.

    European authorities have reinforced their warnings about the vulnerabilities of cryptocurrencies. Bitcoin slumped 5 per cent to roughly $29,700 in Asian trade on Monday, falling alongside markets amid concerns about burgeoning inflation and borrowing costs.

    As the catastrophic collapse of TerraUSD, a so-called stablecoin, has roiled crypto markets already plunging amid widespread selling of risky assets, the world’s largest cryptocurrency has lost almost a fifth of its value so far this month.

    Read more: Pakistani rupee crashes to historic low of Rs194 against US dollar

    Stablecoins are vulnerable to investor runs, according to the US Federal Reserve, because they are underpinned by commodities that could depreciate or become worthless in adverse economic conditions.

  • ‘Stablecoin’ crashes, bitcoin set for a record losing run

    ‘Stablecoin’ crashes, bitcoin set for a record losing run

    Following the collapse of TerraUSD, a so-called stablecoin, resonated across markets, cryptocurrencies suffered significant losses on Friday, with bitcoin trapped below $30,000 and on track for a record losing streak.

    Concerns about high inflation and rising interest rates have prompted widespread dumping of hazardous investments, including crypto assets.

    However, sentiment is particularly shaky, as tokens that were intended to be tethered to the dollar have failed.

    Bitcoin, the most valuable cryptocurrency by market capitalization, attempted a recovery early in the Asian session, rising 2 per cent to $29,500, a recovery from a 16-month low of roughly $25,400 on Thursday.

    It is still trading well below week-ago levels of around $40,000 and is on track for a record sixth consecutive weekly loss unless weekend activity improves.

    “I don’t believe the worst is gone,” Scottie Siu, investment director at Axion Global Asset Management, a Hong Kong-based firm that manages a crypto index fund, said. “I believe there will be further decline in the days ahead”.

    “I believe what we need to see is a significant drop in open interest, so that speculators are forced out, and then the market will stabilise”.

    Read more: Pakistan’s cement exports fell by 82.15 per cent in April 2022

    This week, TerraUSD (USDT) lost its 1:1 peg to the dollar, as its method for maintaining stability, which relied on another virtual token, failed under selling pressure.

  • Zulfi Bukhari mocks Miftah Ismail for not knowing about Web 3.0

    Zulfi Bukhari mocks Miftah Ismail for not knowing about Web 3.0

    Following Finance Minister Miftah Ismail’s admittance of being unaware of the third generation internet, or Web 3.0, Pakistan Tehreek e Insaf (PTI) leader Zulfikar Bukhari offered him “free consultation and training” on Web 3.0.

    “We’ll give you free consultancy services & coaching on Web 3.0 Miftah, but please don’t embarrass Pakistan like that next time,” Zulfi Bukhari said in a tweet quoting a video of the Atlantic Council.

    In the viral video, Miftah is asked about the rise of Web 3.0, which the questioner believes will be a $100 billion dollar export opportunity for Pakistani talent in the next 20 years.

    He also inquired what he felt about providing new economic prospects for Pakistanis, citing the potential of digital currency.

    “Let me simply declare that I genuinely don’t know what Web 3.0 is,” Miftah said bluntly and “shamelessly..I don’t know much about this, but I do know that Pakistani fintech and new technology businesses garnered a lot of money last year and from a very low starting point”.

    He added that we want them to thrive as much as possible, I’m not sure how much we can do to assist them.

    What is Web 3.0?

    Web 3.0 is a new kind of internet that not only accurately translates what you type, but also understands what you say, whether through text, voice, or other media, and where all of the content you consume is more personalised than ever before.

    There are a few early-stage Web 3.0 applications that exist today, but their true potential cannot be seen until the new internet is fully integrated into the web infrastructure.

    Web 3.0 refers to the next generation of the internet, in which websites and apps will be able to handle data in a clever human-like manner using technologies such as machine learning (ML), Big Data, and decentralised ledger technology (DLT), among others.

    Tim Berners-Lee, the inventor of the World Wide Web, dubbed Web 3.0 the Semantic Web, with the goal of creating a more autonomous, intelligent, and open internet.

    Read more: ‘Sasta Ramzan Bazaar’ fails to provide relief in third Ashra

    Data will be interconnected in a decentralised form, which would be a big leap ahead from our present generation of the internet (Web 2.0), where data is largely housed in centralised repositories.

    Users and machines will be able to engage with data as well. However, programmes must be able to comprehend information both conceptually and culturally in order for this to happen. With this in mind, the semantic web and artificial intelligence are the two cornerstones of Web 3.0. (AI).

  • Amitabh pays 2.61 crore PKR as GST after selling his NFT collection for 17 crore PKR

    Amitabh pays 2.61 crore PKR as GST after selling his NFT collection for 17 crore PKR

    The Bollywood superstar, Amitabh Bachchan has finally paid 2.61 crore PKR in GST for the sale of his non-fungible token (NFT) collection, which was auctioned for 17.16 crore PKR in the first week of November 2021.

    Some of the netizens may remember that Bachchan had received a warning from the Directorate General of Goods and Services Tax Intelligence (DGGI) to pay the imposed GST.

    Despite Bachchan’s deposit, the DGGI is expected to continue its probe into tax avoidance.

    An NFT venture stated in August 2021 that Bachchan’s NFT collection would be available on its platform. Bachchan had signed an agreement with ‘Rhiti Entertainment’ to convert some of his pictures or illustrations into digital assets.

    Interestingly, this also made Bachchan one of the first Indian actors to support digital art and NFTs.

    Apart from the photos and posters, a famous collection of poems written by Bachchan’s father and recorded in his own voice, ‘Madhushala’ was the most successful auction.

    The NFT auction had garnered 17.16 crore PKR and attracted 18 percent GST. Big B was bound to pay taxes worth 12.61 crore PKR from the sale, which has been now deposited by the actor.

    Read More: Crypto companies at risk of closure in the United Kingdom

    For those who do not know much about NFTs, it is a type of digital asset that represents real-world or sometimes abstract elements. This can be art, photography, meme, music, game characters or any graphic one can think of. This data unit is kept on a blockchain, a digital ledger that makes it non-transferable and unique.

  • Crypto companies at risk of closure in the United Kingdom

    A number of cryptocurrency businesses in the United Kingdom (UK) may be forced to shut down if they fail to register with the financial watchdog before a major deadline next week.

    Firms providing crypto services in the UK must register with the Financial Conduct Authority (FCA) by 31 March, 2022. The FCA is in charge of supervising how digital asset firms tackle money laundering.

    In 2021, the authority stretched the deadline for businesses on a temporary register to continue trading while seeking full license. Once the deadline passes, the temporary register will be closed.

    Many crypto businesses have withdrew their applications, according to the FCA, since they did not match the required anti-money laundering criteria.

    With only days until the deadline, the status of companies on the temporary register including Revolut, a $33 billion fintech business, and Copper, a crypto start-up is in trouble which counts on UK Finance Minister, Philip Hammond as its advisor.  

    Read More: Pakistan decides to make cryptocurrency illegal

    Some businesses are now withdrawing their applications, including B2C2, a London-based crypto trading firm, just removed itself from the FCA’s provisional registry.

    B2C2’s spot trading activity has been relocated to the company’s U.S. Entity from this week. The firm’s business is now unaffected as it is handled by an FCA-authorized subsidiary.