ValteFri, Jan 21, 2022 8:14 PM
Weekly Digest: Crypto.com Hack & Walmart Metaverse
Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.
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According to the US and global media reports, Walmart, a major retail company, has filed several trademark applications with the US Patent and Trademark Office to sell virtual goods. One of the applications shows that the retailer intends to start trading NFTs and cryptocurrencies. Moreover, it plans to offer augmented and virtual reality courses for physical training and healthy eating. Last year the trading giant opened vacancies for specialists in crypto, but till now it’s unknown whether or not they have been hired. Walmart was also listed as one of the billionaire companies that use blockchain.
On January 18 Polygon launched the EIP-1559 upgrade that will set a basic fee for transactions, start real-time burning of MATIC tokens and improve fees visibility, making them more stable and predictable. A basic fee is a minimal amount of the network’s native tokens that are required for the immediate processing of the transaction. The token burning starts on Polygon and ends on Ethereum. According to the project team, EIP-1559 will have a deflationary effect on the MATIC token. It’s expected that annually 0,27% of the total supply will be burned.
On January 17 Crypto.com exchange service suspended withdrawals for 14 hours, explaining it by the “suspicious activity” of the users’ accounts. Despite the claims of analysts that over $15 million worth of Bitcoin, Ethereum, Dogecoin, and Shiba Inu had been stolen by hackers, the company denied any losses. Many users hold Crypto.com responsible for the incident and demand the exchange to return the disappeared funds. If the hack turns out to be true, it will be the biggest crypto attack of 2022.
On January 17, Ethereum solo miner received 170 ETH worth more than half-million dollars for discovering the whole block by himself. Even though Ethereum offers a decent income for miners ($13 000 on average), such a big reward is not usual and has attracted lots of attention from the media. The reason may be hidden in the flashbots sent by the transaction initiator directly to the miner. For an unknown reason, the sender paid an increased transaction fee to add the block out of turn.
Intel is planning to enter the mining equipment market and is going to present its ASIC Bonanza Mine mining system. It has several chips that decrypt code operations using the SHA-256 algorithm. The main advantage of the new equipment is its efficiency and performance compared to the graphical adapters, thus, it can reduce the demand for video cards. The new development will be presented on February 23 at the next chip development conference ISSCC 2022. It’s still unknown whether Intel will release it as a commercial product or just as a pilot project.
After 2 days of denying the system hack and the leak of users’ funds, on January 20 Crypto.com officially admitted that 483 accounts were compromised and around $33 million in crypto was stolen by the malefactors. The assets were later withdrawn in BTC, ETH, and other cryptocurrencies. The exchange reimbursed all the losses of the suffered users and also took action to improve the security. In particular, the exchange presented a customer account protection program, a new model of the two-factor identification, and a security audit.