Arbitrum Surges Ahead of Airdrop: Outpaces Ethereum in Transactions

Summary

  • Arbitrum, an Ethereum-based layer-2 scaling solution, has seen unprecedented growth in anticipation of the ARB token airdrop.
  • The network processed around 157,000 transactions over the last 24 hours and had nearly 495,000 unique wallets interacting with it.
  • Users claimed 42 million ARB tokens within the first hour of the airdrop.

Surge in Activity on Arbitrum Network

Ethereum’s (ETH) layer-2 scaling solution Arbitrum (ARB) is experiencing unprecedented growth in anticipation of its native governance token ARB’s upcoming airdrop. According to Dune Analytics data, Arbitrum reached an all-time high with nearly 495,000 unique wallets interacting with the network on March 23rd. For comparison, Ethereum only saw 457,000 daily active addresses on that day. Additionally, the platform processed approximately 157,000 transactions over the past 24 hours.

ARB Token Airdrop

The highly anticipated airdrop of ARB tokens is likely to contribute to further increases in activity on the network. More than 625,000 eligible addresses will be able to claim their share of tokens. According to Coindesk reportage, users already declared 42 million ARB tokens within the first hour of its launch alone.

Sybil Activity Detected

Experts have noticed Sybil activity when it comes to claiming ARB tokens from its airdrop which could be caused by what they call „ineffective“ detection rules.

Conclusion

It appears that more and more users are flocking towards Arbitrum as news about its native governance token’s airdrop spreads across crypto communities and media outlets alike. The airdrop is expected to bring additional attention and increase usage numbers further as more people become aware of this project and its capabilities

Crypto Stealing Trojanized Apps Target Telegram and WhatsApp Users

• ESET researchers discovered malicious copycat Telegram and WhatsApp websites that have trojanized versions of these popular instant messaging apps, designed to steal victims‘ cryptos.
• These clippers specifically target victims‘ cryptocurrency funds and in some cases, directly focus on their cryptocurrency wallets.
• In addition to the trojanized WhatsApp and Telegram Android apps, ESET researchers also found malicious Windows versions of the same apps, which are bundled with remote access trojans (RATs).

Hackers Targeting Telegram and WhatsApp Users

ESET discovered many copycat Telegram and WhatsApp websites targeting Android and Windows users with trojanized versions of instant messaging apps. These clippers were designed to steal victims‘ cryptos by either stealing or altering clipboard contents. They intercept messages sent through the apps, substituting any transmitted or received cryptocurrency wallet addresses with those controlled by the attackers.

Clipper Malware on Google Play

Prior to the establishment of the App Defense Alliance, ESET researchers discovered the first Android clipper on Google Play. As a result of this discovery, Google enhanced Android security by limiting system-wide clipboard operations for background apps on Android versions 10 and above. However, as shown by the latest findings, such measures may not be enough to protect users completely against malicious actors attempting to exploit cryptocurrencies for their own benefit.

Remote Access Trojans Bundled with Apps

In addition to trojanized WhatsApp and Telegram Android apps, ESET researchers also found malicious Windows versions of the same applications that are bundled with remote access trojans (RATs). These RATs provide attackers with even more control over infected devices – enabling them to steal sensitive information as well as perform other malicious activities.

Optical Character Recognition Technology

A few of these malicious apps use optical character recognition (OCR) technology in order to identify text within screenshots saved on infected devices – a feature previously unseen in Android malware. This is an indication that cybercriminals are becoming increasingly sophisticated when it comes to exploiting cryptocurrencies for their own benefit.

Enhanced Security Measures Taken By Google

Google responded quickly after discovering these clippers by enhancing security measures for background apps on Android versions 10 and above. However, it remains important for users to remain vigilant against potential threats posed by malicious actors looking to exploit cryptocurrencies for their own gain

Crypto Users Warned: Proof-of-Reserves Reports Inherently Limited

• The US Public Company Accounting Oversight Board (PCAOB) released a document warning investors to exercise caution when using proof-of-reserve (PoR) reports as reassurance.
• PoR reports are limited and do not provide assurance that liabilities or governance effectiveness is addressed.
• Multiple audit firms have stopped issuing PoR reports, leading to further doubt within the crypto community.

US Regulator Warns Investors on Proof-of-Reserves Unreliability

Limited Nature of Proof of Reserve Reports

The US Public Company Accounting Oversight Board (PCAOB) has released an investor advisory document for crypto users. The report claims that the proof-of-reserve (PoR) reports are „inherently limited,“ and holders should „exercise caution“ when using them as reassurance. According to the PCAOB document, most crypto firms issue PoR reports to reassure investors, but these reports only represent the overall picture of reserves at one point in time and do not address liabilities or governance effectiveness.

Crypto Community’s Doubts on PoR Reports

PoR „audits“ were adopted by crypto firms following FTX’s collapse in 2022, but multiple audit firms have now stopped issuing such reports, leading to further doubt within the crypto community regarding their authenticity in the first place. Wu Blockchain, a well-known crypto journalist, claims these audit firms have stopped providing PoR reports to exchanges, increasing worry among investors and customers alike.

PCAOB’s Stance on PoR Reports

The U.S. Public Company Accounting Oversight Board announced that crypto exchange’s PoR engagements are not audits and the related reports do not provide any meaningful assurance to investors or the public. They concluded that these documents should not be used as an assurance or equated to an audit due to their intermittent nature and lack of information about assets after issuance of report.

Investors‘ Takeaways from Advisory Document

As such, interested parties should exercise caution when looking into these documents as they may just be pr stunts by companies trying to appease customers rather than presenting a full picture of their reserves availability and safety over time. It is important for investors to take this advice seriously in order to make informed decisions regarding investments made with cryptocurrency exchanges which use these types of documents as reassurance tools..

Conclusion

In conclusion, the PCAOB issued an advisory document warning against using proof-of-reserve (PoR) reports as assurance for investing in cryptocurrency exchanges due to its inherent limitations and failure at addressing other important factors like liabilities and governance effectiveness over time. It is imperative for investors interested in making investments with cryptocurrency exchanges utilizing such documents take this advice into account before making any decision involving their finances

DMG Blockchain Mines 50% More Bitcoin, Reports $7M Net Loss

• DMG Blockchain Solutions reported a revenue of $7.2 million in Q1 2023, with a 50% decrease from the previous year’s quarter.
• The company mined 50% more bitcoin than last year, totaling 274 BTC.
• DMG had a net loss of $7.0 million due to lower revenues and increasing operating costs.

DMG Blockchain Reports Net Loss Despite Increase in Mined Bitcoin

DMG Blockchain Solutions Inc. (DMG) has released its unaudited financial results for the first quarter of 2023, reporting a revenue of $7.2 million and a net loss of $7.0 million despite mining 50% more bitcoin than the prior year period. This was due to lower revenues and increasing operating costs.

Revenue Decrease

The revenue decreased by 50%, mainly attributed to the decline in average bitcoin price during this period compared to the previous year’s quarter. Although the revenue decreased significantly, DMG managed to mine 50% more bitcoins than last year’s figure, totaling 274 BTC mined in Q1 2023.

Petra Technology Utilized

CEO Sheldon Bennett highlighted the success of Petra technology which was used to place Ordinals (used for representing ownership of NFTs or non-fungible tokens) on Bitcoin blockchain for creators who want to use immutable digital asset ledger but still remain carbon-neutral in their approach towards it. COO Steven Eliscu talked about emphasizing on maintaining cash flow closely and making incremental improvements on mining operations as well as investing in crucial infrastructure and software initiatives so that they can optimize investments even amidst difficult crypto environment.

Increasing Operating Costs

DM had an overall net loss of $7 million due to decreasing revenues and increasing operating costs including higher depreciation expenses and unrealized revaluation losses on digital currency holdings despite their efforts mentioned above taking place simultaneously at that time period too with no fruitful outcome as far as profits are concerned..

Balance Sheet Strength

However, DMG still holds strong balance sheet with a total amount of cash worth $10.9 million along with 453 BTC holdings and debt amounting to only 1$ million as per Dec 31 2022 records which shows overall strength of company’s finances even during difficult times such as these ones where profits have been hard earned if at all any could be made at all during these tough times indeed!

Google, Tezos Partner to Power Web3 Solutions Development

• Tezos Foundation and Google Cloud have signed a partnership to make it easier for businesses and startups to build Web3 applications on the Tezos blockchain.
• Through the partnership, Google Cloud will become one of the thousands of validators dedicated to ensuring the validity of Tezos blocks, while Tezos will help corporate customers set up nodes for Web3 innovation.
• The announcement follows previous partnerships between Tezos and Unity for web3 game development and with California DMV for car title digitization.

Tezos Foundation & Google Cloud Partnership

The Tezos Foundation, an organization devoted to promoting the Tezos protocol, has recently partnered with tech giant Google in order to accelerate blockchain adoption.

Benefits of Partnership

Through this partnership, businesses and developers are able to take advantage of both the scalability of Tezos and resilience of Google Cloud in order to host RPC nodes for Web3 solutions development.

Previous Partnerships

This announcement follows previous partnerships between Tezos and Unity which was established in November 2020 for web3 game development efforts as well as its collaboration with California Department of Motor Vehicles (DMV) which is currently developing plans to adopt the Tezos blockchain for car title digitization.

Price Increase

At press time, XTZ token is trading around $1.42 representing a 12.9% increase in 24 hours according to Coingecko data.

Conclusion

Google’s strategic partnership with The Tezoz Foundation marks another significant milestone for web3 space as it provides corporations and startups with more options when building applications on blockchain platforms like Tezoz.

Crypto Regulations: Warren to Reintroduce Bill on DAOs and DeFi Platforms

• Senator Elizabeth Warren is reintroducing a bill that would extend anti-money laundering (AML) regulations to decentralized autonomous organizations (DAOs) and decentralized finance (DeFi) platforms.
• The proposed legislation seeks to outlaw financial institutions‘ use of digital asset mixers, which are designed to mask blockchain data and prevent tracking.
• Warren’s efforts primarily focus on protecting individual investors and consumers from the potential risks and abuses associated with digital assets.

Senator Warren Reintroduces Crypto Regulation Bill

Senator Elizabeth Warren is pushing for the reintroduction of a bill that would extend anti-money laundering (AML) regulations to decentralized autonomous organizations (DAOs) and decentralized finance (DeFi) platforms.

Proposed Legislation Outlaws Digital Asset Mixers

The proposed legislation, which spans seven pages, seeks to outlaw financial institutions‘ use of digital asset mixers. These mixers, like Tornado Cash, are designed to mask blockchain data and prevent tracking. If passed, the bill would prohibit their use.

Warren’s Dedication To Crypto Legislation

Senator Warren’s efforts primarily focus on protecting individual investors and consumers from the potential risks and abuses associated with digital assets. She has raised concerns about the lack of regulatory oversight in the cryptocurrency space and called for greater transparency and accountability from companies involved in this market.

Warnings About AML Exemption For Decentralized Entities

At the Senate Banking Committee’s hearing on Feb. 14th, 2023 titled „Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets,“ Warren argued that the crypto community is strong-hearted on decentralized entities running on code’s exemption from anti-money laundering (AML) requirements.

Conclusion

Sen. Elizabeth Warren is dedicated to protecting investors from potential risks in DeFi platforms by introducing legislation that extends anti-money laundering (AML) regulations across DAOs and DeFi platforms. Her warnings about AML exemption for decentralized entities serves as an important reminder for those involved in cryptocurrency trading.

Blur NFT Marketplace Surges Ahead of OpenSea with $14.3M Daily Volume

• Blur NFT marketplace is outperforming OpenSea in terms of trading volume despite having fewer traders.
• Blur has the lion’s share of the total NFT volume traded across all marketplaces with $14.3 million daily compared to OpenSea’s $11.3 million.
• Despite trailing in second place for trading volume, OpenSea leads the pack in weekly trades with 29,600 transactions compared to Blur’s 12,601.

Blur Outperforming OpenSea in Trading Volume

NFT marketplace Blur is outperforming OpenSea in NFT trade activities, including trading volume, despite having fewer traders than its biggest competitor. As of writing this, data from Dune analytics reveals that Blur currently accounts for 46% of the total weekly trading volume compared to OpenSea’s 36%. In addition, Blur has scooped up the lion’s share of the total NFT volume traded across all marketplaces with roughly around $14.3 million traded on the platform daily while OpenSea only boasts $11.3 million – again trailing behind Blur.

OpenSea Leads Pack in Weekly Trades

Despite being second in terms of trading volume, OpenSea leads the pack when it comes to number of weekly trades as data shows that it houses 29,600 transactions compared to Blur’s 12,601 trades as of yesterday.

Blur Bidding Pools Skyrocketing

Since its launch last October, Blur NFT marketplace raised 11 million dollars and its bidding pools have skyrocketed to all-time highs of $42 million as reported by their Twitter account on February 6th 2023 – which is around 2/3rds of Aptos TVL!

User Accidentally Lost 70 ETH Using Platform

In December 8th 2020 a Twitter user going by Keungz lost 70 ETH (around $83k at that time) using the platform’s bidding system but later was refunded 50% after it was linked back to be an issue with their new system instead of his own fault due to him operating his digital assets while exhausted .

Conclusion

It seems clear that despite only recently entering into this sector last October; Blur has managed to make a huge impact on both the trading volumes and overall usage amongst users within the cryptocurrency space since then – making them a force not just to be reckoned with but one that could very well take over this space if they continue along this path!

Ethereum Supply Decreases, Net Deflationary Value of $16 Million

• The total supply of Ethereum (ETH) decreased in January, resulting in a net deflationary value of $16 million.
• The Ethereum network underwent a significant change with the finalization of the Merge, moving it from proof-of-work (PoW) to proof-of-stake (PoS).
• The Merge has since reduced energy consumption by almost 100%, paving the way for sharding to enhance Ether’s scalability in a future hard fork.

In January of 2021, the total supply of Ethereum (ETH) decreased, resulting in a net deflationary value of $16 million. This shift in the cryptocurrency’s supply and demand dynamics is significant, as it suggests a trend towards increased scarcity and higher market value in the future. The impact of this change on the Ethereum market and its stakeholders is worth paying attention to for anyone interested in the cryptocurrency industry.

The Ethereum network underwent a significant change in September of 2022 with the finalization of the Merge. This transition moved Ethereum from proof-of-work (PoW) to proof-of-stake (PoS), bringing several benefits to the network. PoW miners previously issued around 13,000 ETH in daily block mining rewards, but post-Merge, stakers receive only around 1,700 ETH in daily tips, resulting in an 87% reduction in issuance.

The Merge has since reduced energy consumption by almost 100%, paving the way for sharding to enhance Ether’s scalability in a future hard fork. Base fee burns enable a daily net reduction in supply depending on network usage. The busier the network, the more base fees are burned. For burned base fees to exceed 1,700 ETH and result in a net decrease in supply, the network must have a minimum activity of 16 Gwei daily.

The periods of supply inflation could be seen in the past, however, the deflationary value of Ethereum is likely to remain strong in the years to come. As the demand for Ethereum grows, the limited supply will become an increasingly scarce resource, increasing its value in the cryptocurrency market. This trend will likely have a positive impact on Ethereum’s stakeholders, as increased value could lead to increased profits and benefits.

Vitalik Buterin’s Wallet Holdings Decrease by 75%, Now Worth $423M

• Vitalik Buterin, co-founder of Ethereum, saw his wallet holdings decrease by 75% in 2022, from $1.3 billion to $328 million.
• Buterin’s top asset was Ethereum, comprising nearly the totality of his holdings.
• His biggest outflows of the year included $60.25 million worth of Ethereum, two transactions of $50 million worth of USD Coin for a total of $100 million and $48 million.

In 2022, the cryptocurrency industry saw an overall decrease in value and many investors going bankrupt. Despite this, how did portfolios of top institutions and insiders fare? Vitalik Buterin, the co-founder of Ethereum and the face of the ecosystem, had a total of $1.3 billion worth of assets in his publicly-known wallet addresses as of January 1, 2022. However, by the start of 2023, this had decreased by a staggering 75% to $328 million. At press time, the wallet’s value has increased to $423 million.

Buterin’s top asset was Ethereum, comprising nearly the totality of his holdings and amounting to $316 million. His other assets were worth considerably less than a million dollars each, according to data from Arkham Intelligence. The price of Ethereum began the year at $770 and is now trading at $1,612, indicating some increase in value. Yet, Buterin’s wallets are now holding fewer assets due to numerous outgoing transactions and the falling value of several tokens.

Some of the biggest transactions from Buterin’s wallet in 2022 include $60.25 million worth of Ethereum, two transactions of $50 million worth of USD Coin for a total of $100 million and $48 million. This is not an exhaustive list of outgoing transactions, though, as Buterin also sent numerous other payments throughout the year.

In conclusion, Vitalik Buterin’s wallet holdings decreased significantly in 2022, but the price of Ethereum also increased over the course of the year. While his outgoing transactions decreased the total value of his wallet, it has since recovered to $423 million as of Jan. 1, 2023.

Hacker Transfers 1,774.5 ETH to Tornado Cash to Cover Tracks

– An attacker allegedly drained Raydium’s liquidity pools and transferred 1,774.5 ETH to Tornado Cash to cover their tracks.
– Tornado Cash is a Decentralized privacy and data protection platform developed on the Ethereum blockchain.
– The attacker reportedly used admin wallets to verify the drainage without burning Liquidity Pool tokens.

Recently, a hacker was able to exploit a bug in the Circle’s USDC stablecoin and wrap SOL’s liquidity pools. This resulted in a major loss of over two million dollars for Raydium. To cover their tracks, the hacker allegedly transferred 1,774.5 ETH to Tornado Cash.

Tornado Cash is a Decentralized privacy and data protection platform developed on the Ethereum blockchain. It allows users to deposit and anonymously withdraw Ethereum’s ERC-20 tokens and ethereum (ETH) using different wallet addresses. By doing this, the hacker is able to hide their transaction history from the public.

According to Nansen Portfolio, Raydium lost over two million dollars in the LP compromise. The hacker was able to access the platform’s admin wallets, which allowed them to verify the drainage without burning Liquidity Pool tokens. This enabled them to cover their tracks and make their digital money transfer anonymous.

In response to the attack, CertiK issued a SkyNet Alert, warning users to be vigilant. They warned that a large sum of money had been transferred to Tornado Cash, and advised users to remain aware of the situation.

Etherscan monitoring progress indicates that the hacker’s 0xb98ac wallet address transferred the funds to Tornado Cash. This is just one example of how hackers are using privacy-enhanced smart contracts to hide their tracks and make their transactions anonymous. It is important to remain vigilant and aware of these types of attacks in order to protect yourself and your funds.