Author: Kryptonews

Alex Protocol, a Bitcoin decentralized finance (DeFi) platform on the Stacks blockchain, suffered an exploit on June 6, resulting in $8.3 million in digital asset losses.  In an X announcement, Alex Protocol said the breach was caused by a vulnerability in its self-listing verification logic. The attacker used the flaw to drain liquidity from several asset pools. The Bitcoin DeFi platform said the attackers siphoned about 8.4 million Stacks (STX) tokens, 21.85 Stacks Bitcoin (sBTC), 149,850 in USDC (USDC) and USDt (USDT), and 2.8 Wrapped Bitcoin (WBTC). The incident is one of the largest exploits in the Stacks ecosystem to date.In response…

Bitcoin miner HIVE Digital Technologies (HIVE) has surpassed 10 exahash per second (EH/s) in hashrate capacity, a 58% increase from April, driven by the launch of a 100-megawatt hydro-powered site in Paraguay. The company said in a press release on Friday that it’s on track to reach 25 EH/s by the end of 2025.The firm mined 139 bitcoin in May, or an average rate of 4.5 BTC per day. Peak capacity hit 10.4 EH/s while average hashrate for the month stood at 8.5 EH/s. HIVE said its fleet efficiency remained steady at around 20 joules per terahash (J/TH), and its…

Bitcoin has been caught in a period of consolidation lately, leaving investors wondering if a significant breakout is on the horizon. Trading within a relatively narrow range, the leading cryptocurrency has displayed a lack of clear directional momentum, leading to a sense of anticipation and uncertainty within the market.## Understanding the Current Consolidation PhaseConsolidation in the crypto market, particularly with Bitcoin, often occurs after a period of significant price movement, either upward or downward. This phase represents a temporary equilibrium between buyers and sellers, where neither group has enough dominance to push the price significantly in their desired direction. This…

Non-fungible token (NFT) artist Jonathan Mann, the musician behind the “Song A Day” project, has turned his crypto tax ordeal into a cautionary musical tale. In a new track shared on X, Mann recounted how he made $3 million selling his entire back catalog as NFTs, only to see it vanish as the market crashed during the Terra ecosystem collapse. “This is the story of how I made three million dollars and lost it,” Mann sings. “And how I owed the IRS more money than I made in 10 previous years.” Source: Jonathan MannMusician owed $1.1 million in taxes on NFT salesMann…

Ethereum’s Scalability Crisis: Can Upgrades Deliver? Ethereum, the second-largest blockchain by market capitalization, has long struggled with high transaction fees and slow processing times—problems that have grown more pressing as decentralized finance (DeFi) and non-fungible tokens (NFTs) surge in popularity. The network’s current mainnet processes around 15-30 transactions per second (TPS), a far cry from the scalability required for mass adoption. To address this, Ethereum developers have been working on several upgrades designed to drastically improve throughput. But will these solutions be enough, or will competitors overtake the network? Ethereum 2.0 and Layer-2 Solutions: The Road to Scalability The Ethereum…

US Senator Cynthia Lummis said the confirmation of Michelle “Miki” Bowman as Vice Chair for Supervision at the Federal Reserve marks a critical shift in the regulatory approach toward digital assets.According to Lummis, the appointment is a “turning point” for crypto policy, and she expects a “brighter future” for the industry ahead.The Senate confirmed Bowman on June 5 in a narrow 48-46 vote, filling the vacancy left by Michael Barr’s departure in February.Bowman, who has served as a Fed Governor since 2018, will now oversee the central bank’s supervisory framework for major financial institutions and emerging technologies.Lummis said in a…

Non-fungible token (NFT) artist Jonathan Mann, the musician behind the “Song A Day” project, has turned his crypto tax ordeal into a cautionary musical tale. In a new track shared on X, Mann recounted how he made $3 million selling his entire back catalog as NFTs, only to see it vanish as the market crashed during the Terra ecosystem collapse. “This is the story of how I made three million dollars and lost it,” Mann sings. “And how I owed the IRS more money than I made in 10 previous years.” Source: Jonathan MannMusician owed $1.1 million in taxes on NFT salesMann…

Bitcoin, the pioneering cryptocurrency, offers a compelling alternative to traditional payment methods thanks to its intrinsic properties of enhanced privacy and robust security. While not inherently anonymous, Bitcoin transactions can be leveraged to significantly improve user privacy. Combined with advanced security protocols, Bitcoin payments are increasingly attractive for consumers seeking greater control over their financial information and protection against fraud. Understanding Bitcoin Payment Privacy Contrary to popular belief, Bitcoin transactions are not entirely anonymous. They operate on a public, distributed ledger known as the blockchain. Every transaction is recorded and permanently linked to a Bitcoin address. However, this doesn’t automatically…

Kraken and Binance are among the world’s most established cryptocurrency exchanges, offering various products and services for cryptocurrency traders. To determine which platform provides a better overall choice that will benefit you, this head-to-head Kraken vs. Binance comparison guide will help you decide which exchange will serve your crypto trading and investment needs most. This in-depth Binance vs. Kraken review will break down security, trading fees, user experience, and trading options of each platform to help guide your decision. Kraken vs. Binance: OverviewFeatureKrakenBinanceYear Established  20212017HeadquartersSan FranciscoUnknownSupported CryptocurrenciesOver 300Over 500Trading fees0.25% Maker / 0.4% Taker0.1% for maker and taker fees.Payment MethodsCrypto and bank transfers,…

Is Bitcoin Poised to Become a Global Reserve Asset? The concept of Bitcoin (BTC) as a global reserve asset, once relegated to the fringes of financial discourse, is increasingly gaining traction. While hurdles remain, the decentralized nature, limited supply, and growing adoption of Bitcoin are fueling this debate. Currently, central banks primarily hold reserve currencies like the US dollar, Euro, and Japanese Yen. Could Bitcoin eventually join this exclusive club, or even displace some of these traditional giants? Let’s explore the possibilities and challenges. The Appeal of Bitcoin as a Reserve Asset Several factors contribute to the burgeoning interest in…