New Open-Source Code Vulnerability Was Found and Fixed In Facebook’s Libra

A recently discovered vulnerability on the open-source protocol of Facebook’s Libra was just fixed. The vulnerability was originally discovered by OpenZeppelin, a third-party audit company that is focused on crypto products.

The developers of the company have found some vulnerabilities in the scripting language created by Facebook, which is called Move. According to the company, the vulnerabilities were pretty severe and could lead to huge problems if the code went online before they were addressed.

OpenZeppelin’s CEO Demian Brener affirmed that one of the vulnerabilities allowed hackers to use smart contracts disguised as inline comments and they could use it to steal money. Fortunately, the issues have been patched as soon as possible, so these flaws will never actually see the light of day.

The auditor company was originally created back in 2015 and it has worked with several high-profile initiatives so far, including organizations such as the Ethereum Foundation, Coinbase, and the Brave browser.

The Move script was mostly devised by the developers of Calibra, the company created by Facebook to handle the project. They have defined the most important features of the technology, but since the code is open, anyone can give their opinions on what works or not.

According to Brener, audits are becoming more important to the industry each day. Crypto projects are getting considerably bigger as time passes, so more third-party audits are needed for them to work well, as no team can completely audit them alone.

Libra has a very complex system, just like many other recent tokens. These products will be used to manage a lot of money, so making sure that they work well is needed.

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Author: Gabriel Machado

Two out of Five Millenials Look At Crypto During A Recession, eToro Survey Discovers

A new survey has discovered that 40% of the Millenials in America would rather invest in crypto assets than any other kind of asset during an upcoming recession. According to the study, which was conducted by eToro with 1,000 online investors in the U. S. recently, Millenials are the most open investors to crypto.

According to the data, two-thirds of the investors are afraid of a recession, but their solutions for how to handle it are different. While 40% of Millenials have chosen crypto, 50% of Generation Z had chosen real estate. Generation X is more inclined to invest in commodities, with 38% of them choosing this kind of asset.

Another trend is that fractional ownership interest has spiked. 92% of the investors affirmed that they would like to own pieces of artwork during a recession while 55% of them were eager to sell a portion of their current portfolios if they could find new investments that could be more profitable than the ones that they have right now.

Finally, the study also concluded that high net worth individuals are more likely to invest in Bitcoin than any other kind of crypto asset, as it is the most famous and powerful one.

The managing director at the company, Guy Hirsch, affirmed that during a recession most portfolios would end up shrinking. The main difference now is that crypto provides a true new path. The investment would not be confined only to people with a high net worth. Retail investors and not only institutional ones could gain money during the recession.

Hirsch also affirmed that current investors want more freedom besides just following the status quo of investments and they see an opportunity in Bitcoin.

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Author: BEG News Desk

Scammers Attempt To Use The Prime Minister’s Name In Order To Dupe Investors In Singapore

Scammers Attempt To Use The Prime Minister’s Name In Order To Dupe Investors In Singapore

The Monetary Authority of Singapore (MAS), the most important regulator of the country, has recently discovered a new Bitcoin scam. This new scam is using fake claims from the country’s former Prime Minister in order to convince investors to give them their money.

According to the institution, this site invites the users to invest in Bitcoin using an article that is basically fake. The scam attributes fake claims to Goh Chok Tong, which acted as the Prime Minister of Singapore from 1990 to 2004. The regulator has affirmed that all the statements were either taken out of context or completely falsified by the scammers.

The site, named Bitcoin Loophole, presented an article in which the former Prime Minister would “reveal his method to become rich in 7 days”.

It was clearly a fake attempt, but some incautious investors could end up taking the bait because of the image of the Prime Minister. It’s just like those scams in which Elon Musk wants to give you Bitcoin but you gotta give him a few bucks to prove that you are “serious”.

The scam demanded that investors should deposit at least $250 USD on the trading platform to start. The idea was that the service used an automated trading service that would only make winning trades. This was, obviously, another fake claim.

Also, according to the Singapore authority, the scammers asked for credit card details and banking account of the victim, so there may be a secondary scam as part of the move.

This is not even the first time that Bitcoin Loophole tries to use the face of someone famous to dupe investors. Last month, the company used the face of the crown prince of Abu Dhabi in another scam on Facebook, which deleted the post.

Unfortunately, this is why you should be extremely cautious when dealing with this kind of company. Scammers are everywhere and they are ready to take your hard-earned money if you are not careful.

Remember to always avoid companies that promote unreasonable return on investments and to always check with the regulators whether a company is legitimate or not before you make any investment.

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Author: Gabriel Machado

A Look into Top 50 Crypto Mining Pools from Around the World: China, the US and Hong Kong Leaders

A-Look-into-Top-50-Crypto-Mining-Pools-from-Around-the-World-China-the-US-and-Hong-Kong-Leaders

Having discovered the power of mining in numbers, mining pools are increasingly solidifying the place as the backbone of the entire crypto ecosystem. These pools inherited duty-to-fuel transactions, besides now being something of a rubberstamp, guaranteeing absolute credibility.

Mining pools ideally cooperate by unanimously contributing the mining hash power so that they share block rewards. But while the world has countless of these blocks, three countries are wrestling to control the planet’s largest mining pools: China, the US and Russia.

Miners operating in each of the three countries know that beyond the prestige of being the global powerhouse lays the ultimate prize, which, of course, is the block rewards. But it seems there are some even more aggressive mining pools elsewhere.

According to a recent report, which highlighted the planet’s leading 50 mining pools, China and the US already have an unlikely partner in their midst. Based exclusively on the total number of cryptos mined, and effectively, the level of involvement in crypto and Blockchain each of the countries has, the report painted a rather unexpected picture.

Led by Bitcoin with worth of $154 billion in market cap, the best 10 cryptocurrencies mined cumulatively had a market cap of over $0.5 billion. The others on the graph included Ethereum, Litecoin, Bitcoin Cash, ZCash, Bitcoin SV, Dash and Monero respectively.

According to the graph, however, all of the coins had an annual economic value totaling $8.6 billion, with 75% of the economic value created attributed to Bitcoin. Further, total day-to-day mining amounted to $24 million for Bitcoin, Ethereum coming second with about $4 million in contributions.

But perhaps the most unexpected of all data is when it was revealed that China, U.S. and Hong Kong, instead of Russia, controlled a whopping 70% of all top 50 global mining pools. China, being one of the largest economies in the world today, controls about 50% of the entire yearly value generated, even as the government tightens the noose on market leaders.

China couldn’t have topped the list without BTC.com, the planet’s largest mining pool, which generates $3 million in daily economic value. But given the way things are in the country, coupled with the looming fall in the mining sector, it is highly likely that the US will take over and be the heartbeat of mining operations.

Not every player in the crypto industry, however, is happy about it. According to some experts, the downfall of China could finally the industry to stop being decentralized. This, they say, could eventually make transactional costs and trading values prone to manipulations.

From the data, it seems that the upsurge in mining operations, plus the value generated means no good to the industry. In fact, to many in the industry, the impending halving may finally prove to be the key to sustainability in the cryptocurrency platform.

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Author: Lillian Peter