Are crypto auditing incentives designed to make the client happy rather than deliver bad news? What happens if you don’t pay out bug bounties?
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Crypto security audits and bug bounties are broken: Here’s how to fix them
Blockchain exploits can be extremely costly; with poorly designed smart contracts, decentralized apps and bridges are attacked time and time again.
For example, the Ronin Network experienced a $625-million breach in March 2022 when a hacker was able to steal private keys to generate fake withdrawals and transferred hundreds of millions out. The Nomad Bridge later that year in August experienced a $190-million breach when hackers exploited a bug in the protocol that allowed them to withdraw more funds than they had deposited.
These vulnerabilities in the underlying smart contract code, coupled with human error and lapses of judgment, create significant risks for Web3 users. But how can crypto projects take proactive steps to identify the issues before they happen?
There are a couple of major strategies. Web3 projects typically hire companies to audit their smart contract code and review the project to provide a stamp of approval.
Another approach, which is often used in conjunction, is to establish a bug bounty program that provides incentives for benign hackers to use their skills to identify vulnerabilities before malicious hackers do.
Japan pushes for friendlier environment for crypto with Web3 proposals
Japan's Web3 project team released a white paper suggesting ways to expand the country's crypto industry to establish a welcoming atmosphere for crypto.
Japan pushes for friendlier environment for crypto with Web3 proposals
Japan's Web3 project team released a white paper suggesting ways to expand the country's crypto industry to establish a welcoming atmosphere for crypto.
Charles Hoskinson: Cardano delays due to betting on wrong tech, ambitious roadmap
Cardano founder Charles Hoskinson is optimistic about the future of crypto despite the setbacks, and anticipates a high rate of Cardano adoption in Africa this year.
Sentiment recovers $870K after negotiations with the hacker
The hacker sent back 414 Ether in an initial transaction and eventually sent another 51.75 ETH, returning 90% of the stolen funds.
Sentiment recovers $870K after negotiations with the hacker
The hacker sent back 414 Ether in an initial transaction and eventually sent another 51.75 ETH, returning 90% of the stolen funds.
Chinese state insurance firm launches two crypto funds in Hong Kong: Report
The Chinese government-backed CPI Investment Management is launching two crypto funds related to blockchain investment and staking.
FTX philanthropic donations have created a complex dilemma for recipients
University-affiliated research initiatives received more than $13 million in grants from FTX Future Fund, with several students getting $100,000 in grants.
FTX philanthropic donations have created a complex dilemma for recipients
University-affiliated research initiatives received more than $13 million in grants from FTX Future Fund, with several students getting $100,000 in grants.
Nigerian crypto foreign investment is at a record low: Study
Foreign direct investment (FDI) in Nigeria fell by 33% last year due to a severe shortage of dollars, which discouraged crypto companies from expanding into the country.
Bitcoin barely holds $28K as bulls see new rejection at key resistance
A fresh BTC price charge on liquidity around $30,000 ends in a return to a familiar Bitcoin trading range.
Bitcoin barely holds $28K as bulls see new rejection at key resistance
Bitcoin (BTC) saw another failure to exit a tight trading range into April 6 as $28,000 again hung in the balance.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewAnalysis sees traders “compressing” BTC price
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading below the the $28,000 mark at the time of writing.
The pair had approached $29,000 the day prior, eating into ask liquidity in what analysis called a “choreographed” move by whales.
That appeared to be true, as upward momentum soon faded and spot price remained in an increasingly narrow range.
The cloud of liquidity around $30,000 thus remained untested, much to the frustration of those hoping for an easy continuation of the 2023 upside.
Crypto trading vs. crypto investing: Key differences explained
The most significant advantages of trading cryptocurrencies are quick profit generation, secure value storage, low fees and universal accessibility. Meanwhile, crypto assets’ inherent risk and volatility count as disadvantages.
The main benefit of cryptocurrency trading is the potential to generate quick profits by taking advantage of short-term price movements and market trends. Some cryptocurrency traders also value assets such as BTC as a secure store of value, especially since cryptocurrencies were designed to function independently of central institutions.
Cryptocurrencies can also be traded peer-to-peer, incurring much lower fees than transactions involving central authorities, such as banks and financial institutions. Cryptocurrencies are also generally accessible universally, allowing anyone with an internet connection and mobile device or computer to create a cryptocurrency wallet and start trading.
On the other hand, crypto trading also carries significant risks due to its high volatility — meaning prices can swing rapidly up and down. This could lead to substantial losses if traders are not careful and don’t monitor their positions.
So, is crypto trading good for beginners? While beginners can start trading small amounts as they build experience, it is worth noting that the risks associated with crypto trading are much higher than most other forms of investing, meaning that high-stakes trading may not be the most suitable investment method for beginners.
Binance Australia Derivatives license canceled by securities regulator
In February, Binance Australia Derivatives abruptly closed certain derivatives positions and accounts, citing investor classification compliance.
Singapore to introduce uniform screening standards for crypto bank accounts
Potential guidelines reportedly won’t have a binding force over banks, which can rely on their own risk assessment.
Jane Street, Tower Research and Radix are Binance’s 'VIP' clients in CFTC suit: Report
The firms were cited anonymously in the CFTC's complaint describing Binance’s alleged facilitation of U.S. clients.
Jane Street, Tower Research and Radix are Binance’s 'VIP' clients in CFTC suit: Report
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Trading firms Jane Street Group, Tower Research Capital and Radix Trading have been reportedly identified as Binance’s three “VIP” clients that were cited anonymously in the recent lawsuit filed against Binance by the United States commodities regulator.
According to an April 5 Bloomberg report citing "people familiar with the matter,” Radix Trading is “Trading Firm A” as described in the Commodities Futures Trading Commission's (CFTC) suit while Jane Street was “Trading Firm B” and Tower Research was “Trading Firm C.”
Bear markets are for filming: the Bitcoin Film Festival in Warsaw
Lights, camera, Bitcoin: A Bitcoin Film Festival in Poland brought the Bitcoin revolution to the big screen.
Names of non-US FTX users demanded by mainstream media outlets
A number of mainstream media outlets are pushing to publicize the personal details of FTX’s non-U.S. customers, similar to what happened with Celsius.