DailyCoin
Published Jul 16, 2021 11:12AM ET
Updated Jul 16, 2021 11:30AM ET
Crypto Flipsider News – July 16th – Square, THORChain attack, Crypto for Tax Payments, Anonymous Crypto, Picasso NFT
Square to Create a New Open-Source Platform for DeFi
Payment service giant Square is planning to create an open-source platform for decentralized finance (DeFi) services. In a series of tweets, Jack Dorsey, CEO of Square and Twitter, announced that the new platform, called TBD, will primarily focus on Bitcoin. According to Dorsey, it will be created in a completely open manner.
Earlier this month, Jack Dorsey announced that Square would be building its own hardware wallet. The company will also invest $5 million into solar-powered Bitcoin mining.
Flipsider:
THORChain attacked, losses surpass $7,6 million
Cross-chain decentralized exchange (DEX) THORChain lost approximately 4,000 ETH during the recent cyber attack. That’s almost $7.62 million worth of ETH based on today’s $1,905 exchange rate.
THORChain later posted that approximately $4.9 million worth of assets were withdrawn from the exchange. The exploit happened as THORChain’s ETH Bifrost protocol was tricked “using a custom wrapper to read a deposit amount of 200 when it was actually zero.” Bifrost is a DeFi protocol that has connections on various Proof of Stake blockchains.
The THORChain community has temporarily halted the network for security reasons, claiming that the lost funds will be restored.
Flipsider:
Jackson City, Tennessee, Plans to Accept Crypto for Tax Payments
The current mayor of Jackson, Scott Conger, posted a tweet in which he disclosed plans to allow the city’s citizens to pay taxes in Bitcoin. It is worth noting that Scott Conger has historically been an active supporter of blockchain technology. Moreover, his official Twitter account perfectly represents his position with the use of “laser-eyes.”
Flipsider:
Anonymous Arrives on the Scene with a Brand New Crypto
The famous Anonymous has come with a new message for the citizens of the cryptoverse: the creation of its own, brand new Anon Inu coin. The new token will take on Elon Musk in the meme war, but also aims to engage China in the crypto war, the anonymous frontman of the international hacktivist movement declared.
Anonymous blames China’s government for causing the current drop in cryptocurrency prices, which largely occurred as a result of the recent bans on cryptocurrency mining in the country. The reduced prices encouraged institutional investors and whales to buy up, thus leaving less crypto in circulation, which in turn led to the more recent massive price spikes.
The Anon Inu coin has been issued on Binance Smart Chain, which is the biggest crypto exchange by trading volumes.
Flipsider:
One More Picasso NFT, but without Burning the Real Picture This Time
Sygmun, a Swiss digital bank, is co-operating with Artemundi in order to release fractionalized ownership shares in a painting by Pablo Picasso. Each of them costs $6,000 and the whole piece is estimated at $3.68 million.
The painting itself is a portrait of a child wearing a beret and bright clothes in the unique style only Picasso could do.
Flipsider:
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