Such security measures will be necessary to maintain investor confidence during Bedrock’s growth. Bedrock to Tighten Minting Protocols with Chainlink Integration Bedrock, a liquid restaking firm, suffered a major exploit on September 26. In its announcement, the Bedrock team claimed that this exploit primarily involved uniBTC, but the firm’s wrapped…
A security exploit on staking protocol Bedrock allowed users to swap Universal Bitcoin, a wrapped Bitcoin on the platform, with Ethereum at a 1:1 ratio, despite a price difference of more than $60,000. The exploit, which has now been “handled,” resulted in an estimated $2 million being swiped from the…
Editorial Note: The following content does not reflect the views or opinions of BeInCrypto. It is provided for informational purposes only and should not be interpreted as financial advice. Please conduct your own research before making any investment decisions. What is CoinEx? CoinEx is a Hong Kong-based crypto exchange with…
The system allows real-time verification of Bitcoin reserves backing 21BTC, ensuring that each token is fully collateralized 1:1 by Bitcoin held in cold storage. Chainlink PoR Boosts 21BTC Transparency In May 2024, 21.co launched 21BTC on Solana, followed by its expansion to Ethereum in collaboration with Flow Traders, one of…
21.co, the parent company of asset management firm 21Shares, has integrated Chainlink Proof of Reserve on the Ethereum and Solana mainnet to bolster transparency of its wrapped Bitcoin product, 21BTC, according to a Sept. 23 statement. The company will use Chainlink’s Proof of Reserve through its digital asset platform, Onyx, to…
Global accounting firm KPMG believes that strong custodial practices are key to boosting Bitcoin (BTC) adoption among institutions and businesses. According to its recent report titled “The Importance of Custodians in Bitcoin Adoption and Ownership,” custodians play a crucial role in safeguarding Bitcoin holdings and are vital for the industry’s…
Coinbase CEO Brian Armstrong responded by emphasizing that the company relies on its business model and regular audits to attract institutional investors, dismissing the need for PoRs. Tron founder Justin Sun criticized Coinbase for being one of the few major exchanges that have yet to implement proof of reserves (PoR).…
This week’s roundup highlights Argentina’s efforts to protect cryptocurrency scam victims, Bancolombia’s integration of the Solana and Arbitrum networks, along with other key stories. Bancolombia’s Wenia Expands with Solana and Arbitrum Integration Bancolombia’s crypto platform, Wenia, has expanded its offerings by integrating the Solana and Arbitrum networks, allowing users to…
Binance has tapped U.K.-based accounting firm grant Thornton to advise the exchange on accounting and tax matters. The firm will also help Binance prepare for an audit. Binance previously worked with auditing firm Mazars which paused its work with the exchange in December 2022. Breaking Down Bitcoin’s Selling Pressure Crypto…
Worldcoin, a cryptocurrency startup founded by OpenAI’s Sam Altman, could face severe consequences in Colombia. The country’s Superintendence of Industry and Commerce (SIC) has launched formal proceedings against the Worldcoin Foundation and its partner, Tools for Humanity. This action is due to alleged breaches of Colombia’s personal data protection regulations.…