Author: Dren.H

Thirdweb detects a major security flaw in widely-used smart contracts, prompting urgent mitigation efforts and increased security investments. In a recent development for the Web3 sector, Thirdweb, a key player in smart contract development, has identified a significant security loophole. This flaw potentially jeopardizes numerous smart contracts crafted with a widely-utilized open-source library. The disclosure of this vulnerability by Thirdweb marks a vital moment in the Web3 ecosystem, as it affects a broad range of smart contracts. Vulnerability Details and Impact Thirdweb discovered this security gap on December 4, which could influence several pre-built smart contracts, including some of its…

The IRS intensifies crypto tax probes, targeting undisclosed holdings and unreported gains, seizing over $10 billion since 2015. The United Internal Revenue Service (IRS) is intensifying its focus on crypto, signaling a growing trend in tax compliance efforts. The Criminal Investigation (CI) Unit, a key component of the IRS, has recently unveiled startling statistics in their latest fiscal year 2023 report. The report highlights a marked increase in investigations into undisclosed crypto holdings and unreported capital gains from crypto transactions. In an era where digital assets are becoming increasingly mainstream, the IRS has shifted gears to keep up with the…

Coinbase CEO denies plans for a Base token, focusing on enhancing its layer-2 network and advocating for industry consolidation. Coinbase, a leading crypto exchange, has recently made headlines with its CEO Brian Armstrong’s declaration regarding their layer-2 network, Base. Contrary to previous speculations and comments from within the company, Armstrong has firmly stated that Coinbase does not intend to introduce a native token for Base. This statement comes as a surprise to many, considering the earlier hint by Coinbase’s Chief Legal Officer, Paul Grewal, about the possibility of a token launch in the future. Future Plans Coinbase’s layer-2 network, Base,…

Lugano, Switzerland now accepts Bitcoin and Tether for tax payments, expanding its cryptocurrency integration. Recently, the Swiss city of Lugano has embraced cryptocurrency, enabling its residents and businesses to use Bitcoin and Tether for paying taxes and various community charges. This initiative marks a significant step in the city’s efforts to integrate digital currencies into its financial system. Lugano, recognized for its progressive stance on financial technologies, has expanded its cryptocurrency adoption by allowing payments for municipal services and taxes using digital currencies. Additionally, the city’s administration, as of December 5th, has implemented a system that facilitates cryptocurrency transactions for…

Bitcoin investments of El Salvador turn to profit, reaching $131 million with a $3.6 million gain amidst market recovery. In a recent turnaround, the venture of El Salvador into Bitcoin has yielded profit, marking a significant recovery from the recent downturn in the cryptocurrency market. The nation’s total Bitcoin holdings are now valued at $131 million, achieving a net gain of $3.6 million, equivalent to a 2.84% increase. This positive shift comes despite the previous challenges faced during the cryptocurrency bear market. Former President Nayib Bukele, who recently stepped down to focus on his 2024 reelection campaign, initiated El Salvador’s…

Bitcoin surpasses $41K as gold hits record high, with ETF prospects and halving event fueling investor optimism. The price of Bitcoin soared past the $41k mark, a level not seen in the last 19 months. This surge coincides with gold achieving a new all-time high, breaking past the $2,100 mark during the Asian trading session on Monday, December 4. This simultaneous rise in both Bitcoin and gold prices indicates a growing investor inclination towards alternative assets amid potential stock market volatility. Bitcoin’s ascent to over $41,000 marks a significant milestone, considering its last peak at the $40,000 threshold was in…

AstraZeneca partners with AI firm Absci to develop AI-driven cancer therapeutics, investing $247 million. Recently, AstraZeneca, renowned for its COVID-19 vaccine development, is now forging a path in cancer treatment through a groundbreaking partnership with Absci, a leading U.S.-based AI biologics company. This collaboration, as reported by Financial Times on December 3, is marked by a significant investment from AstraZeneca, totaling up to $247 million in research, development, and various associated costs. Revolutionizing Antibody Therapeutics with AI The central focus of this alliance is the development of a zero-shot generative AI model. This innovative technology stands at the forefront of…

U.S. Space Force Major Jason Lowery advocates for the strategic role of Bitcoin in enhancing U.S. cybersecurity and economic dominance. In a recent development, U.S. Space Force Major Jason Lowery emphasized the critical importance of Bitcoin and similar proof-of-work (PoW) systems for America’s national defense strategy. Lowery, in his communication with the U.S. Defense Innovation Board, highlighted the necessity for the U.S. military to explore these technologies, particularly in the context of cybersecurity and national security. Strategic Value of Bitcoin in Cybersecurity Contrary to the common perception of Bitcoin as merely a monetary tool, Lowery argues that its capabilities extend…

Coinbase may share user data with CFTC due to a subpoena linked to an investigation involving Bybit. Coinbase, a leading U.S. cryptocurrency exchange, faces a legal challenge that may lead to the sharing of its users’ Bitcoin trading data with the Commodities Futures Trading Commission (CFTC). This development emerged after the exchange received a subpoena linked to an investigation involving Bybit, a Dubai-based crypto exchange. Despite having no direct connection to Bybit, numerous Coinbase users reported receiving emails indicating their personal account data might be disclosed to the CFTC. The exact nature of the subpoena and the scope of data…

The Philippines SEC flagged Binance for operating without a license, risking legal penalties and highlighting global regulatory challenges. The cryptocurrency landscape is continuously evolving, with regulatory scrutiny intensifying globally. In a recent development, the Philippines Securities and Exchange Commission (SEC) has flagged Binance, the biggest cryptocurrency exchange, for operating without the necessary licenses in the country. This revelation has raised significant concerns about the legal implications for both Binance and its users in the Philippines. Operating Without a License Binance, known for its extensive range of cryptocurrency services, has been actively operating in the Philippines. However, the local SEC’s recent…