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The second-biggest decentralized finance (DeFi) hack wiped out $320 million (€279 million) this week.
The second-biggest decentralized finance (DeFi) hack wiped out $320 million (€279 million) this week.
The second-largest decentralized financial (DeFi) hack happened this week with attacks reaching $320 million (€279 million) or 120,000 Ether, highlighting the growing popularity of cryptocurrency platforms and the issues of security.

A wormhole, one of the most popular bridges connecting the Ethereum and Solana blockchains, was hijacked on Wednesday. Solana considers all the benefits of flying and reduces the cost by 10%.

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This is not the first case of theft. Last week, hackers won 80 million dollars (70 million euros) via Qubit Finance, the DeFi protocol.

The biggest hack took place in August when $600 million (€525 million) in tokens were stolen from the Poly Network platform. But with the exception, the protesters returned almost all of their money. system. These hacks challenge the security of DeFi, a new financial utility that includes a programmable process called smart contracts that could transform intermediaries such as banks and lawyers in the industry. You can read more about crypto news

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What is a leg?
Connectivity is a process that allows users to “fix” or move assets such as cryptocurrencies, tokens, and NFTs across multiple blockchains. It works by closing the exchange. Cryptocurrency bars typically don’t operate in a single blockchain ecosystem, so manufacturers have built bridges to bridge this gap.

Wormhole is valued at over $1 billion (€875 billion) and supports six blockchains: Terra, Solana, Ethereum, Binance Smart Chain, Avalanche and Polygon.

How did the hack happen?
Nicholas Percoco, chief security officer of US-based cryptocurrency exchange and banking firm Kraken, said the bridge hack was an identification and misuse of the bridge contract that connects two different blockchains.

“In this case, the wormhole bridge that enabled trading between Solana and Ethereum was targeted. The attacker can announce the new symbols on the Solana side of the bridge and withdraw the balance from the Ethereum side of the bridge contract. It’s over $320 million,” he told Euronews Next.

According to Dr. Merav Ozair, blockchain expert and FinTech professor at Rutgers School of Business in New Jersey, USA, the hack happened at level 2, not level 1, “Bridge”, and does not was therefore not the same cryptocurrency. Hack yourself.

For a blockchain ecosystem to grow and become a key concept, it must understand how to implement analytics processes in a business application or platform.
Dr. Merav Ozar
Blockchain Expert and FinTech Professor at Rutgers Business School
Layer 1 is a term used to describe the importance of blockchain architecture (like Ethereum or blockchain like Solana, Avalanche or Algorand). He says Layer 1 is almost not easy to hack. However, Ozair explained that Layer 2, the layer that overlaps on top of the base blockchain (like the wormhole bridge), is less secure and therefore more risky to use linelines.

“Ethereum and Solana have never been ‘hacked’. Similarly, if there is a bridge between two cities, ‘attacks’ occur on the bridge between cities, but not all cities’ or damage ” he told Euronews Next.

“So the solution is to create a more secure blockchain bridge that prevents potential ‘attacks’.”

Should blockchain be more secure? Blockchain is software that can trigger malicious numbers called bug fixes, as seen in wormholes.

“Such large-scale attacks confirm the importance of expanding the crypto ecosystem, which is key to thinking security first and staying vigilant,” Percoco said.

“Terrorists are constantly on the lookout for new negative attacks. This means we need to invest more and improve our security procedures. blockchain ecosystem.” We are looking to move forward to achieve better results, and the process is moving forward.”

Because of the risks, Ozair argued that there should be a responsibility to inspect all requests before they are fulfilled. These processes are already available on centralized systems such as Apple applications.

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“For the blockchain ecosystem to be measured and become more important, we need to understand how to implement analytics processes in a business application or platform,” he said.

“It is possible and requires a lot of thought and participation from the members of this ecosystem.”