Aave bans Justin Sun for receiving funds from Tornado Cash

DeFi protocol Aave has banned Tron founder Justin Sun for receiving funds from sanctioned crypto mixer Tornado Cash.

Tornado Cash enables criminals to launder cryptocurrency. Differing reports by crypto analytics platform Elliptic and the US Treasury estimate the mixer has been used to launder anywhere between $1.5 billion and $7 billion worth of digital assets, including by North Korean hacker group Lazarus.

While that’s no small figure, it’s a drop in the ocean...

Ripple: Most financial institutions plan to use crypto within three years

A report by Ripple suggests that most financial institutions plan to start using crypto within the next three years.

Despite the bear market, financial institutions remain interested in the cryptocurrency space. Just this week, $10 trillion asset manager BlackRock launched a spot Bitcoin trust while saying that it’s also exploring “permissioned blockchains, stablecoins, cryptoassets, and tokenization.”

While BlackRock is exploring the potential financial benefits...

Vitalik Buterin downplays Ethereum PoW forks, Chainlink backs PoS switch

Ethereum founder Vitalik Buterin has downplayed the impact of Proof of Work (PoW) forks of the leading smart contract platform. Chainlink, meanwhile, has confirmed it will not support any such forks.

Bitcoin pioneered the PoW consensus that was adopted by Ethereum. PoW is energy-intensive, requiring increasingly powerful computers to validate transactions to earn blockchain rewards. Some lawmakers in several regions are even talking about banning PoW blockchains.

Proof...

‘Free-for-all’ Nomad exploit drains $190M of crypto

Cross-chain bridge Nomad has fallen victim to a “free-for-all” exploit that drained around $190 million in crypto.

Just last week, Nomad announced that it had secured $22.4 million in seed funding from high-profile backers including Coinbase Ventures, Crypto.com Capital, and OpenSea. The company emphasised its focus on security following a spate of bridge hacks.

“With $1.5B in bridge hacks happening within the last 12 months, many people, protocols, and DAOs are...

Binance slapped with $3.3M fine by Dutch central bank

Cryptocurrency exchange Binance has been slapped with a $3.3 million fine by the central bank of the Netherlands.

The central bank, De Nederlandsche Bank (DNB), issued Binance Holdings with the fine after the exchange failed to gain regulatory approval to operate in the country.

Companies that want to offer crypto services in the Netherlands are obliged to register with the DNB under the Money Laundering and Terrorist Financing Prevention Act.

The fine for...

Cardano launches Vasil upgrade on testnet

Cardano’s much-anticipated Vasil upgrade has successfully launched on the project’s testnet.

Vasil is the most significant upgrade for Cardano since ‘Alonzo’ in September 2021 which brought smart contracts to the platform.

The platform’s main developer, IOHK, described Vasil as delivering numerous improvements:

https://twitter.com/InputOutputHK/status/1541800460838993922

Cardano is consistently among the most actively-developed blockchain...

Nansen begins tracking Solana’s NFT ecosystem

Blockchain analytics firm Nansen now supports tracking Solana’s large NFT ecosystem.

Nansen says Solana has been one of its most requested chains and has a “thriving” NFT ecosystem.

The real-time, on-chain data provided by Nansen certainly shows the demand for Solana-based NFT projects. Nansen claims it’s tracking over 53,000 NFT collections.

As of writing, a couple of relatively new NFT collections (<48 hours) are vying for the top two most...

North Korea’s stash of stolen crypto has plunged in value

Victims of North Korea-linked crypto thefts may take some comfort in knowing that connected wallets have plunged in value.

Despite the recent drawdown, the exponential rise in the value of cryptocurrencies over the past decade has made them key targets. Hackers are regularly seeking to obtain cryptocurrencies through hacks and ransomware campaigns.

Fortunately, transactions on most blockchains are easy to track. Wallets connected with North Korean hacking groups like...

Tether CTO responds to reports of hedge funds shorting USDT

Tether CTO Paolo Ardoino has responded to reports of hedge funds shorting its USDT stablecoin.

A “short” is a bet against the value of an asset. In contrast, a “long” position is a bet that an asset will appreciate in value.

On Monday, the Wall Street Journal reported that various traditional hedge funds had open USDT short positions worth hundreds of millions of dollars.

“There has been a real spike in the interest from traditional hedge funds who...

Ethereum Virtual Machine goes live on Cardano testnet

Ethereum developers that are considering defecting to Cardano can now test their dApps on the growing blockchain platform.

https://twitter.com/InputOutputHK/status/1535979507840167943

Cardano’s Ethereum Virtual Machine (EVM) has full compatibility with Ethereum upgrades and tools, Web3 wallet compatibility, can use the Ouroboros Byzantine Fault Tolerance consensus protocol, and inherit security from Cardano’s main chain.

Cardano vs Ethereum

Ethereum is...