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In this Good Crypto Digest we have compiled the most exciting events of the past week. If you would like to receive these updates as soon as we release them, follow us Twitter or telegram.
Fast Weekly News
A lawsuit prompts Binance US to hire a former SEC law enforcement officer
Binance, a United States-based crypto exchange, has reportedly done so registered The services of former SEC Co-Director of Law Enforcement George Canellos and three other attorneys to form his legal defense team.
The move comes as Binance US faces allegations from the SEC of operating as an unregistered securities exchange. John Reed Stark, former head of the US Securities and Exchange Commission’s Internet Enforcement Agency believes Binance braces for possible criminal prosecution, emphasizing the seriousness of the fraud allegations.
The SEC has also targeted the global exchanges Binance and Coinbase with similar allegations. Binance US has spoken out against the SEC suggested Remedial actions on the grounds that they would effectively end operations.
Version 4 of the Uniswap code allows for additional types of liquidity pools
Uniswap Labs has Approved the draft code for Uniswap V4 that introduces “Hook” or plugins that allow developers to create custom liquidity pools. As the largest decentralized crypto exchange by volume, the latest version of Uniswap V3. deployed on May 4, 2021.
The aim of Uniswap V4 is to enable pool providers to integrate code that performs specific actions at critical points in the pool’s life cycle, for example before or after a swap or before or after changes to an LP position.
The release of the source code is the first step to launch Uniswap V4. The team plans to work with the Uniswap community and refine the code over time. V4 will be made available once sufficient consensus has been reached on the final version, while previous versions remain accessible.
The goal of Uniswap V4 is to allow pool providers to integrate code that performs specific actions at key points in the pool lifecycle, such as before or after a swap, or before or after changes to an LP position.
Scammers steal around $1 million after robbery of more than eight well-known Crypto Twitter accounts
In the past few weeks, a group of scammers have taken control of more than eight Twitter accounts of prominent crypto industry figures and used them to promote phishing scams. After According to blockchain investigator ZachXBT, the group managed to steal nearly $1 million worth of cryptocurrencies.
ZachXBT discovered several connected wallets on the blockchain related to the phishing scams promoted via the compromised accounts. While most attacks were due to SIM swapping, other accounts may have been stolen via a Twitter admin panel.
Target accounts include the likes of Cole Villemain, founder of Pudgy Penguins; Steve Aoki, a DJ and NFT collector; and Pete Rizzo, the editor of Bitcoin Magazine. Even Peter Schiff, a well-known critic of cryptocurrencies, was hacked to spread a suspicious link related to tokenized gold in decentralized finance.
ZachXBT expressed concern about the slow response times of Twitter support, which causes the scammer’s tweets to remain active for hours or even days. He recommended people use security keys instead of SMS-based two-factor authentication for more security.
One of the hacked accounts mentioned by ZachXBT was that of Mira Murati, OpenAI’s Chief Technology Officer. Her account shared a phishing link for a fake airdrop of an ERC-20 token called OPENAI, which garnered widespread attention before being deleted.
In late May, Arthur Madrid, co-founder and CEO of Metaverse platform The Sandbox, also experienced a similar hack on his Twitter account promoting a fake SAND token airdrop. It is uncertain whether this incident is related to the hacking group identified by ZachXBT.
Upgrades in Polygon 2.0 give users access to the “value plane” of the Internet.
Polygon Labs recently revealed “Polygon 2.0”, a comprehensive upgrade to establish the “Value Layer” of the Internet. The upgrade allows users to create, exchange and program values.
Polygon 2.0 radical changes Protocol architecture, tokenomics and governance paving the way for unlimited scalability and unified liquidity through ZK (Zero-Knowledge) technology. This network of interconnected chains, powered by ZK technology, ensures secure and instantaneous cross-chain interactions without the need for additional security or trust assumptions.
Polygon 2.0 unifies protocols and seamlessly leverages zk-Ethereum Virtual Machine technology, Proof-of-Stake, and Supernets, creating a cohesive experience. Key features include token development and long-term decentralized governance.
More details on Polygon 2.0 will be announced in the coming weeks.
Overbought and oversold signals on a trending market as one of the RSI strategies
When analyzing the crypto market, a common approach is to use the RSI indicator to identify overbought and oversold signals. However, relying solely on these signals is no guarantee of hitting the absolute bottom or top of the market. Buying based solely on an oversold signal can be risky as the market may continue falling even after the warning.
To make more informed trading decisions, traders should combine the RSI with other indicators like moving averages and Bollinger Bands. These additional tools can confirm signals and provide a broader perspective on your trading strategy.
While the RSI can provide valuable insights, the inclusion of multiple indicators improves your overall trading approach.
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