The SolPAD Foundation will refund the remaining 60% of the acquired token. The protocol confirms that it considers the scammed funds to be lost.

The team in charge of the decentralized financial protocol Luna Yield has allegedly abandoned the project taking more than USD 7 million in assets. DeFi launched on SolPAD, Solana’s multi-chain launchpad; it saw its release on August 16.

Both the Luna Yield website and its social networks faced a removal. Everything seems to indicate that it is a new case of rug pull or “carpet pull” and later an exit scam known as an exit scam.

A carpet pull in Defi platforms (decentralized finance, for its acronym in English) means that there is a massive withdrawal of tokens from liquidity pools and their sale, which cause them to lose their current price. This situation leaves those users who have tokens in wallets or smart contracts without any chance to dispose of them.

An exit scam happens when everyone responsible for a platform vanishes from the scenario along with the money of their victims.

The event became real through an announcement by SolPAD on their social network, Twitter. Through social media, they claimed that the Luna Yield team had not had the opportunity to establish communication and confirmed that the funds got withdrawn.

The platform also clarified that once it noticed what was going on, they tried to trace all the addresses that belong to the Luna Yield team, along with their IP address, but it was impossible to find their whereabouts.

The platform seems to have already deleted all their messages, conversations, vital data, and then proceeded to successfully transfer all funds from SOL to ether via Tornado.cash [decentralized protocol for private transactions on Ethereum] to avoid tracking.

Luna Yield claimed to follow the mission of providing better performance and experiences to DeFi users. Luna Yield’s items focused on bringing excellent security, performance, and user experience to the DeFi space, as they had described before.

More than USD 6 million in different assets vanished

As the specialized medium, CoinDesk reported, the people in charge of Luna Yield would have made more than USD 6 million in various assets vanish from the marketplace.

Among the missing currencies are Solana’s native currency (SOL), ether (ETH), USD Tether (USDT), USD Coin (USDC), and Yearn Finance (YFI).

Compensation for Luna Yield users

Regarding compensation, SolPAD clarified that most of its users received good profits with the price of their tokens, although other users did not have the same luck.

The entity reported that they would reimburse 60% of what the participants of the IDO Luna Yield have bought. The money will arrive from the emergency funds of the SolPAD Foundation.

The company also highlighted that they would not recover the funds. So they would compensate their IDO buyers in SolPAD, based on the remaining allocations of the remaining vested Luna Yield tokens.

By: Jenson Nuñez

The price that users must pay is changing due to the high demand for transactions. The payment of tips to miners and the burning of fees are still in a trial period.

The long-awaited London update of the Ethereum (ETH) network brought the EIP-1559. Although the improvement proposal sought to reduce the costs of transaction fees, it has had quite the opposite effect.

According to metrics from Bitinfocharts, the rates have not dropped since the activation of the hard fork on August 5^th. The average of the fees paid on the network was then USD 14.6. However, that number rose to around USD 21.7 ten days later.

The average fee on the Ethereum network is USD 11, above those in June or July. In those months, the costs of rates ranged from USD 2 to USD 9. The need to cut fees became more apparent in May when the average per transaction was nearly USD 70.

With the London hard fork came a new method of paying fees that would benefit users rather than miners in theory. The improvement takes into account two types of rates that traders must pay. The first is a base fee that burns before the inclusion of a transaction in the block. The second is a tip or amount that the user must give to miners as a priority rate.

Although the burning of fees is taking place, traders are paying higher prices. They do this to ensure that the processing of their transactions is as fast as possible. Some Ethereum blocks have already become deflationary due to the burning of ETH, another future goal of the EIP-1559 upgrade. However, users have yet to see improvements in rates.

The second cryptocurrency on the market is trading at around USD 3,252.96 and has grown by 0.5% in the last 24 hours. Besides, it has accumulated a market capitalization of more than USD 380 billion, according to CoinGecko.

The Rise of NFTs Is Affecting the Ethereum Network

A significant increase in the number of transactions has contributed to what is happening on the Ethereum network. There is congestion on the smart-contract blockchain due to the rise of non-fungible tokens (NFTs) and the markets that trade those assets.

Figures from Dappradar indicate that the NFT market OpenSea shows an increase of 18% in the number of transactions. Other platforms that have seen increases in operations are Rarible and SuperRare.

According to Etherscan, the Ethereum network currently records around 1.2 million transactions every 24 hours. That represents an average of nearly 14 operations per second registered on the blockchain at the moment.

Another aspect to consider is the way decentralized finance applications (DeFi) are using the network. The amount of blocked funds is increasingly close to reaching its all-time high.

Metrics from DeFi Pulse indicate that around USD 74 billion is at risk. In May, the figure reached USD 87 billion. That proves that DeFi activity is on the rise again in the markets.

By Alexander Salazar

US State Department Promoted its Cryptocurrency Rewards Program to Hackers

The US government promoted its rewards program that pays cryptocurrencies to informants about malicious cyber activities, and other informatic crimes at a hacker conference.

The United States Department of State is now promoting to hackers its reward program that pays with cryptocurrencies in exchange for vital information to fight against malicious cyber activities that would harm the nation’s critical infrastructure.

An advertisement for the program came to light at the famous Black Hat conference, which brings together hackers and other cybersecurity personalities. The CNN news outlet reported that government agency officials revealed the proposal during the event that took place in Las Vegas last week.

Through an open Wi-Fi network called #Rewardsnotransoms (Rewards, not ransoms), conference attendees gained access to a web page with informative data regarding the new rewards initiative. The State Department also brought T-shirts and flyers during the convention, according to the report.

This measure would represent the first time the US government has promoted its rewards program to a specific audience. The reason is that, for the first time, the almost four-decade program, Rewards for Justice or Rewards for Justice (RFJ), would include in its policies the chance for informants to report anonymously and receive payments in digital currencies as a reward for their contributions.

Cryptocurrency Rewards

The measure came from the government agency last month. The US Department of State’s RFJ program, which is run by the Diplomatic Security Service, indicated that Dark Web whistleblowers can now receive up to $ 10 million in cryptocurrencies in exchange for vital information about cryptocurrencies, and hackers who seem to be threats to the American country.

To accomplish this goal, the office opened a new dark web-tip reporting channel that intends to create a protective barrier and grant the safety of potential sources. The program will pay for the identification or location of any person who, while acting under the direction or control of a foreign government, engages in malicious cyber activities, crimes, and filtrations against critical US infrastructure.

The RFJ program has been active since 1984 and had paid more than $ 150 million in cash and wire transfers for information related to terrorist financing and weapons of mass destruction. Now, the program would include cryptocurrencies for the first time to attract communities in cyberspace. This inclusion would help to tackle the ransomware attacks issue.

Strategy Against Ransomware Attacks

The new State Department program initiative is part of a series of other measures taken by the administration of US President Joe Biden to shore up cybersecurity in the country.

The US government intended to expand cryptocurrency analytics as part of a strategy. Biden administration wants to fight against ransomware attacks. The measures came right after the United States of America got hit by two large ransomware attacks.

In May, a ransomware group stole more than $90 million from a US gas pipeline company called Colonial Pipeline. A month later, JBS meat processing plants in the US received another massive attack by ransomware hackers. The company eventually paid a ransom estimated at $ 11 million to the hackers.

By: Jenson Nuñez

In the last two weeks, there has been a 15% rebound. The medium-term outlook keeps being bullish, according to the analyst.

Two weeks after his market bulletin, the popular analyst Willy Woo highlighted that the collection of bitcoin, by both short-term and long-term investors, is still going on.

Corporate treasuries have also continued the bitcoin purchase. Now capital parked in the form of stablecoins is flowing and being turned into bitcoin. The outlook in the medium term (in about three months) is bullish, according to Woo.

Bitcoin is currently consolidating below $ 50,000, according to the analyst. Once this procedure achieves its completion,  there would be a continuation of the uptrend.

The analyst also focuses on the moves of retail investors and states in his market bulletin that, while holders with more than 100 BTC tend to switch from a tactic purchase to a sell tone, retailers, those with less than 1 BTC, show up as buyers on an ongoing basis.

Bitcoin bear markets happen when retailers stop acquiring currencies. At this time, purchases would follow a very exponential curve, which strongly relates to the middle phase of a bull market.

Corporate Treasuries keep Collecting BTC

Willy Woo summarizes the evolution of the BTC held in corporations) as part of their treasury reserve (182,000 BTC). It also adds the BTC that corresponds to the bitcoin ETFs, which sums up at least 682,000 BTC. The total held BTC is at least 864,000 BTC institutionally.

Woo also highlights that the BTC held by corporations shows an indirect way of gaining way more exposure to bitcoin through the stocks of said companies. The tendency also awakes the curiosity of corporations, which keep showing an increased interest in acquired BTC, even in recent months of downward price action.

All Holder Segments Have Been Purchasing BTC

In the case of whales, those holders with more than 1,000 BTC and with more than 10,000 BTC (mustard) had shown considerable growth recently, even despite the correction.

In these two segments, there was a decrease in the retained BTC at the beginning of the year due to possible profit-taking right after the price approached its historical maximum.

Holders with 100-1,000 BTC purchased at a time when the price was peaking towards its maximum, and they have held up so far with very few sales.

On the other hand, retail investors with less than 1 BTC are those who have kept acquiring BTC on a sustained basis, as pointed out above by Woo. These trends, according to Woo,  range from mildly bullish to “macro” bullish.

Stablecoins serve as a resource to fight against volatility. After the bitcoin correction, part of the capital invested in this cryptocurrency helped to acquire more stablecoins. It happened pending a better buying opportunity. It is, according to Woo, a trend from moderately bullish to macro bullish.

By: Jenson Nuñez

The singer has been under the legal custody of her father since 2008. Since then, she has not been free to handle his assets or his personal and work life.

Britney Spears’s current situation has acquired massive media coverage in recent years. New rumors have arisen about one of her measures to deal with her legal situation. The American singer, who is called a princess of world pop, would have used bitcoin (BTC) to “hide” purchases she made without the legal permission of her guardian, her father James Spears, in 2014.

The trigger for the conflict that affects the singer today was the mental breakdown she suffered in 2008. At that time, her decayed picture with her head shaved, constant attacks against paparazzi, and the loss of custody of her children before her ex-husband Kevin Federline generated controversy on the front page of all the tabloids and media outlets.

These problems led to a court decision allowing her father to take over the custody of his daughter along with the family lawyer, Andrew Wallet.

The pop star no longer has control over her career, income, or even life decisions, such as getting married. Likewise, she could not receive or spend money, sign work commitments, or acquire property or real estate without allowance from her guardians, among many other obstacles.

Britney has been struggling with these issues for years without making it known to the public. However, when the conflict came to light, she received massive support from her fans on social networks, and it was only in 2020 that she gained the possibility to defend herself to find an end to her father’s custody.

Bitcoin is Always an Alternative

As a kind of escape from the world of limitations in which the singer currently lives, a very young cryptocurrency at that time would have appeared in 2014. According to the Britney’s Gram podcast, the singer would have made purchases with cryptocurrency to acquire things, although what she would have bought and how she did it remains unclear.

Bitcoin has proved to be a spectacular tool for women in vulnerable situations. Thanks to this cryptocurrency, these people can bring more safety to their money and assure their financial independence.

Free Britney is the Slogan that Defines the Fight for Her Freedom

Britney Spears has lost total autonomy over her life in the last decade. The Free Britney movement came to action in response to the situation the artist is facing. Many musicians and film stars joined him, such as Cher, Miley Cyrus, and even Christina Aguilera.

This organization of people argues that James Spears used his daughter to increase his profit, taking advantage of her shows and fights for the singer’s freedom. The man, meanwhile, assures that it was thanks to the guidance that the singer was able to continue giving concerts and finalizing other advertising agreements.

By: Jenson Nuñez

The Foundation managed to establish a three-year budget for the project. Vitalik Buterin has been favorable in linking Dogecoin with Ethereum.

2021 appears to be a magical year that would cause the rise of the meme-based cryptocurrency, dogecoin (DOGE) with the revival of the Dogecoin Foundation.

Through a statement published on its website, the Foundation revealed the start of this organization aiming at innovative focus on supporting the ecosystem, the community, and promoting the future of the Dogecoin blockchain.

The primary goal of the Foundation is to quicken the development of the cryptocurrency with support from developers who will work full time. As well as with sponsors and new contributors who can make their contribution to the project.

The team also explained that they hope to create way more expansion in the Dogecoin ecosystem. They also reported that, in the coming weeks, they would reveal a series of new projects that will complement the current Core Wallet to permit faster integration and easier APIs for financial, social, and even charitable projects for those who wish to use Dogecoin.

The group also paves the way for the adoption and global use of cryptocurrencies. The group intends to focus on projects that would increase the acceptance of Dogecoin.

The Dogecoin Foundation is a non-profit organization created in 2014 to bring support to the cryptocurrency through development and promotion and uphold the Dogecoin trademark to prevent abuses and fraudulent behaviors.

The Dogecoin Foundation and the Project

The Dogecoin Foundation lost relevance when Jackson Palmer, the creator of Dogecoin chose to retire from the development team back in 2015. He alleged on the matter that the community was toxic. The retirement might have caused the currency to lag in terms of technical updates compared to other cryptocurrencies on the market like Bitcoin.

At the time, Billy Markus, the additional leader behind the project, also took distance from the project. This action left the cryptocurrency on some hiatus.

Six years later, the Foundation faced a reactivation by hiring a brand new staff of directors, with Gary Lachance, Jens Wiechers, Michi Lumin, Ross Nicoll, and Timothy Stebbing. Markus plays the role of Community and Meme Advisor and Max Keller as Dogecoin Core Developer and Technical Advisor.

Advisors for the Dogecoin Foundation

One of the announcements that garnered the most attention is the addition of Ethereum co-creator Vitalik Buterin. Buterin highlighted in a podcast in June that, if dogecoin somehow desires to link with Ethereum and this allows people to trade dogecoin thousands of times.

Another personality who now takes part in the advisers is Jared Birchall, who also serves as legal and financial advisor to billionaire Elon Musk. Musk has been serving as a collaborator for the initiative since 2019, according to a developer of the project.

By: Jenson Nuñez