Poly Network shares with the hacker the vision of building a more solid system. They asked users to be more patient while they develop all the needed updates.

The decentralized finance protocol (DeFi), Poly Network, after the hacking attack it suffered on its platform on August 10, now expresses interest in recruiting the attacker nicknamed Mr. White Hat to join the company in its efforts to create a more secure environment.

Poly Network reports that it has been sustaining constant communication with the attacker, who even received an invitation to become a “Senior Security Advisor” as a way of appreciation and to continue to help advance the security on the platform.

The company stated that it hopes to use the experience of Mr. White Hat as a part of the team to accomplish the future development of Poly Network since they believe they share with the hacker the idea of developing a robust system, according to a published statement on August 17.

Although the hacker has not yet answered the entity’s offer, they assure that Mr. White Hat has sustained conversations with the DeFi security team. The hacker has expressed his concerns about the security that covers up the platform.

In this sense, Poly Network said they intend to bring more security. They also want to present a more robust and prepared system to work on the recovery and renewal of the protocol.

Poly Network that the update of the platform could not happen overnight. In turn, they explained that they would guarantee the safety of user assets to “return them as soon as possible.”

Poly Network Does Not Want to Report the Hacker

Poly Network clarified in their publication that there would not be filed charges against Mr. White Hat, as they trust that he will return the total control of the assets to the platform and its users.

Poly Network also expressed how grateful the company is for Mr. White Hat’s collaboration to security improvements despite misunderstandings during their conversations. Poly Network assured they can sympathize with Mr. White Hat’s vision for DeFi and the world of cryptocurrencies, which is in line with Poly Network’s ambitions from the beginning.

The Professional Relationship between Poly Network and Mr. White Hat

The DeFi develops protocols for the operation of multiple blockchains, Poly Network, faced serious violations days ago by Mr. White Hat, who stole USD 600 million in cryptocurrencies and tokens. This crime would be one of the worst events for decentralized finance platforms.

The network received a series of attacks on Binance Smart Chain, Ethereum, and Polygon. Poly Network made the situation public through its Twitter account. The organization suggested all exchanges and miners place the involved tokens on a blacklist to fight back, and counter the attack.

After 48 hours of disrupting the smart contracts and draining the funds, the hacker returned a big part of the digital assets to a multi-signature wallet provided by the platform. The attacker rejected a reward for at least USD 500 thousand that the platform had offered.

By: Jenson Nuñez

On this occasion, the price of Bitcoin still does not exceed USD 1 trillion, unlike in April. In a month, most altcoins have outperformed BTC, which has risen by 47%.

The cryptocurrency market once again exceeds USD 2 trillion in accumulated value with the recovery of Bitcoin and leading altcoins. The May crash had led them to lose that level.

The value of all cryptocurrencies in circulation is equivalent to USD 2.087 trillion, according to CoinGecko. That figure is particularly prominent as the price of the first cryptocurrency on the market has not yet returned above USD 1 trillion.

Bitcoin currently has a market capitalization of around USD 880 billion. The price of the pioneering cryptocurrency is far from its peak in April when it approached USD 1.19 trillion.

However, the market returned to the USD 2 trillion level with the recovery of BTC and the rise of leading altcoins. The BTC rally has dominated the market in the last three months, but other cryptocurrencies have done the same in a shorter period.

The top 10 cryptocurrencies by capitalization have increased up to 81% in the last week, as with Solana (SOL). Regarding Cardano (ADA) and Ripple’s XRP, they have risen by more than 40% in that period.

Just a handful of cryptocurrencies accounts for most of the market value, although there are around 9,000 of them in circulation. The momentum of Bitcoin and leading altcoins is enough for the total value to skyrocket.

During the Bitcoin Season, Altcoins Improve their Performance

According to the Altcoin Seasonal Index provided by Blockchain Center, around 80% of the top 50 cryptocurrencies have outperformed BTC. That has happened even though the pioneering cryptocurrency has seen a 47.5% increase in the last 30 days.

In other words, the other cryptocurrencies have largely dominated the market for at least the last month. However, those spikes usually coincide with the positive momentum that Bitcoin is experiencing. All of the top 50 cryptocurrencies have been green for a month.

From that list, SOL and the Axie Infinity (AXS) governance token are more prominent than the rest of the altcoins. In the case of AXS, its price has risen by more than 1,500% in the last three months. Besides, it has accumulated a total market capitalization of more than USD 4.5 billion.

The Price of Bitcoin Is Approaching USD 50,000

The price of Bitcoin is currently holding support above USD 42,000 and could face resistance near USD 50,000. The short-term upward trend remains intact despite several overbought pullbacks.

In recent days, the value of Bitcoin saw an increase to USD 48,000 and pulled back at that level. However, the first cryptocurrency on the market has already managed to recover from all its losses.

Given the favorable conditions, it is only a matter of time before the next bullish move starts. The pioneering cryptocurrency is trading around USD 45,200 and has dropped by 0.5% in the last week, according to CoinGecko.

By Willmen Blanco

Vice President Ulloa said that the country should not fall behind in the adoption of cryptocurrencies. The bill will be available to the public on September 15^th, during the bicentennial of the independence of El Salvador.

Nayib Bukele, president of El Salvador, has already prepared a draft of the new National Constitution of the Central American country. The leader wants that body of rules to establish cryptocurrencies or digital currencies as legal tender. However, he did not specify which ones the law will cover.

Vice President Félix Ulloa noted that the modification to the Constitution regarding digital currencies proposes using different ones from the physical ones. The government official said that the legislation of El Salvador must be ready amid the arrival of cryptocurrencies. He stressed that the country should not fall behind in adopting these assets, according to the website of Salvadoran newspaper La Prensa Gráfica.

The draft law is not yet available to the public, and the vice president has only given some details to various agencies. President Nayib Bukele will introduce the entire document to the Legislative Assembly on September 15^th, during the bicentennial of the independence of El Salvador.

The government recently submitted the bill to foreign diplomatic delegations in El Salvador. Soon, they will also bring it before non-governmental organizations in the country.

The draft of the new Salvadoran Constitution also covers issues related to the functioning of the State. It will include aspects such as the duration of the presidential term, which will be longer, and the replacement of the Supreme Electoral Tribunal.

Bitcoin Will Be the Virtual Currency of El Salvador

On September 7^th, Bitcoin (BTC) will become legal tender at par with the US dollar in El Salvador. That will occur after the Legislative Assembly approved the bill of President Bukele on June 9^th. Then, the main legislative body of the country said 62 of the 84 deputies voted in favor.

There have been many diverse discussions and opinions as a result of this decision of the Salvadoran government. The Bank of America stated that this adoption of the first cryptocurrency would improve the economy of that Central American country. They believe that there will be progress in digitizing, sending, and receiving remittances, besides opening to foreign trade.

However, other financial institutions say it is an inconvenient alternative. For example, JP Morgan Bank maintains that a lack of liquidity of Bitcoin would not benefit the Salvadoran economy. Besides, the president of the IDB, Mauricio Claver-Carone, considers that adopting the cryptocurrency as legal tender will not help strengthen the economy.

The Financial Action Task Force (FATF) stated that international regulators could frame Bitcoin. Meanwhile, the Salvadoran population still has many doubts about this technology, despite its progress in legislative bodies.

The International Monetary Fund (IMF) commented that Bitcoin could have disastrous consequences for countries that adopt it as a national currency. Although their position on the matter is official, they did not mention any particular country.

By Alexander Salazar

The president of the Central Bank of Afghanistan, among other government authorities, escaped from Afghanistan. Colombian bitcoiner Juan Rodríguez recommends learning more about Bitcoin and using it as money or a store of value.

The Taliban recently seized Kabul, the capital of Afghanistan, bringing down President Ashraf Ahmadzai. That situation led to chaos in that Asian Muslim nation.

Local media reported that hundreds of residents of the Afghan capital immediately went to banks to withdraw money from their accounts. Many of them were looking to take the cash to leave the country.

The massive influx of people to financial institutions caused delays, congestion, and long lines. According to social networks, some users have not yet withdrawn their money due to that situation.

A police officer said he went to withdraw his funds as the Government was not solving his problems. He noted that people had stayed at the bank from 6:00 a.m., but nobody attended to them.

Foreign exchange markets also panicked after the price of Afghan fiat currency fell dramatically.

Ajmal Ahmady, president of the Central Bank of Afghanistan, left the country alongside President Ahmadzai and other government officials. He said he held meetings to reassure banks and exchanges a day before the fall of Kabul.

That highlighted the problems with the lack of portability of fiat money, which States issue and impose.

People Should Not Wait for that to Happen in Their Countries

Contrary to national fiat currencies, proponents of Bitcoin (BTC) propose using that cryptocurrency to fix the lack of portability. Colombian bitcoiner Juan Rodríguez recommends seeing the crypto asset as an investment, a savings method, and money.

Rodríguez explains that many Afghans trying to leave their country will have to start all over again wherever they go. If they used Bitcoin, they would only need to memorize 12 words to move their money from any place.

The Colombian YouTuber mentioned the case of Argentina, which suffered the so-called corralito at the end of 2001. For months, account holders could not withdraw all of their bank deposits in cash.

In the case of Venezuela, many people who decided to emigrate due to the country’s situation were victims of theft or lost their money. Additionally, the Government at some point said that nobody could take their cash abroad.

That communicator recommends preparing before that happens by learning more about Bitcoin and using it as money or a store of value. He highlights that people should not wait for the country’s situation to force them to handle the cryptocurrency.

Bitcoin Could Solve Problems Like That of Afghanistan

Several Twitter users hinted that the cryptocurrency would have completely solved the problems of the Asian country. Some even believe that Bitcoin could have prevented the terrible situation that the Asian nation is going through.

Supporters of other cryptocurrencies, such as Ether, dared to say that their favorite blockchains would prevent the triumph of the Taliban. Twitter user @ptonerdoteth wrote that people could make transaction decisions from abroad through a DAO. That means that banks would not stop working for a second.

Renowned bitcoiner Max Kaiser compared a group of Afghans trying to get on a moving plane to non-coiners. He stated that those people who reject Bitcoin might want to have BTC when it is worth more than USD 100,000.

By Alexander Salazar

According to Chainalysis, Dogecoin went from being a vulgar joke meme to becoming one of the most famous cryptocurrencies. The DOGE blockchain has reached an unprecedented amount of more than 150,000 daily active users in 2021.

According to the most recent Chainalysis report, released on August 13, the number of investors that showed interest in Dogecoin (DOGE) has risen to unbelievable levels, not experienced since the 2017 bull market.

The data gathered by the blockchain analysis firm shows that the level of participation of this platform in the market offer went from 9% in July 2020 to 25% in August 2021. This percentage is a figure that represents the increasing number of users in just one single year.

The report is the first of its class that Chainalysis releases about Dogecoin, after having announced, this week, its choice to include the cryptocurrency in the market studies it delivers to its clients, based on data gathered by the company.

According to the company, Dogecoin has gone from being a simple joke meme to becoming one of the most famous currencies out there on the market, moving large volumes in transactions, especially this year.

His calculations estimate that about 4 million dogecoin holders are on-chain (outside of exchanges and custodial services), with an average of 32,000 daily active users so far in 2021.

DOGE has become the new currency most frequently asked by our clients in the public and private sectors which shares a desire to upgrade their compliance when dealing with this new asset. The study brings back the history of Dogecoin, created in late 2013 from the meme of a Shiba Inu dog named Kabosu.

The most relevant increase in the number of investors started in 2020 but reached new highs throughout 2021. An increase that began to attract media attention in January at the hands of the billionaire owner of Tesla, Elon Musk, and users of Reddit, who helped raise the price.

The figures also show that users who purchased dogecoins in the past six months now would own 25% of the offering. While those users who have held the cryptocurrency for more than two years reduce their participation, going from 30% in July 2020 to 20% today.

The DOGE Blockchain

The Chainalysis report also clarified that despite the steady increase in the number of investors the platform still possessed a high concentration. This feature is a point that Coin Metrics analysts Elon Musk, and even Binance CEO Changpeng Zhao highlighted last February.

At least 82% of the offer of the crypto active are in hands of 535 entities (about 106,000 million of the total of 130,000 million of DOGE). Each entity owns more than 10 million dogecoins.

A minimum number of entities, according to the Chainalysis study, are made up mainly of retail exchanges or first investors that have the particularity of making few withdrawals on the blockchain.

By: Jenson Nuñez