How a Chilean Lost His Cryptocurrency Savings: Lessons Learned

A Chilean resident lost 2 Ether (ETH) because the security of his cryptocurrency wallet was breached. The hacker used a malicious program to install itself on the user’s computer and steal his wallet information. This incident highlights the importance of computer security and how users can protect themselves from malware attacks.

Recently, a Chilean reported to the authorities of his country that in an inexplicable way for him, his cryptocurrency wallet was emptied. The user from Chile did not understand how the security of his cryptocurrency wallet was breached.

After he reported the event, the cybercrime police in his country made inquiries and found how his cryptocurrencies were stolen. It was not the most sophisticated attack vector in the industry, but it could be said that it is the one that generates the most victims.

This is How the Security of the Chilean Resident’s Cryptocurrency Wallet Was Breached

According to BioBioChile, the unidentified Chilean user had some 2 Ether (ETH) stolen from his cryptocurrency wallet, equivalent to about 3,700 USD and about 4 million Chilean pesos. When he realized what had happened, he reported it to the Investigative Police (PDI) and the Metropolitan Cybercrime Brigade began investigating.

The Brigade determined that the user unknowingly installed a malicious program on his computer and used his Ledger cold wallet on that computer. Once the computer got infected, the program collected all the information from his wallet, sent it to the hacker who created the program, and his ETHs were drained.

In many ways, a careless user could inadvertently install malware. Even in the case of Ledger, there was a leak of user emails, so now they receive false emails with infected updates. Therefore, any neglect of computer security of a computer may imply the theft of cryptocurrencies, as was the case of the user in Chile.

How Was It Detected that a Foreigner Had Stolen the Chilean’s Cryptocurrencies?

The same police unit managed to detect the profile of the hacker who violated the security of the Chilean user’s cryptocurrency wallet. To achieve this, the inspector of the Cybercrime Brigade, Víctor Celis explained the following to the outlet:

“Police were able to identify the perpetrator of a crime by tracking cryptocurrency transactions. They followed the transfers between different wallets until they found one that belonged to a 28-year-old Vietnamese citizen.

Due to the distance between the victim and the thief, it is doubtful that the user from Chile can recover his cryptocurrencies, although Interpol itself is investigating the case. Certainly, the trace will continue in Ethereum forever and can be observed from any block explorer.

Lessons to Learn from this Cryptocurrency Theft

Based on the Chilean’s experience, cryptocurrency users would do well to learn how to improve their computer security.

The first thing is to be quite suspicious of everything related to the Internet. Another point is to avoid pirated programs and files from dubious sources.

In addition, it is ideal to avoid computers in public spaces, since if anyone can access that computer, they can install any malware.

Finally, be very careful when trading cryptocurrencies. Most of the attacks are phishing, where the programs inadvertently change the delivery address of the cryptocurrencies.

It is always necessary to be aware of the security of computers to avoid the theft of information, money, or cryptocurrencies, as happened to the user in Chile.

By Audy Castaneda

BlackRock Faces Setback After Adding Former Oil Executive to Board

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BlackRock’s decision to appoint a former oil executive to its board has drawn criticism, given its apparent focus on ESG standards. Amin Nasser, former head of Saudi Aramco, one of the world’s largest oil companies, joins BlackRock as an independent director. The appointment and criticism come at a sensitive time as BlackRock awaits a decision from regulators on its Bitcoin ETF application.

Asset manager BlackRock’s decision to add a former oil executive to its board has drawn widespread criticism in the global media. Much of this plays into the asset manager’s supposed emphasis on environmental, social, and governance (ESG) standards.

On Monday, BlackRock announced that it had appointed Amin Nasser as an independent director, effective immediately. BlackRock announced the move in recognition of the role of the Middle East in its long-term strategy.

Many experts and publications are wondering how socially conscious BlackRock can justify its decision.

Nasser Has Developed His Career in The Oil Industry

Nasser joins the company from Saudi Aramco. The world’s largest oil company, with a market capitalization of $2.084 trillion. The 65-year-old Saudi national will start his first job in finance after a long career solely in the oil sector.

Saudi Aramco is estimated to be the world’s largest single emitter of greenhouse gases, responsible for more than 4% of the world’s greenhouse gas emissions since 1965.

UNCS News tweeted on July 20 that “BlackRock, the leading global asset manager, has named Amin Nasser, the CEO of Saudi Aramco, as an independent director. BlackRock plans to invest in #FossilFuel companies while simultaneously urging them to embrace energy transition strategies.”

The company is also wholly state-owned by the Saudi national government, one of the most oppressive regimes in the world. The firm is a critical national asset for the Kingdom. Saudi Arabia uses Aramco’s oil wealth to influence the global stage.

“Dramatic Change” Spotlighted in BlackRock Corporate Philosophy

Last year, the company posted record profits of $161.1 billion. Figures that were boosted by the increase in world energy prices.

BlackRock CEO Larry Fink highlighted Nasser’s “leadership experience, understanding of the global energy industry, and the drivers of shifting toward a low-carbon economy.”

Some see the appointment as a dramatic change in BlackRock’s corporate philosophy. Prior to this week, Larry Fink and his colleagues were at the forefront of global companies adopting ESG standards.

As Western politics has become increasingly focused on social issues, top management has, in turn, become a bigger fan of “stakeholder capitalism,” a type of capitalism that looks beyond the boardroom and the bottom line by assessing its global impact. However, critics say it’s another way companies have become subservient to social justice activists.

BlackRock Gets Defensive

Jeff Sonnenfeld, senior associate dean for leadership studies at the Yale School of Management, told CNBC on Tuesday that Nasser’s appointment would “erase” BlackRock’s image at ESG. Such feelings are widespread.

Ulf Erlandsson, executive director of the Anthropocene Fixed Income Institute, told Bloomberg that the appointment “raises an interesting question.”

BlackRock’s latest hiring may be a defensive move to convince conservatives that the world’s largest asset manager hasn’t “woken up.”

Soon after he turned over the paperwork to the SEC, other companies followed suit, including Invesco, Wisdom Tree, Bitwise, and Fidelity. Their app is currently under review, with much of the crypto industry and the world watching.

By Audy Castaneda

Metaverse Weekly Recap: Top Five Shocking Events

In the dynamic and ever-evolving Metaverse, this week has been filled with significant developments that promise to change the way people interact with VR.

From Meta’s introduction of a new model of artificial intelligence, to efforts by the World Economic Forum to make the Metaverse a safer and more reliable space than today’s internet, there are a number of dynamics to consider when it comes to virtual reality.

Meanwhile, Siemens is making a massive investment in the industrial Metaverse, and UK lawmakers are considering applying online security law to the Metaverse.

Finally, Upland and FIFA are bringing the excitement of the FIFA Women’s World Cup 2023 to the Metaverse. These are just some of the highlights of the week in the Metaverse, an attestation to the rapid advancement and growing importance of this digital space.

Meta Introduces Llama 2, the ChatGPT Competitor with the Potential to Transform Artificial Intelligence

Meta has released Llama 2, an artificial intelligence model that promises to revolutionize the way we interact with technology. This new AI model aims to improve conversation and interaction with users, offering more precise and contextually relevant answers, according to a recent publication by Metaverso247.

“We are releasing Llama 2, the next generation Large Language Model, open source from Meta. Available free of charge for research and commercial use,” as announced by Mark Zuckerberg

Meta owner added that Llama 2 represents “the next generation of our great open language model.” trained with 40% more data than its predecessor.

World Economic Forum Aims to Overcome Internet Reliability with the Metaverse

The World Economic Forum is working on a project to make the Metaverse more reliable than the current Internet. The goal is to create a secure and trusted digital environment where users can interact and transact without fear of hacking or data theft.

The World Economic Forum initiative, known as Define and Build the Metaverse, is dedicated to collaborating with diverse stakeholders to address the risks associated with future immersive environments, while fostering a thriving online economy.

Siemens Injects Millions into Industrial Metaverse Project

Siemens is investing €1 billion in developing the industrial Metaverse. The company hopes that this project will boost innovation in Germany and establish a technology campus in Erlangen for research and development in the area of ​​the industrial Metaverse.

“This investment is a clear signal for Germany as a place of innovation and production. The modern manufacturing facility being built in Erlangen is a good example of how our economy is moving towards a climate-neutral future, as a strong industrial country with good, sustainable jobs,” German Chancellor Olaf Scholz said.

UK Lawmakers Debate Extension of Online Security Law to the Metaverse

UK lawmakers are debating whether the online safety bill should be extended to the Metaverse. Lawmakers are actively considering including the metaverse in the online safety bill to protect children and vulnerable people.

The bill’s progress in the House of Lords and the ongoing dialogue surrounding it demonstrate the commitment of UK lawmakers to address emerging challenges in the digital realm.

Upland and FIFA Launch Metaverse Experience for Australia & New Zealand 2023 Women’s World Cup

Upland, a leading Metaverse Web3 application, is extending its partnership with FIFA to provide an immersive Web3 experience for soccer fans during the FIFA Women’s World Cup Australia & New Zealand 2023. Fans will be able to interact and celebrate the spirit of women’s soccer in this virtual realm.

By Audy Castaneda

Bitcoin: Institutional Investors Find a New Opportunity in BTC Accumulation

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Bitcoin trust premiums begin to rise, indicating institutional interest. Mining revenues continue to fall, which could lead to potential selling pressure.

The price of Bitcoin [BTC] has been constantly hovering around the $30,000 mark. However, the recent interest shown by institutions in BTC may have a positive influence on its price trajectory.

Institutions Show Interest in BTC

According to recent data from CryptoQuant’s Woominkyu, the optimism of institutional investors was made evident by the rising premium for Bitcoin trusts. The premium represents the difference between the market price of the trust and its net asset value (NAV), which indicates demand for the fund.

A Bitcoin trust is a financial product or investment vehicle that allows investors to gain exposure to Bitcoin price movements, without directly owning the cryptocurrency.

From January 2023 to the present, the Bitcoin trust premium grew steadily, signifying increasing investor enthusiasm to buy the fund, which in turn reflects a positive outlook for Bitcoin.

As the premium increased, the gap between the trust’s market price and the actual market price of Bitcoin narrowed down, further indicating the growing positivity among investors towards Bitcoin.

Growing faith in BTC was also evident through the increasing number of long-term holders of the king coin. According to Glassnode data, a substantial 55% of the total Bitcoin supply has been sitting still for at least two years.

Furthermore, after looking at the realized PnL of BTC holders, it was noted that Bitcoin was no longer in a capitulation period. This indicated that market sentiment and behavior towards Bitcoin had moved from extreme fear and panic selling to a more stable and balanced state.

Capitulation is a term used to describe a situation where investors lose hope and sell their assets in a panic, causing prices to fall sharply. The absence of capitulation suggests a possible improvement in investor confidence and a possible change in the Bitcoin price trend.

On July 19, Will Clemente, co-founder of digital asset research firm Reflexivity Research, tweeted that “Bitcoin is no longer in a period of capitulation.”

Miners Will Need to See Green

There may be some selling pressure from miners that could lower the price of BTC in the future. Recent data indicated that the income generated by miners has decreased considerably in recent days. If this trend continues, miners may be forced to sell their assets to remain profitable.

Since reaching yearly highs last month, Bitcoin [BTC] has traded in a tight trading range of $30,000-$31,000. The stalling has dampened investor enthusiasm and raised questions about the sustainability of last month’s market surge, based on growing institutional interest in crypto assets.

However, this prolonged lull in trading activity could soon usher in a period of volatility. According to on-chain analytics firm Glassnode, BTC’s 14-day price range increased to 6.38% over the past week.

Glassnode underscored that with only around 5.6% of total trading hours recording a range narrower than this value, there was a chance of a big move for BTC in either direction in the coming days.

Until recently, Bitcoin was trading at $30,200. Over the last week, the number of addresses with BTC had increased. However, the speed of BTC had slowed down, which implied that the frequency with which BTC was traded had decreased.

By Marina Meza

Solana Achieves 100% Uptime in Q2 2023

The network’s improving metrics and groundbreaking innovations are testament to its growing strength and resilience in the decentralized Blockchain landscape.

The Solana network experienced a notable increase in performance during the first half of 2023, culminating in 100% uptime in the second quarter, as reported in the latest crypto network performance report published by the Solana Foundation.

Yesterday, Solana Foundation tweeted that its performance “has improved through H1 2023, as measured by uptime, the ratio of non-voting-to-voting transactions, & more.”

Solana, known for its speed, efficiency, and composability, has become a major player in the Blockchain ecosystem. Dan Albert, executive director of the Solana Foundation, noted the following:

“The ecosystem is resilient and Solana’s dedication to innovation is contributing to exciting developments on several fronts, including DeFi, NFT, network infrastructure, decentralized physical infrastructure and more.”

The Solana Foundation’s updated report highlights a number of performance improvements in the first half of 2023, as measured by several key metrics. These include the ratio of non-voted transactions to voted transactions, block production time, as well as average and maximum transactions per second. In particular, the 100% network uptime in Q2 demonstrates the platform’s robustness and stability.

Decentralization as the Main Development of the Solana Network

Solana’s continued decentralization is another area of ​​focus for the foundation. The network continues to be operated by a diverse group of 1,850 independent validators from around the world, with 925 RPC nodes supporting its infrastructure.

The Nakamoto coefficient, a measure of decentralization, sits at an impressive 33. Additionally, a large community of 2,053 open source developers actively building applications on Solana demonstrates the broad adoption of the platform.

In this regard, Albert commented that “the first half of 2023 presented a number of challenges for the network, but the network has performed very well.”

Solana Stability and Reliability Issues to Address in the Crypto World

The foundation addressed stability and reliability issues by rolling out several improvements to the core network software update process after a brief outage on February 25. Such improvements have included involving third-party developers and reviewers in the release process and refining the server restart process.

Since then, the network has maintained 100% uptime and has successfully transitioned from version 1.14 of the network to the mainnet. Among these enhancements, Solana also introduced groundbreaking innovations that redefined what the platform could do.

State Compression, for example, allows data to be stored directly on-chain, significantly reducing costs and unlocking new use cases that were previously unachievable. As a result, minting 100 million NFTs on Solana now costs just 50 SOL, making it one of the most profitable solutions for NFTs.

The Solana network success story is still far from over, with more advancements on the horizon. The platform, which continues to scale and evolve, is poised to further cement its position as the leading decentralized Blockchain in the smart contract industry. With a solid foundation, Solana seems ready to move forward and shape the future of decentralized technology.

Before making any financial decisions, though, investors should consider doing their own research.

By Audy Castaneda

Terraform Labs Seeks FTX Summons as It Fights SEC Lawsuit

Terraform Labs expects FTX Trading Ltd. to receive subpoenas in connection with an ongoing court case from the SEC, which sued Terraform and its former CEO in February for alleged fraud that led to the Terra/Luna token collapse.

Terraform Labs, the firm behind the 2022 Terra/Luna crash, is asking the US Bankruptcy Court to serve subpoenas on FTX Trading Ltd. Terraform believes the downed exchange possesses documents relevant to its own court battle with the Securities and Exchange Commission (SEC).

Gary Gensler’s SEC has set its sights on Terraform Labs and former CEO, Do Kwon. The agency accuses them of engaging in fraudulent activities and market manipulation that ultimately led to the collapse of the Terra/Luna tokens. The resulting domino effect wiped $40 billion out of the crypto markets.

SEC Sued Terraform Labs in February

However, the firm claims that the decoupling of Terra USD (UST) was ultimately not its fault. Instead, it happened because third parties deliberately attacked the stablecoin in a “short hack,” a coordinated attempt by investors or traders to lower the price of a financial asset. In this case, the TerraUSD (UST) and Luna de Terra tokens.

To prove the case, Terraform Labs requests FTX to release Jump Trading wallets displaying its UST and LUNA trades between May 1-31, 2021 and May 1-31, 2022. It also requests that FTX provide short seller accounts and wallets from March 1 to May 31, 2022.

Terraform Labs’ court filing outlines several charges:

“Large holders of UST executed the short across multiple exchanges, wallets/accounts, and assets, including trading native Terra assets (UST, LUNA, MIR, mAssets, and ANC) for non-native assets (BTC, USDT, USDC, etc.). The hack catalyzed massive asset withdrawals from the protocols developed by [Terraform Labs] and flooded FTX and other markets with sell/offer orders.”

The text continues as follows:

“To establish these defenses, [Terraform Labs] needs the Debtors’ records of wallets, accounts, and assets used to transact on the FTX International and US exchanges and sales/offers of large volumes of cryptocurrencies developed by TFL, if any, by FTX Trading and West Realm Shires Services Inc. d/b/a FTX US. This evidence is in the Debtors’ possession, custody, and/or control.”

As it may be recalled, on February 16, the SEC filed a lawsuit against Terraform Labs and its founder, Do Kwon, for allegedly “orchestrating a multi-billion-dollar crypto asset fraud.” According to the regulator, Terraform Labs was offering unregistered securities in the form of its failed algorithmic stablecoin TerraUSD (UST) and the Terra Luna (LUNA) token. Terraforms’ bankruptcy in 2022 caused a loss of more than $40 billion in the cryptocurrency markets.

Publication of the Documents is Crucial, Argues Terraform

According to the court filing, Terraform Labs says it believes there is good cause to grant the requested relief, as the information is vital to its defense. Not including your evidence would substantially damage your case, the firm claims. Terraform Lab’s trial with the SEC will begin on November 30. The subpoena request comes the same week that Terraform Labs revealed its new interim CEO.

Chris Amani, who previously served jointly as the company’s chief operating officer and chief financial officer, has said he has a vision to turn the company around. However, in an interview with the Wall Street Journal this week, few details were given.

By Audy Castaneda