Category Archives: Cryptocurrency

Bitcoin's market dominance dipped 0.07 percent to 41.75 percent and the currency was trading at $38,033.97 today. (Representative image)

The global cryptocurrency market capitalisationrose4.66percent over the last 24 hours to $1.75 trillion, while the trading volumes were up 15.08percent to $63.86billion.

While decentralised finance (DeFi) accounted for 15.58 percent of the 24-hourcryptocurrencytrading volume at $9.95billion, stablecoins 78.02percent of at $49.83 billion. Bitcoin's market dominancedipped 0.32percent to 41.52 percent and the currency was trading at $38,340.42 in the morning on February 1.

Finance Minister Nirmala Sitharaman will present the Union Budget 2022 during the day and it would be closely watched for any announcements or signals on the government's stance on cryptocurrenciesthat have been gaining popularity but continue to operate in a grey area.

In rupee terms,Bitcoinrose 1.85percent to trade at Rs30,39,615, while Ethereumrose 4.2percent to Rs 2,13,849.6.

Cardanorose 0.9percent to Rs 82.99 and Avalanche 4.43percent to Rs 5,534.6. Polkadot gained 6.33percent to Rs 1,525.79and Litecoin was up 0.87percent to Rs 8,636.15 in the last 24 hours. Tetherdipped 1.6percent to Rs79.5

Memecoin SHIBrose 2.29percent, while Dogecoinrose 1.02percent to trade at Rs 11.22. Terra (LUNA)increasedby13.68percent to Rs4,073.4

JP Morgan analysts have said that Bitcoin will struggle to get institutional adoption because of its volatility, while Ethereum will face more competition from rival blockchains.

In a note for investors, analysts at the New York City-based bank said that they saw "significant challenges" going forward for the two biggest cryptocurrencies by market cap.

Cryptocurrency exchange FTX announced that it raised a $400 million Series C funding round, which now values the rising firm at $32 billion.

It's asignificant uptick in valuation from the last time FTX raised funds in October 2021, when it pulled in $420.69 million in a Series B-1 round at a valuation of $25 billion. Prior to that, FTX announced a $900 million Series B raise in July 2021 that was later revised to $1 billion, with a valuation of $18 billion.

January has been brutal for Bitcoin, with prices declining 20 percent since the start of the month but things have gone much worse for other cryptocurrencies in the top 15 by market capitalisation, specifically the "Ethereum killers."

In January, Solana has lost 42 percent of its value relative to the US dollar, Terra is down 40 percent, and Avalanche has been buried by a 36 percent drop. Lower down on the table, Algorand is worth 43 percent less since the start of the year. Cardano ticked down 20 percent, while Polkadot lost 27 percent.

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Cryptocurrency Prices Today : Ahead of Budget 2022, bitcoin, ethereum rise - Moneycontrol.com

Cryptocurrency exchange Coinbase Global Inc. says Shopify CEO Tobi Ltke will join its board of directors.

Cryptocurrency exchange Coinbase Global Inc. says Shopify CEO Tobi Ltke will join its board of directors.

Coinbase founder Brian Armstrong said in a release that Ltke brings experience as an entrepreneur, and as an early adopter of crypto including through Shopify's integration with Coinbase's crypto payment platform.

He says Ltke will help as Coinbase looks to expand crypto to more people and businesses globally.

Ltke said in a statement that Coinbase and Shopify share the like-minded vision of decentralized finance and entrepreneurship.

In 2020, Shopify also joined the Facebook-backed Diem (then called Libra) Association that was working on a global digital currency, though media reports last week said that the association was selling its assets.

Coinbase says the appointment is still subject to formal board approval.

This report by The Canadian Press was first published Jan. 31, 2022.

Companies in this story: (TSX:SHOP)

The Canadian Press

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Shopify CEO Tobi Ltke to join board of Coinbase cryptocurrency exchange - Coast Reporter

Officials said no one from the government, law enforcement, utility company, or prize promoter will ever tell you to pay them with cryptocurrency.

KENTUCKY, USA Federal officials are warning consumers that scammers are now asking people to pay with cryptocurrency and then using QR codes to steal their money and personal information.

The Federal Trade Commission said a scammer will call and say they work for the government, law enforcement, a local utility company, or even say you've won the lottery or a prize.

If you stay on the phone long enough, they'll ask you for money and request you go to a store with a cryptocurrency ATM. Once you're there, they'll tell you to put money into the ATM and buy cryptocurrency.

The FTC said the scammers will then send you a QR code with their address embedded in it. Once you scan the code, the cryptocurrency gets transferred to them and your money is gone.

"Nobody from the government, law enforcement, utility company, or prize promoter will ever tell you to pay them with cryptocurrency," the FTC said.

They warned consumers that any unexpected tweet, email, call or social media message -- especially from people you don't know -- asking you to pay them in advance for something, is a scam. "Every time," the agency said.

Kentucky Attorney General Daniel Cameron said to report the scammers to the state using the online scam report form. Reports can also be made directly to the FTC by filling out their form online.

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Cryptocurrency and QR code: Here's the latest trick scammers are using to steal your money, FTC warns - WHAS11.com

The rapidly growing cryptocurrency phenomenon is emerging as a key fundraising tool for nonprofits that can sustain giving in new ways while also bringing in a younger demographic to philanthropy.

Cryptocurrency a borderless, digital form of money that uses a decentralized system to record transactions and is popular on platforms such as Bitcoin, Ether and Dogecoin first appeared in the nonprofit sector five years ago with the earliest major digital contribution. In 2017, the nonprofit Pineapple Fund, a project led by an anonymous individual, donated 5,104 bitcoins to 60 charities. The gift was worth more than $55 million at the time.

Since then, a market for digital donations has slowly grown, including with new third-party intermediaries that help nonprofits receive cryptocurrency gifts.

Although very few West Michigan nonprofits appear to be actively pursuing crypto donations, researchers at Grand Valley State Universitys Dorothy A. Johnson for Philanthropy say the emerging form of giving is a key trend to watch this year.

The skys the limit, said Johnson Center Operations Director Julie Couturier, particularly based on the opportunity for new, younger donors who can help diversify revenue streams.

The people who are building wealth in cryptocurrency are commonly young, male, and tech-savvy. Theyre just getting into philanthropy because they all of a sudden have the funds to do so, and they havent established their giving patterns yet because this is still pretty new, Couturier said via email. But as more and more people enter the crypto market and more organizations and advisors become adept at navigating crypto as a vehicle for giving, the skys the limit.

Meanwhile, cryptocurrency donations effectively function like stocks, creating a favorable tax environment that would avoid capital gains taxes, for example. For tax purposes, they are treated as appreciated assets such as securities and real estate.

Thats a favorable context for giving, Couturier said, adding that crypto donations also can make for easier international transactions completed in minutes. If and when that changes, of course, it could change the trajectory of this trend.

The trend, at least for now, is heading upward. Crypto contributions to donor-advised funds at Fidelity Charitable Trust more than doubled from $13 million in 2019 to $28 million in 2020, according to the Johnson Center.

On the donor side, crypto-based donor advised funds can keep individuals anonymous even though transactions are recorded in the blockchain and viewable by anyone.

This interesting combination is appealing to some donors, and also helps address the lack-of-transparency criticism that exists for traditional DAFs, according to a recent Johnson Center report on emerging giving trends.

However, researchers say that potential for growth comes with some risk. For one, cryptocurrency values can shift quickly and even more so than the stock market, Couturier noted. Cryptocurrency values have been steadily declining since November. In recent weeks, Bitcoin dropped in value to below $33,000 after a record-setting high of $69,000 in November, according to media reports.

Theres also just thousands of different cryptocurrencies, she added. Youre not only dealing in U.S. dollars, youre dealing with multiple different currencies and there are more being created all the time. Keeping track of and understanding the variability here is a big job. Its complex; nonprofits may not have people on staff who are familiar with how it works and how to use it.

As with other forms of giving, donor transparency concerns also surface and organizations may or may not actually know who the money is coming from, Couturier said.

Thats where third-party intermediaries like Washington, D.C.-based The Giving Block can step in and help nonprofits by converting cryptocurrency donations to cash. Formed in 2018, the membership-based organization prepares nonprofits for accepting crypto donations and also connects donors to crypto-ready organizations. The Giving Block reported that the value of total cryptocurrency donations now exceeds $300 million annually.

Crains Detroit Business reported in November that, at the time, 13 Michigan-based nonprofits had joined The Giving Block.

That includes Grand Rapids-based Kids Food Basket, which paid the $2,500 Giving Block membership fee at the end of November around Giving Tuesday, enabling it to receive a variety of different cryptocurrencies. So far, the organization has received one cryptocurrency-based donation.

As an organization, we are always seeking opportunities to be innovative and make it easy to engage with our mission and to support our mission on an ongoing basis, said Chief Operating Officer Afton DeVos, adding that reaching new demographics was a motivating factor in joining The Giving Block. We feel its a great opportunity to start something new. We dont know exactly how this is going to work or if its financially beneficial in the long run, but it was an opportunity to test new waters.

DeVos added that, after weighing the costs and benefits, this felt like a fairly low risk. One measure of success will be whether the amount of ccrypto donations meet or exceed the $2,500 membership fee with The Giving Block, she said.

Keith Hopkins, founder of Ada-based Hopkins Fundraising Consulting LLC, believes West Michigan is still a few years away from more fully embracing crypto giving because of the little bit conservative nature of the regions philanthropic community.

We probably have to watch what happens in the bigger cities with the bigger nonprofits, he said. I assume youre going to see some potential crypto gifts come from people who are, you know, maybe a little shady. But, hey, that happens with real money.

While still a relatively rare form of giving in West Michigan, cryptocurrency should start to be included in nonprofits donation or investment policies, Couturier said: Otherwise, nonprofits should be keeping in mind the risks and advantages.

MiBiz Editorial Intern Hannah Brock contributed to this story.

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Report: Cryptocurrency donations among top nonprofit trends to watch in 2022 - MiBiz: West Michigan Business News

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On the podcast today; the Guardians UK technology editor, Alex Hern, joins to explain what exactly cryptocurrency is, how fan tokens work and why John Terry and a host of other footballers have been posting about cartoon monkeys.

Elsewhere, the soon-to-be owner of Bedford FC Peter McCormack sets out his vision for the team being dubbed the first Bitcoin club and why, in his opinion, this is a sensible and sustainable model for his local side.

Plus, Philippe Auclair reveals the more sinister side of cryptocurrency including fan token scams and gambling while James Harder argues the case for NFTs (if you can just ignore the cartoon monkeys).

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Cryptocurrency, NFTs and football - Football Weekly | Football - The Guardian

Cryptocurrency prices fell sharply on Wednesday due to a number of factors, including factors such as rising global uncertainty and more aggressive policy action by the US Federal Reserve.

It was a bloodbath across the entire cryptocurrency market, with popular tokens like Bitcoin and Ethereum taking the biggest hit.

Bitcoin, the worlds largest cryptocurrency, fell below $43,000 on Thursday, or 6.43 per cent lower than its price 24 hours ago at 11:00 am. Bitcoins market capitalisation plummeted to $815 billion and the 24-hour trade volume jumped to $1.93 billion due to profit booking by panicky investors.

Ether, the native token on the Ethereum platform, witnessed a similar fall in value due to the global uncertainty surrounding Covid-19 and more aggressive stance taken by central banks around the globe.

Ether was trading at $3,471 or 8.67 per cent lower than its price 24 hours ago. Its market capitalisation fell to $408.51 billion and the 24-hour trade volume was $1.47 billion.

Matt Dibb, COO of Singapore-based crypto fund distributor, Stack Funds, told news agency Reuters that the fall correlated with the risk off move across most traditional asset classes.

It is worth mentioning that the moves in the crypto markets around the globe are becoming more aligned with those in traditional markets as the number of institutions trading both crypto and other assets grows.

Commenting on the weak momentum, Edul Patel, CEO and Co-founder of Mudrex, a Global Algorithm-based Crypto Investment Platform, The past 24 hours clearly remained a bearish day after Bitcoin lost its support level at $46,000.

The largest altcoin, Ether, fell below $3500. With these two cryptos taking a dip, a sell off was initiated across the crypto spectrum, he added.

The coming 24 hours would likely remain bearish, as the market sentiment shows fear among the participants.

Cryptocurrency

Price (US Dollar)

24-hour change

Market cap

Volume (24 Hours)

Bitcoin

43,105.74

-6.93%

$815.60 billion

$1.93 billion

Ether

3,463.67

-8.97%

$407.57 billion

$1.47 billion

Dogecoin

0.156437

-7.77%

$20.74 billion

$1.35 billion

Litecoin

135.89

-8.10%

$9.42 billion

$74.65 million

XRP

0.759948

-8.45%

$75.99 billion

$3.10 billion

Cardano

1.22

-8.67%

$40.03 billion

$175.93 million

DISCLAIMER: The cryptocurrency prices have been updated as of 11:30 am and will change as the day progresses. The list is intended to give a rough idea regarding popular cryptocurrency trends and will be updated daily.

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Cryptocurrency prices today: Bitcoin, Ether near multi ...

Kim Komando| Special to USA TODAY

This column was originally published in November 2021.

Despite Bitcoin launching way back in 2009, its only until recently that you cant turn on the news or browse the web without coming across some mention of cryptocurrency.

I got so many questions from my readers and national radio show listeners that I wrote an e-book about crypto to help. I demystify digital currency, mining, and how to get started trading. Tap or click here to get your copy on Amazon.

Sadly, I also hear from people that got fooled by one crypto scam or another. Where there is money, criminals are waiting. Tap or click for five clever crypto scams making the rounds right now and steps to stay safe.

Before we get started, know this is not financial advice. The crypto world is volatile, and you should never risk money you arent comfortable losing. Now, lets take a look at some of the most common lingo:

CRYPTO COLLAPSE?: Why is crypto down so much? Uncertainty in traditional markets and Fed concerns, experts say

STOCK MARKET QUESTIONS: Worried about the stock market? Ask yourself these 3 questions to protect your finances.

Every cryptocurrency transaction is processed, verified, and recorded on a virtual ledger known as a blockchain. When someone buys or sells using cryptocurrency, another entry is made on this virtual ledger.

Think of the blockchain as a series of boxcars from a train. When a cryptocurrency transaction is made, another boxcar gets added to the train.

The blockchain is decentralized. This means its not stored on one machine or even across one network. Instead, the blockchain exists on computers all over the world that are accessible because of the internet.

People and companies help verify each transaction that gets added to the blockchain using their own computers processing power on a decentralized peer-to-peer network. Each transaction is timestamped, individually encrypted, and cannot be reversed or changed. Yes, you read that right crypto transactions cannot be reversed.

Would you rather listen than read? Tap or click for an episode of my podcast, Kim Komando Explains, about everything crypto. You'll also hear first-hand from a crypto miner too.

I know what youre thinking: I thought a Fiat was a car. Not in crypto-land. Fiat money is government-issued currency. If youre in the United States, that means the U.S. dollar.

Cryptocurrency, on the other hand, is virtual money.

Cryptocurrencies arent backed by governments or any other standard used with traditional currency. Each token represents the amount you own.

How much each token is worth varies based on the current market value. One day it's up; the next day down. With cryptocurrency, the price fluctuations can happen much faster and are more extreme both positive and negative. A good resource to check the current prices is CoinMarketCap.

Cryptocurrency is the hot, new trend for some investors

It's a hot new buzzword for investors, but is cryptocurrency here to stay?

Staff video, USA TODAY

Heres an easy one to remember. An altcoin is any digital currency thats not Bitcoin. There are thousands of cryptocurrencies, with new ones being added all the time.

At the time of this writing, these are the five currencies with the highest market caps. (That is the total market value of the circulating supply.) Since crypto moves so fast, this list may have already changed by the time youre reading.

Bitcoin

Ethereum

Binance Coin

Tether

Solana

To buy cryptocurrency, you need to start with an exchange. Think of an exchange like a crypto middleman. Its an online service that allows you to exchange your fiat for crypto or change crypto into fiat.

If you're familiar with traditional investing, a crypto exchange functions as a brokerage. You can deposit money through a bank transfer, by wire, through a debit card, and other standard deposit methods. You can expect to pay fees for most transactions.

You can also buy crypto through apps you already might be using, like Venmo, Robinhood, or Cash App.

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In basic terms, a cryptocurrency wallet is an app or physical storage device that allows you to store and retrieve your digital currency. Wallets can hold multiple cryptocurrencies, so youre not limited to just Bitcoin, for example.

Whether you use an app or a physical wallet, its important to note that the currency itself isnt stored there. Rather, wallets store the location of your currency on the blockchain.

Wallets are split into two main categories: Hot and cold. A hot wallet is, by definition, connected to the internet. The most secure way to store your cryptocurrency is with a cold wallet one that isnt connected to the internet.

Physical wallets come in different types but are usually specially designed USB drives that directly store your cryptocurrency for later use. Physical wallets provide you the most protection from hackers.

Two popular cold wallets are the Ledger Nano X and Trezor Model One. Of the two, I prefer the Ledger Nano X because it supports 23 different types of cryptocurrencies and has additional features.

Privacy tip: What browser you use matters if youre concerned about privacy. I ranked them for you here. Did your pick make the list?

You have probably heard this term associated with Bitcoin, which is created by mining. Computers mine coins by solving complex math problems. The more powerful the computer, the faster it can think.

Now, if your computer is the fastest one to solve the problem, bingo you win one unit of whatever cryptocurrency youre mining.

While there are a few cryptocurrencies out there with an infinite supply, most have a limit. For Bitcoin, that limit is 21 million. The last coin will be mined in 2140 or sooner.

Heres another simple one. DeFi is a shortened version of decentralized finance. This term refers to financial transactions that happen without a middleman, like the government, a bank, or another financial institution.

Still, getting your arms around traditional online banking? It's perfectly safe if you follow a few rules of thumb. Tap or click for banking security 101.

Youve heard of them: Nonfungible tokens. Thats a fancy way of saying, This digital item is one of a kind and irreplaceable. It applies to anything you can imagine, from online artwork to songs, viral videos, articles, text logos, and GIFs.

Some people collect vintage cars, wines, famous art and baseball cards. Now, any digital item also can be turned into a collectible. They also act as status symbols online. Check Jimmy Fallons Twitter profile picture for an example.

The only way to buy an NFT is by using cryptocurrency. You can buy an NFT through an auction platform, secondary marketplace, or by participating in a mint. Whats that, you ask?

Minting is how a file, such as a JPEG or GIF, is recorded to a blockchain. After an NFT is minted, it can be sold or traded. If you are participating in a mint, that means you are the first person to buy that work from its creator. You can hold it, sell it, or trade it.

During the minting process, the creator specifies the royalties they receive from future sales. This acts as commission if the work changes hands in the future and is a big draw for artists looking to go digital. If you sell an NFT on a secondary marketplace, it likely gets a cut of the sale too.

Here's a term you might see on social media. HODL stands for "hold on for dear life." Some say it originated as a typo of the word "hold" on a Bitcoin forum way back, but now it's everyday slang.

The idea behind it is simple: If you believe a project or currency will gain more value, just hodl even through dips in the market.

Want to dive even deeper? Pick up Cryptocurrency 101. Its my handy guide to buying, selling, and spending digital currency the safe way.

Bonus Tip: How your TV streaming apps stalk you

Whether you use Netflix, Hulu, Amazon Prime, Disney+, or Apple TV, chances are your favorite apps are tracking you wherever you go. In this episode, you'll learn the secret risks you take when you cut the cord.

Check out my podcast Kim Komando Explains on Apple, Google Podcasts, or your favorite podcast player.

Listen to the podcast here or wherever you get your podcasts. Just search for my last name, Komando.

Learn about all the latest technology on theKim Komando Show, the nation's largest weekend radio talk show. Kim takes calls and dispenses advice on today's digital lifestyle, from smartphones and tablets to online privacy and data hacks. For her daily tips, free newsletters and more, visit her website atKomando.com.

The views and opinions expressed in this column are the authors and do not necessarily reflect those of USA TODAY.

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Crypto 101: Here are 10 cryptocurrency terms people use every day from blockchain to NFT - USA TODAY

I'll be the first to admit that I was initially skeptical about cryptocurrencies. Some of legendary investor Warren Buffett's criticisms of crypto seemed to make sense. For example, the legendary investor has stated that "cryptocurrencies basically have no value and they don't produce anything."

Now, my view is that Buffett is missing the mark -- at least with some cryptocurrencies. However, I'm still somewhat reluctant to dive in with some digital coins that I think have real growth potential because of my earlier reservations. But that's not the case across the board. Here's the one cryptocurrency I'd buy right now without any hesitation.

Image source: Getty Images.

Isuspect that Buffett wasn't all that familiar withEthereum (CRYPTO:ETH) when he has made negative comments about cryptocurrencies in the past. The Ethereum blockchain is used to produce things. Plenty of them.

So far, the Ethereum ecosystem includes thousands of decentralized applications. Over 4,000 developers actively work on the Ethereum platform -- way more than any other blockchain. In fact, more than 40 of the top 100 cryptocurrencies based on market cap are built on top of Ethereum.

The key to Ethereum's success is its support of smart contracts that automatically execute when specified events meeting contractual agreements are completed. Smart contracts make a wide array of applications possible, including non-fungible tokens (NFTs) and decentralized finance (DeFi) apps.

It's not surprising at all that Ethereum ranks as the second-largest cryptocurrency on the market based on market cap, trailing behind only Bitcoin. Ethereum seems destined to gain ground on Bitcoin and could eventually even claim the top spot.

Nothing is perfect, though. Ethereum has its drawbacks. In particular, the blockchain isn't nearly as fast as it could be. Its network can become congested. Ethereum's transaction fees are also high.

These flaws have attracted competition. Several newer blockchains are gaining adoption even faster than Ethereum is by addressing some of these limitations. This would give me pause about buying Ethereum if I didn't know that bigger and better things are on the way.

I like that the developers of Ethereum haven't stuck their heads in the sand and ignored the problems. Instead, they've laid out a clear path to fix the issues with the Ethereum 2.0 upgrade.

The first phase of the major upgrade has already been completed. The Beacon Chain, which supports staking on Ethereum and paves the way for future improvements, is live. Next on the plan is to merge this Beacon Chain with the Ethereum mainnet later this year. The final phase, which should be completed in 2023, will introduce shard chains that expand Ethereum's scalability.

When these upgrades are finalized, Ethereum will be much faster, cheaper, and more scalable. And it should be even more attractive to developers.

Are there any reasons to be hesitant about buying Ethereum? Over the short term, the answer is clearly "yes." I think the single biggest risk for Ethereum (and other cryptocurrencies) is a prolonged environment where investors shift to less risky assets.

If I focused only on the short term, this would definitely make me hem and haw. However, my view is that a long-term perspective is needed when investing in anything. For long-term investors, a "risk-off" period where Ethereum's price is lower presents a great buying opportunity.

There are some cryptocurrencies that I'd be worried about lasting for the long term. I think, though, that Ethereum has staying power. With the Ethereum 2.0 upgrade in progress, this cryptocurrency should be a winner over the next decade and beyond.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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1 Cryptocurrency I'd Buy Right Now Without Any Hesitation - Motley Fool

According to the chief executive officer (CEO) of the United Arab Emirates-based financial institution, Bank of Sharjah, blockchain and cryptocurrencies are not only difficult to regulate but are also here to stay. Despite this prediction, the CEO admits that many in the banking industry still do not fully understand this technology.

The CEO of Bank of Sharjah, Varouj Nerguizian, has said the blockchain and cryptocurrencies are not going away but are likely to become a significant part of the banking system. Nerguizian, however, said banks can only fully benefit from technology when they deploy non-public or enterprise blockchains.

In comments made during an interview with Emirates News, the CEO also explained how the blockchain can potentially be a double-edged sword to financial institutions that are attempting to adapt to the post-pandemic landscape. He said:

Blockchain is a revolutionary technology that is not yet fully understood by the banking industry at large. While its application is easy to grasp in certain areas like Know Your Customer [KYC] or the real estate title deed verification, blockchain supposedly allows parties to transact with each other without the need for an intermediary. This raises the concerns of the authorities that would like to monitor the activity.

Concerning the future of blockchain and cryptocurrencies, especially in the wake of increased pressure from regulators and governments around the world, Nerguizian is quoted asserting that the technology is not going away.

I personally believe blockchain technology and by extension, cryptocurrency is here to stay and [are] impossible to regulate at large. However, in UAE, jurisdictions like Abu Dhabi Global Market [ADGM] and Dubai International Financial Centre [DIFC] have come up with crypto regulations and might in time be a significant part of the banking landscape as we move forward, Nerguizian is quoted explaining.

Meanwhile, the CEO also is quoted in the report expressing his belief that the banking industry had been headed for a digital transformation even before the pandemic struck. As the pandemic spread globally, more companies including banks shifted to a practice where employees worked remotely.

According to Nerguizian, when banks exploit their employees ability to work remotely they will likely reap future gains and profitability.

Do you agree with Nerguizians view that cryptocurrencies are here to stay? Tell us what you think in the comments section below.

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Blockchain and Cryptocurrency Is 'Here to Stay and Impossible to Regulate at Large' CEO of a United Arab Emirates Based Bank Finance Bitcoin News -...

Qubit Finance, a decentralized finance (DeFi) platform, has become the latest victim of a high-value theft, with hackers stealing around $80 million in cryptocurrency on Thursday.

The value of cryptocurrency stolen makes this the largest hack of 2022 so far.

Qubit Finance acknowledge the hack in an incident report published through Medium. According to the report, the hack occurred at around 5PM ET on the evening of January 27th.

Qubit provides a service known as a bridge between different blockchains, effectively meaning that deposits made in one cryptocurrency can be withdrawn in another. Qubit Finance operates a bridge between Ethereum and the Binance Smart Chain (BSC) network.

Analysis produced by CertiK, a blockchain auditing and security company, suggests the hacker was able to exploit a security flaw in Qubits smart contract code that let them send in a deposit of 0 ETH and withdraw almost $80 million in Binance Coin in return.

As we move from an Ethereum-dominant world to a truly multi-chain world, bridges will only become more important, CertiK analysts wrote. People need to move funds from one blockchain to another, but they need to do so in ways that are not susceptible to hackers who can steal more than [$80 million].

A statement posted by the Qubit Finance team on Twitter directly appealed to the hacker, asking them to negotiate with the team in order to minimize losses for the Qubit community.

Qubits incident report also stated that the team was attempting to offer the hacker the maximum reward possible under their bug bounty program. A listing for Qubit on the Immunefi bug bounty platform suggests that this is $250,00.

Since the launch of Binance Smart Chain in 2020, several DeFi projects have suffered exploits. The most severe include a $31 million hack on Meerkat Finance in March 2021, a hack on Uranium Finance for $50 million in April, and an $88 million hack against Venus Finance in May, according to Crypto Briefing.

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Hackers have stolen $80 million in cryptocurrency from the Qubit DeFi platform - The Verge