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- Stablecoins Dethrone Bitcoin in the Underworld!
Stablecoins Dethrone Bitcoin in the Underworld!
Stablecoins have taken the lead, outpacing Bitcoin as the currency of choice for criminal activities.
Here's what we've got for you today:
Stablecoins Overtake Bitcoin in Illicit Transactions in 2023
MetaMask Innovates with Ethereum Validator Node Staking Service
Manta Network Battles DDoS Attack Amidst Exchange Listings
SEC Lives up to the Expectations as it Delays Spot ETH ETF; Ethereum Price Makes no Move
Stablecoins are now leading the way in illicit crypto transactions, overtaking Bitcoin as the favored currency for illegal activities.
A Chainalysis report revealed a shift in criminal use from Bitcoin to stablecoins as the preferred medium for illicit transactions between 2018 and 2021.
CertiK data revealed that there was a decrease of more than 51% in revenue from crypto hacks and scams in 2023.
On a more positive note, Tether has increased its Bitcoin holdings by $380 million, positioning itself as the 11th largest Bitcoin holder in the world.
MetaMask introduced a new feature allowing users to stake Ethereum through their own validator node directly from the wallet.
MetaMask's new service allows users to stake Ethereum by running a validator node directly in the wallet, with a required deposit of 32 ETH.
The service streamlines the staking process by removing the need for pooling resources or acquiring specialized hardware, which is traditionally needed for operating an Ethereum validator node.
The staking service is managed by Consensys, which boasts a strong track record having successfully managed more than $2 billion in ETH across more than 33,000 validators in the past two years without any slashing penalties.
Despite the DDoS attack, the platform demonstrated its robust security as the blockchain was still running safely and investors’ funds remained safe.
Manta Network, created by P0xeidon Labs, experienced a serious distributed denial-of-service (DDoS) attack, resulting in over 135 million remote procedure call (RPC) requests flooding its network on Jan. 18.
Despite the severity of the attack, Kenny Li, the co-founder of P0xeidon Labs, reassured users that the blockchain was still operating securely and all funds remained safe.
The attack was characterized by Li as highly aggressive and strategically timed.
Earlier today, the SEC postponed its verdict on Fidelity's application for a spot Ethereum ETF.
The SEC has prematurely postponed its decision on Fidelity's application for a spot Ethereum ETF, ahead of the initial Jan. 21 deadline, with the final decision now expected by Mar. 8.
However, Grayscale's lawsuit against the regulator could raise the possibility that the SEC might not impede the ETF application this time.
Despite this regulatory uncertainty, the price of Ethereum (ETH) remained relatively stable, with little to no dramatic reaction to the SEC's delayed decision.
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