Crypto Flipsider News – July 16 – Square, THORChain Attack, Crypto for Tax Payments, Anonymous Crypto, Picasso NFT By DailyCoin

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Crypto Flipsider News – July 16 – Square, THORChain Attack, Crypto for Tax Payments, Anonymous Crypto, Picasso NFT

  • Square to create a new open source platform for DeFi.
  • THORChain attacked, losses exceed $ 7.6 million.
  • Jackson City, Tennessee, plans to accept crypto for tax payments.
  • Another Picasso NFT, but this time without burning the real image.
  • The hacktivist group Anonymous announces a brand new crypto.

Square creates a new open source platform for DeFi

Payment service giant Square plans to create an open source platform for decentralized financial services (DeFi). In a series of tweets, Jack Dorsey, CEO of Square and Twitter, announced that the new platform, called TBD, would mainly be on. According to Dorsey, it’s created completely openly.

Earlier this month, Jack Dorsey announced that Square would build its own hardware wallet. The company will also invest $ 5 million in solar-powered bitcoin mining.

Flipsider:

  • Square has definitely identified a new gold mine. Unlike Michael Saylor, however, Dorsey also delves deeper, which can only be good for tougher competition in the crypto space. On the other hand, the warnings about increased centralization in space no longer sound so naive.

THORChain attacked, losses exceed $ 7.6 million

The cross-chain decentralized exchange (DEX) THORChain lost around 4,000 ETH during the most recent cyber attack. That equates to an ETH value of nearly $ 7.62 million based on today’s exchange rate of $ 1,905.

THORChain later announced that it had withdrawn approximately $ 4.9 million in assets from the exchange. The exploit happened when the ETH Bifrost protocol was tricked by THORChain “using a custom wrapper to read a deposit amount of 200 when it was actually zero”. Bifrost is a DeFi protocol that has connections to various Proof of Stake blockchains.

The THORChain community has temporarily halted the network for security reasons and claims that the lost funds will be recovered.

Flipsider:

  • Each rod has two ends. The more complex interoperability protocols become, the more vulnerable they are. Knowing that cross-chain DEXs are vulnerable targets, those left untouched have time to prepare and update security.

Jackson City, Tennessee, plans to accept crypto for tax payments

Current Mayor of Jackson Scott Conger posted a tweet revealing plans to allow citizens of the city to pay taxes in bitcoin. It’s worth noting that Scott Conger has been an active supporter of blockchain technology in the past. In addition, his official Twitter account perfectly represents his position with the use of “laser eyes”.

Flipsider:

  • It seems that Miami now has a competitor. It’s time to wait for the second largest crypto conference in the woods of one of the local national parks.

Anonymous comes on stage with a brand new crypto

The famous Anonymous has brought a new message for the citizens of the cryptoverse: the creation of their own brand new Anon Inu coin. The new token will take on Elon Musk in the meme war, but should also involve China in the crypto war, said the anonymous frontman of the international hacktivist movement.

Anonymous blames China’s government for the current drop in cryptocurrency prices, largely due to the country’s recent bans on cryptocurrency mining. The reduced prices encouraged institutional investors and whales to buy-outs, which resulted in less crypto in circulation, which in turn led to the recent massive price spikes.

The Anon Inu coin was issued on Binance Smart Chain, the largest crypto exchange by trading volume.

Flipsider:

  • Another player in the market who manipulates our minds doesn’t seem any better than Elon. Good luck fighting China while your meme token army is on display on a Chinese influenced blockchain. It is unclear who is the bigger hypocrite here, Elon or Anonymous.

Another Picasso NFT, but this time without burning the real image

Sygmun, a Swiss digital bank, is partnering with Artemundi to release fractional ownership of a painting by Pablo Picasso. Each of them cost $ 6,000 and the entire piece is valued at $ 3.68 million.

The painting itself is a portrait of a child wearing a beret and bright clothes, in the unique style only Picasso could do.

Flipsider:

  • Thank god nobody can burn or destroy works of art like this!

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