The latest cryptocurrency hack has targetted Polygon‘s native stablecoin protocol Qi DAO, as its Suplerfluid vesting contract faced an exploit earlier today. The hackers got away with a reported $13 million in various tokens, leading to its governance token Qi’s price falling a sharp 68% in no time. QiDAO announced the hack on Twitter earlierContinue reading “Polygon’s stablecoin protocol QiDAO suffers $13 million exploit on third party contract”

The cryptocurrency industry breathed a sigh of relief this week, as many digital assets including Bitcoin showed signs of recovery from a tumultuous January. All eyes are on the top coin for now, as it breached the important $45,000 resistance level a few hours ago, for the first time in over a month, after gainingContinue reading “Bitcoin (briefly) pushes past $45k as short liquidations surge; here’s what’s next”

Scaling, or the lack of it, has been a grave problem with the Ethereum network. While several plans to increase the platform’s throughput are in the pipeline, Ethereum co-founder Vitalik Buterin has not been shying away from highlighting its limitations. In an answer to a Reddit thread, Buterin highlighted that decreasing the block time couldContinue reading “What Ethereum’s Buterin has to say about block time being ‘reduced much in the future’”

After a relatively damaging start to the cryptocurrency market’s new year, a recovery could be seen creeping in for many top assets over the past two weeks. This includes the native currency of the decentralized oracle network Chainlink. It shot up over 14% during this time, after losing over a quarter of its valuation inContinue reading “Chainlink beats Ethereum’s development activity but social sentiments…”

A grave setback engulfed India’s cryptocurrency market last week when the country’s government introduced a 30% tax on digital asset income. While some have heralded it as a step towards the legitimization of the sector, many investors are crying foul over the high tax rate. One of India’s leading cryptocurrency exchanges CoinSwitch Kuber, however, appearsContinue reading “India: Here’s what’s next for crypto-exchanges after new tax slab news”

A taxation frenzy has gripped cryptocurrency markets worldwide, as several countries introduced tax regimes for the nascent asset class over the past few weeks. The latest such development has popped from Venezuela, where the government is set to impose an exorbitant structure on crypto payments. Disincetivizing Foreign Payments Local reports have stated that the newContinue reading “Venezuela: New tax regime levies upto 20% tax on cryptocurrency transactions “

After receiving bouts of extensive criticism for a lack of development, the Cardano network has started to dominate headlines once again for more positive news. This is due to an acceleration in the launch of smart contract-based applications on the platform, along with ecosystem-wide changes in the network itself. This surge in development activity hasContinue reading “Cardano wallets see 1348% growth in past year; cross 3 million milestone”

As the asset class has gone considerably mainstream over the past few years, countries worldwide are struggling with the formation of a clear crypto tax regime, especially as the dynamics and use cases of the industry continue to evolve. No taxes under $200 transactions! The U.S. Treasury for instance, while having clear tax guidelines thatContinue reading “United States: Bill to reduce crypto tax on transactions reintroduced as use cases increase”

The decentralized finance space experienced its first major setback of the year on 3 February when over $321 million in Ether were stolen from the cross-chain network Wormhole. While it was not the first multi-million DeFi hack this year, it was definitely the largest in this short time, and the second-largest ever. The hackers hadContinue reading “Wormhole restores hacked $300M through VC funding in largest ever DeFi bailout”

Crypto news was abuzz recently with speculation of the U.S Internal Revenue Service (IRS) writing off the tax on income generated from unsold staked cryptocurrencies. Many, including crypto influencers on social media revered the implication derived from a district court ruling in Nashville. However, experts are now claiming that the industry might have been tooContinue reading “No, IRS may not write off taxes on crypto staking rewards so easily, claim experts”

One of many sectors that boomed exponentially within the cryptocurrency sector last year was that of non-fungible tokens (NFT). Its growth in sales volume from just around $94 million in 2020 to $24.9 billion in 2021 is a clear indication of the same. However, emerging financial markets are always at the risk of falling preyContinue reading “These rules by this NFT creator could keep digital artworks safe from hackers”

While 2021 was inarguably the year of DeFi hacks, 2022 is fast catching up to its predecessor. Although January witnessed its fair share of crypto-crime, February may soon put it in its shadow. Especially now that cross-chain bridge Wormhole has reportedly suffered an exploit worth over $326 million. ‼️ The wormhole network is down forContinue reading “DeFi’s second-largest exploit costs cross-chain network Wormhole over $326M”