There is a new way to bridge the difference between fiat money and cryptocurrencies. Transak, a Web3 payments provider, has made an agreement with blockchain development platform Cometh to introduce a simplified fiat money to Layer three (L3) onboarding solution. This new system supposedly makes it easier to purchase crypto assets directly on Cometh's L3 blockchain, Arbitrum Orbit.

The system's model

According to the company's announcement,  the integration allows users to purchase ethereum (ETH) on Muster, Cometh's Arbitrum Orbit platform, without having to manage crypto tokens and gas tokens.

By automating interactions directly via Transak One and Cometh's Web3 development platform smart contracts, the solution eliminates the need for intermediate steps such as token bridging, significantly reducing transaction times.

Before this system, users needed to create a multi-step process involving purchases on a Layer 2 solution and subsequent bridging on Muster. A complicated and time-consuming model. "Transak says users can now directly purchase cryptocurrencies using credit cards on Muster, making entry into non-fungible token (NFT) markets and other blockchain interactions much faster" - Bitcoin.com reported.

According to Steven Goldfeder, co-founder and CEO of Arbitrum development company Offchain Labs, the collaboration “simplifies the user experience, unlocks the potential for mainstream adoption, and showcases the power of building innovative solutions on Arbitrum’s scalable infrastructure".

SOURCE: Bitcoin.com


The Abu Dhabi Agriculture and Food Safety Authority has told local farmers that their farms cannot be used as a site for crypto-mining. The Abu Dhabi Agriculture Authority has issued a notice banning cryptocurrency mining on farms. The UAE government body stated that this activity is considered "an improper use of the farm for purposes other than those intended." Furthermore, anyone caught violating this law would face fines of up to 10,000 dirhams, equivalent to approximately $2,700.

Crypto-mining at a glance

Cryptocurrency mining is a process that enables users to earn crypto-assets by confirming transactions on blockchain networks that use a Proof-of-Work (PoW) consensus mechanism. In this system, miners compete to solve extremely complex mathematical puzzles, a process that requires substantial computational power and energy. These puzzles are integral to validating and securing transactions on the network. Once a miner successfully solves a puzzle, they add a new block to the blockchain and are rewarded with a specific amount of newly minted cryptocurrency. This reward incentivizes miners to continue contributing their computational resources to maintain the network’s security and integrity.

Although cryptocurrency mining is prohibited on farms, the UAE is generally a crypto-mining friendly jurisdiction. In fact, data from 2023 shows that the UAE's Bitcoin mining capacity was approximately 400 megawatts, which accounted for about 4% of the global hash rate. This indicates a significant presence in the global cryptocurrency mining industry, reflecting the UAE's supportive stance towards this activity.

Blockchain for Agrifood Sector

The technological acceleration of this historical moment has a pervasive socio-economic impact and is changing technological and cultural paradigms, involving the production system in all its forms. Those who produce, those who transform, those who distribute, those who sell and those who consume are increasingly brought together thanks to the infosphere.
Agriculture and technology, two apparently distant worlds, are in reality profoundly interconnected.
Complex technology such as blockchain can have various areas of application in the agrifood world:

SOURCE: CoinDesk


Address poisoning is a type of attack aimed at holders of cryptocurrencies. It's a kind of attack where someone watches a blockchain for transactions, then sends a small amount of crypto to an address that looks very similar to the original one.

Address poisoning can indeed be a significant concern in the crypto space. It's a form of phishing attack where attackers try to trick users into sending funds to a fraudulent address by creating one that looks very similar to a legitimate one. This is often done by making slight modifications to the characters or using visually similar characters.

For example, they might change a lowercase "L" to an uppercase "i" or add an extra character that's hard to notice at a glance. Unsuspecting users might not notice the difference and end up sending their funds to the attacker's address instead of the intended recipient.

To mitigate the risk of falling victim to address poisoning, users should always double-check the addresses they are sending funds to, preferably by using copy-and-paste rather than typing them manually. Additionally, using hardware wallets or wallets with built-in address verification mechanisms can provide an extra layer of security. It's also essential for crypto users to stay informed about common phishing tactics and remain vigilant when conducting transactions.

How to protect yourself from "Address Poisoning":

Address poisoning is quite a tricky issue in the crypto space. This attack involves the creation of a crypto address that looks like the original one by attackers, with the aim of deceiving the owner of the original address, inducing him to make a transaction to the wrong address.
Address poisoning takes advantage of the fact that many cryptocurrency transactions and wallets have long strings of characters that are difficult to verify at a glance.
In fact, attackers changes only a few characters in the middle. The goal is to deceive the user, pushing him to send funds to the wrong address during copy and paste.

Pratice advices to protect yourself from Address Poisoning

To protect your wallet from Address Poisoning there are several good practices to follow:

Final Considerations


By taking proactive measures to protect your transactions and informing yourself in advance about potential risks, you can significantly reduce the risk of falling victim to such attacks. By adopting these proactive measures and staying vigilant, individuals can better safeguard their crypto transactions against address poisoning and other malicious activities.

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More than a year and a half after the FTX exchange's bankruptcy a new proposal to repay victims of the 2022 crash, was unveiled. FTX now promises to refund all creditors and says the plan is "subject to finalization and approval" by the U.S. Bankruptcy Court for the District of Delaware. Some experts say that may not be enough.

FTX has proposed a new reorganization plan that would see a whopping 98% of its creditors recover 118% of their claims - in cash - within 60 days of court approval, according to new documents filed Tuesday evening, shared also by Coindesk.
FTX's available assets would now be between 14 and 16.3 billion dollars, thanks to the intense fund recovery activity through the liquidation of collateral (and non-collateral) assets of the company.
Only creditors who hold claims of less than $50,000 will be entitled to the 118% recovery.

According to FTX's plan, other non-government creditors will recover 100% of their claims plus interest of up to 9% to compensate them “for the time value of their investments.” The deal is still subject to approval by the Delaware bankruptcy court overseeing the bankruptcy case. The proposed payments are higher than previous estimates from FTX Assets, which in October said it expected to repay only 90% of client funds.

From the creditors side, the conditions are not so positive. Wired reported that "some creditors of the bankrupt crypto exchange FTX are preparing to reject a plan that would see them recover 118 percent of the money they lost. The proposal is far less generous than it might seem, they claim".

SOURCE: Coindesk, Wired

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Binance founder has been sentenced for 4 months in prison. The cryptocurrency trading platform created in 2017 by Changpeng Zhao said to be ready to cover at all costs.

Binance founder Changpeng Zhao was sentenced to four months in prison for putting profits before the law. The company was found guilty of unintentionally helping to finance several criminal activities around the world. Zhao, who is 47 and has a personal fortune of nearly $40 billion, pleaded guilty on the last day of April and will now have to spend several months in prison in the United States, as well as pay large fines.

"The sentence, handed down in a US federal court in Seattle, is far lighter than the three years prosecutors had argued for" - CNN journalist Allison Morrow says

“Words cannot explain how deeply I regret my choices that result in me being before the Court,” he said in a letter to the judge. “Rest assured that it will never happen again.”

CNN also reported that Binance agreed to pay more than $4 billion in fines and other penalties as part of a coordinate settlement with the federal government last fall. The company admitted to engaging in anti-money laundering activities, unlicensed money transmitting and sanctions violations.

Zhao according to Bloomberg, agreed to step down as CEO and pay $200 million in fines.

SOURCE: Binance.com, CNN News

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Bitcoin is ready to open another chapter. For the most popular cryptocurrency, born in 2009 from the idea of ​​a programmer who calls himself Satoshi Nakamoto is coming a new important revolution: the fourth halving. The halving established by the four-year cycle of the asset will inevitably change its acquisition and use methods. In fact, a halving of daily emissions is expected: 6.25 Bitcoins will no longer be created for each block of transactions, but 3.125. With very important consequences.

The halving involves a decrease in the creation of Bitcoin, which from today goes from 900 to 450. The cryptocurrency therefore becomes increasingly scarce, in other words it can be said it will become "a more scarse than gold", said SkyTg 24.

Scenario

The price of Bitcoin now stands at around $64,500, close to the record recorded in November 2021, before the new peak reached last month, triggered precisely by the wait for the halving appointment . The halving will inevitably define new balances, especially in the medium and long term. As always, we encourage you to weigh every decision, not based solely on short-term forecasts. Looking back, after each Halving we have witnessed an impressive growth in the value of bitcoin.

SOURCE: SKYTG24

IMAGE CREDITS: André François McKenzie

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Deputy Treasury Secretary Wally Adeyemo recently discussed the use of cryptocurrency and digital assets by terrorist groups. Adeyemo aims at struggling against crypto crime by creating a stable regulatory environment . Before the Senate Banking Committee Adeyemo said:

“As we take steps to cut terrorist groups and other malign actors off from the traditional financial system, we are concerned about the ways these actors are using cryptocurrencies to try and circumvent our sanctions. For example, five years ago, al-Qaeda and affiliated terrorist groups, largely based out of Syria, operated a Bitcoin money laundering network using social media platforms to solicit cryptocurrency donations. After receiving virtual currency, they laundered the proceeds through various online gift card exchanges to be able to purchase what they needed to advance their violent agenda.”

Adeyemo proposals

Us Deputy proposals include secondary sanctions aimed at foreign providers of digital assets involved in illicit financing, extraterritorial jurisdiction to pursue companies undermining national security, and the introduction of a new secondary sanctions tool. These measures aim to enhance authorities' ability to combat financial crimes in the cryptocurrency sphere and address the increasing use of digital assets for illegal funding.

The first proposal's goal is to prevent these suppliers from facilitating illegal activities and cut off their access to the international banking system. By increasing the accountability of digital asset platforms and service providers, this policy aims to make it more challenging for individuals to exploit cryptocurrencies for unlawful purposes.

Adeyemo's second proposal calls for extending jurisdiction beyond national borders in cases where companies using digital assets to undermine national security are abusing the financial system. This expansion would enable US law enforcement to pursue and punish foreign criminals utilizing cryptocurrencies for illegal activities, regardless of their location. The intention is to ensure that entities and individuals involved in illicit financing cannot evade accountability by exploiting the global nature of digital assets, thereby reducing jurisdictional gaps.

These proposed reforms reflect a concerted effort by the US Treasury Department to bolster enforcement mechanisms against the misuse of cryptocurrencies for criminal purposes. By targeting both foreign providers and those abusing digital assets to undermine national security, the aim is to create a more robust regulatory framework to combat financial crimes in the cryptocurrency space.

SOURCES: CNBC, Blockchain News

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1inch Network, a decentralized finance (DeFi) company, has unveiled a new debit card with crypto-fiat bridge functionality. 1inch gave the announce on its official website. This new crypto debit card was made in collaboration with Mastercard and Baanx. Users will be able to carry out cash withdrawals and transactions at enabled points of sale and ATMs.

The collaboration with Mastercard and Baanx created this new payment model. The new debit cards will come with full features, including a physical card with account number, expiration data and the "CVC" security code needed to make some transactions. They will also have a virtual card function, which will allow users to carry out transactions digitally, where supported.

Christian Rau, senior vice president of crypto and fintech enablement at Mastercard, said in a statement that the new card represents a necessary bridge between the Web3 and Web2 world: “We have long supported solutions that not only delight customers but also offer reach, peace of mind and the highest levels of security. Leveraging Mastercard's leading technology and standards, the 1inch card connects the Web2 and Web3 worlds in an innovative way.

Advantages and functionalities

This can slow down transactions, increase security risks, and add additional fees to the process. The advent of purchases through crypto-to-fiat debit cards allows users to maintain custody of their crypto and Web3 funds with a single conversion rate to consider at the time of purchase. For now, the cards are only available in the UK and European economic areas. However, according to 1inch, the company is looking to expand the program as Orest Gavryliak, chief legal officer of 1inch Network, told Cointelegraph.

Segej Kunz, co-founder of 1inch Network, showed the virtual payment method of the new card in a post on the social network X, completing a one-touch transaction with his smartphone. As announced, the 1inch Crypto Card allows users to make cash withdrawals at supported ATMs through crypto to fiat conversion and it also supports Apple Pay or Google Pay. “This is another important step towards bringing a large number of users into DeFi,” said Sergej Kunz, co-founder of 1inch. “With the 1inch Card, the user can enjoy the benefits of both DeFi and traditional finance.”

In these days, during the Paris Blockchain Week, 1inch co-founder was guest on talks about Defi and crypto payments. Kunz also posted on X the immediate results after the launch: "In just the first 24 hours since launch, over 3,000 visionaries have applied to the #1inchCard waiting list - and we're just getting warmed up!"

SOURCES: CryptoNews, CoinTelegraph

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According to José Maria Macedo, CEO of Delphi Labs and founding partner of cryptocurrency investment firm Delphi Ventures, Ethena Labs will become the highest revenue-generating cryptocurrency project on the market. Ethena Labs is one of the projects with the most potential for Delphi Ventures during this bull cycle, according to an April 2 post on Delphi Labs' Macedo blog, which explains: “sUSDe will offer the highest dollar return in crypto at scale. USDe will become the largest stablecoin outside of USDC/USDT in 2024. Ethena will become the highest revenue-generating project in the entire crypto industry.”

ENA's performances

ENA, the governance token of Ethena Labs' much-discussed Ethena protocol, has been among the best of the 24 hours, gaining more than 45 percent at the time of writing. This is a sign that despite the controversies and doubts involving the main project, demand has been strong.

Controversy that has also affected in the last few hours one of the so-called bluechips of the DeFi world, namely AAVE, cascading over DAI's decision to increase the underlying limits precisely related to the project's stablecoin.

On March 8, Ethena Labs became the highest-earning decentralized application (DApp) in crypto, offering a 67% annual percentage yield (APY) on USDe. Ethena launched its USDe synthetic dollar on the public mainnet on February 19. According to its homepage, Ethena's USDe synthetic dollar currently offers a 35.4% APY and over 118,000 users. The CEO's bullish forecast follows the launch of Ethena Labs' airdrop on April 2, which distributed $450 million worth of Ethena (ENA) tokens to eligible wallets.

SOURCE: CoinTelegraph

PHOTO CREDITS: Carlos Muza

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