Internet Security

Shuffling The DEX

If you walk into a crowded place and shout Binance, there is probably someone who’s going to open their Binance app to check what’s going on. Centralized exchanges like Binance, Coinbase, and HBTC dominate the crypto space. Their reach in the market is an indication that we are already in the crypto future. Statista reported…

If you walk into a crowded place and shout Binance, there is probably someone who’s going to open their Binance app to check what’s going on. Centralized exchanges like Binance, Coinbase, and HBTC dominate the crypto space. Their reach in the market is an indication that we are already in the crypto future. Statista reported earlier in the year that collectively, Binance, HBTC, and Hydax Exchange process $54 billion worth of transactions every 24 hours, almost a third of the global exchange volume. As crypto adoption continues to rise, a corresponding surge in the decentralized Finance (DeFi) sector has driven interests in DEXes to new heights. But there will always be problems that come with disruption. In the case of DEXes, the widespread problem has always been that decentralization comes at the cost of usability. The Problem With DEXes And The Rise Of Uniswap Decentralized Exchanges have quickly emerged as solutions to the problems plaguing centralized exchanges. For example, several centralized exchanges have been reported to have technical issues when the crypto market booms. The overreliance on cloud providers like AWS makes it difficult to prepare for these downtimes. Also, abuse of power is a regular occurrence. The QuadrigaCX scandal is a good reminder of this: $190 million in customer cash stored by the Canadian exchange disappeared with the CEO when he died in 2019, as it was all held on a single hardware wallet with no one knowing the password but the deceased. Decentralized cryptocurrency exchanges are designed to address issues that centralized exchanges have. They are peer-to-peer (p2p) markets directly built on the blockchain, allowing traders to keep and manage their funds independently. Instead of the exchange or any other middleman directing the flow of money, such as a bank or an internet payment gateway, this procedure is controlled by a series of smart contracts that keep track of transactions on the blockchain on which it is built. But DEXes also pose a series of problems Many exchange operations on DEXes, such as deposits (also known as locking funds), placing orders, and finalizing trades, require Ethereum transactions on DEXes, resulting in an annoying situation where almost every action you take on a DEX pops up a Metamask window asking for approval, often also requiring pausing while in-between transactions. In addition, Liquidity is frequently inadequate due to these exchanges’ poor user interface. Because order books are thin and spreads are big, prices are often lower than on a centralized exchange. Most DEXes today charge a premium for their privacy, security, and decentralization features. Hence, Uniswap Uniswap, unlike other DEXes, does not employ order books and instead relies on an algorithmic pricing method to provide liquidity and minimal spreads. This price method is operationally simple, making Uniswap’s smart contract operations very straightforward. This has the added benefit of increased security, as well as lower gas costs. Uniswap is an Automated Market Maker (AMM) that establishes token prices using a simple algorithm: x * y=k. The amount of ETH in the pool is represented by x, the number of tokens is represented by y, and k is constant in this equation. When ETH is used to purchase a token, x increases, y decreases, and the token price rises. Users do not input a price they want to purchase or sell at, unlike traditional exchanges. Uniswap works in a similar way to spot markets, where traders can only buy and sell at the current price in real-time. Built on the Ethereum blockchain, each ERC-20 token traded on Uniswap has a pool of Ether and a pool of the token. The ratio of the size of the ETH pool to the size of the token pool determines the price of the token at any given time. However, despite the radical departure from the status quo by Uniswap, there are other DEXes that offer alternative features that Uniswap doesn’t offer. Dexes bringing something new to the table. While Uniswap is popular in the crypto world, there are other DEXes that serve as viable alternatives or offer entirely different features. Here are some of them: 1. Balancer: like Uniswap, Balancer is an AMM that allows users to swap ERC20 tokens. However, as the name suggests Balancer is a portfolio management tool balancing assets in a liquidity pool based on a given ratio. Balancer has been a critical component of a number of highly successful DeFi initiatives, owing to its dependability, usability, and adaptability. Uniswap’s liquidity pools are always 50:50, whereas Balancer lets liquidity suppliers specify any ratio they choose (such as 98:2). As a result, many liquidity mining sites choose Balancer over Uniswap since it lowers the danger of temporary loss. Balancer still maintains one of the greatest trade volumes of any decentralized exchange, despite its recent decline in popularity. 2. Solrise: Built on Solana, Solrise is non-custodial and decentralized fund management and investment protocol that helps democratize the investment space. On this DEX, anyone can open a fund or invest. 3. MakiSwap: This DEX runs on the popular AMM protocol as a yield farming platform built on the Huobi Eco Chain. It is the first DEX that will offer a variety of trading experiences including limit orders; charts; analytics; order books, etc. The DEX is a product of the Unilayer Eco-system which allows token holders to also reap rewards. 4. Tezos Liquidity Baking: It is the first protocol layer DEX, giving it an immediate advantage over application layer DEXs such as Uniswap by allowing rewards to be distributed in protocol token rather than application token. 5. Alkemi Network: Unlike the aforementioned, Alkemi Network is a unique DEX in that it does something no other DEX platform does: it fuses CeFi institutions with the DeFi space. It Offers state-of-the-art cryptography and liquidity for financial institutions and individuals to access DeFibanf earn on their Ethereum-based digital assets. Alkemi Network: Merging CeFi to DeFi There seems to be a rift between Centralized Finance and Decentralized Finance in the crypto space. Thought mostly based on the features both spaces offers, the dichotomies overlaps. But with Alkemi Network, the differences are bridged and fused. Alkemi is a sophisticated liquidity network created with institutional and retail investors in mind to enable them to access and earn on their Ethereum-based digital assets. It’s the first liquidity platform to allow KYC permissioned and permissionless liquidity pools governed by one network utility token. The network allows participants to remain complaint by making them undergo KYC verifications before being allowed to interact within the pool. The major offering of this DEX is Alkemi Earn, a permission liquidity pool where trusted counterparties can borrow and lend in wBTC, USDC, DAI, and ETH. Users can then lend and borrow and are also rewarded through the liquidity mining program. Why Alkemi Network Is Different? There are numerous projects in the DeFi space. But what makes Alkemi stand out is their Alkemi Earn. With earn, users will not only be able to invest, they will be able to lend and borrow while also earning rewards through the liquidity mining program. Earn pools can also be implemented into centralized exchanges to give consumers who aren’t DeFi power users an embedded experience. Another thing to consider is that Alkemi Network has an accessible User interface which makes it more accessible for liquidity mining programs. The open-access for all kinds of investors makes it a true DeFi experience. The KYC used by Alkemi is also industry standard. There’s a rigorous screening of liquidity providers that helps to fortify the borrowing and lending protocol and code. Bringing it together As the DeFi space continues to expand, new projects will keep popping. The institution-grade liquidity network will help bridge CeFi and DeFi to allow seamless transactions including borrowing, lending, and investing.
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US probe into Binance reportedly expands to investigate insider trading

Binance is apparently facing more pressure from regulators over possible abuses at its cryptocurrency exchange. Bloombergsources said US officials have expanded their probe of Binance to include possible insider trading and market manipulation. The company hasn’t been accused of wrongdoing, but Commodity Futures Trading Commission investigators have reportedly inquired with potential witnesses about issues like…

Binance is apparently facing more pressure from regulators over possible abuses at its cryptocurrency exchange. Bloombergsources said US officials have expanded their probe of Binance to include possible insider trading and market manipulation. The company hasn’t been accused of wrongdoing, but Commodity Futures Trading Commission investigators have reportedly inquired with potential witnesses about issues like the location of Binance servers (and thus whether the US can pursue any cases).The commission had previously launched an investigation into the sales of derivatives tied to cryptocurrencies. It’s reportedly looking for internal Binance data that might show sales of those derivatives to American customers, breaking regulations that forbid those sales without registrations. The Internal Revenue Service and Justice Department are also probing possible money laundering on the exchange.There are no guarantees of action. The CFTC and Justice Department have supposedly been investigating Binance for months, and any decisions might take a while longer.Not surprisingly, Binance said it was above-board. A spokesperson told Bloomberg the exchange had a “zero-tolerance” approach to insider trades as well as ethical codes and security guidelines to prevent those actions. The company added that it fires offenders at a bare minimum. The CFTC has declined to comment.The heightened scrutiny of Binance, if accurate, would come as part of a larger US crackdown on cryptocurrencies. Officials are concerned the lack of consumer protections (including regulation) might hurt customers who sign up for services expecting the same safeguards they have with conventional money. In this case, the focus is on accountability — insider trading could wreck valuable investments and erode trust in Binance and other crypto exchanges.
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Internet Security

How to Use Arbitrum Bridge to Transfer Tokens From the Ethereum Network to Arbitrum

Arbitrum was built by Off-chain Labs, which is considered a layer two solution for Ethereum dApps. Arbitrum bridge was designed to improve the limitations of the Ethereum network. It offers high-throughput and low-cost fees transactions along with maintaining high-security standards. The platform is backed up by a world-class team of researchers, engineers, and Ethereum enthusiasts.…

Arbitrum was built by Off-chain Labs, which is considered a layer two solution for Ethereum dApps. Arbitrum bridge was designed to improve the limitations of the Ethereum network. It offers high-throughput and low-cost fees transactions along with maintaining high-security standards. The platform is backed up by a world-class team of researchers, engineers, and Ethereum enthusiasts. […]
The post How to Use Arbitrum Bridge to Transfer Tokens From the Ethereum Network to Arbitrum appeared first on Altcoin Buzz.
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Internet Security

Cyber arms dealer exploits new Apple iPhone software vulnerability; affects most versions – researchers

A cyber surveillance company based in Israel has developed a tool than can break into Apple iPhones with a never-before-seen technique for at least six months, internet security watchdog group Citizen Lab said on Monday. The discovery is important because of the critical nature of the vulnerability, which affects all versions of Apple’s iOS, OSX,…

A cyber surveillance company based in Israel has developed a tool than can break into Apple iPhones with a never-before-seen technique for at least six months, internet security watchdog group Citizen Lab said on Monday. The discovery is important because of the critical nature of the vulnerability, which affects all versions of Apple’s iOS, OSX, […]
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Internet Security

Authorities To Imprison A Man From Ohio For Defrauding $30 Million In A Cryptocurrency Scam

An Ohio man will be getting 20 years in prison for carrying out a cryptocurrency scam. Michael Ackerman has pleaded guilty to the crime and might be spending a long time in prison. According to the US Justice Department, the man pleaded guilty to the multi-million dollar cryptocurrency scam last week. A Cryptocurrency Scam Worth…

An Ohio man will be getting 20 years in prison for carrying out a cryptocurrency scam. Michael Ackerman has pleaded guilty to the crime and might be spending a long time in prison. According to the US Justice Department, the man pleaded guilty to the multi-million dollar cryptocurrency scam last week. A Cryptocurrency Scam Worth Of Millions Michael Ackerman planned and executed a cryptocurrency scam in 2017. This scheme promised to pay investors 15% on their investments every month. Even though the benefits were too dubious and impossible, many investors rushed in to utilize the opportunity. The scam was called the “Q3 Trading Club,” a fund that used investor’s money to make the supposed profits to be shared as returns. On September 8, 2021, a US attorney, Audrey Strauss from the New York Southern District, announced that Ackerman had pleaded guilty to the charges. According to Strauss, the man agreed to have caused the victims to lose above $30 million in cryptocurrency assets. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course In the announcement, the attorney stressed that Arkerman agreed to have used his fake crypto scheme to steal millions from investors with the promise of 15% monthly returns. In addition, Strauss also disclosed that Michael Ackerman used fake documents to deceive the investors. His balances showed more than $315 million in the fund. But the reality was just a little above $5 million from the DoJ’s discoveries. The attorney also revealed that Ackerman stole investors’ money amounting to $9 million just to continue his lavish lifestyle. The man spent a lot of money on vehicles, real estate, personal security, traveling, and jewelry. Michael Ackerman Agrees To Pay The announcement also stated that Michael Ackerman has pleaded guilty to wire fraud. He agreed to pay back $30 million and forfeit at least $36 million in real estate, jewelry, cash which he acquired fraudulently. As for now, the sentencing will take place on January 5th, 2022. The first charges came from the SEC in 2020. The crime was the violation of securities laws by Michael Ackerman. Related Reading | Bitfinex To Roll Out Security Token Offerings (STOs) Platform In Kazakhstan The reports then showed that he used a private group that he created on Facebook to target physicians. The group was called “Physicians Dad’s Group,” and the SEC discovered his fraudulent intent. Michael Ackerman has never worked as an institutional broker in the New York Stock Exchange. Instead, he was operating as one of three scammers, including James, a Wells Fargo financial advisor, and another member, a surgeon called Quan Tran. In 2020 April, the victims of the incident sued Fargo for not investigating its employee. Featured Image From Pixabay
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