Month: February 2023

• ZenGo security team released a dashboard to detect, track, and monitor potential NFT hacks using offline signatures on the OpenSea marketplace.
• The dashboard flags up to $25 million worth of NFTs hacked via offline signatures as potential hacks.
• ZenGo is also collaborating with Ethereum Foundation and other wallets to support its drafted Ethereum Improvement Proposal (EIP) aimed at solving potential hacking issues.

ZenGo Security Team Releases Dashboard

As the non-fungible token (NFT) market continues to increase adoption, bad actors have also crept in to prey on the developing market. To help investors detect, track and monitor potential NFT hacks using offline signatures on the OpenSea marketplace, Crypto wallet ZenGo security team earlier today released a dashboard.

Detection Logic

The underlying method for the dashboard built by the ZenGo security team involves comparing data. It compares the listing amount of an NFT to the trade amount of the NFT collection floor price. If a valuable NFT was traded through OpenSea for a very low amount compared to its estimated value, then it’s highly likely that it is a scam. The dashboard leverages data from crypto data analytics platform Dune in order to initiate this comparable detection logic.

Searchable & Sortable Charts

Apart from being an NFT hack detector, the dashboard provides searchable and sortable charts that include an online updating table of a particular hack with many details and relevant links to Etherscan as well as top attackers, victims, and hacked NFT collections.

Ethereum Improvement Proposal (EIP)

The ZenGo team also mentioned collaborating with Ethereum Foundation, several decentralized applications (dApps), and other wallets to support its drafted Ethereum Improvement Proposal (EIP). This EIP aims at solving potential hacking issues related to offline signatures used for authorizing transactions with private keys kept offline.

Conclusion

The release of this dashboard by ZenGo is a great step towards creating more transparency in the marketplace so that investors can be better informed when making their decisions around purchasing or trading digital assets like non-fungible tokens (NFTs).

• Bitcoin Taproot utilization has hit a new all-time high, thanks to the emergence of Ordinals on the network.
• Glassnode’s weekly report shows both Taproot adoption and utilization have hit all-time highs recently.
• The “Taproot adoption” indicator quantifies adoption based on the percentage of total Bitcoin transactions that include at least one Taproot input involved in them.

Bitcoin Taproot Utilization Reaches All-Time High

What is Taproot?

Taproot is a Bitcoin upgrade that introduced changes to how transactions are processed in order to make them faster and more efficient. It went live back in November 2021.

The Problem with Adoption Metrics

Glassnode’s report on SegWit adoption from last year pointed out how the metric used for monitoring SegWit adoption only cares about how many transfers include at least one such input, ignoring the finer details of the transactions. To solve this issue, Glassnode came up with a “utilization” metric which actually counts all the spent outputs involved in a transfer and calculates the value based on their total.

How Does This Relate to Taproot?

This same methodology was applied to measure Taproot adoption and utilization, resulting in an all-time high of 4.2%. This indicates that more users are taking advantage of this upgrade and its benefits, making Bitcoin transactions faster and more secure.

Conclusion

The recent surge in Taproot utilization indicates that people are taking advantage of this upgrade, making Bitcoin transactions faster and more secure than ever before. As it continues to gain traction among users, we can expect even higher levels of utilization going forward.

• FTX is facing an independent bankruptcy investigation over its collapse last year.
• U.S. Bankruptcy judge is considering approval of the investigation.
• FTX is opposed to the idea and demands a refund from former donor recipients.

FTX Collapse

The FTX exchange initially portrayed itself as a trustworthy platform, but eventually collapsed when news broke that its chief executive and founder Sam-Bankman Fried aka SBF was reportedly using customer funds inappropriately.

Independent Bankruptcy Investigation

A U.S. bankruptcy judge is looking to consider the approval of an independent bankruptcy investigation into the FTX collapse, revealed in a court hearing in Delaware which took place earlier today. Though the bankrupt company admitted its actions in the past calls for a probe relating to mismanagement and fraud, it is convinced that another round of investigation from an examiner will result in more cost and delay to the company’s aim to refund victims of the collapse. State securities regulators in Texas, Vermont, and Wisconsin backed the proposal and said an unprejudiced version of the report would be advantageous to both the creditors and customers.

FTX Opposes Investigation

As a response to the appointment of an independent examiner into its case, FTX condemned the idea saying approval of an investigator would only replicate work already being done by FTX, its creditors, and law enforcement agencies, according to Reuters. The official creditors’ committee supported FTX noting that considering another investigation is unnecessary and not needed at this time.

FTX Requests Refund

As cases of the FTX collapse continue to heat up, it was reported that FTX requested a refund from former donor recipients on Monday with a press release published on Sunday stating their intentions for such action.

Conclusion

The fallout from last year’s bankruptcy filings involving FTX continues as today’s court hearing has revealed plans for an independent examination into proceedings surrounding its collapse while simultaneously demanding refunds from former donors who received money prior to its downfall. It remains unclear whether or not these requests will be granted or if this latest development will have any impact on future procedures involving this particular case; however, one thing is certain: only time will tell what other surprises lay ahead for those involved with this tumultuous situation!