Cryptocurrency news of the day.

Here are the top crypto news of the day curated by CoinChapter.com.

Keith Gill’s bold beat on GameStop Lead GameStop Rally

Keith Gill, the businessman popularly known as “Roaring Kitty”, has disclosed substantial investments in it. Game Stop (GME). Gill shared a screenshot on Reddit showing that he has $181.4 million worth of GME stock and call options.

Gil’s June 2nd Reddit post on his DeepFuckingValue account. Source: Reddit

The revelation sent GameStop shares up more than 19% in overnight trading. Gill bought 5 million GME shares worth $115.7 million and invested an additional $65.7 million in call options. He bet on GameStop’s stock price rising above $20 by June 21.

While Gill’s holdings have grown to more than $9.3 million, his call options currently show a loss of about $2.5 million. However, his bold move has already affected the markets. Shares of GameStop rose 19.19 percent to $27.58 in the 20 minutes following his Reddit post.

Shares of GME are up 2.3% and are currently trading at $23.4. Source: Google Finance

Matter Labs drops ZK trademark efforts

Matter Labs has withdrawn its efforts to acquire intellectual property rights for the term “ZK”, short for “zero knowledge” proof. The decision comes three days after several prominent ZK researchers condemned Matter Labs’ behavior “in the strongest possible terms”, arguing that ZK technologies should remain a “public good” accessible to all. Is.

Source: x

In a statement on X, Matter Labs acknowledged the concerns raised by the community and confirmed its decision to drop all trademark applications related to the term “ZK”.

A public letter signed by ZK supporters, including ZK-evidence inventors and industry leaders, argued that attempting to trademark an underlying technology would violate the cryptocurrency industry’s core principles of decentralization and open access. .

Another crypto news of the day: DEX Velocore suffered a $7 million hack

The decentralized exchange is Velocore Victim of $6.8 million hack Through a vulnerability in its smart contracts. In a transparent post-mortem, Velocore addressed the incident and offered a 10% white hat bounty to the hacker for the return of the remaining funds.

The hack, which took place on June 2, exploited an overflow logic flaw in Velocore’s liquidity pool contracts. The hackers then tricked the system into turning a small withdrawal into a large deposit. With the help of Flash Loan, the hacker was able to extract Velocore’s “volatile pools” on the zkSync Era and Linea blockchains. However, assets on the Telos network were protected.

In response, Velocore disabled the logic flaw used in the exploit. The firm reached out to the hacker with a message offering a 10% white hat bounty for the return of the remaining funds by June 3, 8:00 UTC. The hacker has yet to respond but has deposited around 1700 ETH, worth around $7 million, into cryptocurrency mixer TornadoCash.

US Navy Launches “PARANOID” Blockchain Security Technology

The United States Navy is inviting private sector partners to contribute to the development of its proprietary “PARANOID” blockchain technology. This technology is designed to protect software from cyber attacks during development and deployment.

Image source: US Navy.

PARANOID is a blockchain-based system that verifies software files across nodes at each stage of the development process. Any attempt to modify, change or delete code or files will fail to authenticate against the PARANOID system’s blockchain database.

Developed by the Naval Air Warfare Center’s Aircraft Division (NAWCAD) in Lakehurst, New Jersey, PARANOID was initially designed to secure avionics software for the US Navy. However, its application to any software development effort where security is a factor has prompted the Navy to seek private sector partners through a Cooperative Research and Development Agreement (CRADA).

Crypto News: Frax Finance X Account Hacked

Frax Finance, a crypto-lending platform, suffered a related social media account hack on X (formerly Twitter). The CEO has raised suspicions of “inside jobs” or social engineering at Elon Musk’s company.

According to Frax Finance CEO Sam Kazeman, the platform’s X account was compromised on June 1. No one has tampered with existing passwords or internal issues at Freaks Finance itself. Kazeman alleges that the breach may have been the result of an insider working at X or a social engineering strategy targeting X employees.

Source: x

To regain control of the account, Kazimian appealed to his followers for help in contacting X’s customer service. However, the recovery process for a compromised account may take up to 72 hours. Additionally, Kazemian advises users to avoid all website links shared by compromised X accounts until further notice.

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