• Over $1 billion worth of Ethereum (ETH) has been lost due to software bugs and human error.
• The report from Coinbase revealed that 636,000 ETH or 0.5% of total circulating supply is now inaccessible.
• Most of the losses were due to smart contract bugs, wallet issues and user errors.

Lost Ether Worth $1.15 Billion

A study by Conor Grogan, Coinbase’s director of product strategy and business operations, revealed that over $1 billion worth of ether (ETH) has been permanently lost due to software bugs and human error. This amount accounts for 636,000 ETH, or 0.5% of total ETH supply in circulation.

Cause Of Losses

Most of the losses were caused by a 2017 Parity wallet issue which resulted in 513,746 ETH becoming inaccessible due to a user triggered flaw at the time when it was worth approximately $280 million. Additionally 85,000 ETH were lost due to buggy smart contracts and 24,000 ETH were sent to an Ethereum burn address with no one having access to its private key. The remaining amount was distributed among various other bugs and mishandled transactions.

Security And User Education

Human error is still responsible for most cryptocurrency losses despite advances in wallet software and user education on the issue. Vitalik Buterin co-founder of Ethereum has called for better security measures as well as more user-friendly tools developed for users in order to prevent such losses in the future. Decentralized finance (DeFi) platforms have made some progress but there is still much work needing done since hackers stole over $6 billion from various DeFi protocols last year alone according to reports from 2022 .

Ethereum Price

As of March 21st 2021 ether is trading at $1,802 with a market capitalization of $220 billion up 3.75% within one week’s time period according to CoinMarketCap data .

Conclusion

It appears that human error remains a significant factor in cryptocurrency loss despite technological advancements in wallets sofware and user education on the matter . To prevent any more loss additional security measures need implemented along with greater development into more user-friendly tools programmed on blockchain networks like Ethereum .

• Cryptocurrency market rebounds with a 6.4% increase in 24 hours, reaching a total market cap of $1.01 trillion
• Kava (KAVA) is leading the pack with its impressive surge in value, gaining over 32.47% in the last seven days and launching an innovative incentive program, Kava Rise
• Aptos (APT), Polygon (MATIC), and Fantom (FTM) have also posted strong gains over the past week

Crypto Market Rebounds

The cryptocurrency market has seen a rebound of 6.4% over the last 24 hours, bringing the total market cap to $1.01 trillion as of March 13th. This rebound comes after a volatile week that included Silvergate’s liquidations and Silicon Valley Bank’s collapse.

Kava Gains Momentum

Kava (KAVA), the cross-chain decentralized finance (DeFi) lending platform, has been making headlines with its remarkable surge in value over the past week. The kava token has gained over 32.47%, trading at $1.05 as of March 13th, despite overall cryptocurrency market volatility. This success can likely be attributed to Kava’s recently launched incentive program – Kava Rise – which provides $750 million worth of block rewards to developers building on both Ethereum and Cosmos chains, as well as incentivizing validators to migrate their cloud infrastructures to Akash Network with a pledge of $1 million in AKT tokens from Akash Network itself.

Other Altcoins Post Strong Gains

In addition to KAVA’s impressive performance, other altcoins have also posted strong gains over the past week: • Aptos (APT): +109% • Polygon (MATIC): +20% • Fantom (FTM): +17%

Reduction in Volatility

The crypto market saw a reduction in volatility during this period, allowing for more successful investments and trades amongst investors looking for short-term returns on their holdings.

Conclusion

The latest rebound of the crypto market proves that there are still opportunities for investors willing to take risks amidst times of uncertainty and volatility; however it is important to remember that investing carries inherent risks, so it should always be done carefully and with caution!

• Cryptocurrency investors have experienced a wild ride over the past week, but finally some good news as the market saw a reduction in volatility.
• KAVA and APT are two of the top coins leading the pack during this period of reduced volatility, largely due to their incentive programs and network activity.
• Other altcoins that have seen significant gains include EOS, TRX, XRP, BCH, BSV and LINK.

Crypto Market Rebound

The cryptocurrency market has bounced back and is up 6.4% in the last 24 hours, reaching a total market cap of $1.01 trillion. Cryptocurrency investors had been on a wild ride over the past week amid Silvergate’s liquidations and Silicon Valley Bank’s (SVB) collapse. But finally, some good news: over the weekend, the market saw a reduction in volatility and many of the top coins posted gains despite recent bearishness.

Kava (KAVA)

Kava (KAVA), the cross-chain decentralized finance (DeFi) lending platform has been making headlines with its remarkable surge in value over the past week – gaining 32.47%. The token is trading at $1.05 as of March 13th. This can be attributed to its recently launched innovative incentive program Kava Rise; which distributes 62.5% of all block rewards to developers building on Kava’s Ethereum (ETH) & Cosmos chains as well as incentivizing validators to migrate their cloud infrastructures to Akash Network with an offer of $1 million in AKT tokens from Akash Network itself.

Aptos (APT)

Aptos (APT) has emerged as another big gainer over the last week with an impressive 70% increase in value – currently trading at $0 .863 per token according to CoinMarketCap data for March 13th . The reason behind this surge can be traced back to Aptos’s participation in Eth 2 staking; where it provides users with up to 12 % annual returns on ETH staked through their platform along with other benefits such as free transactions & zero fees for ETH transfers within Aptos’s ecosystem .

Other Altcoins

Other altcoins that have seen significant gains include EOS (+37%), TRX (+30%), XRP (+15%), BCH (+14%), BSV (+11%) and LINK (+10%). These tokens have increased significantly due to various factors including new partnerships & integrations , progress towards DeFi adoption , increasing demand for privacy coins & security tokens , etc .

Conclusion

The crypto market appears to be recovering from recent turbulence; with Kava & Aptos leading among other altcoins such as EOS , TRX , XRP , BCH , BSV & LINK . It remains unclear exactly how long these increases will persist or if they will continue into next week; but it appears that cryptocurrency investors now have something positive to look forward too .

• Babel Finance has proposed to create a new stablecoin, “Babel Recovery Coins”, to generate revenue and repay $766 million to its creditors.
• The proposal came after the company recorded massive losses last year during the cryptocurrency market’s downturn.
• Babel estimates that $524 million worth of Bitcoin, Ether and other tokens owned by the company and its customers were lost due to Wang Li’s risky trading activities.

Babel Proposes New Stablecoin To Repay Creditors

Financial service provider Babel Finance has proposed developing a new stablecoin – “Babel Recovery Coins”– in order to generate revenue and repay $766 million to its creditors. This plan was outlined in a filing, though no further details have been revealed. The proposal comes after the company faced financial difficulties last year during the cryptocurrency market’s downturn.

Cause of Financial Difficulties

The cause of Babel Finance’s financial difficulty is attributed to its proprietary trading desk using customer funds and accumulating an order-book deficit of $766 million. The filing claims that Wang Li, who was ousted from his position as a leader in Babel back in December is accountable for these losses. It states that his risky trading activities seem to have been directed exclusively by him resulting in an estimated loss of $524 million worth of Bitcoin, Ether and other tokens owned by the company and its customers. An additional loss amounting up to $224 million was also incurred when counterparties liquidated collateral after Babel failed to meet large margin calls.

Restructuring Plan

To overcome this financial crisis, Yang Zhou (the sole director at Babel) plans on submitting a moratorium of protection request for six months which will allow creditors not take any action against them while they seek approval on their restructuring proposal which involves creating new stablecoins using their earnings from their DeFi project called Hope which will be initially backed by bitcoin and ether as collateral and eventually by other digital assets too once it launches successfully later this year.

Risk Involved In Trading Cryptocurrencies

This incident showcases how volatile cryptocurrencies can be if invested without proper knowledge or expertise leading others who are unaware into heavy losses like in this case where even with experienced professionals have had significant losses due to poor decision making or poor risk management strategies employed while trading crypto assets leading them into such huge debts with creditors that needed settling through creative solutions like issuing new stablecoins here in this case with Babels Recovery coins offering as one such solution but not always available ones either depending upon different circumstances involved in each individual situation so investing wisely is key here when it comes down handling digital assets like cryptocurrencies especially if you aren’t an expert yourself but still wish venture into it otherwise enlisting help from someone knowledgeable could save you from unnecessary losses should anything go wrong unexpectedly .

Conclusion

In conclusion, it is essential for anyone looking into investing or trading cryptocurrencies must do thorough research before engaging themselves in such activities as losing out on ones investments can lead one deep into debt if proper precautionary measures aren’t taken beforehand thus ending up needing some kind of creative solution like what we saw here with Babels recovery coin offering as one possible option which may not be available all times depending upon ones own unique set of conditions so make sure you know what you’re getting yourself into before taking any risks when dealing with highly speculative asset classes such as those involving cryptos otherwise things might end up not going your way leading you towards bigger problems than anticipated .

• The US Supreme Court recently ruled in favor of Ripple’s fair notice defense in the SEC vs. Ripple case.
• The XRP community slightly optimistic, but XRP price lost 3% in one week.
• The SEC is under fire for how it is choosing to regulate the crypto space and filing new actions against other industry members.

SEC vs. Ripple Case

The US Securities and Exchange Commission (SEC) accused the remittance firm Ripple of illegally raising $1.3 billion by selling XRP tokens in an unregistered securities offering back in 2020, sparking a two-year legal battle between the two parties.

Supreme Court Ruling Favors Ripple’s Fair Notice Defense

In a recent development, Ripple wrote a letter to the US District Court on the issue of fair warning by the SEC citing a recent Supreme Court ruling favoring the blockchain company’s fair notice defense. The point illustrated by this case was that governments must provide fair warning to citizens when implementing regulations or they may be subject to penalties if they fail to do so clearly enough for people to understand them properly.

SEC Under Fire For Regulatory Practices

The SEC is being criticized for its approach towards regulating the crypto sector, with XRP holders’ lawyer John Deaton urging companies currently engaged in legal battles with the SEC to “exchange ideas.” Deaton claimed that “the SEC waged a war 🆚 crypto when it attacked not only how a promoter sells a token but attacked the token itself – calling software code a security per se – no matter the seller or the circumstances surrounding the sale.”

XRP Community Optimistic About Resolution

The XRP team used Bittner vs. SEC as an example while pleading with Judge Torres to emphasize issuing fair warnings globally in language that everyone can comprehend and understand. The XRP community has expressed slight optimism regarding this development and is anticipating an eventual resolution that will be beneficial for both parties involved in this case.

XRP Price Drops Despite Recent Developments

Despite these developments, however, XRP price dropped 3% over one week period indicating that investors remain cautious about investing their money into cryptocurrency until further notice from authorities or court rulings are made clear regarding this ongoing legal battle between Ripple and the SEC

• Tencent Cloud, the cloud service business of China’s largest Internet company, announced its full entry into WEB3.
• The firm has reinforced its Web3 speculations through foundations of future partnerships with leading Web3 brands during the global Web3 summit.
• Tencent Cloud has partnered with leading Web3 companies to spearhead its virtual operations.

Tencent Cloud Enters Web3

Tencent Holdings’ cloud service provider, Tencent Cloud, has announced its interest and entry into web3. The company is targeting the strategic and most crucial pillars of Web3, including storage, security, identity, data, and analytics. During the first Global Web3 Summit held recently, Tencent Cloud’s Senior Vice President Poshu Yeung acknowledged the bright future that web 3 showed and said that significant potential exists where the physical and digital worlds meet.

Tencent Plans To Debut Virtual Experiences

Tencent Cloud plans to debut various virtual experiences in the web 3 ecosystem by developing a full suite of blockchain API services as well as introducing their new product – Tencent Cloud Metaverse-in-a-Box offerings which will improve the experience of virtual users and online developers.

Partnerships With Leading Web 3 Brands

In order to further strengthen their position in web 3 space, Tencent has signed a memorandum of understanding (MoU) with Ankr – a leading web 3 ecosystem – to develop blockchain API services. The cloud provider also announced an alliance with Avalanche (a leading smart contracting platform), Scrolls & Sui which will see nodes deployed on Tenecent cloud to enable quick node set up for developers.

Future Prospects Of The Collaboration

The move by Tenecent creates opportunities for both existing and new projects launching in the web 3 space while strengthening existing ones as well. Moreover, it helps create an environment where global businesses can leverage these technologies without worrying about scalability or security issues associated with them.

Conclusion

It remains clear that ten cent is positioning itself as a major player in all aspects related to web 3 technology and this collaboration should serve as positive news for investors who are looking forward to capitalizing on emerging technologies like blockchain & cryptocurrency applications.

• Peter Schiff, an investment manager and bitcoin skeptic, said in a recent interview with Anthony Pompliano that bitcoin has no value.
• Schiff believes this due to the lack of physical utility of bitcoins and his view that there are dark economic times ahead.
• He suggests gold as an alternative to fiat currency and cryptos instead, speculating that it will be attractive in the coming economic downturn due to its history as money and use in electronics, exchange, and jewelry.

Peter Schiff’s Bitcoin Skepticism

Peter Schiff is an investment manager who is a long-time skeptic of bitcoin. In a recent interview with Anthony Pompliano, he argued that bitcoin has no value because it lacks any physical utility. He believes this includes the difference between one satoshi or one bitcoin versus all the bitcoins in existence.

Dark Economic Times Ahead

Schiff also suggested that dark economic times lie ahead for many people. He believes people will lose their jobs and have difficulty purchasing food because of inflation – particularly for consumer staples like food – leading them to sell off their bitcoins for necessities.

Legacy Digital Financial System

The legacy digital financial system is controlled by central banks whereas bitcoin is decentralized which sets them apart from each other. The modern monetary system goes back to 1971 when then U.S. president Nixon took the U.S off the post-WWII de-facto gold standard, known as Bretton Woods system.

Gold’s Attractiveness

Schiff thinks gold is a good alternative to both fiat currency and cryptos due to its history as money over most of human history as well as its use in electronics and as a means of exchange or jewelry piece making it attractive in upcoming economic downturns given its rising price since 2000 after Gordon Brown sold large amount of national reserves’ gold from UK at bottom bear market since 1980 peak frenzy period began 1971 .

Conclusion

In conclusion, Peter Schiffs views on Bitcoin not having any value are based on his understanding that there isn’t any physical presence associated with crypto assets such as Bitcoin which makes them nonviable or appealing compared to Gold which has been used historically throughout human civilization making it more stable than Cryptocurrencies such as Bitcoin during tough economic conditions.

• Bitvavo expects to receive 80-100% of the $300 million debt owed to them by Digital Currency Group (DCG).
• In January, DCG proposed a 70% payment to Bitvavo’s debt which was rejected by the exchange.
• The two parties have now come to an agreement and the details of it will be published in the next few days.

Bitvavo Expects to Receive Debt from DCG

Bitvavo recently released a statement announcing that they expect at least 80% of their debt owed by Digital Currency Group (DCG) will be settled sometime in the future. Reportedly, DCG owes Bitvavo around $300 million (280 million euros).

Rejection of 70% Payment Proposal

In January 2021, DCG proposed a 70% payment towards Bitvavo’s debt but this offer was rejected by the dutch crypto exchange as they believed that full payment could still be made by DCG. Since then, both parties worked on reaching an agreement with better terms.

In-Principle Agreement Reached

The recent in-principle agreement between both parties included a recovery rate of between 80-100%. According to the statement released by Bitvavo, this agreed upon amount will be paid in different forms such as cash, digital currency and convertible preferred equity notes in DCG. The announcement also mentioned that more elaboration and signing of agreements under Chapter 11 proceedings will take place over the next few weeks.

Plan Support Agreement Submitted for Approval

Once the details are worked out between both parties, they will work out a Plan Support Agreement (PSA) from this deal and submit it for approval to “Unsecured Creditor Committee” (UCC). If approved, PSA can then be presented before bankruptcy court for ratification which would open up space for execution process and repayment commencement.

Genesis Makes In-Principle Deal with Gemini Exchange

This deal comes after subsidiary company Genesis made an in-principle agreement with Gemini exchange and other creditors where either its equity should be turned over or sold to creditors due to last year’s downfall faced by many crypto networks following deaths of Celsius, Terra and BlockFi affecting their businesses severely.

• China attempted to ban crypto mining in 2021, but the effects were only temporary.
• Bitcoin’s hashrate has now hit a new all-time high, near 300 exahashes per second (EH/s).
• Companies such as Blockstream have shifted their operations to crypto mining, and other countries such as Kazakhstan have also benefited from the ban.

In May-June 2021, China took a drastic step by banning crypto mining, and the effects were felt immediately. The bitcoin hashrate dived, and the price of the world’s largest cryptocurrency halved from $60,000 to $30,000. It seemed like the ban had a lasting effect on the industry, but the bitcoin network has now reached its new all-time high in terms of hashrate, at around 300 exahashes per second (EH/s).

The lack of long-term effects has been beneficial to many, including companies that have shifted their focus to crypto mining. One such company is Blockstream, which is now making more money from mining operations than code development. The company recently raised $125 million from Fulgar Ventures and Kingsway Capital. Before the 2021 bull run, there were no publicly traded miners, but now it is a common occurrence, allowing miners to hold more in bitcoin since they can now raise capital from the stock markets.

Other countries have also taken advantage of China’s ban. Kazakhstan, for example, recently passed a law on Digital Assets of the Republic of Kazakhstan, introducing licensing requirements for miners and a higher electricity price. The country also released plans to inject over $700 million into crypto mining. The USA too has seen an increase in miners, although it was lagging behind before the ban.

The effects of the ban are still being felt, with some countries and companies benefitting from it. However, the main takeaway is that the ban has had little to no effect on the bitcoin network. Its hashrate is at an all-time high, and the industry is still growing. It is clear that the ban was just a blip in the chart and that the crypto industry is still going strong.

• The South African Advertising Regulatory Board (ARB) has released an updated code of advertising practice for crypto market participants.
• Under the new guidelines, crypto businesses must send clear risks warnings and state that investing in bitcoin (BTC) and altcoins is risky and may result in capital loss.
• Crypto influencers have also been warned against making bogus crypto claims.

The South African Advertising Regulatory Board (ARB) has recently released an updated code of advertising practice for crypto market participants. The new guidelines come in the wake of a tumultuous year for the crypto space, with the steep drop in the price of bitcoin and other cryptocurrencies, coupled with wanton customer funds mismanagement and alleged fraudulent practices leading to high-profile bankruptcies.

Under the new guidelines, crypto businesses must ensure that any advertisement published by them “expressly and clearly” states that crypto assets are risky investment vehicles that may result in total loss of capital since their prices are never stable. Furthermore, the advertisement must explain the relevant product or service in a way that is easily understandable for the intended audience. As such, the overall message of the advertisement must not contradict the warning statements.

Additionally, the ARB has also mandated that crypto influencers must refrain from making bogus crypto claims. Such influencers are required to clearly state that their content is not to be taken as financial advice, and must also inform their followers that investing in cryptocurrencies is risky and may result in capital loss.

The new advertising code of practice is part of the ARB’s continuing efforts to promote responsible and legal crypto advertising practices. It is hoped that the new guidelines will help protect investors from fraud and other illicit activities, while also helping to bring more clarity and stability to the crypto markets.