By Lachlan KellerMay The U.S. Securities and Exchange Commission has failed in a bid to gain access to any legal communications Ripple Labs sought or received as to whether sales of XRP were subject to federal securities law. 1)Judge Sarah Netburn of the District Court for the Southern District of New York dismissed the request from earlier this month, according to a memo filed on May 30, upholding Ripple’s attorney-client privilege. 2)According to the memo, the SEC had contested that “privilege was waived by putting Ripple’s good-faith belief that it was complying with the law into question through Ripple’s fair notice defense.” The fair notice defense argues that Ripple had no reasonable notice from the SEC on whether XRP was a legal offering. 3)The SEC cites more than 70 similar enforcement actions against other crypto companies as sufficient for Ripple to be aware of XRP’s legal standing. Ripple’s case cites Upton v. SEC, in which a federal court upheld a fair notice defense, although the SEC argued that the case was “an outlier case arising from very different circumstances.”

As Beijing attempts to reThreats from China’s central government appear to have done little to quash local demand for crypto assets.gulate and suppress the cryptocurrency boom, traders have been evading regulatory oversight by using over-the-counter, or OTC trading desks. According to a May 31 report published by Bloomberg, there has been a significant uptick in OTC platform usage since China announced its latest crackdown earlier this month, with China tightening restrictions prohibiting financial institutions and payment companies from providing services related to cryptocurrencies. While exact volume data is hard to ascertain as Chinese OTC transactions are peer-to-peer and use third-party payment platforms, the exchange rate between China’s yuan and popular stablecoin Tether (USDT is seen as a key gauge of local crypto market sentiment — with demand for USDT increasing during market downturns. According to Bloomberg, USDT/CNY fell by as much as 4.4% after the Communist Party crackdown earlier this month but has since recouped more than half the loss. The recovery suggests that peak selling may have passed as the markets begin to consolidate. One of the concerns driving China’s crypto crackdown is capital outflows, which have been seen to spur their latest moves to suppress the industry. Bloomberg speculated that OTC trading may not pose the same capital flight risks associated with typical exchanges, suggesting regulators may not be so heavy-handed in dealing with the sector. “Because the yuan leg of [OTC] trades takes place entirely within China’s domestic financial system, the risk of large-scale capital outflows is low,” the report noted. China’s shift to the OTC markets mirrors the situation in late 2017 when the state first imposed a ban on cryptocurrency exchanges. Chinese traders are still believed to represent a major share of global crypto trade today despite the crackdown, with analysts estimating China owned 7% of the world’s Bitcoin and accounted for roughly 80% of trading before the 2017 clampdown. The latest wave of government-imposed restrictions has also seen crypto mining operations targeted as China attempts to align its carbon neutrality goals. Several companies including Huobi and OKEx have halted their local mining operations and mining services for Chinese customers. As a result, Bitcoin's mining difficulty fell by 16% on Sunday to 21 trillion - its sharpest decline this year. Mining difficulty provides an estimate for the computing power required to produce new BTC. The network automatically adjusts the difficulty around once a fortnight, responding to levels of competition among miners. The lower it falls, the less competition there is - suggesting that many have already powered down their rigs.

Alex Dovbnya Yao Qian, a former director of the PBOC's Digital Currency Research Institute, claims that a central bank digital currency can run on the Ethereum network CBDC Can Be Set Up on Ethereum Network, Says Architect of Digital Yuan During the spring meetings of the 2021 International Finance Forum (IFF), Yao Qian, science and technology supervision bureau head at the China Securities Regulatory Commission (CSRC), said that a central bank digital currency (CBDC) could run directly on the Ethereum network or Facebook-backed blockchain payment system Diem when speaking about its operational architecture: We can imagine that if the central bank's digital currency runs directly on blockchain networks such as Ethereum and Diem, then the central bank can use their BaaS services to directly provide the central bank's digital currency to users without using intermediaries. Overall, Yao outlined seven aspects that have to be considered when researching and developing a CBDC: its technical route, value attributes, operational architecture, interest accrual, distribution, the implementation of smart contracts, and regulatory issues. The official notes that a digital currency cannot be “a simple simulation” of physical money, making a case for creating smart money. However, he also called attention to the vulnerabilities of smart contracts, claiming that the technology has to mature. When it comes to regulations, Yao calls for striking the perfect balance between protecting users’ privacy and ensuring compliance with basic anti-money laundering and know-your-customer (KYC) guidelines. “Crypto Dad” Affectionally called China’s “Crypto Dad,” crypto-savvy Yao is known as one of the most influential people in the blockchain industry. He was at the helm of People's Bank of China (PBOC)'s digital currency research subsidiary before he was replaced with Mu Changchun in September 2019. However, in his speech he cautioned that he only expressed his personal views, which do not represent those of the PBOC.

Bitcoin price failed to clear the $37,000 resistance against the US Dollar. BTC is declining and it remains at a risk of more losses below $34,000. Bitcoin is facing a lot of hurdles near the $36,000 and $37,000 resistance levels. The price is currently trading well below $37,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline heavily if it settles below the $34,000 support and $33,200. Bitcoin Price Turns Red Bitcoin made a couple of attempts to clear the $37,000 resistance zone, but it failed. The last swing low was formed near $33,650 before BTC corrected higher. It broke the $34,000 and $35,000 resistance levels. There was also a break above the 23.6% Fib retracement level of the downward move from the $40,417 high to $33,650 low. The price is now struggling to clear the $36,000 resistance level. Bitcoin is also trading well below $37,000 and the 100 hourly simple moving average. Moreover, there is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair. Bitcoin Price On the upside, an immediate resistance is near the $35,500 level. The first major resistance is near the $36,000 level and the trend line. The next major resistance is near the $37,000 level. It is close to the 50% Fib retracement level of the downward move from the $40,417 high to $33,650 low. A close above the $37,000 resistance zone could open the doors for a steady increase. The next major barrier for the bulls is near $40,000 level. More Losses in BTC? If bitcoin fails to clear the $36,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $34,500 level. The first major support is near the $34,000 level. If there is a downside break below the $34,000 support, the price could decline towards the $32,000 support zone in the coming sessions. Any more losses could clear the path for a test of the $30,000 level. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $34,000, followed by $32,000. Major Resistance Levels – $35,500, $36,000 and $37,000.

RenVM’s latest upgrade includes support for Fantom’s blockchain, bringing popular crypto-assets BTC, BCH, DGB, DOGE, FIL, Zcash and LUNA to Fantom’s ultra-fast, low fee DeFi ecosystem. Fantom users enjoy significantly reduced transaction wait times and greatly decreased transaction fees. But unfortunately, users holding native assets on the other major blockchains don’t have that ability, until now. As Fantom’s RenVM integration comes into play, users from other networks can deposit their assets directly to Fantom using RenBridge and enjoy the low-fee, faster transactions ecosystem of Fantom. Users will also be able to directly deposit and withdraw their crypto assets to Fantom’s blockchain without having to go through multiple exchanges. With the integration of RenBridge, DeFi enthusiasts can now add and exchange almost all their assets across multiple blockchains to Fantom and make whatever trades necessary without having to rely on a centralized exchange. The integration will support BTC, ZEC, BCH, and DOGE right off the bat. Others will go live shortly as the integration develops and expands. This will give users even more ways to use Fantom to build their crypto portfolio and make it work for them. Most importantly, they’ll see their portfolio become quicker, more agile, and more adaptive to changing situations and market conditions. This also signals a new stage of development for Fantom as a whole. As new partnerships and integrations blossom, Fantom will become ever more prominent in the world of cryptocurrency. As Fantom cultivates more collaborations and gains compatibility with more types of assets, its utility, agility, and overall value will only increase for portfolio holders. Native REN assets that will be available on Fantom’s blockchain from now $renBTC | Bitcoin (BTC) on Fantom $renBCH | Bitcoin Cash (BCH) on Fantom $renDGB | DigiByte (DGB) on Fantom $renDOGE | Dogecoin (DOGE) on Fantom $renFIL| Filecoin (FIL) on Fantom $renLUNA | Terra (LUNA) on Fantom $renZEC | Zcash (ZEC) on Fantom Steps for Users To take advantage of this new integration, users must add the Fantom Network to their MetaMask using this quick tutorial. Users will then be able to bridge their different currencies and get started making moves. With this integration still in the early stages, new developments are forthcoming. Expect to see Curve Finance, BadgerDAO, and Varen be included soon. Looking Forward As Fantom continues to expand its toolbox, it’s all about giving crypto holders the ability to make the best choices possible for their portfolio. This is a brand-new development on the horizon, and it’s only the beginning. Stay tuned for new assets as they become compatible with the new integration. About RenVM RenVM is an open protocol providing access to inter-blockchain liquidity for all decentralized applications. A secure network allows users to exchange, lend, and move their crypto however suits their needs. To learn more, visit the Ren Project website or check out their RenVM-specific overview. About FantomThe Fantom Foundation is committed to building open-source, decentralized Dag-based distributed ledgers. Every day, they create fast, secure, and scalable tools relevant across a wide range of industries that allow businesses, organizations, and individuals to develop secure, decentralized applications to solve real-world problems.

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Published By Lavina Daryanani The crypto market, at present, has placed itself in a zone where the tweets of so-called influential people have started impacting its price movements. Just by “randomly” tweeting something, can these widely-followed individuals gain control of the market movement? Tesla’s Elon Musk has been one among the few influential people who has been exerting a considerable impact on the price of Bitcoin lately. Commenting on this very slippery slope on a recent podcast, Dan Held, the Growth Lead at Kraken said, “It’s supremely disrespectful. We embraced him [Musk] with open arms and he kind of just trashed it… It felt very “trolly.” It was just ridiculous.” Expressing his disappointment, Held further went on to assert that there was hardly any insight into Musk’s actions. Podcast host, Peter McCormack, on the other hand, propagated that other people from the industry including the likes of Adam Back deserved to influence the markets than “morons” like Musk. Further supplementing the aforementioned perspective, Held stated that the Tesla exec was merely “lucky” to have impacted the market. He said, “Bitcoin is bigger than Elon. Bitcoin is bigger than anyone else. The market now knows that he’s just jerking around. We don’t really care about what Elon has to say about Bitcoin anymore.” Held, additionally, endorsed that the future of Bitcoin should be decided by the consensus of the entire network, instead of a small, wealthy, and hugely influential committee. He also propagated that such events made Bitcoin even more “anti-fragile.” Commenting on the same, he said, “Well, these big folks who come in and swing around are going to lose influence pretty fast.” Further disregarding the ‘Bitcoin Council’ idea, propagated by MicroStrategy’s Michael Saylor and Elon Musk, Held affirmed that he “fundamentally” did not agree with the idea of the same. Commenting on the recent Bitcoin energy debate fuelled by Musk, Held advocated that Bitcoin was doing a “phenomenal” job and did not have to defend its own energy consumption. “We should push back the narrative that Bitcoin is wasteful or dirty. It’s completely ridiculous and a double standard narrative.” At the end of the day, Musk may come and Musk may go, but Bitcoin will go on forever!

Ethereum (ETH/USD) gained ground early in the Asian session as the pair appreciated to the 2462.03 level after trading as low as the 2299.21 area during the European session, with the interday high representing a test of the 38.2% retracement of the appreciating range from 1728 to 2913.68. Traders lifted ETH/USD as high as the 2480 level during the European session, representing a test of the 61.8% retracement of the depreciating range from 2950 to 1728. During a pullback to the 2367 area during the North American session, ETH/USD tested the 38.2% retracement of the appreciating range from 2182.20 to 2480.69. Selling pressure intensified from the 3567.40 area recently and Stops were elected below several downside price objectives and areas of potential technical support, including the 3485.38, 3212.13, 2938.87, 2725.38, 2600.77, 2549.82, 2451.84, 2334.65, 2178.29, 2054.25, 1987.71, 1944, 1912.06, and 1874.99 levels. Potential technical support levels during pullbacks include the 1783.89, 1755.41, 1730.47, 1456.03, 1371.71, 1317.79, 1229.48, and 1103.49 levels. During the recent appreciation to an all-time high around the 4384.43 area, Stops were elected above the 3987.65, 4113.81, and 4136.61 areas, upside price objectives related to historic buying pressure that originated around the 90 figure. Additional upside project objectives include the 4453.47, 4471.68, 4522.73, 4550.12, and 4609.38 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly). Price activity is nearest the 50-bar MA (4-hourly) at 2494.36 and the 200-bar MA (Hourly) at 2411.11. Technical Support is expected around 1860/ 1783.89/ 1755.41 with Stops expected below. Technical Resistance is expected around 3122.22/ 3420.10/ 3788.66 with Stops expected above. On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage. On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

Bitcoin (BTC/USD) was lifted early in today’s Asian session as the pair appreciated to the 36350 level after trading as low as the 34768.79 level during the European session, with the interday high representing a test of the 76.4% retracement of the depreciating range from 37325 to 33333. Traders pushed the pair as high as the 36495 level during the North American session, representing a test of the 50% retracement of the appreciating range from 30000 to 42990, and also a test of the 78.6% retracement of the depreciating range from 37325 to 33333. Traders continue to repeatedly encounter technical resistance just above the 37191 area, a recent area of technical support. Stops were recently elected below some key downside price objectives including the 40418.15 and 32856 areas, levels related to selling pressure that emerged around the 64899 area. Additional Stops were elected below the 31112.66 area during the recent crash to 30000, representing the 78.6% retracement of the appreciating range from 21913.84 to 64899. Many technical support levels related to broader historic ranges also gave way during the recent acute move lower including the 51375, 51245, 50527, 48478, 47698, 47136, 41581, 40303, and 39604 areas. Upside retracement levels and areas of potential technical resistance include 44796.10, 48287.98, 52608.44, and 53259.47. The recent lifetime high of 64899 represented a test of the 64835.59 area, an upside price objective that is technically significant based on buying pressure that emerged around the 16200 area. Potential areas of technical support include the 29156, 28747.28, 28387, 27706.27, 27317.26, 27175.66, 26621.59, and 26249 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and below the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly). Price activity is nearest the 50-bar MA (4-hourly) at 37151.54 and the 50-bar MA (Hourly) at 35448.60. Technical Support is expected around 29156/ 28747.28/ 27706.27 with Stops expected below. Technical Resistance is expected around 46000/ 51569.56/ 64899 with Stops expected above. On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage. On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

Daily Hodl Staff ‏‏‎Cathie Wood, founder of global asset management company ARK Invest, says she sees a scenario where central banks could start accumulating Bitcoin and other crypto assets. In a new episode of The Breakdown podcast, the superstar hedge fund manager says her firm believes that deflation, not inflation, will hit global markets as consumer demand shifts from commodities to services. “We are thinking the much higher probability is deflation. I know most people think that’s crazy given what’s going on, but we have seen a crack in some commodity prices already, lumber an important one. What we think has happened here is consumers have spent the last year spending their money on the only things they could and those are goods, durables and non-durable goods. Businesses were behind the curve even before the coronavirus because of the inverted yield curve. They were afraid of a recession… So they were fearful and positioned conservatively. Consumers took off buying goods and now being vaccinated, they’re going to shift their market basket from goods to services… So I think what’s going to happen here is businesses, which may be double and triple and quadruple ordering right now to try and get supplies, they’re going to get those supplies as the market basket is shifting towards services, and I think commodity prices are going to have a significant fall into next year.” With commodity prices sinking as businesses try to get rid of excess supply, Wood predicts that emerging markets will take a massive hit. She adds that the effects of deflation will cascade into the fiat currencies of emerging markets, which will drive their central banks to seek refuge in Bitcoin and other cryptocurrencies. “I think though in emerging markets, if commodity prices come down, a lot of them are linked to commodity prices, their currencies will come under pressure. I think what will happen, as currencies come under pressure, the velocity of their money will increase as more and more of their population shift into Bitcoin and other cryptocurrencies and assets. This is always true, when you’re talking about currencies, inflation, deflation, it hits different regions of the world differently… I wouldn’t be surprised if some of these emerging market central banks start accumulating Bitcoin and other currencies. If they know their currency is going down and that they would be under attack for as reserves go down, maybe they have a balance [sheet] with Bitcoin and other crypto assets.”

Shubham PandeyPublished Dogecoin was a joke-coin, a cryptocurrency that originated from a meme, which gained mainstream attention thanks to Tesla CEO Elon Musk. Even after a period of setbacks, it recorded a price surge of about 2.5% over the past 24 hours. At the press time, it traded at the $0.3 mark. As witnessed in the past, Elon Musk’s tweets have sparked a market frenzy. The latest development is no different. Bitcoin and crypto trading app Blockfolio tweeted an unusual demand that was quickly acknowledged by the Tesla CEO. Yes, the plan revolved around harnessing the heat generated by mining dogecoin. An interesting fact to consider is that despite the connotation of being a joke, according to ByteTree data- “DOGE miners’ revenues skyrocketed over 4,500 percent in 2021 due to growing transaction fees.” However, many crypto enthusiasts have expressed their lack of interest in DOGE. Just recently, CEO of Duquesne Family Office, Stanley Druckenmiller criticized the Shiba Inu-inspired coin in an interview. The Investing magnate said that he didn’t really monitor DOGE’s progress or even cared about it. He added: “I wouldn’t short it because I don’t like putting campfires out with my face. So I just try and pretend Doge doesn’t exist. I think so little of it, it doesn’t even bother me when it goes up…Don’t go long, and don’t go short. I mean, you know, unless you like going to Vegas, then I guess it’s okay.”

Siamak Masnavi Recently, popular New Zealand-based crypto analyst Lark Davis (@TheCryptoLark on Twitter) talked about why he is super bullish on Cardano ($ADA). His comments were made in a video released on his YouTube channel on May 26. Below are a few highlights: “I think that we could be in for a bit of a Cardano Summer, so to speak, with loads of new applications launching in anticipation of the smart contract launch on Cardano; so in today’s video I’m going to highlight a couple of those projects…“ “I feel like Cardano and Polkadot are both in this really similar situation right now where there’s this incredible anticipation building up for the launch of really the ecosystems. So with Cardano, we are very very close to those smart contracts on the mainnet.“ “Tech notoriously does have these delays coming, but regardless of whether it’s in August or maybe a little bit late — comes out in September or something — smart contracts are coming, and they’re coming very soon to Cardano. You can see the price building that anticipation in. So, this is going to be a very very big thing for Cardano when it comes.“ “Interesting too that he [i.e. Charles Hoskinson] also said we have also started the Plutus Pioneer Program, where we are training over a thousand developers who expressed interest in writing decentralized applications on Cardano.“ “That is super super interesting since one of the biggest criticisms that people have leveled towards Cardano is ‘well no one’s going to come and code in Haskell’, but here they are. They’re just training the developers… So, a thousand developers ready to build decentralized applications on Cardano and of course people are already building decentralized applications on Cardano. They’re not waiting for a pioneer program to have to do that. So, smart contracts are coming soon for Cardano, which is obviously going to kick off just a revolution in terms of what is possible for Cardano.“ “What we need is those smart contracts to really kick-start the DeFi ecosystem — marketplaces, lending, borrowing, all that stuff you need smart contracts for — and it’s coming very soon.“ “I think that the Cardano’s ERC20 Converter is basically software that allows you to easily convert your tokens from Ethereum tokens to being Cardano tokens. I think that this will be popular with a lot of projects. I think you will see a lot of projects rushing to integrate with Cardano.“

Ryan Jason Do you know that bitcoin mining consumes around 128.77 terawatt-hours(TWh) a year? And is it likely to fall unless the value of currency collapses? Mining for cryptocurrency consumes a massive amount of power with heavy computers and machines, leaving a destructive impact all over the globe. Mining is the process that involves transaction verification on the blockchain without relying on a central authority. Mining computers thrive on solving complex problems, and those computations require a massive amount of energy. There is a reward with newly mined coins and transaction fees once bitcoin miners solve this problem. According to Cambridge University, bitcoin is presently representing 0.59% of the total global energy consumption. Digiconomist estimates that network energy consumption is hitting the figure of 82.026, which is, according to the site, comparable to Chile's energy consumption. Since the beginning of 2020, Bitcoin energy consumption has surged up to 80% amongst an immense evolution in digital currencies. Let’s have a deep insight into enormous energy consumption and its adverse impact on environmental sustainability. Massive Electricity Consumption Cambridge university suggested that bitcoin mining consumes more electricity as compared to the electricity consumption in Argentina. According to online tools, bitcoin electricity energy consumption is more than Argentina, i.e. 121TWh, the United Arab Emirates, the Netherlands, i.e. 108.8 TWh, and presently creeping up to Norway, i.e. 122.20 TWh. Specialized computers are connected to cryptocurrency networks to mine. Their main job is the verification of transactions that send or receive bitcoins. This process includes solving complex problems, providing an obstacle for the assurance of combating fraudulent activities. Moreover, critics claim that tesla’s decision to invest a hefty amount in bitcoin. This week, the currency value hit the figure of $48,000, and according to tesla’s announcement, it has brought up to $1.5bn bitcoin and plans to accept it as a payment method in the upcoming years. According to the 3rd global crypto-asset benchmark study, 28% of the total energy consumed by crypto-mining come from renewable resources. People often develop an interconnection with a massive number of miners to the network to gain immense profits. That utilizes an unexpected amount of electricity because computers are more or less continuously working to solve puzzles. It is possible to estimate how much electricity is being consumed at a time by considering energy demand for the bitcoin network and the average electricity price per kilowatt hour ($0.05). What Bitcoin Mining Experts Have To Say? Let’s have a deep insight into what bitcoin mining experts have to say about the alarming bitcoin mining energy consumption, which is currently progressing by leaps and bounds. #1 Dan Held The head of growth at crypto exchange Kraken, Dan Held, proclaims that the bitcoin network has been unjustifiably aimed by those claiming that bitcoin is taking its energy consumption irrationally. Dan Held declared that: “What it really boils down to when people argue that they don’t like bitcoin energy consumption is they don’t actually like bitcoin. People who are not in favour of cryptocurrencies anticipate that bitcoin mining energy consumption is wasteful.” Dan Held emphasizes the fact that everything in this world requires energy consumption, and with technological advancements, the amount of energy required to power that technology is facing immense growth in the near future. Almost all the things in our lives consume energy. Claiming that one utilization source of energy is less wasteful than others is absolutely subjective as all utilizations have paid market rates to use that energy. #2 Thillainathan Thillainathan told business insiders that more energy consumption is required as the bitcoin network grows and simultaneously the profitability of mining increases. As an operator of mines, he affirms that minors should take environmental enigma under consideration during the mining process as energy consumption can adversely impact. He expects that bitcoin mining is beneficial as bitcoin prices surge in the market, and more miners should consider utilising renewable energy resources with this upcoming revolution. He claimed in front of Insider that: “Being a strong believer of bitcoin, it is an efficient way to store wealth but being an infrastructure provider, it is a dire need that we are required to become as environmentally friendly as possible.” Thillainathan stated that the energy utilised during mining is called “dirty energy”, and unfortunately, the energy is not sustainable in the longer run. He professes that one day the government will crackdown on the utilization of coal plants. #3 Mason Jappa The CEO of blockchain solutions, Mason Jappa, who is also working as an operator of some of the largest mining rigs in the United States, affirms that bitcoin miners are financially incentivized for the operation on the cheapest possible electricity, which often concludes that they utilize energy that would have become useless. Mason Jappa tweeted that, “Bitcoin mining enhances energy efficiency and simultaneously reduces kWh energy rates for the populous through curtailment agreements, ceasing energy consumption during peak hours, aims at renewable energy, improves energy technology, and reduces natural gas flaring. ” Jappa claims that US mechanisms are powered by the process which is called “gas-flare recapturing”. A chunk of gas is flamed out in the air when natural gas is mined. Bitcoin miners prevent that to release into the air and capture that flare for energy utilization. Environmental Enigma Environmental impact is thriving in parallel to bitcoin’s emergence and prominence. There would be no doubt in saying that crypto mining requires an enormous amount of energy. According to the latest data analysis by Cambridge bitcoin energy consumption (CNBC), this energy consumption might alarm Treasury Secretary Janet Yellen. Yellen said that: “It is the most incompetent method of carrying out transactions, and the amount of energy consumes during the mining process is staggering.” Also, CAGF explained that: “The more machines operate for mining, the more there is a possibility to solve complex problems. However, more operating machines mean more energy consumption which raises the question of miners’ cost. ” CCAF affirms that they do not have enough data that backs the determination of crypto solution carbon footprint. Hence the major concern is growing bitcoin mining energy consumption and the threats that it is imposing to United Nations Sustainable Development Goals in the upcoming years. Also, it is a major concern for encountering the climate crisis.

Ethereum developers quickly patched up EIP-1559 a month and a half before it's set to go live. By Ekin Genç In brief Ethereum developer Martin Holst Swende identified and suggested a fix for a loophole in EIP-1559, a major upgrade scheduled for mid-July. The loophole, if left unfixed, would have allowed for fake large transactions that could overwhelm the network. Ethereum developers have fixed a loophole in a forthcoming upgrade that would have left the network vulnerable to fake large transactions. Listen to The Decrypt Daily Podcast Your daily dose of cryptocurrency news, learning, gossip, and discussions.  Listen Scheduled for mid-July, EIP-1559 burns some ETH spent on processing transactions instead of giving it all to miners, as is currently the case. The proposal aims to reduce the volatility of Ethereum’s transaction fee. Under EIP-1559, users can “tip” miners and the Ethereum network to speed up transactions. To do this, they specify the maximum amount they are willing to pay. Martin Holst Swende, an Ethereum core developer from Sweden, worked out on Thursday that EIP-1559 placed no limit on the maximum amount a user could pay to speed up transactions.An attacker could thus insert an absurdly high number to overwhelm the network, even if they didn’t have the funds to pay for the tip.“Because the fields in 1559 are maximums, you could abuse this, not actually pay those huge gas values, and spam the network,” Ethereum core developer Tim Beiko tweeted Friday. To close that loophole, the developers implemented a solution proposed by Swende: four lines of codes that capped transactions at a limit of 2^256, a widely used cryptographic hash function that also underpins Bitcoin. ETH -17.84% $2,333.74 On May 14, Ethereum developers agreed to delay until December a “difficulty bomb” that would make severely slow down the network. The difficulty bomb is designed to encourage Ethereum developers to hasten the development of Ethereum 2.0, the long-awaited upgrade to the Ethereum network that would reduce fees and increase throughput.

Withdrawals and deposits are temporarily paused. Kevin Reynolds Belt Finance, a platform that provides automated market making for decentralized finance (DeFi), was hacked Saturday in a flash loan attack that resulted in a profit of $6.23 million for the perpetrator and an overall $50 million loss for the platform. It's the latest attack on a DeFi protocol built on Binance Smart Chain, one of the so-called Ethereum killers that's built by centralized crypto exchange giant Binance. In a blog post, Belt Finance said the attacker created a smart contract that used PancakeSwap for flash loans and exploited its beltBUSD pool and its strategy protocols and then proceeded to execute the contract eight times for a total profit of 6.23 million BUSD (US $6.23 million). beltBUSD vault users suffered a 21.36% loss of funds, while 4Belt pool users lost 5.51%, the protocol said. No other pools/vaults were affected. Overall, the attack cost the beltBUSD pool a combined loss of 50m BUSD (US $50 million) consisting of 43.8m in fees and the 6.23 million BUSD that the attacker withdrew as profit. The protocol said it paused withdrawals and deposits as soon as it were aware of the attack and that the vulnerability that allowed the attack to occur has been patched. In its blog post dated Sunday, Belt Finance said withdrawals and deposits would resume sometime in the next 24 to 48 hours and that it's working on a "compensation plan" that will be released in next 48 hours. UPDATE (May 30, 23:14 UTC): Adds that beltBUSD pool’s loss was a total 50m BUSD with the 43.8m in fees added to the 6.23 million in profits taken by the attacker.

As the Chinese government prepares to crack down on Bitcoin mining, the mining difficulty suffers its greatest decrease this year. By Ekin Genç In brief A Chinese government crackdown on Bitcoin mining is scaring off miners. The mining difficulty fell by 16%. Bitcoin's mining difficulty fell by 16% on Sunday to 21 trillion, the sharpest decrease this year. The correction suggests that Chinese miners are pulling the plug in advance of further crackdowns on mining by the government. Bitcoin mining difficulty measures how much computer power is required to produce new Bitcoin. The network adjusts the difficulty (roughly) once a fortnight to reflect the level of competition among miners. Lower mining difficulty indicates less competition. More than 75% of the miners that validate Bitcoin transactions are based in China. Last Friday, the government added Bitcoin mining to a list of industries that required monitoring in order to protect the economy. Shortly after, Huobi and OKEx restricted Chinese customers from accessing certain services. A spokesperson for Huobi told Decrypt that the restrictions were a response to the government’s remarks. OKEx told Decrypt its restrictions aimed to remain compliant with regulators. Government sources reportedly told Chinese publication Caixin that the government is worried that crypto will harm uneducated investors, and would prefer to put the electricity and computer chips to use elsewhere. Inner Mongolia has already begun to crack down. The region’s autonomous government is reportedly considering adding Bitcoin miners to social credit blacklists and has proposed the revocation of telecommunications licenses for miners. Today's adjustment also increased the average time it takes to produce a block to 11 minutes 55 seconds—almost four minutes longer than on May 13, when block production averaged 8 minutes and 14 seconds.  Da bing Here’s How China’s Crypto FUD Will Play Out For hundreds of years preceding the early 20th century, China’s emperors banned international trade and cloistered the country from the rest of the world. The so-called “closed-door” policy... In the previous adjustment on May 13, the mining difficulty hit a record high when it rose 21.53% from difficulty levels set on May 1. The flip in fortunes was felt across the market.

Starling told Decrypt it has barred deposits to cryptocurrency exchanges while it deals with “high levels of suspected financial crime.” By Ekin Genç In brief Starling, a UK digital bank, has barred its customers from sending money to cryptocurrency exchanges. Withdrawals aren’t affected. Other UK banks continue to allow deposits. A British digital bank has temporarily barred its customers from depositing money to cryptocurrency exchanges over concerns about criminal activity. “This is a temporary measure that we’ve taken to protect customers, having observed high levels of suspected financial crime with payments to some cryptocurrency exchanges,” Starling told Decrypt. “This is not just an issue for Starling, but for all banks.” Earn Reader Rewards. Get the latest news delivered right to your hand. Download our app to earn Reader Rewards and access exclusive Web3 features.   Starling said that it will reverse the ban “as we roll out additional checks specifically for payments to crypto exchanges.” The spokesperson declined to comment when the bank proposes to lift the ban. However, the bank confirmed that only deposits from Starling accounts to crypto exchanges are barred. Customers can continue to withdraw funds from crypto exchanges into Starling accounts with no restrictions. Starling is a mobile-only bank launched in the UK in 2014. Other UK banks have not taken a similar stance. Barclays told Decrypt that it has not blocked transactions to crypto exchanges. And, contrary to customer difficulties reported by The Telegraph yesterday, Decrypt had no problems transferring money from Monzo to Binance on Sunday afternoon. NatWest has since Thursday warned customers against crypto traders “promising big profits and offering to help.” The bank has not placed any restrictions on crypto traders. It advises its customers only to deal with crypto companies fully registered or temporarily registered with the Financial Conduct Authority. Only five companies are fully registered: Ziglu (a crypto-friendly bank founded last year by Starling co-founder Mark Hipperson), Gemini Europe Services Ltd, Gemini Europe Ltd, Digivault, and Archax. Crypto bank Ziglu is challenging the challengers In London, so-called “challenger banks,” such as Starling, Monzo, and Revolut, have shaken up traditional finance in the last five years. These are app-based, virtual banks—without physical br... While a further 167 crypto companies have outstanding applications, John Glen, MP for Salisbury, on Friday told Parliament that 90% of all companies who have applied withdrew applications “following FCA intervention.”

Seven main takeaways on crypto markets from my time. Plus: the future of the Bitcoin Mining Council. Noelle Acheson Hello everyone, This is a particularly emotional newsletter for me, as it is the last Crypto Long & Short that will be sent under my name. I have some personal news: After five exhilarating years at CoinDesk, it is time to move on. At the end of June, after a few weeks off, I’ll be joining Genesis Trading, to continue synthesizing why all of what we are seeing matters. For The Briefing this week, I decided to depart from the original format and share with you my main takeaways from the past five years. It was hard to distill them down into something of readable length, and there will no doubt be much that I regret having to leave out. Maybe one day I’ll do a Part II. Thank you all so much for being a wonderful audience. I will miss writing for you, but I’m not going far away, and I will probably pop up occasionally here and elsewhere at CoinDesk. Stay curious, everyone – if you think the last five years were interesting, you ain’t seen nothing yet. – Noelle The Briefing: What I’ve Learned in the Past Five Years There’s an insider joke that isn’t really a joke that a month in crypto markets is like a year in normal time in terms of change. In terms of the passage of time, it feels like a week. So you can understand the difficulty of looking back over five years and picking out highlights from a landscape that is blurred by speed. You’re reading Crypto Long & Short, a newsletter that looks closely at the forces driving cryptocurrency markets. It goes out every Sunday and offers a recap of the week – with insights and analysis – from a professional investor’s point of view. You can subscribe here. Distinguishing new knowledge from that which was always known is also a challenge as, in a field that encompasses so many fundamental concepts, learnings rapidly become truths. So, distilling what I’ve learned as I wind up five wonderful years at CoinDesk is too ambitious a task to even contemplate. Instead, I humbly share just some of the things that popped into my head as I sat down to write this. 1. People don't understand money. In the early days, the question I most often got from traditional finance people was: “But what backs bitcoin (BTC, +1.03%)?” I always responded with another question: “What backs the dollar?” The answers I got ranged from “the U.S. GDP” to “the army.” Very few made the connection with the “full faith and credit” that backs government debt, or even with the “In God We Trust” that is printed on the dollar bill. A few probing questions later, most eventually arrived at the realization that “faith” backs the dollar – faith in the U.S. GDP, the army and ultimately the U.S. government. When they get there, it’s just a short step to accepting that a cryptocurrency backed by faith is not such a ridiculous idea. It always surprised me that the fiercest resistors to this notion tended to be people well trained in economic and investment principles. I should have realized that firmly held notions are the hardest to relinquish. This brings me to the second point: 2. The questions matter more than the answers. The progress of science is about the search for explanations. This need to understand also gave birth to faith. We can’t build on an “I don’t know,” so if research can’t give us an answer, we imbue higher beings with an omniscience and control that absolves us from needing to comprehend. This is prevalent in all aspects of life, including economics and politics, and most end up accepting the wisdom handed down over generations and through textbooks. Traditional schooling teaches us to memorize rather than question the answers we are given. Every now and then, tools emerge that enable us to probe deeper than ever before. Blockchain technology is one of those tools. It forces us to ask such questions as “What is money?” What is consensus? Why does it matter? How far should the authorities be able to go to curtail our financial freedom? Why do capital markets restrict access to opportunity? These questions are the tip of a multilayered iceberg, and bring us to point three: 3. Our industry needs more philosophers. It already has some – Craig Warmke and Andrew Bailey are making great contributions; I’m sure there are others – but more would be even better. Understanding the true transformational potential of crypto assets requires some uncomfortably deep questioning of principles we mistakenly assume we understand. Bitcoin, for example, is a bearer asset – like the dollar bill, you hold it, you own it. Some people don’t see why this is a big deal, others get excited at the reminder. Both reactions are based on an assumption of the right to private property. This has not always been a given in human history, but is something that we all today take for granted. A hundred years from now, what will we take for granted that seems totally far-fetched today? And, of the things we take for granted today, what might we lose? There are so many assumptions that we don’t even know we hold, but which – when questioned – open up huge vistas of innovation. For instance, many projects are trying to “fix identity.” But what is identity? Who decides? Can society function with each of us deciding for ourselves, or does a centralized authority dictate parameters for the purpose of interoperability and universal acceptance? So many of the solutions that have flashed across our radars disappeared just as quickly because they weren’t solving actual problems, or weren’t going deep enough. Applying some philosophical principles can help with the focus, which brings us to the next point: 4. The why matters more than the how. OK, the how matters a lot, too, but when you lose sight of the why, the how gets diverted to a path of convenience and compromise. When faced with daily deadlines, competing personal interests and a desire to please, it’s so easy to focus on short-term wins. We pat ourselves on the back and get into the habit of seeking out the next one, often losing sight of why we started on our journey in the first place. Small wins are good. Progress is better, and progress is best measured against big goals. The bigger the goal, though, the larger the obstacles, which introduces the next point: 5. Barriers are constructive. Just like that old saying that you can tell the quality of a person by the quality of his or her enemies, the same goes for innovative projects. The scope of an ambition is often defined by the obstacles in its way. Anyone who has ever tried to build something new will tell you how frustrating it can be. There are no exceptions. But those who make it learn to see the barriers as opportunities. We can try to change the barriers, by working with those who created them. Or we can work around them, which often leads to new barriers emerging, but who knows, maybe these are easier to work with. The process always leads to new discoveries, which can strengthen good ideas or transform weak ones. In the end, it’s the goal that matters, and deep passion tends to feed the stamina needed to keep going. Nothing worthwhile was ever easy. 6. It’s OK to have fun while being totally serious. Dogecoin, NFTs, rappers and athletes … It’s not hard to understand why many think our industry is immature when they see attention gravitate toward the cute and the glitzy, and a tweet from a billionaire moves the market. Yet dismissing anything as superficial without scratching the surface to see what’s underneath is an easy reflex that misses an opportunity to glimpse a bigger picture. The cute and the glitzy are outlets of self-expression that have value for many. A whole generation of investors is finding a new voice with collective influence, and their criteria for allocation draws on different inspiration. And of course a tweet can move a market that runs on narrative – sentiment changes often, however, in either direction. That in itself is both a part of and a result of the crypto market’s compelling story. Our industry will always have the wacky and the bewildering. They are often a sign of froth, and sometimes there are dubious ethics or even scams at play, but not always. When viewed through a big-picture lens, they can shed light on both the why and the how of the change this technology is inspiring. They may divert attention from the solid construction and rigorous research going on behind the scenes, but that shouldn’t matter – the potential of cryptographic and blockchain technology is vast, and will be better off with a greater variety of ideas stretching it in different directions. Finally, speaking of variety: 7. The industry will succeed because of the people in it. That’s you. If you joined our amazing Consensus event this week, you’ve glimpsed the sheer breadth of talent from all sectors, bringing different perspectives and experiences to the table. Our ranks now span geographies, demographics and specializations. Entrepreneurs, regulators, artists, analysts, athletes, lawyers, designers, economists, traders, investors, developers and writers are just some of the people who have joined us on stage, on screen and in our reporting over the years. And even if you don’t fit into any of those classifications, even if you have not yet worked in our industry or on a related project, the fact that you’re reading this means that you, too, are part of the change we’re working on. Whatever your contribution, your presence here is valued and your input is welcome. In almost all areas of life, diversity brings resilience – whether we’re working together, arguing or competing, we make the landscape stronger. And that should be why we’re here in the first place. The Bitcoin Mining Council: Misunderstandings, Vigilance and Steps Forward The intensifying criticism of bitcoin for its environmental footprint reached its mainstream peak last week when Elon Musk tweeted skepticism about bitcoin’s long-term viability under current conditions. MicroStrategy CEO Michael Saylor reached out to him to ask if he had spoken to any miners on the issue, he responded no but he would like to, and so Michael Saylor set up the meeting, convening many of North America’s largest bitcoin miners. The result was the creation of the Bitcoin Mining Council, which set off a barrage of criticism. How dare they have a closed-door meeting? Who are they to form a Council? Surely the next step is miner collusion and possibly even network censorship? As Saylor explained on our Consensus panel this week, the objective was to get Musk to listen to the miners explain their energy mixes and strategy. The result was a determination to improve the objective data around bitcoin mining energy consumption, and to encourage bitcoin miners around the world to move toward renewable energy. Both steps would be positive for the industry. Actual data rather than anecdote and second-hand reporting would enable us to track the industry’s evolution and could help finally put to bed the allegations that bitcoin mining is mainly based on “dirty” fuel. And more miners taking the conversation seriously could move the needle toward a greater composition of renewable energy sources in the mining mix, which would also assuage the industry critics. But the bitcoin community is sensitive to any whiff of centralization, as it should be. This harsh scrutiny is also positive for the industry. It keeps it “honest” and makes sure that any attempt to circumvent the network’s decentralization and censorship resistance will be met with such a loud reaction that it will ultimately fail. Saylor, Musk and the miners are almost certainly not thinking of breaking the protocol’s decentralization – that would weaken bitcoin’s value, in which they are all heavily invested. Also, as Saylor pointed out, if he wanted to have a “secret” meeting, he wouldn’t have told the world about it. But the community is right to cry foul at the slightest suspicion, as decentralization gets eroded by stealth, often accidentally but usually irreversibly. We saw this with the evolution of the internet. Personally, I find both the Saylor/Musk initiative and the community’s reaction encouraging and comforting. We have action-minded people working on solutions to serious problems, and we have the community making sure it doesn’t overstep. We’re in good hands on both sides. Chain Links This week saw two renowned investors confirm interest in crypto asset investments. In conversation with our Chief Content Officer Michael Casey at Consensus this week, Ray Dalio admitted to holding bitcoin. And in an interview on Bloomberg, Carl Icahn said that he was looking into making a potentially large investment (around $1.5 billion) in the crypto markets. TAKEAWAY: The growing involvement of respected names such as these not only triggers deeper research by other investors who start to worry they might be left behind; it also removes any career risk for fund managers thinking about suggesting crypto asset investments to their clients and/or bosses. Federal Reserve Governor Lael Brainard kicked off Consensus this week with some prepared remarks that echoed what Federal Reserve Chairman Jerome Powell said last week – that private stablecoins posed a risk to consumers. TAKEAWAY: This is worth keeping an eye on, as negative regulation of stablecoins such as USDC (-0.1%) and USDT (-0.05%) (tether) could negatively impact asset prices, given they are the source of much of the market’s liquidity. A ban is unlikely (and impractical), and the posturing could just be stage setting for the eventual rollout of central bank digital currencies, but it is a market risk, especially given the spectacular growth of stablecoin supply over the past year alone. Two leading Wall Street investment banks have initiated coverage of Coinbase (NASDAQ: COIN). JPMorgan gives it an “overweight” rating and a price target of $371 per share (up over 50% from $237.88 at time of writing), while Goldman Sachs classifies it as a “buy” and has a price target of $306 (up almost 30% from price at time of writing). Both cite the favorable outlook for the crypto market, with Goldman Sachs paying particular attention to the potential of decentralized finance. TAKEAWAY: Regular readers will have heard me say this before: One of the main results from the public listing of Coinbase is the need for mainstream analysts to get up to speed fast on the crypto industry. This signals “acceptability.” And favorable coverage like this on Coinbase enhances the visibility of the crypto market as a potential investment area. Crypto exchange Coinbase has hired a former Goldman Sachs co-head of government affairs Faryar Shirzad as its new chief policy officer. TAKEAWAY: This comes on the heels of Coinbase co-founder and CEO Brian Armstrong’s public tour of the capital’s power brokers earlier this month. Pushing for pro-crypto legislation is positive, but we need to make sure that it does not lead to regulatory capture, which favors the large companies in the industry at the expense of the smaller ones. That would centralize influence, which is precisely what the concept was created to avoid. One River Digital Asset Management has filed with the SEC for a bitcoin ETF that would be carbon neutral – it would buy and dispose of carbon credits to account for the emissions associated with the bitcoin in the fund. TAKEAWAY: Well, this is one way to embrace the environmental debate around bitcoin mining. The problem is that carbon offsets are still a controversial workaround, and the “green-washing” here feels a bit like marketing. What’s more, former SEC Chairman Jay Clayton – yes, he who steadfastly refused to approve any bitcoin ETF on his watch – is an adviser to the fund management company. A division of the financial services firm and investment bank Cowen has raised over $46 million for its Cowen Digital Asset Investment fund. TAKEAWAY: The size of the fund may be small, but its provenance is significant – a New York-based investment bank with more than 100 years of history is setting up a digital asset fund.

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Macro guru and former Goldman Sachs executive Raoul Pal predicts Cardano and other altcoins will massively outperform Ethereum in a bullish environment. In a new interview on Crypto Banter, the chief of Real Vision describes his crypto portfolio strategy using analogies from traditional financial markets. “In traditional markets, once an established trend takes place, you move out the risk curve. So from Bitcoin, being like government bonds, you then go to Ethereum which is like corporate bonds, and then you go to junk bonds, which is all the other stuff, and then private-sector lending. So I’m just moving out the risk curve because the trend is established, and I know that in a bull market, ETH will outperform Bitcoin and alts will outperform ETH.” As Pal moves out of the risk curve, he says he doesn’t necessarily know whether individual crypto projects like Cardano (ADA) will ultimately succeed. But according to the macro guru, an altcoin season means that as long as Bitcoin and Ethereum are showing strength, coins like ADA and DOT (Polkadot) will likely outperform ETH. “I’ve got no clue whether Cardano is going to work, or Polkadot is going to work, and get network adoption, so I don’t a take a bet in that. I just took a bet in a bunch of them, figuring that if we’re in altcoin season, this stuff is going to go up 5x that Ethereum goes up.” Pal’s assertions are confirmed by Real Vision’s most recent portfolio reveal, which shows significant allocations to both ADA, DOT, and other altcoins. The digital asset investor also reveals that he’s even a holder of meme-crypto Dogecoin (DOGE). Pal lists multiple factors the coin has going for it as it unexpectedly rises to prominence. According to Real Vision head, DOGE shouldn’t be underestimated. “I own DOGE… Everybody does, find me somebody who doesn’t. We all do because it’s fun! I have a small position in it because it’s fun to see what happens with this. We don’t know what the outcomes are, we don’t. So it could end up being something massive. Mark Cuban, he’s started accepting it as payments for Dallas Mavericks merchandise and tickets, so now it’s got payments. It’s got millions of people invested in it, so what happens if Tesla builds an application? Now it has got applications, exchanges, and investors. You’ve got an ecosystem, a network, and that’s valuable.”

Belt Finance, an AMM protocol incorporating multi-strategy yield optimization on Binance Smart Chain (BSC), has suffered a flash loan attack with losses amounting to $6.2 Million. The BUSD was stolen in 8 transactions, converted to 2680 anyETH, and partially withdrawn to Ethereum through 1inch V3. 1463 ETH remains in the cross-chain bridge. The Belt Finance team tweeted: "Partial funds of our 4Belt pool have been affected. (Accurate amount will be announced soon). We are now analyzing and fixing our contract for safety. Compensation plan and accident report will be up soon. Withdraw of BSC vaults will be paused until contract upgrade is complete." What Are Flash Loan Attacks? Flash loans are a new type of loan uncollateralized and administered by smart contracts developed by DeFi lending protocol, Aave. DeFi attacks such as Flash Loan attacks happen when the attacker takes out a flash loan from lending protocol and uses multiple gimmicks occurring at the same time to manipulate the market to work in their favor. These attacks can take only seconds and still involve four or more DeFi protocols. These attacks are the most common as they are easy to pull off and get away with. With DeFi's surging popularity since 2020, flash loan attacks are increasing in number, with losses up to hundred million dollars. Analysis Of The Belt Finance Attacks BSC's projects have been a target of flash loan attacks, with Belt Finance being the latest target. Research analyst Igor Igamberdiev (@FrankResearcher on Twitter) shared a detailed analysis of the attack via Twitter. The attacks began with each transaction having eight flash loans of $385M BUSD from PancakeSwap. The attacker then deposited 10M BUSD in bEllipsisBUSD strategy for the first transaction, becoming the 'Most Insufficient Strategy.' Another 187M BUSD was deposited to bVenusBUSD strategy ('Most Insufficient Strategy.') The attacker then swapped 190M BUSD to 169M USDT through Ellipsis and withdrew more BUSD from bVenusBUSD strategy ('Most Overlooked Strategy'). Following this, 169M USDT was then swapped to 189M BUSD through Ellipsis, with more BUSD deposited to bVenusBUSD strategy ('Most Insufficient Strategy.'). These steps were over seven times. Upon ending the repetition, the attacker repaid the flash loans and withdrew the profit. Igamberdiev notes that the beltBUSD price depends on the sum of the balances of all vault strategies. The vault deposits of BUSD are made to the Most Insufficient Strategy and withdrawn from the Most Overlooked Strategy. He further adds, "In theory, repeated actions will not make a profit since the number of assets does not change. However, if there is a way to manipulate other strategies, it is possible to manipulate the beltBUSD price. Apparently, by buying and selling BUSD, the attacker manipulated this price with a bug in the bEllipsisBUSD strategy balance calculations." The stolen BUSD was converted to 2680 anyETH through 1inch v3. It was partially withdrawn to Ethereum, while 1463 ETH is still moving away from the cross-chain bridge. Belt Finance tweeted an update saying, "We're working on figuring out the 4Belt situation right now. beltBTC,beltETH,beltBNB are ok. We will make an announcement soon about how we are/will be going forward. Withdrawals are temporarily paused." A Series Of Unfortunate Attacks PancakeBunny and BurgerSwap are two other projects on BSC that suffered flash loan attacks. PancakeBunny Finance lost 690,000 BUNNY tokens which were sold into ETH and BNB. The token lost 95.5% in its overall evaluation. BurgerSwap lost $7.2 million over 14 transactions and has suspended Swap and BURGER generation to prevent further losses. The team is investigating the situation and looking for a solution currently; BurgerSwap will publish details soon. BSC has called for all dApps to take the necessary action to prevent further attacks by working with audit companies and performing health checks. Forked projects have been asked to triple-check their changes from original versions. The application of risk control measures to actively monitor anomalies in real-time, pausing protocols if abnormalities occur, planning a contingency plan for worst-case scenarios, and setting up bounty programs by respective projects or on ImmuneFi are some of the measures BSC has requested.