Read in the digest:
- Coinbase (NASDAQ:COIN), Binance and Animoca impose restrictions on Russian cryptocurrency accounts.
- Terra flips ETH in staking after a whirlwind week of incredible gains.
- Hackers infiltrate Nvidia’s Data, putting mining at risk.
- First of its find NFT vending machine opens in New York with an element of randomness.
Coinbase, Binance, and Animoca Brands Cut Off Russian Users
Cryptocurrency exchanges are taking steps to limit usage by Russian users, with some crypto companies going the extra mile by imposing a blanket ban. Animoca Brands, a blockchain gaming company, announced that it would be restricting Russian users from its service in order avoid becoming “financially excluded from the financial system.”
Coinbase and Binance reiterated that they would be imposing a blocks on the accounts of specific entities that are under sanction, rather than lay out a blanket ban. However, reports have come out that Russian citizens are unable to buy any digital assets or deposit fiat money on Binance, instead being met with an error message that their local banks are not supported.
The message states that Binance is working to resolve the issue, however, the exchange’s Twitter (NYSE:TWTR) account has remained silent on the matter, leaving users in a state of uncertainty.
Flipsider:
- Top cryptocurrency exchanges had refused to block Russian accounts despite calls from Ukrainian Vice Prime Minister Mykhailo Fedorov.
Why You Should Care
A blanket ban on the accounts of millions of Russians could set a negative precedent for the crypto industry, which is still in its infancy.
Terra Surpass ETH in Terms of Staking
Terra’s (LUNA) is basking in the euphoria of a recent surge in valuation, and has managed the impressive feat of leapfrogging Ethereum 2.0 in terms of staking market cap. The recent events have made it the 2nd largest Proof of Stake network on the market, with a staked value of $30.32 billion as of this writing.
Leading the pack is Solana (SOL), which boasts a staked value of $40.67 billion, while ETH now rests in third place with $28.5 billion. Cardano (ADA), Avalanche (AVAX), and Polkadot (DOT) occupy the fourth, fifth and sixth spots with locked values of $22 billion, $18 billion and $12 billion respectively.
Terra’s surge follows an 80% increase in its valuation over the last week. The asset climbed all the way to $94.84 to rank as the 7th largest cryptocurrency in the world, just ahead of Solana.
Flipsider:
- Despite the jump, Terra’s staking rewards remain at 6.98%, an incentive that is dwarfed by Polkadot’s 13.84% reward.
Why You Should Care
Proof of Stake is seen as the next frontier in blockchain development, given the energy concerns that currently plague Proof of Work blockchains.
Hackers Stole Nvidia’s Data
Nvidia (NASDAQ:NVDA) has disclosed that it suffered a security breach in the hand of a South American hacking group going by ‘LAPSUS$’. The group stole at least a terabyte of data from the company in February, and has since begun extorting the company.
The security breach could have dire effects on cryptocurrency mining operations as the hackers are offering a bypass on graphic cards to simulate higher hashrates for Ethereum mining. The group has also threatened Nvidia with claims that it will make the leading graphic tech firm’s drivers open source, should the company fail to meet the terms of the ransom.
Nvidia says that it is aware of the breach and claims that the attack will not affect the flow of business, or the company’s ability to serve their clients. The company’s statement revealed that they noticed the security breach on February 23rd, 2022.
Flipsider:
- Ethereum has put extensive plans in place the pivot to Proof-of-Stake in 2022 which will phase out the need for mining hardware.
Why You Should Care
Mining hardware, like graphic cards, have soared in value over the last few years thanks to increasing rates of cryptocurrency adoption. Nvidia is one of the leading manufacturers of graphics cards for gaming and cryptocurrency mining.
NFT Vending Machine Lands in New York
Neon, a digital art collection platform has launched the world’s first NFT vending machine in New York City to improve the accessibility of NFTs to users. The vending machine stands apart due to the addition of an element of randomness, meaning that users will be left in suspense as to the type of NFT that they receive from the machine.
The NFTs utilize the Solana Network ecosystem to be carbon neutral, and has the added feature of allowing purchases with fiat currencies. Prices for the NFTs range from $5.99 to $420.69, and the company hopes to install the machines in more public places over the coming months.
Users will scan QR codes in paper boxes to see their NFTs on their devices, making it a simple and intuitive process. CEO of the project, Kyle Zappitell, believes that these machines will play a vital role in the adoption of NFTs by a wider audience.
Flipsider:
- The NFT ecosystem took a major hit when OpenSea suffered a phishing hack that led to losses of over $1.5 million, affecting over a dozen users.
Why You Should Care
NFTs have risen in popularity and have provided an additional avenue for artists to profit from their work. NFTs have also played a role in raising funds for the Ukraine crisis.
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