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Metamask developers criticize the cryptocurrency market

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The founders and developers of the digital wallet Metamask called the crypto casino space prone to Ponzi schemes and criticized the marketplace. The entrepreneurs said their goal is to make the industry safer for the next round of crypto experiments.

In an interview with VICE, Metamask’s founders voiced criticism of fraudsters and the gambling nature of some projects in the crypto ecosystem. Dan Finley said the company will try to do everything it can to protect customers from exploits. His colleague Aaron Davis assured, they will try to implement the intended, but to ignore all the dangers, unfortunately, will not be possible.

Both founders noted that with the growing popularity of the decentralized finance (DeFi) sector and non-exchangeable tokens (NFT), the number of cybercriminals has increased significantly. Many tried to hack into user wallets, while others set up fraudulent projects that were originally designed to defraud people. 

This has become a real problem and has led to an increase in phishing attacks, with the result that attackers have stolen a very large amount of money over the past year.

The developers said current computer systems are insecure and can be exploited. Finley acknowledged that so far his firm cannot ban fraudulent startups, but will try to do so.

He stressed that the protocol would be used more to address real-world problems, such as embodying the idea of collective organizing to encourage a state of self-regulation outside the crypto community.

Previously reported: CoinGecko employees told of a phishing attack carried out on their platform. Fraudsters managed to place a panel of ads that led visitors to the site, which is a full copy of the MetaMask extension.


Cryptocurrency

Portugal and cryptocurrency: 12 companies await permission to operate

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Portugal and cryptocurrency

Portugal and cryptocurrency news: Central Bank is considering 12 applications submitted by companies that intend to provide cryptocurrency services in the country. These include the Binance exchange.

Final decisions on the applications are expected by the end of this year, unless the regulator asks the companies to provide additional information. 

Among the applicants for the license is the world’s largest cryptocurrency exchange, Binance. The company has already started recruiting staff in the country, posting six vacancies on its website. 

Portugal is still considered one of the most favorable countries for digital asset businesses in Europe. Among those already approved are Mind the Coin, Criptoloja, Digital Luso, Bison Digital Assets and Utrust.

However, major Portuguese banks Banco Comercial Portuguesa and Banco Santander, as well as two smaller local banks, have recently suspended services to several cryptocurrency exchanges, including CriptoLoja and Mind the Coin. This probably happened because of the situation in the cryptocurrency market.

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Cryptocurrency

Vitalik Buterin: Transition to Ethereum PoS algorithm could make crypto payments popular again

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Ethereum PoS algorithm

During the Korea Blockchain Week 2022 conference, Ethereum co-founder Vitalik Buterin said that the network’s move to Ethereum PoS algorithm could increase the popularity of cryptocurrencies for everyday payments.

Buterin recalled that previously using cryptocurrencies for payments was more common, but most blockchains faced scalability issues and high fees. So now everyday payments using digital assets are not as popular.

“Cryptocurrency payments somehow lost popularity after 2018. And, naturally, transaction fees were one of the reasons for this. In the future, after the implementation of rollups, after all the efficiency improvements, transaction fees may come down to 5 or even 2 cents,” Buterin stressed.

Recall that Ethereum is to switch to the Proof-of-Stake (PoS) algorithm in mid-September. This will increase the bandwidth of the network. In the future, with the introduction of sharding and other technologies for scaling, the figure will grow even more. Accordingly, transaction fees will also decrease.

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Cryptocurrency

Hodlnaut news: cryptocurrency lender halted cryptocurrency withdrawals

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Hodlnaut news

Urgent Hodlnaut news: Cryptocurrency lending site Hodlnaut has unilaterally frozen cryptocurrency withdrawals. This is reported in the blog of the service. Representatives of the project claim that the reason for the stop was the need to “stabilize liquidity.” What exactly hit Hodlnaut’s liquidity remains unclear.

Meanwhile, the company “can’t” give an exact date for the resumption of cryptocurrency withdrawals because the details have not yet been agreed upon between “all stakeholders.” However, Hodlnaut hinted that the process will not be quick, as the company has begun work to “restructure” the business.

“We believe that stopping the withdrawal of funds will give us the necessary respite to explore possible restructuring options and recovery plans with our legal advisors,” Hodlnaut said.

At the same time, the media revealed that Hodlnaut had withdrawn its application for a Singapore license that would have allowed the project to provide a token conversion service. Users who were receiving interest payments on deposits before the freeze will continue to receive rewards until the service expires.

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