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Summary of Past Week Articles April 15, 2022

Bitcoin fluctuates as the European Central Bank takes a cautious approach to tighten monetary policy:

The European Central Bank (ECB) stated it would continue its plan to conclude its stimulus program and tighten monetary policy. Still, it would keep alternatives open due to concerns over the economic impact of Ukraine’s war.

Bitcoin (BTC) reacted to the news by rising marginally higher before correcting lower.

As expected, the eurozone’s central bank chose to keep interest rates steady at 0%.

According to a bank statement, the ECB’s asset purchase program is likely to be completed in the third quarter of this year.

Traders reacted by dumping the euro, which lost 1.3 percent versus the US dollar in the two hours following the delivery of the statement.

The European Central Banks stated that the Ukrainian conflict is “severely harming” the eurozone economy.

A new (re)released game allows players to simulate Bitcoin mining and earn crypto:

ZEBEDEE, a gaming fintech, and Fumb Games, a UK mobile gaming studio, have collaborated to produce Bitcoin Miner. This game gives players actual bitcoin (BTC) to run a simulated crypto mining company.

Paul West, Founder of Fumb Games, stated that Bitcoin Miner was first introduced four years ago, when crypto started taking off, but there was no genuine desire for the game because it was hard for players to earn actual BTC. So instead, when users level up their mining farm, they will also receive a tiny bit of BTC.

One of the project’s goals is to use the game to promote crypto assets among gamers.

To play Bitcoin Miner and other free games, players must first download the ZEBEDEE app, which has links to other games.

Elon Musk makes a ‘best and last offer’ to purchase 100% of Twitter:

Elon Musk, CEO of Tesla, has reportedly proposed to buy 100% of Twitter for USD 54.20 per share after acquiring a 9.2 percent interest earlier this month.

Musk’s offer would value Twitter at over USD 43.4 billion, a significant increase from the company’s current market capitalization of USD 36.7 billion.

It would also imply that the corporation would no longer be publicly traded but rather one of America’s most valued privately held companies.

According to the Wall Street Journal, Musk reportedly described the offer as his “best and final offer,” quoting Twitter’s top shareholder stating that if it is not accepted, he would need to reevaluate his position as a shareholder.

Musk just purchased a 9.2 percent interest in Twitter, making him the company’s largest stakeholder.

Following the investment, Musk was offered a position on Twitter’s board of directors by Twitter CEO Parag Agrawal, but he declined.

Ethereum Developer Says Merge Will Be Postponed Until ‘Few Months After’ June:

Tim Beiko, a senior Ethereum (ETH) engineer working on The Merge, the blockchain’s shift to proof-of-stake (PoS), has stated that the company will not do the significant network upgrade in June.

According to him, the merge will not be in June but rather a few months later.

Beiko stated on Twitter that the company does not have a precise date yet, but they are nearing the end of [proof-of-work – PoW] on Ethereum.

Beiko remarked after an Ethereum miner asked him on Twitter if miners would be “left out to dry” as they transition to PoS – which does not require mining – proceeds.

The much-anticipated Ethereum Merge was earlier scheduled between May and June of this year.

Meanwhile, an internet rumor has surfaced that The Merge may be postponed much more than a “few months after June.”

Sky Mavis, the developer of Axie Infinity, is offering a bounty of up to USD 1 million for ‘Fatal Bugs’:

Sky Mavis, the company behind the popular blockchain-based online game Axie Infinity (AXS), has introduced a bug bounty program to reward white-hat hackers who discover defects in its services.

The team highlighted in an announcement that the program addresses challenges connected to two categories: smart contracts and blockchain and websites and apps.

The first category’s awards will range from USD 1,000 to USD 1 million, while the second category’s rewards will range from USD 50 to USD 15,000.

The amount is determined by the level of threat, which ranges from low to critical.

According to the researchers, the program is solely for disclosure of software security flaws, and only vulnerabilities with a working proof of concept that shows how it can be exploited would be deemed eligible for monetary incentives.

The program comes after Axie’s Ronin bridge, which allows users to transmit crypto between Ethereum (ETH) and Axie’s Ronin sidechain, was abused to the tune of more than USD 600 million in March, making it one of the largest hacks in the history of decentralized finance (DeFi).

 According to blockchain data indicating the activity of the address labeled as ‘Ronin Bridge Exploiter,’ the exploiter(s) began moving the stolen cash through the privacy protocol Tornado Cash over the previous week.

Central Banks Struggle With CBDC-Related Privacy Issues:

According to a recent paper released by the Bank for International Settlements, as many countries around the world work on developing their respective central bank digital currencies (CBDCs), ensuring a separation between identity and transaction data could produce a better environment for privacy protection and could lead to public confidence and trust in using CBDCs (BIS). 

The paper is based on interviews with nine central banks conducted by the BIS and the World Bank to investigate retail CBDCs and financial inclusion.

The report cites China and its CBDC initiative, claiming that the country’s recent enactment of the personal data privacy law emphasizes data protection.

It went on to say that payments can be made using tokenized sub-wallets’ pushed to e-commerce sites and other online-to-offline channels while guaranteeing these platforms have no access to personal information. 

Furthermore, the PBoC claims to have installed an information firewall and tightly enforced information security and privacy rules.

At the same time, the BIS warns that implementing far-reaching data privacy and data protection measures may increase the danger of money laundering and terrorism financing.

The BIS, headquartered in Basel, Switzerland, claims to be jointly owned by the world’s 62 central banks, representing countries accounting for approximately 95% of global GDP (GDP).

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