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The Latest in Crypto News (Week ending October 03, 2021)

6,000 Coinbase Users Robbed

According to BleepingComputer, citing a Coinbase notice to consumers, a threat actor stole bitcoin from at least 6,000 clients between March and May 20th, 2021, after exploiting a weakness to circumvent the company’s SMS multi-factor authentication protection mechanism.  

Coinbase is putting funds in affected accounts equivalent to the stolen amount, according to the notification, and some customers have already been compensated.

10 years in Jail for Borrowing Money to Buy Crypto … in Mother’s Name 

Prosecutors seek to throw a banker in South Korea behind bars for a decade for “illegally borrowing billions of Korean won” in the name of his mom — in order to invest in cryptocurrency.

According to the news, the 40-year-old banker was tried in a branch of the Jeju District Court, where they pled guilty to violating the Act on the Aggravated Punishment of Specific Economic Crimes. 

El Salvador’s President claims to have mined the first Volcano bitcoin:

El Salvador’s president is hell-bent on achieving Bitcoin (BTC) firsts, declaring the first BTC mined using volcanoes this time. 

The notion of mining Bitcoin with the country’s active volcanoes isn’t new. After declaring bitcoin legal tender in June after the country passed the Bitcoin Bill, Bukele announced plans for El Salvador to mine bitcoin using geothermal energy from volcanoes, claiming that a state-owned company could provide mining facilities with affordable and environmentally friendly energy.

Ethereum Miner Refunds USD 22 Million in Fees Due to Errors, but Keeps ETH 50:

An Ethereum miner has opted to refund (almost) all of the funds after a large sum of ethereum (ETH) was paid erroneously as a transaction fee.

Etherscan indicates that the address, which now has ETH 20, paid ETH 7,385 to Bitfinex in one transaction and ETH 241 in two additional transactions, totaling ETH 7,626. This is USD 22 million, based on the current price of ETH.

The crypto community is debating whether this miner should have returned the funds and, if so, under what circumstances and how much, if any, they should keep.

DYDX is soaring as the protocol’s trading volume surpasses that of Coinbase:

The word circulated that the protocol is now managing trade volumes equivalent to some of the world’s top centralized crypto exchanges. So, DYDX, the governance token of the decentralized exchange (DEX) dYdX, experienced huge gains in the crypto market recently. 

The DYDX token, which is ranked 96th by market capitalization, had gained over 15% in the very less time, making it the best-performing crypto asset in the top 100 currencies nowadays. 

Bitcoin and Ethereum are both struggling to gain ground:

The price of bitcoin broke over the USD 43,500 barrier level. BTC struggled to maintain its gains and fell short of the USD 44,000 mark. It is now correcting downward and trading below USD 43,200 (11:55 UTC).

Similarly, the majority of prominent cryptocurrencies are losing ground. ETH reached a high of USD 3,050 before falling below USD 3,000. XRP reached a high of $1.00 before reversing course. The ADA is falling approaching the USD 2.02 support level.

South Korean regulators are abandoning traditional jobs in favor of positions in cryptocurrency, fintech, and finance:

The regulatory environment for crypto firms in South Korea is becoming more difficult, yet data show that a rising number of regulators are leaving their professions to work for fintech and crypto platforms.

According to Maeil Kyungjae, working for a regulator was previously considered a prestigious position, with offices dubbed “the workplaces of the gods” in South Korea. However, in recent years, many people have turned their backs on such positions and instead heeded the calls of headhunter companies looking for their experience.

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