RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Sunday, dropping by 0.59 percent to $46,274.16 as of 8:00 a.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $3,474.34, down by 0.13 percent, according to data from Coindesk.
New heist on the horizon
Inverse Finance, INV, the Ethereum-based lending protocol, announced Saturday that an attacker stole $15.6 million worth of its cryptocurrency.
The hacker targeted Inverse’s Anchor, ANC money market, artificially manipulating the price of its tokens to secure loans against extremely low collateral.
The attacker exploited a vulnerability in the Keep3r price oracle that Inverse uses to track token prices, according to blockchain security firm PeckShield.
The attacker tricked the oracle into believing that the price of Inverse’s INV token was extraordinarily high, so it took out multimillion-dollar loans on Anchor using inflated INV as collateral.
According to its announcement, Inverse has temporarily halted borrowing from Anchor. A Chainlink representative told CoinDesk that the protocol is working with the organization to develop a new INV oracle.
The company also said it would propose Decentralized Autonomous Organization to “ensure all wallets impacted by the price manipulation are repaid 100 percent,” but did not provide further details.
Survey
A recent survey by NBC News showed that 21 percent of Americans have dealt with cryptocurrency, and that can either be through investing or trading digital assets.
The survey, which had 1000 respondents, also indicated that cryptocurrencies were more popular among men than women.
Survey respondents were between the ages of 18 and 49, and showed 50 percent of males have participated in cryptocurrency at least once.
It showed that the percentage of females was really small.
Russia
Trying to prohibit at-home crypto mining makes no sense as it would be difficult to impose such a ban, according to Alexey Yakovlev, deputy director of the Financial Policy Department at the Ministry of Finance of Russia.
Yakovlev made the statement at a round table discussion devoted to the legalization and regulation of the industry.
He announced that the ministry is now finalizing new provisions that will bring this crypto-related activity into the legal field, according to Bitcoin.com.
The Russian authorities intend to focus on ensuring that activities in this sector are economically viable.
