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Btc to Naira: Bitcoin Hits N8.85 Million Against Naira

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Naira decline does not stop with global currencies but also against digital currencies known as cryptocurrencies.

The world’s most dominant cryptocurrency, Bitcoin, gained 2.47 percent against the Nigerian Naira to N8.85 million or $18,377.64 per coin on Friday.

Bitcoin market capitalisation grew to N165.05 trillion with 24 hours volume of trade estimated at N2.40 trillion, according to the latest data from Investors King’s Bitcoin Price table.

Ethereum appreciated by 5.61 percent to N191,919 or 0.0268 BTC per coin while Ripple, Litecoin and ChainLink followed with 5.43 percent gain to N119.57 or 0.00001672 BTC per coin; 3.32 percent gain to N31,238 or 0.00434868 BTC and 4.29 percent to N5,433.10 or 0.00075775 BTC a coin, respectively.

Bitcoin Cash gained 6.86 percent to N100,380 or 0.00110 per coin to emerged the highest gainer among the top 6 most capitalised cryptocurrencies.

The Nigerian Naira declined by N5 against the United States Dollar to N480 at the black market on Friday, down from N475 it was exchanged on Thursday.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Cryptocurrency

Hackers Receive $2 Million in Cryptocurrency for Discovering Flaws in Aurora Platform

Aurora, a company that provides Ethereum compatibility, NEAR Protocol scalability, and industry-first user experience through affordable transactions, has paid $2 million to two hackers that discovered a vulnerability in its platform

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Aurora, a company that provides Ethereum compatibility, NEAR Protocol scalability, and industry-first user experience through affordable transactions, has paid $2 million to two hackers that discovered a vulnerability in its platform.

According to the company, no user’s funds were affected by the EVM scaling and bridge solution. The two hackers were awarded $1 million each in the company’s native cryptocurrency Aurora.

The bounties would be paid out in a year’s time by the ImmuneFi bug bounty platform handling the payments.

Halborn, a security company, identified the flaws on June 10 before revealing them on Wednesday, September 29, 2022. Aurora is a Layer 2 scaling solution and EVM-compatible bridge between the Layer 1 NEAR protocol and Ethereum. The initial vulnerability was caused by Aurora’s use of a separate ERC-20 (fungible token standard) known as NEP-141.

The bridge between the two chains is permissionless, which means that anybody may bridge over any token to any address without their knowledge.

An attacker may have produced a worthless NEP-141 token on NEAR, bridged it to Aurora, and then distributed it to unwitting victims. As a result, attackers would be able to “take ETH from Aurora addresses essentially for free,” according to the report. This is due to the bridge’s ability to charge the recipient or victim a fee denominated in ETH.

The second vulnerability was related to the bridge’s burning feature. Tokens are burnt on one chain and debited on the other when users bridge funds from one network to another.

An assailant may have staged a “fake burn event” without it really happening. This bogus event might then be used to take funds from the Ethereum locker, which is the Aurora bridge’s stored amount of ETH utilized for chain bridging.

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Veritaseum Sues Crypto Exchange Platform Coinbase For Patent Infringement

Block-chain-based software Veritaseum has filed a lawsuit in a U.S district court in Delaware, against crypto exchange platform Coinbase alleging that the latter infringed on one of its patents.

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Block-chain-based software Veritaseum has filed a lawsuit in a U.S district court in Delaware, against crypto exchange platform Coinbase alleging that the latter infringed on one of its patents.

Veritasium alleged that Coinbase had used its patent developed for secure digital transactions, in its Pay, Cloud service, wallet, website, and App known as the “566 Patent”, and is seeking $350 million in damages.

According to the court document, Patent 566 was awarded to Vertiaseum founder Reginald ‘Reggie’ Middleton and co-inventor Mathew Bogosian by the U.S. Patent and Trademark Office on Dec. 7, 2021. However, Vertiaseum did not mention how long Coinbase had been allegedly using Patent 566.

Veritaseum disclosed that the patent revolves around novel devices, systems, and methods, which enable parties to enforce value transfer agreements with little or no trust in each other, alleging that Coinbase used this for many of its blockchain infrastructure services.

Attorneys presiding over the case noted that Veritaseum had previously sent a letter to Coinbase in July warning it of its alleged infringement, however, the crypto exchange platform was uncooperative which forced Veritaseum to file a lawsuit.

Veritaseum further disclosed that Coinbase had prior knowledge and should have known or at least been willfully blind to the ‘566 Patent.

The Lawsuit reads, “Defendant makes, uses, sells, and/or supports infringing products and services on the Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Solana platforms as well as NFTs for its products and offerings that run on top of and facilitate said platforms. 

“Defendant’s infringing activities include Coinbase Android mobile wallet, iOS mobile wallet, its Coinbase Cloud, Coinbase Commerce APIs, Query and Transact, Participate, Delegate and Validator software, Coinbase Pay, Coinbase Wallet, and Coinbase Operated Public Validators.”

Veritaseum justified the $350 million charges it is demanding, arguing that Coinbase had gained substantial profits by virtue of its infringement and that Veritaseum sustained damages as a direct and proximate result.

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Investors Scoop XRP in Large Scale as Legal Dispute With SEC Reach Potential Resolution

Cryptocurrency investors are bagging XRP (Ripple) amid the hope of a resolution in favour of XRP in a legal tussle with the United States Securities Exchange Commission (SEC). 

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Ripple - Investorsking

Cryptocurrency investors are bagging XRP (Ripple) amid the hope of a resolution in favour of XRP in a legal tussle with the United States Securities Exchange Commission (SEC). 

Investors King learnt that there has been an XRP buying frenzy in the last 24 hours

Cryptocurrency investors believed that if Ripple Lab, the parent company of the XRP token win its lawsuit against the United States SEC, there might be a sudden spike in the attractiveness of XRP supply, which would likely cause a jump in price. 

It could be recalled that in November 2020, the Securities Exchange Commission sued Ripple and two of its executives for raising $1.3 billion through an unregistered digital asset. 

SEC alleged that Ripple raised funds through the sale of XRP to United States Investors and worldwide. SEC also alleged that Ripple Lab used its token XRP to pay for Labour and marketing-making service.

The Securities Exchange Commission classified XRP as unregistered securities which could not be sold as a public offering to finance the company’s business. 

The whole cryptocurrency community was stunned by the lawsuit. This forced several XRP investors to sell their investments. 

However, Ripple Chief Executive Officer, Brad Garlinghouse absolve the company from all allegations and alleged SEC of legal bullying. He claimed Ripple did not violate any U.S Securities law in the sale of XRP.

Meanwhile, both SEC and Ripple have applied for summary judgment which could bring the legal tussle to a logical conclusion if none of the parties is interested to further the case after the summary judgment. 

Ripple nonetheless believes that SEC has no solid case while it is acting outside its constitutional jurisdiction. 

A win for Ripple Lab will be a major victory for the wider crypto community as many cryptocurrency investors suspected that the lawsuit is a sort of witch hunt against cryptocurrency adoption.  

XRP price action subsequently responds to the news. XRP opened at 0.45 cents on Saturday and traded at 0.55 cents before it receded. It is currently trading at 0.48 cents at the time of this report. 

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