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Cardano Price to Reach All-time Highs, Hit Bitcoin and Ether

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Cardano- Investors King

Cardano, a rival cryptocurrency to Ethereum, is likely to hit all-time highs of $2 before the end of 2022, predicts the CEO of a global, game-changing financial giant.

The bullish prediction from Nigel Green of deVere Group comes as Cardano (ADA), the fifth largest crypto, has jumped by almost 50% in just seven days ahead of a major new tech launch today, and currently has a market capitalisation of more than $47 billion.

He says: “Cardano is coming of age in 2022 and we can expect its price to soar and take more market share from crypto rivals, including Ethereum.

“The main reason why Cardano has jumped dramatically in price over the last week is due to the enthusiasm surrounding the launch today of SundaeSwap, which will make use of its pioneering underlying blockchain technology.”

The crypto advocate goes on to explain: “SundaeSwap is a decentralised cryptocurrency exchange on which users can buy, sell, lend, borrow and swap Cardano tokens as well as the exchange’s own SUNDAE token.”

According to reports, 2 billion SUNDAE tokens are to be issued at the launch on Thursday, 55% will go to the public, 25% to the developers, and the rest will go to investors and advisers.

“I’m confident that we will see Cardano hit fresh all-time highs before the end of the year because the upgrades just keep on coming,” says Nigel Green.

“We’re hitting the next stage of Cardano’s five defined eras of development. This next one is called Basho – named after a Japanese poet – and it promises to further improve the scalability and interoperability of the network through both on-chain and off-chain enhancements.

“Inevitably this is going to excite investors who are likely to increase their exposure to the cryptocurrency, driving up its price considerably.”

In September last year, the deVere CEO, who has a proven track record with crypto predictions, said: “Cardano is likely to be a challenger to Ethereum as not only can it be used as currency, but its blockchain – the tech on which it runs – can also be used to build smart contracts, protocols and decentralised applications. Plus, it is said to be significantly more scalable than Ethereum.

“It will also pose a challenge to the all-mighty Bitcoin.  This is because those who invest in digital assets already or are planning to do so, know that one of the secrets of successful investing is diversification.

“Therefore, these investors will want their cryptocurrencies diversified too and this is ultimately likely to eat into Bitcoin’s market share.”

Of the current price rebound, Nigel Green concludes: “I believe this is just the start of what should be a monumental year for Cardano.”

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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Cryptocurrency

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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Cryptocurrency

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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