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Lack of proper indexing is throttling DApp speeds — Pangea CEO

Users typically leave an application that does not respond within three seconds, and Web3 apps can have load times of up to 20 seconds.

Decentralized applications (DApps), also known as Web3 applications, tend to be slower than their Web2 counterparts because they have to organize blockchain data from multiple sources.

Maxim Legg, CEO of Pangea — a decentralized data indexing solution — told Cointelegraph that data indexing will fix the speed bottleneck for Web3 applications.

Legg said data from RPC nodes, smart contracts, and other blockchain infrastructure can be hundreds of terabytes on high-throughput chains. Indexing is the process of organizing this raw blockchain data in a way that it can be effectively recalled later. The CEO told Cointelegraph:

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DeFi growth boosts oracle market competition — RedStone co-founder

As DeFi expands, the oracle market faces new competition from emerging providers challenging established players like Chainlink.

As decentralized finance (DeFi) continues to grow, the demand for oracles — key tools that connect blockchains to real-world data — is surging.

Established providers such as Chainlink face increased competition from emerging players as decentralized applications (DApps) require more efficient data delivery solutions.

Marcin Kaźmierczak, co-founder and chief operating officer of RedStone, discussed trends in DeFi oracles in an exclusive interview with Cointelegraph.

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Tesla likely still owns $780M in Bitcoin despite recent shuffle: Arkham

Tesla’s massive Bitcoin transfers initially sparked fears of a market dump, but Arkham's data suggests the assets are still under the firm's control.

Electric car manufacturer Tesla likely still owns its entire Bitcoin stash worth $780 million despite transferring all the funds to unidentified wallets on Oct. 15, according to a blockchain analytics firm. 

“We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla,” Arkham Intelligence said in an Oct. 22 X post.

Tesla split the 11,509 Bitcoin between seven wallets holding between 1,100 and 2,200 BTC on Oct. 15, Arkham noted. Wallet addresses “1Fnhp” and “1LERL” received the largest batches worth $142.2 million and $128.1 million, respectively.

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Tesla moves entire $765M Bitcoin stash to unknown wallets

Before the mass transfers, Tesla’s Bitcoin wallet had remained dormant since June 2022.

Electric vehicle maker Tesla has transferred its entire Bitcoin stash worth over $765 million to several unknown wallets.

Crypto wallets labeled as owned by Tesla moved virtually all of the company’s 11,500 Bitcoin (BTC) on Oct. 15 across 26 transactions, including test transfers, according to data from Arkham Intelligence.

The first test transfer was made on Oct. 15 at 8:41 pm UTC, and the wallet currently holds just $6.68 worth of Bitcoin.

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Bitcoin miner wallets awaken after over 15 years — Is this Satoshi?

Five miner wallets that received block rewards weeks after Bitcoin launched have started moving their coins. 

Wallets belonging to early Bitcoin miners who received coins as rewards shortly after the blockchain’s launch by its pseudonymous creator, Satoshi Nakamoto, have recently been observed moving their BTC.

On Sept. 20, five miner wallets that received 50 Bitcoin (BTC) each as block rewards in 2009 started to move their funds. Blockchain data shows that one wallet received the mining reward on Jan. 29, 2009, while three received block rewards on Jan. 31, 2009. The last wallet received a block reward on Feb. 2, 2009.

One of the Bitcoin wallets seen moving mined BTC. Source: Blockchain.com

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Jump Crypto unstakes $315M of ETH, now headed to exchanges

Jump still holds at least $125 million of staked-Ether, blockchain data from Arkham shows.

Jump Crypto, the crypto division of Jump Trading, has shifted hundreds of millions of dollars worth of crypto to exchanges in recent days — sparking speculation that it may be preparing to sell off a huge chunk of its assets.

It includes over 120,000 staked-Ether (ETH) tokens — worth $314.8 million — which started moving on July 24 — one day after the launch of spot Ether exchange-traded funds in the United States.

Data from blockchain analytics platform Arkham shows much of those funds were unstaked at Ethereum redeem address “0x986…608c6” before being moved to Binance, OKX, Coinbase, ByBit and Gate.io deposit addresses.

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Standardization of Blockchain Data Format Enhances Interoperability Between Chains – Nick Yushkevich

Standardization of Blockchain Data Format Enhances Interoperability Between Chains – Nick YushkevichAccording to Nick Yushkevich, standardization of blockchain data formats is crucial as it enhances the interoperability of distinct protocols and fosters broader adoption of the technology. Yushkevich, the director of product at blockchain infrastructure provider Quicknode, added that such standardization helps to improve communication between systems. Unlocking the Full Potential of Blockchain Data Yushkevich stated […]

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Wall Street Journal corrects article misciting Hamas’ crypto terrorism funding data

Elliptic, the firm which Wall Street Journal sourced the data from, said it was “pleased” to see the news outlet acknowledge its mistakes.

The Wall Street Journal (WSJ) has partially corrected an article whic mischaracterized the extent to which Hamas and other militant groups have been funding its terrorism activities with cryptocurrencies.

The Oct. 10 article — titled “Hamas Militants Behind Israel Attack Raised Millions in Crypto” — cited blockchain forensics firm Elliptic to say Palestinian Islamic Jihad (PIJ), a terrorist organization operating on the Gaza Strip, raised as much as $93 million between August 2021 and June 2023.

In the cited report, Elliptic said Israel’s counter-terrorism unit seized PIJ-linked wallets which received $93 million from over that timeframe. However, Elliptic made it clear that this in no way meant that PIJ raised these funds to finance its terrorism activities.

Research from blockchain forensics firm Chainalysis suggests only $450,000 of these funds were sent to a known terrorism-affiliated wallet.

In WSJ’s correction, it stated PIJ and Lebanese political party Hezbollah “may have exchanged” up to $12 million in cryptocurrency — far less than its initial $93 million figure.

“Palestinian Islamic Jihad and Hezbollah may have exchanged up to $12 million in crypto since 2021, according to crypto-research firm Elliptic. An earlier version of this article incorrectly said PIJ had sent more than $12 million in crypto to Hezbollah since 2021,” WSJ said.

WSJ said it updated other parts of the article to include “additional context” about Elliptic’s research.

Corrections made by the WSJ’s Oct. 10 article. Source: WSJ

WSJ’s retraction follows an Oct. 25 statement by Elliptic which called on WSJ to correct its misinterpretation of the data. Elliptic added that cryptocurrency funding by Hamas remains “tiny” relative to other funding sources.

On Oct. 27, Elliptic was “pleased” to see WSJ acknowledge its mistakes but said it would've liked to see WSJ be more specific about its corrections.

Related: Elizabeth Warren uses Hamas as her newest scapegoat in war on crypto

Coinbase's chief legal officer Paul Grewal also noted that WSJ's opening paragraph is still framed as though cryptocurrency was the primary funding source behind Hamas' Oct. 7 attack on Israel.

"This is barely a correction," he added.

Nic Carter, partner of Castle Island Ventures and others are now calling on United States Senator Elizabeth Warren to retract a related letter backed by over 100 U.S. lawmakers written to the White House on Oct. 17.

The letter cited WSJ’s misinterpreted data from Elliptic in an attempt to argue that cryptocurrency poses a “national security threat” to the U.S. and that Congress and the Biden administration should act swiftly before cryptocurrencies are used to finance another “tragedy.”

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

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Multichain Executor has been ‘draining’ AnySwap tokens: Report

The contract has used an “anySwapFeeTo” function to transfer hundreds of thousands of dollars worth of tokens to itself, which on-chain sleuth Spreek suspected may have been malicious.

A person is using the Multichain Executor to drain tokens associated with the AnySwap bridging protocol, according to a July 10 report from on-chain sleuth and Twitter user Spreek. The report follows outflows of over $100 million from Multichain bridges that occurred on July 7, which were reported by the Multichain team as “abnormal.”

According to Spreek’s July 10 report, “The Multichain Executor address has been draining anyToken addresses across many chains today and moving them all to a new EOA [externally owned account].”

An image attached to the post shows Ethereum transaction 0x53ede4462d90978b992b0a88727de19afe4e96f0374aa1a221b8ff65fda5a6fe. Blockchain data reveals that this transaction called the “anySwapFeeTo” method on the Multichain Router: V4 contract, causing approximately $15,275.90 worth of anyDAI — a derivative version of the Dai (DAI) stablecoin — to be minted on Ethereum and sent to the Multichain Executor, who then burned it and exchanged it for the underlying DAI backing the asset. 

DAI conversion by the Multichain Executor. Source: Etherscan

In a separate comment, Spreek said the funds are being sent to the following address: 0x1eed63efba5f81d95bfe37d82c8e736b974f477b. Ethereum blockchain data shows that this address received the redeemed DAI from the Multichain Executor on July 10, about five minutes after the previous transaction.

Data for BNB Smart Chain (BSC) shows that the Multichain Executor also called the anySwapFeeTo function on its network for $208,997 worth of anyUSDC. This resulted in $208,997 worth of the tokens being converted into its underlying Binance-Pegged USDC, which were subsequently sent to this same address. In other BSC transactions, the contract used this process to convert 50.80 anyBTC, worth $39,251.43 at the time, to equivalent Binance-Pegged Bitcoin and send it to this address.

The transactions add up to approximately $263,524.33 worth of tokens sent to this address through the anySwapFeeTo method.

Spreek said this behavior could be part of the normal functioning of the protocol. On the other hand, a different account had engaged in similar behavior the day before, Spreek stated. The other account eventually sold the drained tokens, providing evidence that it was malicious:

“It is unclear whether this is authorized behavior. Previously the same method was used yesterday by a different MPC address on the anyUSDT token on mainnet. The tokens were then immediately sold to ETH, suggesting that that similar address was the actions of a malicious actor.”

The on-chain sleuth theorized that the attacker may be using the anySwapFeeTo function to set fees to an arbitrarily large amount, allowing them to drain users’ funds. This function “[a]pparently allows ANY value to be set, so the address is simply choosing the total value of the token held in that anyToken,” Spreek stated.

The Multichain incident has baffled blockchain analysts, as no one has been able to prove whether it resulted from an exploit or is simply the result of large tokenholders moving their funds between networks. The mystery began on July 7, when over $100 million worth of tokens were withdrawn from the Ethereum side of Multichain’s Fantom, Moonriver and Dogechain bridges and sent to wallet addresses with no previous transactions. These withdrawals represented the majority of funds held on each bridge.

The Multichain team declared that the withdrawals were “abnormal” and told users to stop using the protocol. However, the team did not declare what the source of the anomaly was or could be.

On July 8, stablecoin issuers Circle and Tether froze some of the addresses that received funds tied to the strange transactions. On July 11, blockchain analytics firm Chainanalysis said the incident “looks more like a hack or rugpull and less like a migration.”

The Multichain team says their CEO is missing and that they’ve shut down some bridges due to no longer having access to some of the network’s multi-party computation network servers.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

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‘I’ve done nothing wrong’ — Lark Davis denies ‘pump-and-dump’ allegations

Davis claimed he received nothing for free from the projects it's alleged he profited from, and the amounts he sold weren’t enough to “dump the price.”

Crypto influencer Lark Davis has refuted new allegations from Twitter “on-chain sleuth” ZachXBT of shilling “low cap projects” to his audience “just to dump them shortly after.”

Davis was responding to a Twitter thread posted by Zach on Sept. 29, containing allegations that he profited over $1.2 million through selling tokens from crypto projects which he was allegedly paid to promote without disclosing.

In a 17-part thread, Zach pointed to eight examples of what is supposedly Davis’ crypto wallet receiving tokens from new crypto projects, with Davis subsequently tweeting or posting a video on them, and then selling the tokens shortly after.

Speaking to Cointelegraph, Zach said he received requests from multiple people who lost money on the tokens shared by Davis asking to “take a closer look” at him.

“Lark managed to dump with size on low cap projects time after time,” Zach said, adding they’ve investigated other crypto influencers, but the alleged amount was “never at this magnitude.”

Zach alleged in the thread that the largest gain to Davis came from receiving 120,000 SHOPX tokens, with Davis tweeting hours later about the project whilst apparently simultaneously selling the tokens, gaining $435,000.

This example along with seven others Zach presented purportedly shows Davis making over $1.2 million in a similar pattern.

“Participating in seed rounds & sharing projects you genuinely like is completely fine as long as it’s done in a transparent manner,” Zach tweeted, adding:

“This is not the case as Lark has a pattern of dumping his discounted launchpad bags right after shills across YT (YouTube), Twitter, & [his] newsletter.”

Cointelegraph requested comment from Davis and was directed to a series of tweets posted late on Sept. 29 in which Davis calls the allegations made by Zach “ridiculous” and provided a response to each example Zach alleged he profited from.

Related: ‘Far too easy’ — Crypto researcher’s fake Ponzi raises $100K in hours

“I got nothing for free,” Davis tweeted to his over one million followers, adding his token sale investments are “always disclosed” on his YouTube channel of 485,000 subscribers and shared with his followers “well before the launch."

Davis added he was following an investing strategy he teaches, selling the tokens upon launch, which he claims is a common investing practice for token sales. Davis said the amounts he sold were “nowhere near enough to dump the price” of the tokens.

“I teach this concept frequently to you all, none of this should be a surprise if you have been paying attention,” he tweeted. “What you choose to do with my opinions is completely up to you.”

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