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Blockchain-based move-to-earn app Stepn under DDoS attacks after upgrade

Apart from trying to get rid of cheating and bots, Stepn is also working to limit its platform’s availability for users in mainland China.

Solana-based move-to-earn application Stepn has reported multiple denial-of-service (DDoS) attacks in the aftermath of the platform proceeding with a major anti-cheating upgrade.

Stepn took to Twitter on June 5 to report that the platform has suffered a number of DDoS attacks causing recovery maintenance and associated improper performance.

According to the statement, Stepn was expecting to secure and recover the servers in up to 12 hours but has not posted an update for 20 hours by the time of writing.

“Our engineers are working hard to fix the problems. We will announce here once recovery is complete. Thank you so much for everyone’s patience,” Stepn wrote.

The attacks came shortly after Stepn introduced its anti-cheating system referred to as “Stepn’s Model for Anti-Cheating,” or SMAC, on June 3. The system aims to eliminate fake users from the platform as well as to prevent fraudulent motion data on the Stepn app in an attempt to gain unfair profit from the platform.

“SMAC system specifically targets the movement simulation by amending real walking/running data, thanks to our machine learning algorithm,” the anti-cheating system’s description reads.

Stepn reported on major platform issues soon after proceeding with the upgrade, with SMAC mistakenly identifying some genuine users as bots. Other problems included network issues caused by a “25 million DDOS attack” as well as the temporary inability to track any bots on the platform.

“We are deeply sorry for the inconvenience caused to users. The anti-cheating update may seem small, but it is actually an important cornerstone of Stepn's long-term development,” Stepn said.

Despite the platform's DDoS issues, Stepn’s native token, the Green Satoshi Token (GST), has not seen any critical decline over the past several days. On the contrary, the GST is up around 10% over the past 24 hours, trading at $1.04 at the time of writing. The token’s market capitalization amounts to $624 million, according to data from CoinGecko.

Green Satoshi Token seven-day price chart. Source: CoinGecko

Related: People want to be paid crypto to exercise in the Metaverse: Survey

Launched in December 2021, Stepn is a major move-to-earn mobile nonfungible token (NFT) game allowing users to earn tokens by walking, jogging or running outdoors with an NFT sneaker. The game has a dual token system, including the GST token and the Governance Token (GMT).

The news comes as Stepn prepares to limit its platform’s availability for users in mainland China by mid-July.

Spot Ethereum ETFs could debut week of July 15, says ETF expert

Two credit card firms in Israel to let cardholders buy Bitcoin

Two Israel-based credit card companies, Max and Isracard, have started working on Bitcoin investment and cashback solutions via a credit card.

Financial companies in Israel are increasingly moving into cryptocurrencies like Bitcoin (BTC), with two competing credit card firms working on BTC investment and cashback features.

Two Israel-based credit card companies, Max and Isracard, have inked partnerships with crypto-related platforms in order to allow cardholders to purchase Bitcoin, the local news agency Calcalist reported on May 17.

Max announced collaboration with the local crypto broker Bits of Gold to launch a crypto-enabled card called MaxBack Crypto. According to Max's official website, the card will offer cash back opportunities in BTC as well as the option to buy Bitcoin through a clearing agreement Bits of Gold.

Formerly known as Leumi Card, Max is one of the largest credit card processors and issuers in Israel and a major non-banking financial institution. The firm reportedly issued 1.6 million credit cards and provides clearing services to more than 40,000 merchants.

Max’s competitor, Isracard Group, is one of the biggest credit card companies in Israel, offering credit clearing services to four major credit card brands including American Express, MasterCard, Visa and Isracard.

Isracard is also not missing out on crypto, reportedly announcing a partnership with Israel’s major investment company Altshuler Shaham on May 17 as well.

Isracard specifically partnered with Altshuler’s crypto-focused subsidiary Altshuler Shaham Horizon to allow Isracard holders to purchase Bitcoin directly via its credit card.

As previously reported, Altshuler Shaham has expressed interest in Bitcoin investment before, with the firm investing $100 million into the Grayscale Bitcoin Trust in 2020.

Related: Top Israeli bank to accept BTC and ETH trading through Paxos' collaboration

“As the leading crypto company in the country, we are proud to launch this innovative collaboration, which will allow the general public to join the digital currency arena,” Horizon CEO Ilan Stark said. “If in the past this field belonged to the exotic part of the capital market, today we see more and more interest from investors and customers,” the exec added.

Spot Ethereum ETFs could debut week of July 15, says ETF expert

Bitcoin Miners Reach the Halfway Point to the Next Block Reward Halving

Bitcoin Miners Reach the Halfway Point to the Next Block Reward HalvingOn May 5, 2022, at block height 735,000, the bitcoin mining pool Poolin mined the 105,000th block reward since the last halving. The mined block also represents the halfway point to the next halving that is estimated to take place on or around April 27, 2024. Block 735,000 follows the network issuing over 19 million […]

Spot Ethereum ETFs could debut week of July 15, says ETF expert

Crypto Industry Leader Bitcoin.com Secures $33.6 Million in VERSE Token Private Sale

Crypto Industry Leader Bitcoin.com Secures .6 Million in VERSE Token Private SaleOn Wednesday, the leading crypto industry firm, Bitcoin.com, announced it has concluded a private sale of its VERSE token and secured $33,600,000 from strategic investors. VERSE is meant to bolster Bitcoin.com’s growing infrastructure by providing a utility token that rewards users for contributing to the Bitcoin.com ecosystem. Bitcoin.com’s Private Token Sale Raises $33.6 Million This […]

Spot Ethereum ETFs could debut week of July 15, says ETF expert

Crypto.com (CRO) slumps 30% as staking rewards are slashed

The world’s sixth-largest exchange has shot itself in the foot by announcing substantial reductions in rewards for its Visa cardholders, causing CRO price to tank.

Crypto exchange Crypto.com announced severe reductions to CRO staking rewards for most tiers of its VISA prepaid card which has forced the token price to fall around 30% in less than a week.

Its May 1 blog post explains that card rewards will be reduced by an average of 69.5%, and 100% on its lowest tier Midnight Blue card “to ensure long-term sustainability.” On its highest tier Obsidian card which requires at least $400,000 in CRO to be staked, rewards will drop from 8% to 5%. Changes to the rewards schedule will begin on June 1.

However, cardholders who had an active six-month stake before May 1 will not see their rewards schedule change until their current term expires.

In addition to rewards rates, there will also be a cap set on three tiers of cards. The Ruby Steel tier will have a $25 per month limit while the Royal Indigo and Jade Green cards will have a $50 monthly limit on rewards.

Current stakers are irritated by the exchange’s sudden move to change the rewards. High-profile staker Devchart told his 170,000 Twitter followers on May 2 that the exchange’s decision was “the dumbest move of the day.”

In response to the backlash from the community, Crypto.com CEO Kris Marszalek tweeted on May 3, that planned changes would be adjusted to reflect “a more balanced approach.”

He said that rather than issue individual changes per tier, Private Members who use the Obsidian, Icy White, and Frosted Rose Gold cards would receive an 8% annual yield. Royal Indigo and Jade Green holders would have a 4% annual yield. This adjustment has not yet been confirmed on the exchange’s blog.

When Cointelegraph asked the exchange about how much more sustainability it expects to gain from rewards reduction, a Crypto.com spokesperson responded via email:

“Crypto.com is committed to offering the best possible products and services that meet the needs of our customers around the world. Our recent changes were made to bring our substantially scaled programs closer to long-term sustainability, and we continue to provide attractive rewards and opportunities to our customers.”

Related: Crypto.com’s Cronos partners with Chainalysis to track CRC-20 tokens

The news has had a clearly negative impact on the price of CRO, the native token for Crypto.com’s CRONOS blockchain network. CRO price began tumbling on May 1 from $0.36 at the start of the day to $0.28 as of the time of writing according to Cointelegraph data. It has lost a whopping 30% over the past seven days according to CoinGecko.

Spot Ethereum ETFs could debut week of July 15, says ETF expert

Shiba Inu’s New Burn Portal Rewards SHIB Burners for Destroying Their Tokens

Shiba Inu’s New Burn Portal Rewards SHIB Burners for Destroying Their TokensShiba inu holders can now get rewards for burning their SHIB tokens as the project’s development team officially launched the Shibaswap burn portal. According to the team, SHIB burners generate passive income in the form of RYOSHI rewards by holding on to a new token called “burntSHIB.” SHIB Army Celebrates the Token Burn Rate as […]

Spot Ethereum ETFs could debut week of July 15, says ETF expert

Gemini crypto exchange launches credit card in United States

Users can get their cashback reward in over 60 different cryptocurrencies supported by Gemini.

Gemini, a major cryptocurrency exchange founded by the Winklevoss twins, has launched its crypto credit card.

The company officially announced Thursday that its Gemini Credit Card is available in the United States across all 50 states.

The new card is issued by the state-chartered industrial bank WebBank and features Mastercard as the exclusive card network.

The card’s rollout comes more than a year after Gemini initially announced the project in 2021, aiming to reward users for using crypto for everyday transactions. Since launching the Gemini Credit Card waitlist last year, more than 500,000 users have signed up for the product, the firm said.

The Gemini Credit Card supports more than 60 cryptocurrencies for rewards, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and others. Cardholders are able to earn up to 3% crypto back on dining, 2% on groceries, and 1% on all other purchases.

When a cardholder makes a purchase, Gemini automatically converts the United States dollar-denominated value of the reward into the selected digital asset and deposits it into the cardholder’s Gemini account. Cardholders can change their selected crypto reward as often as they wish, which enables customers to earn not just one cryptocurrency.

Mastercard’s executive VP of digital partnerships Sherri Haymond noted that the payment company shares Gemini’s belief that providing relevant crypto rewards experiences will “not only empower consumers, but also unlock access to the digital currencies ecosystem.” 

Gemini chief technology officer Pravjit Tiwana said that the new credit card reaffirms the company’s commitment to remove barriers of entry for consumers who want to get into cryptocurrencies like Bitcoin. Tiwana mentioned that the crypto industry had a breakout moment in 2021, with 44% of crypto owners in the U.S. reported making their first crypto purchases last year.

Related: New crypto card by Nexo allows users to pay without selling Bitcoin

As previously reported by Cointelegraph, the concept of crypto cashback cards has been taking off recently, with companies like BlockFi and Venmo launching crypto reward cards last year. According to the crypto loan startup BlockFi, Bitcoin rewards were responsible for some extent of the shopping frenzy for cardholders last year, with cardholders earning more than 124 BTC in rewards collectively just in the first three months since the cashback program’s launch.

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The future of cashback: Companies adopts crypto back rewards for card purchases

Companies started to offer crypto back rewards for credit card transactions, from business expenses to monthly subscription payments.

Receiving cashback from your credit and debit card purchases has been a long-time benefit for credit card users. However, crypto entered the scene as projects start to implement crypto back rewards for card purchases. 

Back in 2021, BlockFi launched a Visa-backed Bitcoin rewards card as a way to welcome users into the crypto ecosystem. With the card, users can get 1.5% back in Bitcoin (BTC) instead of other rewards like cashback or miles.

In the same year, Venmo also employed mechanics that allows users to buy crypto with their cashback rewards. A program called Cash Back to Crypto allowed credit card users to spend their cashback rewards on crypto-assets like BTC, Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

Some companies started to follow the trend and integrated new crypto rewards for the old cashback mechanic. Let’s have a look at two projects that started to provide crypto rewards for card purchases.

Payments platform Paystand announced the introduction of a corporate expense card that offers crypto rewards. Through the card, businesses can get Bitcoin back without needing to redeem points. Through this, users can earn BTC automatically as they make purchases for their business.

Jeremy Almond, the CEO and co-founder of Paystand, expressed his excitement over their project's new offering. "We believe blockchain technology and cryptocurrency is the future of finance, and we’re excited to help businesses participate and grow in the digital economy,” he said.

Related: We have to be in the crypto space, Mastercard CEO says

A project called Plutus started offering 3 percent crypto back on Nike purchases back in 2020. More recently, the company announced that it’s extending its crypto back rewards to payments for subscriptions such as Netflix, Spotify, Disney+ and more.

Apart from this, the company has also revealed that they will increase the cryptoback rewards to 8%. This means that when users purchase with their cards, they are automatically accumulating crypto.

Spot Ethereum ETFs could debut week of July 15, says ETF expert

$250K bounty ‘not too low to be insulting,’ says Coinbase white hat hacker

The white-hat hacker responsible for discovering a crisis-level flaw in Coinbase API said the $250K bounty was not "too low."

On February 11th, two days before the Super Bowl and Coinbase’s $14 million color-changing QR code advert, an engineer was desperately trying to reach out to Coinbase management and the development team.

Tree of Alpha had discovered “a flaw in the new Advanced Trading feature would have allowed a malicious user to sell BTC or any other coin without owning them.” The flaw in the code had the potential to “nuke” the market.

Commenting on the flaw, Tree of Alpha told Cointelegraph that the “vulnerability itself was indeed worrying,” sharing that “some oversight on both the dev team and the QA/testing team was needed to let this happen.”

“While the advanced trading product was not available for everyone and was still in beta testing, a significant number of users could have used the exploit.”

However, thanks to the hacker's quick reactions and an “overwhelming community response,” the danger was averted and Coinbase avoided a “possible crisis.”

As is common with white hat hacking, a bounty was duly awarded. Coinbase has initially awarded $250,000–an insignificant sum for the Silicon Valley-born unicorn. Twitter was quick to judge the quarter-million sum as a “bear market” bounty, particularly considering the scale of the hack and that Coinbase executives earn that figure annually.

Coinbase executive salaries according to Comparably. Source: Comparably

Tree of Alpha told Cointelegraph that the amount was “not too low to be insulting.”

“While a higher bounty might have been wise to deter more grey hats from exploiting vulnerabilities, it is common in the crypto sphere to lose touch with the value of money. For most working human beings, $250K is a very decent sum.”

Related: MakerDAO launches biggest ever bug bounty with $10M reward

Ultimately, the events shone a light on the importance of white hat hacking for a relatively nascent industry. The U.S. State Department recently announced it would offer up to $10 million in crypto rewards to white hat hackers; however, Tree of Alpha affirmed that “white hat hacking is crucial yet criminally overlooked by companies.”

In a word to the wise, they concluded:

“Companies won't hesitate to spend tens of millions on marketing but won't spend a fraction of it on making sure there is something left to market.”

Coinbase CEO Brian Armstrong was among the first to thank the white-hat hacker for saving his company:

Spot Ethereum ETFs could debut week of July 15, says ETF expert