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  • Ex-Goldman Sachs banker launches crypto app after $33M raise
    by Keira Wright on 26/01/2022 at 3:12 AM

    Adam Dell, brother of the billionaire Michael Dell, has pinched an impressive team to help get the project started. The former Head of Product for “Marcus by Goldman Sachs” has launched a crypto investing app, “Domain Ventures,” raising $33 million from investors on Jan 25. Adam Dell, brother of Dell computers tycoon Michael, assembled a team of 25 former staff members from Goldman Sachs. Other staffers are leaving their roles at Bridgewater Associates, Morgan Stanley, Coinbase Global Inc. and BlockFi. Former Goldman Sachs CTO Elisha Wiesel, and Christopher Giancarlo, thformer Chairman of the Commodities Futures Trading Commission have also been tapped to join the project. The app is targeted at retail users, who will be charged an annual management fee of 1% for actively managed and curated investment plans. The app features real-time market intelligence, live customer agents as well as social sentiment analysis. Gemini will facilitate the app’s crypto trading feature, and Apex Clearing will provide securities trading and custody. Related: Goldman Sachs to offer Bitcoin futures trading in partnership with Galaxy DigitalInvestors in the project include venture capital firm Bessemer Ventures and Marc Benioff, who is the co-founder of Inc. Also Maveron, RRE Ventures, SV Angel and Joe LonsdaleWe are thrilled to announce that Domain Money has launched. With our app you can trade stocks and crypto, invest in one of our professionally managed strategies and discover serious control through Domain Signal. Now available in the Apple app store.— Domain Money (@domainmoney) January 25, 2022 “Investors are looking for access to diverse asset classes, along with security, transparency, and the power to be in control of their finances,” said Dell in a Jan 25 announcement, adding that his mission is to grow his customers’ wealth. “We developed Domain Money to provide investors a sophisticated, intuitive, and holistic platform to invest in crypto, not as a novelty, but as a core component of their portfolios.”

  • Eth2 is no more after Ethereum Foundation ditches name in rebrand
    by Brian Quarmby on 26/01/2022 at 2:26 AM

    “By removing Eth2 terminology, we save all future users from navigating this confusing mental model,” the Ethereum Foundation stated. The Ethereum Foundation has removed all references to Eth1 and Eth2 in favor of calling the original blockchain the “execution layer” and the upgraded Proof of Stake chain the “consensus layer.”Ethereum’s long-awaited transition from a Proof-of-work mining model to a Proof-of-Stake (PoS) consensus mechanism is expected to go live around in the second or third quarter of this year.Announcing the change the foundation cited a number of rationales including a “broken mental model for new users,” scam prevention, inclusivity and staking clarity. In a Jan.24 blog post, the Ethereum Foundation noted that the branding of Eth2 failed to concisely capture what was happening to the network via its series of upgrades: “One major problem with the Eth2 branding is that it creates a broken mental model for new users of Ethereum. They intuitively think that Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist once Eth2 exists.”“Neither of these is true. By removing Eth2 terminology, we save all future users from navigating this confusing mental model,” the blog post added. Under the new terminology, the combination of the execution layer (Eth1) and the consensus layer (Eth2) will be labeled as Ethereum, while individual features such as the beacon chain, merge and shared chains are now referred to as “upgrades.”Eth2 rebrand: The Ethereum FoundationThe foundation also stated that its re-branding of Eth2 would help “bring clarity to eliminate” scams in which malicious actors dupe victims — unaware that their Ether (ETH) will automatically switch to Eth2 following the merge — into swapping Ether (ETH) for fake ETH2 tokens. “Unfortunately, malicious actors have attempted to use the Eth2 misnomer to scam users by telling them to swap their ETH for ‘ETH2’ tokens or that they must somehow migrate their ETH before the Eth2 upgrade,” the post read. The news saw a relatively apathetic response in the r/Ethereum subreddit, with most users joking about the change, or complaining about the length of time the merge was taking. “Don’t care what you call it, just fucking ship it soon plsss” said Redditor ghfsgiwaa.User Kristkind stated that the attempted rebrand has come “too late”, noting that the term Eth2 has already been widely adopted by the media and users: “Everybody in the media, even the crypto-related one, runs with the term 2.0 or simply Eth2. And honestly, I think it is better that way, because [it’s] way easier to get for the (semi-)layperson, than ‘consensus layer’, which needs you to understand the architecture of the network.” Relat Ethereum white paper predicted DeFi but missed NFTs: Vitalik ButerinFollowing the merge and transition to PoS scheduled for later this year — for real this time — the remaining milestone of Ethereum’s current roadmap is the shard chains upgrade that is set to into effect in late 2022/early 2023. The introduction of shard chains will see Ethereum’s network load spread across 64 new chains in order to enhance its scalability and capacity. Despite 2022 gearing up to be a bullish year for Ethereum fundamentally, the price of Ether has taken a hefty hit amid the current downturn across stock and crypto markets, dropping 40% over the past 30 days to sit at around $2,437 at the time of writing. This isn’t 2018. In 2018 we didn’t have: Layer 2, eth2, DeFi, NFTs, core dev funding and so much more. Markets will market but I’m comfy af.— eric.eth (@econoar) January 24, 2022

  • Engineer hacks Trezor wallet, recovers $2M in ‘lost’ crypto
    by Fidel La Rosa on 26/01/2022 at 2:17 AM

    Hacker helps Trezor One owner who forgot his wallet passcode and seed phrase to recover cryptocurrency funds valued over $2 million. A computer engineer and hardware hacker has revealed how he managed to crack a Trezor One hardware wallet containing more than $2 million in funds.Joe Grand — who is based in Portland also known by his hacker alias “Kingpin” — uploaded a Youtube video explaining how he pulled off the ingenious hack.After deciding to cash out an original investment of roughly $50,000 in Theta in 2018, Dan Reich, a NYC based entrepreneur, and his friend, realized that they had lost the security PIN to the Trezor One the tokens were stored on. After unsuccessfully trying to guess the security PIN 12 times, they decided to quit before the wallet automatically wiped itself after 16 incorrect guesses.But with their investment growing to $2 million this year, they redoubled their efforts to access the funds. Without their wallet’s seed phrase or PIN the only way to retrieve the tokens was through hacking.They reached out to Grand who spent 12 weeks of trial and error but eventually found a way to recover the lost PIN.The key to this hack was that during a firmware update the Trezor One wallets temporarily move the PIN and key to RAM, only to later move them back to flash once the firmware is installed. Grand found that in the version of firmware installed on Reich’s wallet this information was not moved but copied to the RAM, which means that if the hack fails and RAM is erased the information about the PIN and key would still be stored in flash.After using a fault injection attack — a technique that alters the voltage going to the chip — Grand was able to surpass the security the microcontrollers have to prevent hackers from reading RAM, and obtained the PIN needed to access the wallet and the funds. Grand explained:“We are basically causing misbehavior on the silicon chip inside the device in order to defeat security. And what ended up happening is that I was sitting here watching the computer screen and saw that I was able to defeat the security, the private information, the recovery seed, and the pin that I was going after popped up on the screen.”According to a recent tweet from Trezor this vulnerability that allows it to read from the wallet’s RAM is an older one that has already been fixed for newer devices. But unless changes are made to the microcontroller fault injection attacks still can pose a risk.

  • Zuckerberg’s Diem reportedly weighing sale after stablecoin plans falter
    by Keira Wright on 26/01/2022 at 2:07 AM

    It looks like Meta is planning to jump ship, with inside sources saying that the crypto initiative is trying to sell its assets. Meta-backed crypto initiative “Diem” is reportedly trying to sell its assets, seemingly calling time on Facebook founder Mark Zuckerberg’s grand ambitions for a stablecoin to act as the internet’s currency. Diem — which was previously known as Libra — is Meta Platform’s cryptocurrency initiative. According to insider sources speaking with Bloomberg, it is considering selling assets to return capital to its investors. The sources said that Diem is in discussions with investment bankers to determine the best way to sell its intellectual property and cash out on whatever value the project has maintained. It’s unclear how the company will be valued, and there is no guarantee that they will be able to find a buyer. According to the source, about a third of the venture is owned by Meta. The remainder is owned by members of the association and partners, which include Coinbase Global, Uber and Shopify. Diem has sparked no shortage of controversies in its short time of existence since launching on June 18, 2019. Libra, as it was known at the time, intended to be maintained by a Switzerland-based consortium of companies called the “Libra Association.”However, news of the project’s launch triggered immediate pushback from the U.S. government and regulators around the world, who cited concerns regarding privacy and monetary sovereignty. Both Facebook CEO Mark Zuckerberg and former Libra head David Marcus testified before the House Financial Services Committee.Related: New name, old problems? Libra’s rebrand to Diem still faces challengesAt one July hearing in 2019, Senator Sherrod Brown of Ohio asked Marcus, “do you really think people should trust Facebook with their hard-earned money?” “If our country fails to act, we could soon see a digital currency controlled by others whose values differ radically from ours,” Marcus responded. Deterred by regulatory scrutiny, many partners began to abandon the project altogether, eventually including Marcus himself. It was at this point it rebranded to Diem, hoping to shake off the mass regulatory panic that drowned out Libra’s initial announcement.

  • Fading power? Weak DOGE spike after Elon Musk makes McDonald’s offer
    by Tom Mitchelhill on 26/01/2022 at 1:39 AM

    The Twitter feud between Elon Musk and McDonald’s has escalated after the Tesla CEO offered to eat a happy meal on television Erratic billionaire and Tesla CEO Elon Musk has offered to eat a kids meal from McDonald’s live on television if the fast food giant adds Dogecoin (DOGE) as an official payment method.“I will eat a Happy Meal on TV if McDonald’s accepts Dogecoin” said the SpaceX CEO in a tweet on Tuesday morning. In the minutes following Musk’s tweet, the price of DOGE immediately jumped 7% from $0.135 to $0.145 where it remains at the time of writingPrevious tweets from Musk have seen markets move far more substantially, with a recent announcement about using it for Tesla merchandise payments causing DOGE to surge over 25%. The current downturn may have something to do with it, but the smaller spike suggests Musk’s power to move markets is beginning to fade. I will eat a happy meal on tv if @McDonalds accepts Dogecoin— Elon Musk (@elonmusk) January 25, 2022 Around ten hours later, McDonald’s responded by stating, “Only if Tesla accepts Grimacecoin” making reference to a fake coin depicting a fuzzy purple McDonaldland mascot from the ‘80s called “Grimace”. Crypto opportunists were quick to respond, with Grimace Coin (Grimace) already minted on Binance Smart Chain. (Disclaimer: buying a memecoin created in the last few hours is not widely considered to be a wise financial move).As always, mainstream media outlets have been quick to cover the billionaire’s erratic online behavior, with the Wall Street Journal and The Independent further amplifying Musk’s crypto tweets.The billionaire is jumping on the bandwagon of McDonald’s crypto memes that have grown in popularity on Twitter recently. The fast food giant has become intrinsically linked to crypto markets during times of crisis, as influencers and investors post memes about needing to get a job at the fast food chain following th significant losses on crypto markets. Salvadoran President Nayib Bukele — whose government recently bought the BTC dip, snapping up an extra 410 Bitcoin at $36,000 each— joined the trend on Jan. 23rd, uploading a poorly edited photo of him sporting a McDonald’s-branded hat and nametag. #NewProfilePic— Nayib Bukele (@nayibbukele) January 22, 2022 While crypto memes seem light-hearted, Musk has frequently used his enormous 71.5 million following on Twitter to cause upheaval in the crypto markets. Earlier this month, Musk announced that Dogecoin could be officially be used as payment for merch on the Tesla website, causing wild swings in its price, and his announcement about suspending Bitcoin’s use for Tesla payments in mid-2021 caused markets to tank.Musk’s erratic Twitter behavior has been the subject of intense criticism in the past, with the  CEO of Binance, Changpeng Zhao (CZ) declaring: “Tweets that hurt other people’s finances are not funny, and irresponsible.”Despite Tesla famously owning more than 42,000 Bitcoin at an average cost of $31,700 per coin, Musk seems more comfortable pumping Dogecoin, recently declaring to Time Magazine:”Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.”The billionaire went even further, stressing that Bitcoin’s cost per transaction is high while its transactional volume is low compared to DOGE. As a result, Musk argued that Bitcoin would be better used as a store-of-value asset, and that DOGE is superior for spending and transactions. Related: McDonald’s jumps on Bitcoin memewagon, Crypto Twitter responds

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