Weekly Crypto Roundup: Ethereum’s transition, Tether’s new partnership, and crypto hack statistics
The HinduWhile prices turned icy again, the crypto sector is heating up as more participants - traders, developers, founders, regulators, and yes, even hackers - try to leave their unique mark on it. The crypto community is eagerly anticipating the day when Ethereum will fully transition from the high demand ‘proof-of-work’ method of growing the blockchain, to the far less energy intensive “proof-of-stake’ consensus mechanism. However, Chainalysis’ report noted that both legal and illegal crypto transaction volumes this year were down, likely due to Bitcoin and Ether falling by more than 50% in value. Investors “Total scam revenue for 2022 currently sits at $1.6 billion, 65% lower than where it was through the end of July in 2021, and this decline appears linked to declining prices across different currencies,” stated Chainalysis’ report. As September draws closer, expect more buzz about the Ethereum merge event and further debates on the crypto sector’s link to the energy sector—including our ongoing energy crisis.
History of this topic
Trump’s Commerce secretary pick backas a crypto company that can’t seem to stay out of trouble
CNN
Crypto scam revenue dropped in 2022, fell by $5 billion: Report
India Today
Hackers steal around $100 million cryptocurrency from Binance-linked blockchain
The Hindu
Crypto hack losses surged 60% to $1.9 billion between January and July 2022, reports Chainalysis
The Hindu
Crypto meltdown is wake-up call for many, including Congress
Associated Press
Ben McKenzie on Tether, the potential danger at the center of the crypto economy.
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