Bitcoin records this year’s highest in Korean market, surpassing KRW 60M

The crypto space continues to suffer a disproportionate share of hacks and scams that were further exacerbated on Wednesday, with Malaysian crypto data aggregator the latest to succumb to a security breach. Serving as yet another stark reminder of the persistent threats plaguing the sector, a phishing scam targeted CoinGecko's X account, leading to a brief compromise that raised concerns about the safety of user information.Photo by GuerrillaBuzz on UnsplashPhishing scamDuring this incident, hackers posted a phishing link on CoinGecko's X account, falsely advertising a token airdrop for a cryptocurrency named GCKO. The deceptive post claimed that GCKO could be used for API services, including the cryptocurrency ANKR. Swift action by CoinGecko involved the removal of the fraudulent post and a public warning urging users to avoid interacting with any suspicious links or content. In an X post, CoinGecko wrote:”Our Twitter accounts @CoinGecko and @GeckoTerminal have been compromised. We're taking immediate steps to investigate the situation and secure our accounts. Please DO NOT click on any links or engage with suspicious content. Your security is our top priority.” Employee errorThe firm followed up with an update on Thursday, attributing the breach to a team member inadvertently clicking on a fraudulent Calendly link, granting unauthorized access to the hacker. Despite having two-factor authentication (2FA) enabled and employing robust security measures, CoinGecko emphasized that the inadvertent click allowed unauthorized access. The compromised accounts were then exploited to disseminate misleading information and potentially engage in malicious activities. CoinGecko expressed sincere apologies for any confusion or inconvenience caused by the incident. The company reiterated its commitment to platform security and continuous improvement of internal controls, assuring users that corrective measures were promptly implemented. SEC incompetenceCoinGecko's security incident occurred within 24 hours of a similar occurrence involving the U.S. Securities and Exchange Commission (SEC). The SEC's X account was compromised, with scammers posting a false message from Chair Gary Gensler about the approval of spot bitcoin exchange-traded funds (ETFs). While CoinGecko identified a vulnerability in its security regimen, the SEC later confirmed that the breach in its case was far more basic. It was not due to infrastructure attacks but rather the lack of 2-factor authentication (2FA) tied to the SEC's account, the most basic form of operations security. Gensler and the SEC have come in for major criticism from the crypto community in the U.S. due to a policy of regulation by enforcement that has been pursued. With that, the Commission came in for swift and harsh criticism in the immediate aftermath of its X account hack. Many pointed out the irony of Gensler advising consumers to secure their accounts back in October when the SEC itself had failed to do so. Others queried who would be responsible for what some interpreted as an episode of market manipulation, something that the SEC has perennially associated the crypto markets with. During the time that the account was compromised, millions of dollars of value were liquidated in short and long trading positions. CoinGecko's quick response serves as a valuable lesson in the importance of vigilance and proactive security measures amid the growing threats facing the cryptocurrency community.

Antpool overtakes Foundry as largest bitcoin mining poolAntpool, a Singapore-headquartered open access mining pool that supports ten cryptocurrencies, has recently surpassed Foundry USA to become the foremost bitcoin mining pool in terms of monthly blocks mined.That’s according to a report published by TheMinerMag, a bitcoin mining industry publication run by New York public relations firm BlocksBridge Consulting.This development indicates a shift in bitcoin mining pool dynamics since January 2022. According to Bitcoin network data, Antpool mined 1,219 blocks in November, slightly edging out Foundry USA’s 1,216 blocks. The total rewards for Antpool’s miner clients reached 8,672 BTC, excluding the 83.6 BTC designated for refunds.Photo by Norman Wozny on UnsplashBitmain affiliateAntPool is an affiliate company of leading crypto mining equipment manufacturer, Bitmain. This surge in Antpool’s hashrate aligns with Bitmain’s substantial importation of over 4,800 metric tons of Antminer S19XP and S19XP Hydro to its U.S. subsidiary in Georgia between June and November. These imports have contributed to an estimated total hashrate exceeding 37 EH/s. The exact activation status of Bitmain’s imported hashrate and whether it is utilized for its own purposes, remains unclear.Foundry USA had previously held the leading position in mining pools since early 2022, benefiting from the rise of North American mining operations following China’s crackdown in 2021. While Antpool consistently secured the second position, its hashrate began closing the gap on Foundry USA around June this year.China vs. U.S. competitive dynamicThe two companies dominate bitcoin mining. With one having a parent company headquartered in China and the other being U.S.-centric, their positioning in terms of overall blocks mined is being seen by some as a reflection of competition between entities in China and the United States in terms of bitcoin mining dominance. Addressing that dynamic in response to CoinDesk recently, CryptoQuant Web3 Analyst Bradley Park wrote:“China is aggressively mining ahead of the approval of a Bitcoin ETF. As the Bitcoin halving nears, I anticipate a competitive surge between China and the US in mining machine productivity. This is because the unit cost of mining Bitcoin is likely to escalate due to increasing power expenses and rising mining difficulty.”The bitcoin hashrate has been climbing continuously throughout 2023, reaching new all-time highs along the way.It’s worth noting that despite Antpool’s dominance in blocks mined, data from BTC.com reveals that the company’s self-reported real-time hashrate consistently lags behind Foundry USA’s over the past three months. The cause of this discrepancy remains uncertain, raising questions about variance or reporting errors affecting Antpool’s real-time hashrate.Bitmain established Antpool in 2014, and it was later spun out of Bitmain to become an independent entity in 2021. Meanwhile, Foundry is a wholly owned subsidiary of Digital Currency Group (DCG). Both Bitmain and DCG have been facing financial challenges over the course of the past year.In a separate development, Foundry took to social media platform X on Thursday to confirm that it is discontinuing support for The Graph protocol, Axelar Network, Polkadot and Flow. The firm said that the changes were decided upon in order to better align the business with its strategic business goals.

Wemade has signed a deal with Maniac Panda Games, a development studio of Spanish gaming company JURVAL CORP SL, to onboard the blockchain game Underground Waifus to WEMIX PLAY, Wemade’s gaming platform, according to an official announcement on Monday (KST).Photo by Syed Ali on Unsplash“Underground Waifus proposes top-level gameplay and fun,” said Maniac Panda Games CEO Daniel Valdés. “We believe that the collaboration with WEMIX PLAY can take the game to another level, adding a wider reach and implementation among players around the world.” Unveiling the cyberpunk battlegroundUnderground Waifus is a multiplayer NFT trading card game set in a cyberpunk, post-apocalyptic universe. It is notable for its circular economy model that employs Free-to-Play (F2P) and Play-to-Earn (P2E) mechanisms within a tokenized system. The game revolves around a player-driven economy, where players can participate in player versus player (PVP) battles where the winner takes all. The game is built on blockchain technology, offering exclusive NFT collections. Gamers are subject to ownership of these assets, which they can use for collecting or playing. The ecosystem also has a utility token called Underground Waifus Token (GQ), which can be used off-game or in-game as a cryptocurrency. Wemade’s ongoing effortsWemade has been consistently growing its lineup of Web3 games on WEMIX PLAY, endeavoring into diverse genres in an effort to appeal to all gamers. The firm revealed that it is working with developers around the world, including North America, Europe and Asia, to expand the gaming platform’s ecosystem.