Crypto
Vitalik Buterin Emphasizes Importance of Varied Guardians for Crypto Wallet Safety
Published
2 days agoon
By
ironity
Multisig and social recovery wallets rely on guardians, which are external sources that can recover funds or approve transactions. Buterin noted that while the structures of these wallets differ, the guardians they rely on should be decentralized, meaning that they should be controlled by other people to minimize the concentration of power and risk of hacking, coercion, incapacitation, or death. Buterin advised that enough guardians should be controlled by other people, so if the wallet owner disappears, there are still enough other guardians left to recover their funds.
Furthermore, Buterin suggested that someone’s set of guardians should not know each other, as this reduces the risk of collusion to attack their wallets and assets. However, they should still be able to find each other in case something happens to the wallet owner. Buterin also recommended that guardians ask a security question that only they and the owner know when confirming an operation, which should only be confirmed when the correct answer is given.
For degen traders or those not making long-term hodl plays, Buterin stressed the need to use guardians that can respond quickly to suit their fast-moving needs. In such cases, guardians should be able to act quickly on short notice to pull money out if a contract becomes vulnerable, move money around if they are close to being liquidated, etc.
Finally, Buterin recommended testing each guardian at least once a year, as this will confirm that they haven’t forgotten or lost their accounts. With the increasing rate of crypto scams and hacks in recent years, maintaining sufficient wallet safety procedures has become more important than ever, and following Buterin’s advice on choosing guardians for multisig and social recovery wallets can help maximize the safety of crypto assets held in self-custody.
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Crypto
Australian Bankers Association cost of living probe shows bank pressure
Published
2 hours agoon
March 20, 2023By
ironity
The recent analysis of the rising inflation and concurrent collapse of three major traditional banks — Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank — proved that more than 186 banks in the United States are at risk of a similar shutdown if depositors decide to withdraw all of their funds. These banks were Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank. Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank were the names of these financial institutions. These particular banking establishments went under the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank respectively. These specific financial institutions were known by the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank, respectively, at one point in time. At one point in time, these particular financial institutions were known by the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank, respectively. The Australian Bar Association (ABA) is currently in the process of conducting an investigation with the intention of determining both the response of the fiscal policies of the Australian government as well as the means by which the cost of living in Australia may be lowered. The goal of the investigation is to determine both the response of the fiscal policies of the Australian government as well as the means by which the cost of living in Australia may be lowered. Both the reaction of the Australian government’s fiscal policies and the ways by which the cost of living in Australia may be lowered are the foci of the inquiry, the objective of which is to discover which of these may be determined. The aim of the study is to determine both of these things at the same time as part of its objective.
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Crypto
US Banking Crisis Fuels Regulation Debate
Published
11 hours agoon
March 20, 2023By
ironity
One of the most prominent economists in the world, Peter Schiff, is one of the primary voices in this debate. He maintains that there is a possibility that the present economic crisis may become much more severe if the regulations that are put on banks are made more stringent. Schiff makes reference to the global financial crisis that took place in 2008, which was in large part precipitated by the collapse of the housing market. Schiff, on the other hand, contends that “too much government regulation” was the primary factor that led to the disaster.
The opinion that Schiff is advocating, on the other hand, is not shared by everyone. After conducting a more in-depth investigation of Silicon Valley Bank (SVB) recently, a group of economists came to the conclusion that approximately 190 banks across the United States are in danger of failing as a result of the actions of their depositors. This was the finding that led to this conclusion. They argue that the monetary policies that are written down by central banks might be harmful to long-term assets such as mortgages and government bonds, which would result in losses for financial institutions if they were to invest in these types of assets.
This word of warning calls attention to the problems that the banking industry in the United States is now facing and the need of giving careful consideration to the impact that changes in regulatory and monetary policies will have. As the economy continues to shift and new problems emerge, policymakers will need to work together to devise solutions that will satisfy the concerns of a wide variety of interested parties while also protecting the financial well-being of the banking industry and the economy as a whole.
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The hacker responsible for the Euler Finance hack also transferred 3,000 ETH to Euler’s deployer account without disclosing their intent. However, no other transfers have been made at the time of writing, leaving many in the crypto community speculating whether the hacker was trolling or if they genuinely considered accepting Euler Finance’s bounty reward of $20 million.
While Chainalysis has linked the stolen funds to North Korea, it has also highlighted the possibility of misdirection by other hackers. It is unclear whether North Korea is actually involved in the hack or if the hacker was simply using the address to throw investigators off their trail.
The Euler Finance hack has raised questions about the security of DeFi platforms, as Euler Labs CEO Michael Bentley expressed disappointment in the hack, revealing that ten separate audits over two years had assured its security. The fact that the hacker was still able to access and steal the funds has highlighted the need for stronger security measures in DeFi platforms.
The use of DeFi platforms has skyrocketed in recent years, and the potential rewards have attracted many hackers seeking to exploit vulnerabilities in the system. This has led to an increase in DeFi hacks, with many experts calling for stronger security measures to protect investors’ funds. The Euler Finance hack serves as a reminder that even with multiple security audits, DeFi platforms are not immune to hacks, and investors should exercise caution when investing in these platforms.
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