Connect with us

Crypto

Vitalik Buterin Emphasizes Importance of Varied Guardians for Crypto Wallet Safety

Published

on

9239618D9FA002F271AA5C4F3BDB3F40C40D4EAC6D37377CDEDAD7904D7436A8.jpg


Advertisement
In a post on Reddit’s r/ethereum community on March 16th, Ethereum co-founder Vitalik Buterin shared his approach to wallet security and emphasized the importance of having a varied set of guardians to ensure maximum safety for crypto assets held in self-custody through multisig and social recovery wallets. With an increasing number of crypto scams and hacks in recent years, and several major crypto firms going bust in 2022, self-custody and maintaining sufficient wallet safety procedures have become more critical than ever.

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.

Advertisement

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.

Advertisement

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.

 

Advertisement



Source link

Advertisement

Crypto

Australian Bankers Association cost of living probe shows bank pressure

Published

on

By

E32267327CCEB5C9F49BDA2D94642D793930647D6346D7B0BF5E8E67A69423AD.jpg


Advertisement
The Australian Banking Association (ABA), which is the trade association for the Australian banking industry, has initiated a cost of living inquiry in order to investigate the impact that the COVID-19 pandemic, global supply chain constraints, geopolitical tensions, and other factors have had on the people of Australia. The purpose of this investigation is to determine how these and other factors have affected the cost of living in Australia. The primary purpose of this inquiry is to determine the degree to which these and other factors, in addition to Australia’s already high cost of living, have contributed to that level of expense.

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.



Source link

Advertisement

Advertisement
Continue Reading

Crypto

US Banking Crisis Fuels Regulation Debate

Published

on

By

C9A6CCF84F05AF27903FCA6484DE0553431A4970974B317F44F1DC27D9EEA855.jpg


Advertisement
In recent years, the banking industry in the United States has been confronted with a number of issues, including the failure of large banks and the necessity of involvement by the federal government to avert an economic meltdown. These problems have made it necessary for the federal government to get involved. As a result of these events, discussions on the most effective ways to shield the economy and fend off any potential crises in the future have been reignited.

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.

Advertisement

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.



Source link

Advertisement

Advertisement
Continue Reading

Crypto

DeFi Hack Linked to North Korea

Published

on

By

C38BDDC7BC3E3D9D2BFC45E2EF66EB868F341421C00AF68585E3CBC030D384D4.jpg


Advertisement
The DeFi world was rocked when Euler Finance fell victim to the biggest DeFi hack of 2023, with $197 million in funds stolen. Since then, the crypto community has been closely following the on-chain movements of the stolen funds, hoping to track down the attacker. Blockchain investigator Chainalysis recently identified that 100 ETH from the stolen funds was transferred to an address linked to North Korea.

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.

Advertisement

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.

Advertisement

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.



Source link

Advertisement
Continue Reading

Trending