Sat 03/03

Good Morning & Happy Saturday! We are excited to launch our referral program with some cool goodies. You can find your personal referral link at the bottom. So go ahead and tell your friends about us!!

As far as news updates go, BitBNS is in hot waters with the customers, the Silvergate disaster has taken the crypto industry by storm and Ethereum launches smart accounts.

BitBNS Says Law Enforcement Advised Against Making Hack Public: During a YouTube discussion, BitBNS CEO Gaurav Dahake revealed that the Indian crypto exchange did not disclose a $7.5 million hack that occurred in February 2022 to its users, as advised by law enforcement. Instead, users were told that the system was undergoing maintenance. Dahake stated that law enforcement was immediately contacted and the hacker has been identified. In a separate interview with CoinDesk, Dahake mentioned that the investigation is being carried out by Cyber Crime Bengaluru. The hack was brought to public attention by a prominent pseudonymous crypto investigator named ZachXBT, who called out BitBNS for concealing the incident from users in a tweet on Wednesday.

Crypto Markets Sink From The Collapse Of Silvergate Bank: Several crypto firms have distanced themselves from Silvergate, a crypto-friendly bank that recently announced a delay in its annual report and the expectation of further losses. This caused a significant drop in Silvergate's shares. Coinbase, Paxos, Galaxy Digital, Gemini, BitStamp, Cryptocom, and Circle all announced that they have cut ties with Silvergate, a former crucial partner that connected them to the traditional banking system. Silvergate had notified on Wednesday that it would not be able to meet the March 16 deadline for filing its annual report and cast doubt on its ability to continue as a going concern over the next year. It has sold additional debt securities to repay interest for its loans and cited ongoing regulatory investigations, private litigation, and lawmakers' inquiries as potential business risks.

Apple Pushes Back On Uniswap’s Crypto Wallet Launch: Uniswap Labs has hit a roadblock as Apple has yet to approve its wallet launch. Uniswap Labs claims to have addressed all of Apple's concerns and assured them of their compliance with the company's specifications, but the reason for the delay remains unknown. This delay may reinforce Apple's reputation as a strict gatekeeper when it comes to regulating access to iOS for the crypto world. Apple has been unwilling to modify its commerce policies to accommodate some crypto companies and also prohibits crypto trading apps that don't use an "approved exchange." However, it is uncertain if Uniswap, being a decentralized exchange, can meet Apple's "approved exchange" criteria.

Ethereum Launches ERC-4337 “smart accounts”: ERC-4337, also known as account abstraction, enables account recovery and group-access wallets, as well as bundled and sponsored transactions for reduced fees. With this upgrade, users no longer need to set up a traditional wallet or manually store their private key or seed phrase. Instead, keys are stored locally on the user's hardware security module, making it as secure as a self-custodial crypto wallet. ERC-4337 was implemented through a smart contract, avoiding the need to fork the entire blockchain, and was deployed on February 28th, a few hours before the official announcement.

What is a DEX?: A decentralized exchange (or DEX) is a peer-to-peer marketplace where transactions occur directly between crypto traders. DEXs fulfill one of crypto’s core possibilities: fostering financial transactions that aren’t officiated by banks, brokers, or any other intermediary. Many popular DEXs, like Uniswap and Sushiwap, run on the Ethereum blockchain.