Cryptocurrency News, News

Cryptocurrency Market Update – Elon Musk, Ripple, SEC, Solana & SHIB.

Elon Musk dismisses NFTs and Web3 technologies.

Elon Musk, the CEO of Tesla, continues to insult its fervent supporters following a recent scathing remark about Web technology. On Saturday, the eccentric centibillionaire published a “Urinal Etiquette” cartoon devoted to individuals expressing their enthusiasm for Web3 and DAOs. Musk is not the only one who is skeptical of this latest generation. Web 3.0, according to Cornell University professor James Grimmelmann, is “vaporware.” In response to a tweet by Dogecoin co-founder Billy Markus concerning the growth of frauds in the sector, Musk also condemned NFTs.

Ripple and the SEC have a day left to add to their arguments.

As per James K. Filan’s tweet, U.S. Magistrate Judge Sarah Netburn issued an order requiring Ripple Labs and the SEC to “simultaneously” file fresh legal documents by December 8, 2021. New papers should be filed to enhance the parties’ arguments in response to Ripple’s most recent request to compel. The obligation to file additional briefs was likely anxiously awaited by everyone watching the case, and it should be considered as a minor success for Ripple.

A $2.6 billion defect in the Solana Program Library has been discovered.

On Saturday, Neodyme crypto security experts discovered a flaw in the Solana Program Library’s token-lending contract, affecting a number of Solana-based DeFi protocols. The theoretical attack is designed as follows: after depositing n fractional tokens, a user can extract n+1 fractional tokens. It will not be economically viable with Solana’s native token, SOL, but it may be quite profitable for Ether and Bitcoin. If technically improved, the attack might be carried out around 300 times per second, resulting in significant losses. Officials from Neodyme have contacted a number of DeFis on Solana, including Larix, Solend, Tulip, Acumen, Soda, and others. For the time being, all teams have solved the architectural flaws.

Shiba Inu is still the most popular species in whale wallets.

The “Dogecoin Killer” Shiba Inu maintains its strong position on whale-tier addresses, according to WhaleStats, as the present massacre on both the Bitcoin and altcoin markets persists. While SHIB whales still possess $2 billion in tokens, the canine coin’s supremacy among them has declined dramatically, standing at 8%. SHIB’s price is also not increasing: it has lost nearly 15% of its worth, failing to become a safe harbor asset. Shiba Inu has lost 66 percent of its value since its high, despite a substantial correction. Despite this bleak image, Randi Zuckerberg, the sister of Meta CEO Mark Zuckerberg, feels that the meme tokens Dogecoin and Shiba Inu have found financial success. She even posted a video in which she explains how they did it.

Shiba Inu and other tokens worth $200 million were stolen from the BitMart exchange.

PeckShield, a blockchain security startup, announced yesterday that BitMart, a cryptocurrency exchange situated in the Cayman Islands, has been hacked for $200 million. Shiba Inu (SHIB) and Safemoon (SAFEMOON) were among the most impacted cryptocurrencies, with the latter accounting for over half of the total. BitMart verified the security compromise, claiming that it only affected a small portion of their total assets. The exchange has yet to ascertain the likely methods used to steal the wallets.

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