It began with Cloudflare witnessing one of the biggest attacks ever launched on a cryptocurrency platform, which the company was able to withstand.
Commenting on the case, Cloudflare talked about an arms race between crypto hackers and services such as Cloudflare’s that try to keep people safe and out of harm’s way.
The company was successful in mitigating the attack, but it reported unprecedented involvement by bot networks from across the entire world.
In the meantime, some companies have turned to more conventional means to appease hackers. Because of how hard it is to move stolen funds; Fei Protocol has offered to bargain for missing $80m worth of crypto tokens.
The platform is offering $10m “no questions asked” to hackers who are willing to return the remainder of the funds. Fei confirmed that the hacker(s) have been able to successfully exploit a weakness in the system and move forward with it.
Meanwhile, cryptocurrencies have been the means of exchange for luxury goods and multi-million mansions. A person in Connecticut is asking $6.5m for his mansion with buyers able to pay in a number of crypto tokens, including Bitcoin (BTC) and Ethereum (ETH). But the real estate market is not the only adopting cryptocurrencies.
Luxury brand Gucci is starting to accept various crypto tokens for its wares and goods in the US. The Italian fashion house confirmed that it will take payments in BTC and ETH, but also in previously thought as joke coins such as Shiba Inu and Dogecoin, validating these tokens in the mainstream.
Meanwhile in Hawaii, a task force looking into Web3 technology has been approved. Attempts by US lawmakers to understand cryptocurrency, blockchain and Web3 have been increasing with more states making regulatory changes to better approach the industry. Hawaii is hardly the most state to have done so recently.
In fact, California has passed a new executive order backed by Governor Gavin Newson who wants to see the state adopt cryptocurrency technology.
Meanwhile, SEC has expanded its number of crypto investigators with the watchdog hiring more crypto experts in order to crack down on crypto fraud, crime and unauthorized financial operations.