Telefonica, one of the world’s largest telecom companies, has partnered with Chainlink, a decentralized oracle provider, to improve security in Web3 environments. Through the use of Chainlink functions and Telefonica’s SIM Swap API implementation, Polygon apps would be able to check if the SIM of a mobile phone has changed in a given period. Telefonica […]
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Chainlink has secured a strategic partnership with Telefonica, a global telecommunications powerhouse, to secure the connection of Web3 smart contracts with Global System for Mobile Communications Association (GSMA) Open Gateway APIs, according to a Feb. 15 statement shared with CryptoSlate.
“This collaboration marks a significant step in integrating Telco capabilities into the blockchain industry and demonstrates the need for secure oracle networks to deliver real-world data onchain,” per the statement.
The first use case will involve the SIM SWAP API. According to Telefonica, the API integrates SIM swap detection and management functionality into applications and enhances security by identifying potentially fraudulent activity.
This collaboration integrates Chainlink Functions into the SIM SWAP API, facilitating data verification and allowing smart contracts to solicit information from the API, thereby ensuring the integrity of a device’s SIM card against unauthorized alterations.
Furthermore, the API extends its utility beyond this primary function, amplifying two-factor authentication (2FA) and fortifying fraud detection within Web3 decentralized applications (dApps) and DeFi services.
Johann Eid, Chainlink Labs’ Chief Business Officer, said:
“Bringing Telefónica’s OpenGateway APIs onchain with Chainlink Functions unlocks novel use cases and greater security for our industry that ultimately better protect users and their assets.”
Over the past months, the Oracle network has made several expansionary moves to drive the adoption of its products by partnering with traditional firms like the Society for Worldwide Interbank Transfers (SWIFT), South Korean gaming giant Wemade, and the New Zealand Banking Group. In addition, the network has also scored significant integrations with blockchain projects like Base and Circle’s USDC stablecoin.
Chainlink’s LINK token has enjoyed a largely positive week, rising by around 8% during the period to trade at more than $20, according to CryptoSlate’s data. This is LINK’s highest price level since early 2022.
This price performance propelled it into the top 10 digital assets by market capitalization during the reporting period. However, it has dropped to eleventh after a mild decline of 0.76% during the past day.
Nevertheless, LINK remains one of the top digital assets in the industry, with a market capitalization of $11.8 billion.
At the time of press 1:34 pm UTC on Feb. 15, 2024, Chainlink is ranked #11 by market cap and the price is down 0.95% over the past 24 hours. Chainlink has a market capitalization of $11.72 billion with a 24-hour trading volume of $531.64 million. Learn more about Chainlink ›
At the time of press 1:34 pm UTC on Feb. 15, 2024, the total crypto market is valued at at $1.95 trillion with a 24-hour volume of $84.93 billion. Bitcoin dominance is currently at 52.48%. Learn more about the crypto market ›
As the price of Solana (SOL) has skyrocketed by an astounding 722% year-to-date, the network’s rapid growth has attracted both attention and challenges.
Not only has the native token gained significant value, but the use of Solana-based meme coins such as Bonk Inu (BONK), which has grown over 854% year-to-date, and decentralized applications (dApps) have skyrocketed. Unfortunately, this increased popularity has led to increased attacks against the so-called “Ethereum Killer.”
Web3 security firm Blockaid has recently observed a concerning trend of users falling victim to attacks by Solana-based drainers.
One notable example is the website lessfeesndgas[.]org, which succeeded in stealing tokens from the Solana Program Library (SPL), which is designed to support the creation and management of tokens on Solana and SOL worth hundreds of thousands of dollars.
Interestingly, according to the company’s post on X (formerly Twitter), Blockaid’s secure wallets remained immune to these attacks from the moment the site went live, preventing any connections from being made.
The sophistication of these drainers is noteworthy, according to the firm, as they can fool the simulations used by Solana wallets, causing users to sign malicious transactions unknowingly. Web3 security firm Blockaid further stated:
As Solana continues to gain popularity, drainer groups are increasingly moving towards it, as indicated by the growing number of malicious Solana dApps detected by Blockaid.
Solana’s rapid ascent as a high-performance blockchain platform has drawn admiration and scrutiny. Its ability to process transactions quickly and at a lower cost than Ethereum has positioned it as a strong competitor.
However, the network’s success has also made it an attractive target for malicious actors seeking to exploit vulnerabilities and capitalize on its growing user base.
Still, this is not the only bad news for Solana in the past few hours, as its native token has been experiencing a continuous sharp drop in price, leading to the belief that its uptrend and bull run may be over despite the possibility of a rebound in the overall crypto market.
In just five hours, the price of SOL experienced a significant 13% drop, hitting a low of $85 on Wednesday. This decline occurred despite notable growth in stablecoin transfers, which saw a rise of over 45% this week.
Additionally, on Tuesday, SOL surpassed Ethereum in monthly trading volume for non-fungible token (NFT) sales, marking a milestone for the network.
SOL is the fifth-largest cryptocurrency, boasting a market capitalization of $42.6 billion. It holds a $12 billion lead over XRP and trails just behind Binance Coin (BNB) by a mere $6 billion.
The trajectory of SOL’s price remains uncertain as investors await signs of a potential bullish momentum resurgence.
Building a more secure framework for decentralized applications (dApps) could be pivotal in restoring investor confidence and attracting additional capital to the ecosystem, potentially propelling SOL to reclaim its one-year high of $126, previously achieved on December 25.
Featured image from Shutterstock, chart from TradingView.com
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North Korea-backed hackers Lazarus Group are increasingly targeting the cryptocurrency community through widespread phishing operations on the popular messaging application Telegram, according to a Dec. 6 update from blockchain security firm SlowMist.
The group’s new modus operandi involves impersonating reputable venture capital investment figures from Archax, HashKey, and Gumi Cryptos to lure crypto teams with enticing investment proposals.
In this attack method, the hacker establishes trust with their victims through constant messages and then lures them into unknowingly running malicious scripts for phishing attacks under the guise of attending a meeting.
This corroborates a recent warning by Alexandre Masmejean, the CEO of Showtime, a crypto marketplace for creators. Earlier in the week, Masmejean said he was contacted by FBI agents who told him that Asian cybercriminals, posing as the Head of HashKey Singapore Group, were running malware on his computer.
SlowMist highlighted how the hacker group leverages Calendly’s “Add Custom Link” feature to embed malicious links within event pages for phishing attempts. These well-disguised links, seamlessly integrated into the background, often evade suspicion.
Meanwhile, the security firm further identified a specific IP, 104.168.137.21, linked to various domains impersonating other projects. They caution vigilance and preemptive measures against potential risks associated with this malicious IP.
Over the past several years, the North Korean Lazarus Group has siphoned approximately $3 billion from the cryptocurrency industry. The Asian country has been accused of sponsoring these hackers to exploit crypto projects to finance its weapons program
The U.S. has traced back several crypto breaches to the North Korea-affiliated hacker-controlled wallets, such as the Ronin bridge exploit, which saw the theft of over $600 million in assets.
The scale of these thefts is substantial, with Chainalysis, a blockchain analytics firm, estimating that over $3 billion has been stolen by North Korean hackers in the past five years. This figure is further corroborated by South Korean intelligence, which reported a theft of $1.2 billion in BTC and ETH by North Korea in 2022 alone.
Decentralized social media protocol Friend.Tech has introduced a two-factor authentication (2FA) security feature following recent sim-swap attacks on its users.
In an Oct. 9 post on X (formerly Twitter), Friend.Tech disclosed that its users can further bolster the security of their accounts by implementing a 2FA that adds a layer of protection, especially in cases where a user’s mobile carrier or email service has been compromised.
With the new development, FriendTech users must enter their passwords each time they log in from a new device. This update follows a prior security improvement that allowed users to change their login methods on the platform.
Friend.Tech urged its users to exercise caution when using the feature as its team, nor that of privy can help its users recover or reset their passwords. The team had previously delayed the introduction of the 2FA because it wanted to address this password reset challenge.
This move is part of the protocol’s effort to curb an increase in the recent sim-swap attacks suffered by its users. CryptoSlate previously reported that around $20 million of the platform users’ funds were at risk of these attacks.
The crypto community has welcomed news of the introduction of the 2FA, with some projecting that this could help the platform soar to new highs.
One of the most popular accounts on Friend.Tech, “0xCaptainLevi,” emphasized the significance of the 2FA. According to the creator, the new security update could propel the total value of assets (TVL) locked on the social media platform to $100 million.
Data from DeFillama shows that the protocol’s TVL currently sits at $44.63 million as of press time.
Meanwhile, SlowMist founder Cos said Friend.Tech users should remain vigilant of their operating environment. Cos said:
“Once there are Trojans and the like, no 2FA can protect you. Including not being tricked into executing JavaScript code of unknown origin in the friend.tech running browser console, otherwise you will be finished.”
Earlier today, The Defiant head of news Yyctrader revealed that they lost 22 ETH to “an elaborate phishing scam.” It was unclear if the theft had occurred despite their implementation of the 2FA.
The post FriendTech rolls out two-factor authentication in response to sim-swap attacks appeared first on CryptoSlate.
Former President Donald Trump attacked President Joe Biden over his encouragement of electric vehicles, skipping the second consecutive Republican presidential debate to make a pitch to auto workers in Michigan.
Trump spoke at a non-union auto-parts maker Drake Enterprises in Clinton Township, Mich., a day after Biden joined striking United Auto Workers on the picket line in Belleville, Mich.
Trump accused Biden of having an electric-vehicle “mandate,” charging that it would “put you all out of business.” He pledged that if elected again, automobiles would be made in the U.S., not overseas.
Kevin Munoz, a Biden campaign spokesman, slammed Trump’s speech in a statement.
“Donald Trump is lying about President Biden’s agenda to distract from his failed track record of trickle-down tax cuts, closed factories and jobs outsourced to China. There is no ‘EV mandate.’”
“Simply put: Trump had the United States losing the EV race to China and if he had his way, the jobs of the future would be going to China,” Munoz said.
The Trump campaign said the former president’s visit would include current striking UAW members, a claim UAW sources questioned because they said there had been no official outreach by the campaign.
Trump’s appearance in Michigan once again created a split screen for Republicans, as seven GOP hopefuls were preparing to face off in California for their second debate.
Trump, who has an commanding lead in polls over his fellow Republican candidates, has chosen to focus largely on Biden instead of his GOP rivals. During the last debate, the former president sat for an interview with Tucker Carlson and spent time attacking Biden, accusing him of being corrupt.
Biden in turn has blasted Trump’s economic record and said he endangers U.S. democracy.
Also read: Biden hails August jobs report, observes that Trump left office ‘with fewer jobs than when he entered’
President Joe Biden on Thursday delivered what the White House billed as a “major economic address on Bidenomics vs. MAGAnomics,” with the speech coming as polls show most Americans disapprove of his handling of the U.S. economy.
“You hear from our friends on the other side, the MAGA Republicans, what’s wrong with America,” Biden said in a speech at Prince George’s Community College in Largo, Md., just outside Washington, D.C.
“They keep telling us America’s failing. Well, they’re wrong. They’re failing,” the president said. He attacked Republican tax plans for favoring wealthy Americans and corporations, and mounted a defense of Social Security and Medicare.
Previewing Biden’s remarks, Jared Bernstein, who chairs the president’s Council of Economic Advisers, said that GOP lawmakers support “unfair taxes” and “increased costs for families,” and said that Biden would “highlight what’s at stake for families as fiscal and budget debates take center stage in the weeks and months ahead.”
A divided Washington looks on track for a partial government shutdown after Sept. 30, when the federal government’s new fiscal year starts. Analysts at Height Capital Markets on Thursday raised their probability for a shutdown to 90% from 80%, citing demands from the House Freedom Caucus, a hardline GOP group, that look “un-meetable.”
See: House Freedom Caucus talks tough as government shutdown could hit in 2½ weeks
“They’re turning their backs on the bipartisan budget deal Speaker [Kevin] McCarthy made with me just a few months ago,” Biden said. “They’re back at it again, breaking their commitment and threatening more cuts and threatening to shut down the government again this month.”
Biden appears to have a tough sales job as he pitches his economic policies. Just 34% of Americans approve of his handling of the economy vs. 59% who disapprove, according to a poll out Wednesday from Suffolk University’s Sawyer Business School and USA Today. That survey also found more Americans indicating they trust former President Donald Trump, the frontrunner in the 2024 Republican primary, more than the Democratic incumbent to improve the economy by a 47%-36% margin.
Other polls have had similar findings, with one from the Wall Street Journal revealing that three in five voters disapprove of Biden’s handling of the economy, while 63% don’t like how he has handled inflation.
Market Extra:
Market ExtraFor stocks this was ‘the worst part’ of inflation report, says First Trust
Related: CPI shows biggest increase in U.S. inflation in 14 months
Charlie Cook, founder of the nonpartisan Cook Political Report, said in a National Journal column earlier this week that it’s “hard to look at recent survey data and not question whether his re-election bid really is such a good idea.”
Other columnists have offered comparable takes this week, with the Washington Post’s David Ignatius writing Tuesday that Biden should not run again. The president’s supporters have blasted such columns, and the White House has highlighted surveys that show strong approval for policies such as Biden’s move to cap insulin costs for seniors and his effort to give Medicare the power to negotiate lower drug prices.
U.S. stocks
SPX
DJIA
finished higher on Thursday, with the Dow Jones Industrial Average rising 331 points to claim its biggest one-day gain in more than five weeks, as retail-sales data showed a resilient consumer despite the Federal Reserve’s interest-rate hikes.
Read on: Republican presidential candidate Tim Scott says he wants to put the focus on tax cuts
Former U.S. President and Republican candidate Donald Trump makes a keynote speech at a Republican fundraising dinner in Columbia, South Carolina, Aug. 5, 2023.
Sam Wolfe | Reuters
Former President Donald Trump has ramped up his rhetoric and vowed to keep speaking out in opposition to his criminal indictments as he campaigns for the 2024 Republican presidential nomination.
But his war of words in the court of public opinion could backfire on him in the actual courtrooms where judges will soon set his trial dates.
Trump has targeted judges, prosecutors and potential witnesses in posts railing against his four active criminal cases, prompting some legal experts to predict that a gag order may be in Trump’s future.
But even if that doesn’t happen, his aggressive criticism could incentivize judges to bring his cases to trial more quickly. That would be a blow to Trump, who has argued that his trials should be postponed until after the November 2024 presidential election.
“I don’t think any judge wants to get into a spitting contest with a defendant,” said Richard Serafini, a former senior trial attorney for the Department of Justice’s criminal division, in an interview Thursday.
“The best way for a judge to affect a silencing of pretrial comments is to make them irrelevant by setting a quick trial date,” Serafini said.
Judge Tanya Chutkan, who is presiding over the federal case accusing Trump of trying to subvert his 2020 election loss, recently suggested she would be willing to do just that.
“The more a party makes inflammatory statements about this case which could taint the jury pool or intimidate potential witnesses, the greater the urgency will be that we proceed to trial quickly to ensure a jury pool from which we can select an impartial jury,” Chutkan said last week.
“I caution all of you and your client, therefore, to take special care in your public statements about this case,” Chutkan added. “I will take whatever measures are necessary to safeguard the integrity of these proceedings.”
The judge’s warning came at the end of a hearing in U.S. District Court in Washington, D.C., that set the boundaries of an order limiting the evidence that can be publicly disclosed in the election interference case.
Trump, who asserts that the 91 total felony counts against him are part of a conspiracy to derail his 2024 campaign, claimed that Chutkan’s protective order was aimed to stifle his free speech. The protective order did not address Trump’s rhetoric.
At a recent campaign stop, he promised not to be silent. “I will talk about it, I will. They’re not taking away my First Amendment right,” Trump said.
And he appears committed to keeping that promise. Responding to his latest indictment in Georgia, Trump announced that he will personally unveil a “report” containing allegations of election fraud at a news conference next week.
ABC News reported earlier Thursday that Trump’s own legal advisers have urged him to cancel that event, telling him that it will “complicate” his legal problems. A Trump campaign spokeswoman, who is reported to have helped prepare the fraud report, did not respond to CNBC’s request for comment.
Special counsel Jack Smith has asked Chutkan to bring the D.C. case to trial on Jan. 2. Trump reacted harshly to that proposal, which would see him going to trial just before the first-in-the-nation Iowa caucuses.
“Only an out of touch lunatic would ask for such a date, ONE DAY into the New Year, and maximum Election Interference with IOWA!” Trump wrote on Truth Social. “Such a trial, which should never take place due to my First Amendment Rights, and massive BIDEN CORRUPTION, should only happen, if at all, AFTER THE ELECTION.”
Trump’s attorneys were expected to propose an alternative date by Thursday. Smith has suggested that a trial date will be set on Aug. 28, the day the parties are set to meet for a status conference.
Meanwhile, Atlanta-area District Attorney Fani Willis said this week that her case against Trump in Georgia should go to trial March 4.
Two of Trump’s criminal cases are already set to head to trial in the midst of the 2024 election cycle.
The federal trial over Trump’s alleged mishandling of classified documents is set to begin in May — two months after the scheduled start of his trial in New York on charges of falsifying business records related to a hush money payment to a porn star.
Trump has pleaded not guilty to the charges in his two federal cases and the New York criminal case. Willis has suggested that Trump and the 19 other defendants in her state-level election interference case should be arraigned early next month.