July 20, 2024

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This is the Cryptocurrency News for Today

3 min read

Are you curious about today’s crypto events? Get the most recent information on events and trends that affect the price of Bitcoin, blockchain, DeFi, NFTs, Web3, and regulations pertaining to cryptocurrencies.

Apple Mac machines with M-series silicon chips may be susceptible to attacks that would allow malicious actors to obtain the private keys of the owners. Even worse, it’s thought that there is no way to fix the problem. Although grayscale outflows exceeded $398 million, many believe the carnage may soon come to a stop. A filing in the Southern District Court of New York on March 20 states that a former executive involved in the $4 billion OneCoin scam has asked for leniency in the form of “time served.”

An Apple M-series Chip Flaw Might Make Encrypted Data Accessible.

According to recent research, there is a serious flaw in Apple’s M-series semiconductors that might allow malicious actors to obtain private encryption keys from MacBook computers.

A team of researchers from several US colleges released a study on March 21st, identifying the vulnerability as a side channel exploit that lets hackers steal end-to-end encryption keys when Apple chips run popular cryptographic protocols.

But unlike traditional vulnerabilities that can be fixed with straightforward patches, this specific problem is deeply ingrained in the silicon’s microarchitectural design, rendering it “unpatchable.”

Despite Grayscale Outflows Topping $358 Million, Many Believe They May be Over.

According to statistics from Farside Investors, withdrawals from cryptocurrency asset management Grayscale’s Bitcoin Trust (GBTC) hit $358.8 million on March 21 after a record-breaking week of outflows, with Monday’s $642 million being the highest day ever.

The data for March 21 increase this week’s total outflows for GBTC to $1.8 billion. In the meantime, net flows have been negative for the last four days running across all 10 Bitcoin ETFs.

Although a number of market observers have expressed concern about the large amount of GBTC withdrawals and the declining inflows into other Bitcoin ETFS in comparison to previous weeks, Eric Balchunas, an analyst for Bloomberg ETFs, thinks these outflows may soon start tapering off.

Balchunas hypothesized in a post on March 21 on X that, because of their “size and consistency,” the majority of Grayscale’s withdrawals were likely the result of cryptocurrency companies going bankrupt, and that these outflows should start tapering off in the near future.

The bottom line is that things are probably about to get better. When it does, there will just be retail left, and flows should resemble the February trickle more.”
Grayscale stated on March 21 that the assets under management of its Bitcoin Trust amounted to $23.2 billion. Since GBTC was changed to an ETF on January 11, it has lost $13.6 billion in total.

In an Alleged Cryptocurrency Scam, the Lawyer for a OneCoin Executive Requests Time Served

Irinia Dilkinska was the head of compliance for OneCoin. Her attorney has asked that she be granted time served for her involvement in wire fraud and money laundering.

A sentencing memorandum recommending mercy for Dilkinska was submitted by attorney John Buza, according to a filing made on March 20 in the Southern District of New York.

A sentence of time served was deemed appropriate due to Ms. Dilkinska’s particular position in this case and the unfortunate circumstances she finds herself in, according to the memorandum.

In order to clear the names of project co-founders Karl Sebastian Greenwood and Ruja Ignatova, the former executive of OneCoin entered a guilty plea. Founded in 2014, the project was eventually revealed to be a $4 billion hoax.

Back in September, Greenwood received a 20-year prison sentence. Ignatova, popularly referred to as “Cryptoqueen,” is still at large.

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