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Coinbase, PayPal: financial data grew by 400% with Covid-19

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With the Covid-19 pandemic, the amount of financial data collected by companies has grown by 400%. 

This was revealed by Mine , a platform that helps consumers to take ownership of their online data.

In total, on average, each person’s data is held by 350 companies, including around 60 that hold British financial data. Of these, 25% of the top 20 companies that Brits trust most to keep their financials are gaming companies.

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This percentage has increased dramatically since before Covid-19, when there was only one online gaming company (Steampowered) in the top 20.

The pandemic has helped this growth thanks to a strong acceleration of digitalization, acting as a catalyst for new ways of doing things remotely, and this has created a greater need for people to share their financial data with companies that provide online services. .

Companies with more data

In the UK, the main companies that hold citizens’ financial data are Paypal, Amazon and Apple, but the top 20 also include eBay, Steampowered, Spotify and Argos. Before the pandemic, 25% of the top 20 were travel companies such as Booking.com, Airbnb, Easyjet, Trainline and British Airways, while this percentage has now dropped to 10%.

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Netflix appears to be the sixth most popular company in Britain for keeping financial data, while before the pandemic it wasn’t even in the top 20.

Eventbrite is also growing in this respect, probably because many people signed up and paid for virtual events during the pandemic.

Other companies that Brits trust a lot for their financial data are Youtube, Uber, Spotify and Coinbase.

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Mine CEO and co-founder Gal Ringel commented:

“As the world is slowly returning to normal, we expect to see a new hybrid way of consuming that will unite the digital world with the physical world. People’s financial data footprint has grown an astounding 400% since the start of the pandemic and I have no doubt that digital acceleration and the use of remote services, including more online payments and financial data sharing, will continue as they go. that people use online services.

This trend, combined with ongoing data breaches, highlights the importance of maintaining a lean fingerprint by keeping track of who has our data, especially highly sensitive data like our financial details. The onus is also on companies to ensure that the financial data they hold is kept safe and sound and, importantly, once a user has finished using the service. There are simple steps to efficiently implement your “right to be forgotten”.

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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