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DCG CEO Barry Silbert: Dogecoin (DOGE) Is ‘Not Worth $37 Billion’

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Barry Silbert, founder and CEO of the Digital Currency Group, the firm behind crypto industry giants such as Grayscale Investments and CoinDesk, has revealed he believes the meme-inspired cryptocurrency Dogecoin is not worth $37 billion.

The former CEO of Grayscale noted that DOGE is a cryptocurrency that will “certainly” not go away because of its passionate community. The cryptocurrency’s price surged this year after Tesla CEO and various celebrities supported it on social media.

Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.

The price of Dogecoin ultimately surged to hit $0.74 as a community effort attempted to get it to $1. DOGE’s rapid rise led to the creation of several other meme-inspired cryptocurrencies, even DOGE’s co-creator Billy Markus said getting to a dollar isn’t success.

Silbert seemingly argued that DOGE getting close to $1 is a clear sign of it being in a bubble, even though he said he is “truly excited to see what DOGE can become over time,” even if it is not worth $37 billion, which is its current market capitalization.

The Digital Currency Group CEO also predicted a significant crash to the price of Dogecoin, saying the cryptocurrency’s market capitalization will ultimately go back to under $1 billion. That would mean the cryptocurrency’s price will drop from its current $0.30 to $0.01.

Silbert also added that DOGE is the “ultimate momentum, gamble trade.”

Per his words, if the “entire value of something comes from a collective belief – and not usefulness or utility – then that thing is overvalued.”

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT
Featured image via Pixabay

Source: https://www.cryptoglobe.com/latest/2021/06/dcg-ceo-barry-silbert-dogecoin-doge-is-not-worth-37-billion/

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White Hat Hacker Reveals High-Risk Vulnerability on SushiSwap

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A white-hat hacker recently took the DeFi sector by storm after allegedly speaking about high-risk vulnerabilities on SushiSwap. According to the anonymous hacker, the vulnerabilities can risk user funds worth billions of dollars.

SushiSwap developers could not secretly fix the issue, resulting in the information being shared with the public. The hacker stated that the motive of the reveal was educating existing and future SushiSwap users about the risks that come with such vulnerable contracts. Additionally, the white hat hacker pointed out how casually SushiSwap handled the matter being showcased to them.

The hacker allegedly noted two main vulnerabilities within the emergencyWithdraw function in two contracts; MiniChefV2 and MasterChefV2. The contracts monitor SushiSwap’s rewards farms and pools on sidechains like Polygon, Avalanche, the Binance Smart Chain, etc. 

An emergency withdrawal feature can be a security net prevalently used in DeFi protocols. It includes SushiSwap’s ETH smart contracts. The function helps users withdraw their LP tokes in an emergency, potentially even forfeiting the earned rewards.

Although both contracts possess the feature, the anonymous hacker claims it is misleading and does not function as intended. The comment by SushiSwap regarding the emergency withdrawal feature says that users should be able to get the funds without worrying about rewards. However, the feature fails if the SushiSwap pool does not have any rewards.

As per the report, the token rewards offered by SushiSwap to liquidity provider token holders are held in another account. At times, the rewards run dry and require manual filling via a multi-signature account, which apparently resides in different time zones. 

Thus, it allegedly takes signature holders around 10 hours to refill the rewards account. The report also claims that some rewards get empty several times every month.

During this period, liquidity providers on SushiSwap cannot collect rewards, unstake, stake, or even use the emergency withdrawal function. The lockup means user funds are essentially held hostage during the time, disallowing them to address any price movements in the staked liquidity provider tokens.

The hacker claims SushiSwap’s Discord team often encouraged users to use the emergency withdrawal feature. However, as the call would usually fail due to the vulnerability, token holders should wait until they are refilled. 

After discovering the vulnerability, the hacker claimed confidentiality, reaching SushiSwap and reporting the bug. The hacker was redirected to Immuefi (bug bounty platform), where SushiSwap lists its bug bounty program. 

With a 1.25 million dollars maximum bounty posted on the platform, hackers disclosing high-risk vulnerabilities can get up to 40,000 dollars. However, SushiSwap closed the issue without offering the bounty amount and not fixing the vulnerability either. 

The hacker stated that SushiSwap purposely added a vulnerability to lock up and cost token holders millions of dollars, while also refusing to fix it.

Source: https://www.cryptonewsz.com/white-hat-hacker-reveals-high-risk-vulnerability-on-sushiswap/

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Kim Kardashian shilling Ethereum Max was apparently a ‘successful’ crypto campaign

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Roughly one in five adults reported seeing something about Kim Kardashian’s Instagram post promoting the cryptocurrency Ethereum Max, according to data intelligence company Morning Consult.

Morning Consult’s poll, which was conducted among 2,200 US adults in the days following Kardashian’s post, revealed that the share was even higher among crypto owners, at 31%.

Crypto audience responds to celebrities

When asked how much they have seen, read or heard about Kardashian’s Instagram post encouraging her followers to join the Ethereum Max Community, roughly three in ten crypto owners confirmed knowing about the celebrity’s endorsement.

“Kim Kardashian’s Instagram post encouraging followers to join the Ethereum Max community, besides having a reach that would make most financial advisors drool, serves as the latest reminder that cryptocurrency’s audience is radically different from what financial services leaders are used to serving,” concluded financial services analyst Charlotte Principato, who examined the poll’s results.

Morning Consult revealed that after being told in the survey that the reality star endorsed Ethereum Max, trust in cryptocurrencies, in general, dropped roughly 5 points.

Although the analyst pointed out that such celebrity endorsements are not necessarily good for crypto in general, Kardashian’s conversion unraveled as being quite impressive, since 19% of respondents who said they heard about the post disclosed having invested in Ethereum Max as a result. 

Traditional financial advisors still have more sway

A staggering 45% of crypto owners turn to celebrities for crypto advice, the poll revealed, but despite the influencers’ grip on the investor sentiment, Principato pointed out that financial advisors still “have more sway.” 

The poll revealed that 81% of crypto owners would follow cryptocurrency investment recommendations from a traditional financial advisor.

“They’re more likely to go to more sources for investing information than general investors, specifically social media and from investment apps such as Robinhood or Betterment,” according to Morning Consult. 

“Investment leaders will need to remember that although financial advisors are still a trusted source of advice, they’re competing with more sources of information for crypto investors’ mindshare,” concluded the analyst.

Earlier this month, the Chair of the Financial Conduct Authority (FCA), Charles Randell, singled Kardashian out for her role in promoting Ethereum (ETH) knock-off. 

The UK regulator used her Instagram promotion as an example, while calling for regulatory reform that would address crypto misconduct and the celebrities’ role in promoting pump and dumps.

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Source: https://cryptoslate.com/kim-kardashian-shilling-ethereum-max-was-apparently-a-successful-crypto-campaign/

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Dubai World Trade Center Enters Into Pro-Crypto Agreement

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The Dubai World Trade Centre Authority (DWTCA) has signed a pro-crypto agreement with the UAE’s Securities and Commodities Authority (SCA). This would allow crypto asset trading and associated financial operations within the DWTCA’s free zone.

According to the Dubai World Trade Centre, the Securities and Commodities Authority (SCA) will take charge of the regulatory oversight for the issue, trading, and listing of digital assets within Dubai. The SCA will additionally regulate financial operations that fall within the jurisdiction of the DWTCA’s.

The agreement also permits the SCA to inspect businesses operating within DWTCA’s free zone and putting up a mechanism for the DWTCA to grant required permissions and licenses, permitting formal operations of crypto asset-related financial activities.

Helal Saeed Almarri, the Director of Dubai World Trade Centre Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM), said that the agreement with the Securities and Commodities Authority will enable DWTCA to expand its regulatory, licensing, and services, and extend centralized crypto market oversight to their free zone. New technologies like NFTs are poised to play a key part in the future of commerce. Building on the Future Blockchain Summit, the DWTCA is looking for ways to provide a long-term home for this ecosystem to remain future-ready.

Dubai Authorities joining the long line of countries to support crypto

Governments are quickly recognizing the crypto industry’s scalability potential. While nations, including El Salvador, continue to adopt the Bitcoin Legal Tender despite public outcry, the Indian subcontinent is seeing government leaders show support for the crypto sphere.

Nirmala Sitharaman, India’s finance minister recently pointed out that the government’s cautious approach to crypto might be a mistake, and that they have to “make sure that the futuristic item can’t be blocked out.”

Source: https://www.cryptonewsz.com/dubai-world-trade-center-enters-into-pro-crypto-agreement/

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