RNBW Token Set to Transform Non-Custodial Wallets

The RNBW token is expected to debut by the end of 2023, as announced in a recent X post from Rainbow. The launch is part of a broader strategy to introduce a suite of upgrades within the Rainbow wallet application. These upgrades include real-time pricing, instant balance updates, and enhanced price chart functionalities.

Key Features of the RNBW Token Launch

Rainbow’s new developments don’t stop at the RNBW token. The wallet is also set to introduce perpetuals trading, powered by Hyperliquid, a feature that could attract traders who seek more dynamic trading options within a crypto wallet.

In addition to these functionalities, Rainbow is advancing its roadmap with the introduction of DeFi positions and support for multiple blockchain networks. These improvements aim to create a more robust and user-friendly experience for its growing user base.

Competing with Major Wallets

Rainbow’s strategic move comes in the wake of Consensys’ announcement about the impending MASK token, which aims to enhance its MetaMask wallet. This competitive landscape highlights the growing trend of native token launches by crypto wallets to boost user engagement and functionality.

Interestingly, Rainbow’s efforts are backed by significant financial support, including an $18 million Series A round led by Seven Seven Six, the venture capital fund established by Reddit co-founder Alexis Ohanian.

Looking Ahead: A Roadmap for Success

The upcoming launch of the RNBW token is just the initial phase of Rainbow’s ambitious roadmap. With plans to expand its DeFi offerings and support additional blockchain networks, Rainbow is positioning itself as a significant player in the non-custodial wallet space. The points program initiated in late 2023 has already started to attract users from competitors like MetaMask, and the introduction of RNBW is expected to solidify its user base.

In conclusion, as the crypto industry continues to evolve, the introduction of native tokens such as RNBW represents a strategic move to enhance wallet functionality and user engagement. The forthcoming updates from Rainbow promise an exciting future for both new and existing users.

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Features of the Gemini Dollar Self-Custody Wallet

The Gemini Dollar wallet is equipped with several features that make it a standout in the cryptocurrency landscape. At the heart of its design is a seamless integration powered by passkeys, ensuring both flexibility and ease of use. This innovation provides users with the ability to access their digital assets with unparalleled on-chain security.

Regulatory Compliance and Trust

Gemini has long been renowned for its commitment to regulatory compliance and security, which is why the Gemini Dollar is trusted by users worldwide. As one of the first stablecoins regulated by the New York State Department of Financial Services (NYDFS), it offers a level of reliability and security that few others can match.

Liquidity and Utility

The Gemini Dollar is not only a medium of exchange but also a robust financial tool. It is widely accepted across various DeFi platforms, facilitating trading, staking, and payments. Users can convert USD to GUSD without incurring any fees, enhancing its utility without adding financial burdens.

Transparency and Assurance

Transparency is a cornerstone of the Gemini Dollar’s appeal. The stablecoin is fully backed by cash reserves and U.S. Treasury bills, with monthly attestations by independent accounting firms to ensure transparency and trust. This meticulous approach builds confidence among users, knowing their assets are secure.

The Vision of Gemini and GUSD

Founded by Cameron and Tyler Winklevoss, Gemini is more than just an exchange; it is a comprehensive ecosystem offering services like cryptocurrency trading, staking, and a marketplace for NFTs through Nifty Gateway. The introduction of the Gemini Dollar wallet is part of the company’s broader vision to bridge the gap between traditional finance and blockchain technology.

In conclusion, the Gemini Dollar self-custody wallet is a revolutionary development for users seeking to engage with DeFi and Web3. By prioritizing security, regulatory compliance, and user experience, Gemini continues to lead the way in cryptocurrency innovation.

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Arkham suggests that the eight transfers, each involving 10,000 Bitcoin (BTC) from eight wallets that had been dormant for over 14 years, could be the wallet owner transitioning from the original legacy wallet to a more secure, low-fee Native SegWit address.

“Yesterday’s $8 billion transfers might be linked to address upgrades, moving from 1-addresses to bc1q-addresses,” Arkham reported. The firm also revealed that all the Bitcoin was initially deposited into the wallets on either April 2 or May 4, 2011, and remained untouched for more than 14 years. The Bitcoin is now stored in eight new wallets and hasn’t been moved since.

Meanwhile, blockchain research firm 10x Research suggests, despite no clear evidence, that large amounts of Bitcoin are gradually being offloaded into ETF and corporate treasury demand.

Interestingly, Coinbase’s Head of Product, Conor Grogan, put forward a more concerning possibility. He speculated about the slight chance of a hack causing the $8.6 billion Bitcoin transfer, suggesting it could potentially be the biggest heist in human history.

The enormous transfers have drawn the attention of the wider crypto industry. Former Binance CEO Changpeng “CZ” Zhao humorously commented, “I got into crypto too late,” after observing the 2011 whales effortlessly moving crypto they purchased for merely $0.1.

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An event that has piqued the curiosity, and perhaps worry of Ethereum holders, is the re-emergence of a dormant whale wallet containing millions in ETH. The sudden reactivation of this long-sleeping address brings up questions about impending selling pressure and its potential impact on the market.

Whale Alerts, an on-chain tracker, was the first to report the revival of a pre-mined Ethereum address that had remained inactive for nearly a decade. The wallet, holding 2,000 ETH, had its last transaction 9.9 years ago. At that time, the entire cache was worth just $620. Now, that same amount is valued at over $5 million, marking the owner’s profit at approximately 820x based on current prices. At Ethereum’s highest ever price of $4,878 in 2021, the cryptocurrencies displayed an unrealized gain of 1573x.

Whale Alerts also reported the first transaction after 9.9 years, which involved the transfer of 0.0001 ETH from the whale address “0xcF26” to a newly created ETH address “0x2C12”. Etherscan’s on-chain transaction data further reveals that the whale address sent 500 ETH into the new address shortly after. Tracing the transaction data from Etherscan, it appears these 500 ETH eventually landed at address “0x28C6”, known to be owned by crypto exchange Binance. This suggests that the 500 ETH may have already been sold via the exchange, or are in preparation for liquidation.

At present, the original whale address still possesses approximately 1,500 ETH, currently valued at $3.796 million. This raises the question if the remaining funds will also be sold. While a full liquidation cannot be confirmed, the pattern of the 500 ETH transfer and the involvement of an exchange address suggests that the possibility should not be ruled out.

As it stands, Ethereum’s price action around the $2,500 mark is fragile. If the whale offloads more ETH, the increased selling pressure could make it more difficult for Ethereum to breakout from its current consolidation phase, especially if there isn’t sufficient buying pressure to counter the ETH being sold.

As of writing, Ethereum is trading at $2,525, with the past 24 hours seeing Ethereum trading between $2,549 and $2,495.

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“A malicious bot infiltrated our server through one of our contracted moderator’s compromised account and posted scam links in one channel,” Quintin Boatwright, a Ledger team member, explained on the company’s server. “We promptly addressed the issue by removing the compromised account, deleting the bot, reporting the website, and fortifying all relevant permissions.”

Apart from this, Ledger customers recently experienced another scam where they received physical letters instructing them to “verify” their devices by inputting their seed phrases on a particular site. These letters even had Ledger’s official logo, and the information seems to have been sourced from Ledger’s database breach in 2020.

“We’ve implemented additional measures to strengthen our Discord security,” Boatwright further stated. “Avoid entering your recovery phrase or linking your wallet through a Discord link.”

The scam site was reportedly deactivated as of Sunday morning.

Disclaimer: The Block is a self-governing media platform providing news, research, and data. Foresight Ventures, a majority investor of The Block as of November 2023, also invests in other crypto-oriented companies. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block retains its independence to provide objective, timely, and impactful information about the crypto industry. Here are our current financial disclosures. This article is purely informational and not meant to serve as legal, tax, investment, financial, or other advice.

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The move is anticipated to provide traders with more flexibility and increased trading options, fostering a more dynamic and inclusive crypto trading environment. The team behind Bitget Wallet aims to continually improve their users’ experience by offering diverse trading opportunities.

Bitget Wallet’s recent update is a testament to the platform’s commitment to staying ahead of the curve by acknowledging and adapting to the latest trends in the crypto market. Traders across the globe will now have the opportunity to engage with these meme tokens directly from their Bitget Wallet, saving time and promoting efficiency.

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“This is an unending game of cat and mouse,” states Ian Rogers, the Chief Experience Officer at Ledger, when discussing the relentless pursuit between crypto wallet companies introducing new security measures and hackers devising more sophisticated methods to breach victims’ wallets.

Rogers laments that the simplest scams often yield the best results, as they exploit users’ common mistakes. “Every day, people give away their 24-word phrases. As long as that continues, scammers will opt for the least expensive attack,” he warns, stressing, “If someone asks for your 24 words, they’re a criminal.”

Rogers points out a frequent crypto scam where unsuspecting victims are lured into responding to replies under any crypto-related Twitter post. These messages typically read, “Direct message me, I can assist you.”

He warns, “You must remember, scammers are always attempting to get your 24 words.” Jason Jiang, CertiK’s Chief Business Officer, recently shared with Cointelegraph that a heightened awareness of phishing attacks on social media can significantly boost a user’s crypto security.

In a more sinister turn, scammers sometimes compromise the accounts of influential industry figures to post malicious links, making it increasingly difficult for users to identify the scam. In September 2023, a fraudulent NFT giveaway was conducted through the compromised account of Ethereum co-founder Vitalik Buterin, resulting in over $691,000 drained from followers’ wallets.

Rogers underscores that such threats will persist, just as scams are not exclusive to the crypto world. He recalls the infamous “Nigerian president” email scams that have been around for years. “The cost of the attack always matches the potential reward,” Rogers notes. In 2024, crypto-related hacks surged by 15% from the previous year, totaling over $3 billion in stolen assets.

Meanwhile, a new threat known as ‘pig butchering’ scams has surfaced as a major concern for crypto investors. This complex phishing ploy has tricked investors into voluntarily transferring their assets to scam crypto addresses, resulting in a staggering loss of $5.5 billion across 200,000 identified cases on the Ethereum network in 2024 alone.

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Later in the week, Ledger provided more detailed information regarding the exploit, explaining how the extremely technical attack could be executed. Donjon, Ledger’s security division based in Paris, reutilized a recognized “physical supply chain attack” and discovered that Trezor’s Safe 3 model, released in 2023, remains unsecure.

“Ledger Donjon recently assessed our Trezor Safe Family and successfully employed a previously known attack to show how some countermeasures against supply chain attacks in Trezor Safe 3 can be circumvented,” stated Trezor.

However, it’s important to note that the majority of Trezor’s wallets, especially its most recent release, Trezor Safe 5, and its first two generations, Trezor Model One and Model T, are not affected by this attack. The exploit also relies on a specific set of circumstances and a high degree of expertise, making it an unlikely method for widespread exploitation. Consequently, Trezor does not advise immediate action from Safe 3 users, especially those who purchased the device from official sources.

The attack demonstrated by Donjon takes advantage of a weakness in the microcontroller of Trezor Safe 3 using a technique called voltage glitching. If an attacker can physically access the device, desolder the microcontroller, and apply specific voltage changes, they can trick the device into disclosing its flash memory contents. This would then allow the attacker to load the microcontroller with malicious software, possibly revealing the wallet’s seed phrase and accessing the stored funds.

Staying secure in this environment involves purchasing devices directly from manufacturers and ensuring the wallet’s chain-of-custody. Users also need to use a longer PIN to make exploitation more challenging and always update their devices to the latest firmware version. Most importantly, users must always verify whether they are interacting with the application or entity they think they are.

As Ledger CTO Charles Guillemet puts it, “Our mission at Ledger Donjon is to push the boundaries of security for the benefit of the whole crypto ecosystem. We appreciate Trezor’s responsiveness to this responsible security disclosure.”

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This announcement was made by GlobeNewswire, a trusted news source in the crypto realm. This move marks a significant milestone in Bitget’s journey, as it continues to cement its position within the industry.

To access this news, users are required to login or create a free account. This ensures that the platform is able to maintain a secure environment for its users while providing them with the most relevant and up-to-date crypto news.

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Unraveling the Hack Behind the Bitcoin Fee Anomaly

The user, known on social media as “@83_5BTC,” reported that after transferring 139 BTC to a new cold wallet, hackers immediately redirected the funds to another wallet. In this transaction, 55.77 BTC went to the hackers, while an astonishing 83.65 BTC was paid as a transaction fee, surpassing the previous record fee of 19.8 BTC.

Mononaut, a prominent figure in the Bitcoin community and operator of the mempool.space Bitcoin explorer, offered insights into the incident. He suggested that the wallet’s vulnerability stemmed from “bad entropy,” implying weak randomization during its creation, which compromised its security.

The situation was further complicated by the “replace-by-fee” (RBF) method used to escalate the transaction’s priority. Mononaut theorized that if the wallet had low entropy, it could have been a target for multiple attackers, each trying to outbid the other with higher transaction fees.

The alleged victim, @83_5BTC, tried to establish ownership of the compromised wallet by sharing a signed message on social media. While Mononaut verified the message, he warned that it’s unclear whether the victim or the hacker signed it, adding to the complexity of the situation and the uncertainty around the potential recovery of the fees by Antpool.

The Importance of Wallet Security and Proper Entropy

This incident has brought to light the critical importance of wallet security in the cryptocurrency space. Mononaut’s advice underscores the need for robust entropy in wallet creation, especially for handling large sums, and the potential benefits of using multisig (multiple signature) wallets for enhanced security.

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