xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
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Crypto.com stopped users withdrawing funds due to possible hacking. It leaves users pondering what had happened with their funds and their wallets.
TL;DR
Hackers stole funds from Crypto.com and users' wallets were missing funds. How users can restore their funds can be a critical point for centralized wallet service to exist and provide necessary services.
Here is a 1 min summary of the article if you want to skip the reading.
Recently Hacking Incident
Hacking happens again. This time it is to centralized wallet service Crypto.com. It is one of the biggest crypto centralized wallet services and it was raised in 2021 due to a massive surging in cryptocurrency price and institutional adoption.
Crypto Year
2021 is definitely remembered as a crypto year. The hype continued surging up. Bitcoin peaked at $64K at the first time China banned crypto mining. Then the NFT market-topping more than $2 billion dollars with the selling of well-known digital arts like CryptoPunk and many others.
Crypto.com
The company was well known to purchase Los Angeles Staples Center and renamed it Crypto.com Arena. With famous actor Matt Damon promoting their products, Crypto.com seems to become more popular ever.
Hidden Cost
Not to mention that the service from Crypto.com is very expensive. Each transaction can charge up to 5% of fees. Putting all your crypto assets in Crypto.com May not be feasible when you want to cash out.
Security
There has not yet been any security test for Crypto.com yet the company held large crypto assets on their hot wallet. Eventually, the crypto wallet service is a security service that masters cybersecurity and prevents hacking. Unfortunately, they failed to protect their own assets and prevent users lost funds. Even they claimed users had not lost funds, hackers had already possibly stolen funds away.
In Conclusion
Centralized crypto wallet service is difficult because their reputation is built from users relying on their security system. Once it failed, it will be harder to fix its reputation and attract more users.
Crypto.com stopped users withdrawing funds due to possible hacking. It leaves users pondering what had happened with their funds and their wallets.
TL;DR
Hackers stole funds from Crypto.com and users' wallets were missing funds. How users can restore their funds can be a critical point for centralized wallet service to exist and provide necessary services.
Here is a 1 min summary of the article if you want to skip the reading.
Recently Hacking Incident
Hacking happens again. This time it is to centralized wallet service Crypto.com. It is one of the biggest crypto centralized wallet services and it was raised in 2021 due to a massive surging in cryptocurrency price and institutional adoption.
Crypto Year
2021 is definitely remembered as a crypto year. The hype continued surging up. Bitcoin peaked at $64K at the first time China banned crypto mining. Then the NFT market-topping more than $2 billion dollars with the selling of well-known digital arts like CryptoPunk and many others.
Crypto.com
The company was well known to purchase Los Angeles Staples Center and renamed it Crypto.com Arena. With famous actor Matt Damon promoting their products, Crypto.com seems to become more popular ever.
Hidden Cost
Not to mention that the service from Crypto.com is very expensive. Each transaction can charge up to 5% of fees. Putting all your crypto assets in Crypto.com May not be feasible when you want to cash out.
Security
There has not yet been any security test for Crypto.com yet the company held large crypto assets on their hot wallet. Eventually, the crypto wallet service is a security service that masters cybersecurity and prevents hacking. Unfortunately, they failed to protect their own assets and prevent users lost funds. Even they claimed users had not lost funds, hackers had already possibly stolen funds away.
In Conclusion
Centralized crypto wallet service is difficult because their reputation is built from users relying on their security system. Once it failed, it will be harder to fix its reputation and attract more users.
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