Welcome back to Altcoins at a Glance. Your weekly dose of bite-size Altcoin news on Helium(HNT), Binance, XRP, SHIB, Shibarium possible copy, USDC, blockchain vulnerability possibly impacting $25Billion worth altcoins at risk including Dogecoin, Zcash, Litecoin, and others. Get your fill in under five minutes.
Binance US delist Wireless Network Altcoin Helium (HNT)
- Binance US will delist Helium (HNT) on March 24, 2023, due to non-conformity to standards.
- The Helium Foundation recently announced that they will be migrating to the Solana Network.
- Helium was created to promote decentralized public wireless networks. Those who maintain wireless hotspots are compensated with the HNT token
- The HNT Team has already advised stakeholders to move to self-custodial wallets or to exchanges that still support the altcoin.
Ripple (XRP) is Financially Stable Despite SVB Exposure
- Ripple CEO Brad Garlinghouse has assured stakeholders that the recent Silicon Valley Bank (SVB) collapse will not affect the company’s daily operations. The company maintained a majority of its cash balance with other banking partners.
- Ripple’s token XRP is one of the most besieged Altcoins because of a pending lawsuit filed by the SEC.
- Despite the negative publicity, XRP remains one of the top 10 crypto projects.
Meme Altcoin Shiba Inu Teases Possible Team up with Paramount Picture
- Marcie Jastrow, Shiba Inu’s Metaverse Advisor, has revealed in a tweet that the SHIB Metaverse team has met with Ted Schilowitz. Schilowitz is the first-ever futurist in residence of Paramount Picture.
- A role of a futurist is to work closely with Paramount to explore emerging technologies like virtual and augmented reality.
- A possible collaboration with a big name in the entertainment industry will further promote Shiba Inu’s Metaverse.
- Shiba Inu’s lead developer, Shytoshi Kusama, reply to Jastrow’s tweet added to the SHIB army’s excitement.
Shibarium Accused of Copying Another Altcoin Project
- An allegation that Shibarium’s code has been copied from an existing crypto project has surfaced.
- An alleged Discord conversation was Tweeted by user “Rancune”.
- The discord conversation shows that the chain ID used by the Shibarium tested has the same chain ID of another blockchain project named Rinia.
- Each blockchain project has a unique chain ID to make sure all transactions point to the correct project.
- It is surmised that Shibarium developers copied the code but forgot to change the chain ID.
- Shibarium is Shiba Inu’s layer 2 that promises cheaper gas fees, scalability, and faster transactions while still staying under Ethereum’s security umbrella.
$25 Billion Worth of Altcoins at Risk
- In 2022, a security solutions company named Halborn evaluated the open-source codebase for several blockchain projects, which included Dogecoin, Zcash, Litecoin, and other altcoins.
- Halborn discovered a vulnerability that exposed $25 Billion worth of digital assets. The vulnerability was named “Rab13s”.
- The vulnerability could exploit peer-to-peer (p2p) communications and could take blockchain nodes offline.
- Halborn was able to release a fix. Nodes are recommended to upgrade to the latest code version (1.14.6.).
USDC Cleared all Backlog
- Circle, the issuer of the stablecoin USDC, held some of its cash reserve in the recently collapsed Silicon Valley Bank. The FUD surrounding USDC’s reserve has prompted a crypto equivalent of a bank run.
- The volume of redemption requests has affected liquidity and caused a backlog.
- Circle announced that they have cleared all minting and redemption backlog as of March 15.
- USDC surviving this type of FUD is a testament to the stablecoin’s 1:1 backing and stability.
See you again next week.
Featured Image from Pixabay
