Cryptocurrency exchange Bitmart is the latest victim in a devastating hack. The company has lost $196 million in a handful of cryptocurrencies. Security analysis firm Peckshield was the first to draw attention to the alleged hack on Saturday.
Bitmart the latest victim of cyber hack
They released an official statement saying they experienced a “large-scale security breach,” and claimed that hackers withdrew $150 million in assets, even though Peckshield estimates the losses closer to $200 million. Bitmart temporarily suspended all withdrawals and is currently conducting a security review.
Peckshield reported that one of Bitmart’s addresses showed a steady outflow of tens of millions of dollars to an address referred to as the “Bitmart Hacker.” It was estimated that Bitmart lost $100 million in various cryptocurrencies and another $96 million from coins on the Binance smart chain. The hackers managed to make off with more than 20 tokens, Binance coin, safemoon and shiba inu. The smart chain hot wallets, carried only a small percentage of the exchange’s assets.
A hot wallet is one connected to the internet that allows owners easy access to their digital currency so that they can access and spend their crypto. The trade-off for ease is being exposed to hackers.
Hackers finding ways to stay ahead of law enforcement
Bitmart says it is still unsure what methods these hackers used, but Peckshield said that after the breach was just your run of the mill “transfer-out, swap and wash.” The hackers then exchanged the stolen tokens for ether. The ether coins were deposited into a privacy mixer Tornado Cash. Tornado Cash is a program that makes the money harder to trace.
Hackers often turn to a mixing or tumbling service. These services allow users to launder digital money to make a new type of cryptocurrency. While blockchains are public, there are still ways to make it difficult for investigators to trace transactions to their target.
This is just the latest hack in a string of recent hacks. Last week crypto lender Celsius Network acknowledged losing funds, but did not say how much it lost. In August, Poly Network was the victim of an attack by a hacker who stole over $600 worth of tokens. Shockingly, the hacker returned nearly all of the money.
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Check How to Get Your Stipulated Stimulus Package Worth $8000
The news of getting a stimulus package is exciting for the commoner; who won’t be? A stimulus package worth $8000 will be given to two-children families in the year 2022. An eligibility criterion is mandatory to avail of this stimulus payment. This package will be of great help to the cash-strapped parents who faced massive hurdles during the pandemic losing their jobs, salaries halving and falling in the economy.
Who are eligible for the stimulus package
Parents with kids below the age of 13 and who have an income that happens to be less than $125,000 can claim the $8000 package. It s an excellent relief for parents who found it hard to make ends meet with small children as many costs are involved, such as before and after school programs that children are enrolled in and day camps. The other expenses outside of school may involve hiring babysitters, getting housekeepers, and even daycare for the children.
The cash can be utilized for caring for dependents with disabilities, such as the elderly or disabled family members. The stimulus package is a boon for those caring for such members as it carries a lot of expenses which often financially drain out any family’s resources. The relief fund is called out as ‘child & dependent tax credit.’
It is a great stimulus package created specifically keeping working families in mind who usually face specific hurdles that this package easily helps to smoothen out. It aims to offset some of the major expenses of every lower to middle-income household that can now happily financially provide the kids the facilities they deserve to complete schooling and other activities successfully without burdening their parents.
How much do you get paid
The previous stimulus packages paid comparatively less for two or more children of just $6000 with the boost of the package in this financial year of $2000 more has given hope to parents who were already reeling under severe financial constraints due to Covid-19. Now the parents can look forward to collecting $8000 per child ($16000 for two). The onus for the leverage of payment and its benefits goes to the American Rescue Act in 2021.
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Digital Currency Companies Gaining New Access Into Sports
As cryptocurrency companies continue to grow, they are looking to reach new audiences and grow even deeper in the mainstream. It has found its biggest mark in sports as advertisers and sponsors.
Digital currency giants are making massive deals with sport leagues
Crypto.com secured a massive 20-year, $700 million deal to become the new name of the Los Angeles arena, the current home of the Lakers, Kings and Sparks. Coinbase also signed a deal with the NBA and Tom Brady who called himself a big believer in crypto and has taken a stake in FTX. The deals have become massive and happening fast.
The National Women’s Soccer League is the latest sports organization that entered the crypto fold, signing a multi-year deal, making it one of the most significant deals the league has ever done with crypto platform Voyager Digital.
Voyager Digital has reached out with several sports organizations and made deals with the Dallas Mavericks, NFL star tight end Rob Gronkowski, and NASCAR driver Landon Cassill and the NWSL deal will reach a new audience, be it the players, fans, and the soccer community. CNBC reports that twice as many as men women invest in cryptocurrency. Voyager sees this new avenue as very important because it’s a market that offers an opportunity to give these women a stronger hold on their financial future through digital currencies.
Voyager looking to reach a new audience with NWSL deal
Voyager’s investment includes creating a fund that will be split across each player and deposited into their own crypto account. Each player is also given financial education on the digital currency from Voyager.
Crypto has found a solid footing in sports. Sports leagues including UFC have been quick to accept and embrace crypto. Crypto.com reached a $175 million deal with UFC. Major League Baseball league reached a massive multi-year deal with FTX last Summer, making it the first partnership between a sports league and a crypto exchange. The deal landed an FTX US patch on all umpire uniforms. The FTX secured the naming rights to the Miami Heat’s arena in a 19-year deal valued at $135 million.
Crypto deals are not limited to traditional sports, more recently crypto platform Algorand reached a $100 million deal with Drone Racing League. However, some sports leagues are still cautious about new sponsorship deals including the NFL. The NFL restricted teams from making sponsorship deals with cryptocurrency trading firms.
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Social Security Changes You Can Expect In 2022; COLA Increase Will Help The Citizens
The Social Security Administration announced enormous benefits for US citizens in the coming year. The checks will be a welcome relief for the individuals given the steep rise in inflation throughout 2021. The citizens will receive a lot of benefits in 2022.
FingerLakes1 reports that a section of beneficiaries will receive the more extensive checks by December 30. More than eight million SSI beneficiaries will get the checks this year. The remaining ones will receive the checks in 2022.
SSA Will Notify About The Eligibility And Other Changes
There will be no change in the pattern of Social Security payments in 2022. Individuals will receive the checks on one of four Wednesdays each month based on their birth date.
The citizens should log in to their My Social Security accounts to check whether they qualify for the payments; they will also get updates regarding the amount. The citizens will receive notifications about their eligibility and other changes to the benefits.
COLA Increase Will Help The Citizens
The 5.9% increase in the COLA benefits is one of the talking points among the beneficiaries. The increase is revolutionary as it is the highest in the last four decades. The beneficiaries will benefit a great deal from the COLA increase; they will be able to raise their living standards. FingerLakes1 reports that the Social Security beneficiaries will receive an increment of $92, and those getting SSI will have an increment of $76 for each check. The changes in the benefits are significant to the individuals to the hardships they have had to face. The citizens have had to cope with the increase in everyday household items and other daily living expenses in the recent past.
The onset of the covid-19 pandemic has made matters worse for the citizens as their economic condition declined unexpectedly. The Social Security Administration has launched several relief schemes to aid the citizens. The citizens should plan their expenses based on the upcoming Social Security benefits to save more. The government is also committed to the welfare of the public that is worst affected by the pandemic and inflation rise. The government authorities have assured citizens of a secure financial future.
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