The unfolding drama of cryptocurrency does not stop. In this article, we’ll have a look at the latest news, including South Korea’s postponement of plans to ease crypto restrictions, and a security breach leading to the SHIDO token nosediving. We’ll also be asking if right now, Scorpion Casino (SCORP) is the best crypto to buy.
Scorpion Casino Is Underlining Itself As The Best Crypto To Buy
Amidst its developmental journey, Scorpion Casino shines brightly as it embarks on its market launch, igniting excitement among investors. The platform, driven by blockchain technology, has successfully raised over $5.6 million through the acquisition of more than 350 million tokens.
Offering a pathway to substantial passive income, Scorpion Casino stands out during its presale phase, delivering lucrative rewards to investors. Its performance underscores its status as one of the top cryptocurrencies to consider purchasing at this juncture.
SHIDO Nosedives After Security Breach
A security breach on Shido’s layer-1 blockchain triggered a rapid decline in its token value, plummeting by over 90% in just thirty minutes.
The breach came to light after blockchain security firm PeckShield flagged anomalies on Feb. 29, initially shared through a social media post on X. PeckShield’s subsequent investigation revealed an exploit involving the unauthorized transfer of Shido’s Ethereum staking contract to another address. The exploiter then modified the contract, enabling the withdrawal of staked tokens.
PeckShield’s analysis showed that the exploiter absconded with over 4.3 billion Shido tokens, nearly half of the circulating supply valued at approximately $35 million.
Researcher ZachXBT disclosed the exploiter’s address, which had received funds through Layerswap and Arbitrum before. ZachXBT’s investigation hinted at uncovering the real identity behind the funding wallet, which had been compromised before funding the exploiter.
Shido, operating on a proof-of-stake consensus mechanism, is yet to launch its mainnet, with an announcement on Feb. 24 teasing a launch planned for the following week.
The SHIDO token, an Ethereum ERC-20 standard, offers staking opportunities on its associated decentralized exchange (DEX), promising an annual yield of 8%.
The Shido breach contributes to a broader trend of crypto security incidents. In the past year, the sector witnessed over 600 hacks, resulting in losses exceeding $2.1 billion—a decrease of nearly 30% from 2022. However, January 2024 alone recorded 30 attacks, resulting in $182.5 million in losses.
South Korea’s Ruling Party Delays Plans To Ease Crypto Regulations
The People Power Party in South Korea has decided to postpone indefinitely its plans to ease crypto regulations, including the lifting of the ban on local spot Bitcoin (BTC) exchange-traded funds (ETFs).
Reportedly, the party has removed virtual assets from its list of policy priorities, effectively scrapping its intention to pledge to relax regulations. Initially, led by Representative Yoon Chang-hyun of the National Assembly’s Political Affairs Committee, the party aimed to announce a virtual asset pledge before the general election slated for April 10.
However, due to the focus on constituency nominations and personnel selection for the People’s Future, a proportional satellite party, the party leadership has shifted priorities. The emphasis will be on election campaigns in each constituency starting in March, leaving little room for virtual asset pledge announcements.
A key reason behind this decision is thought to be the challenges in aligning with the government and financial authorities on cryptocurrency policies. The proposed pledge by the People Power Party included plans to permit the issuance and trading of Bitcoin spot ETFs. However, the Financial Services Commission has been strongly opposed, citing investment risks associated with virtual assets.
To Sum It All Up
The security breach in SHIDO will have investors sweating about the stability and safety of the coins they invest in. This is perhaps one of the prominent reasons behind the mounting popularity of Scorpion Casino, as its platform has so far been more than safe to use with an increasing number of investors enticed by its platform.
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