Top crypto tweets of the day – August 7th

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• Why is JPMorgan dissing Ethereum and calling it disappointing?

  TL;DR Breakdown JPMorgan criticizes Ethereum’s Shanghai upgrade, terming its aftermath as disappointing. Despite a 99% drop in energy consumption due to the shift from PoW to PoS, Ethereum’s supply is shrinking and network activity has declined. Key metrics, like daily transactions and active daily addresses, have decreased post-upgrade. Description The much-hyped Shanghai upgrade to Ethereum, the world’s top smart contract blockchain, was supposed to be a game-changer. But JPMorgan has some bones to pick, and they aren’t mincing their words. In a recently released research report, JPMorgan analysts led by Nikolaos Panigirtzoglou took the gloves off and landed a critical punch, labeling the aftermath … Read more The much-hyped Shanghai upgrade to Ethereum, the world’s top smart contract blockchain, was supposed to be a game-changer. But JPMorgan has some bones to pick, and they aren’t mincing their words. In a recently released research report, JPMorgan analysts led by Nikolaos Panigirtzoglou took the gloves off and landed a critical punch, labeling the aftermath of the upgrade as, quite frankly, disappointing. Here’s a deep dive into the bank’s concerns and what this…

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• Consensys releases new tool for enhanced smart contract security

  TL;DR Breakdown Consensys has announced the release of a new diligence fuzzing tool to enhance smart contract security. Embracing sophisticated fuzzing to mitigate Defi vulnerabilities. Description Blockchain technology firm ConsenSys has taken a significant step in bolstering the security of decentralized finance (DeFi) platforms by publicly releasing its “Diligence Fuzzing” tool for smart contract testing. The announcement, made on August 1, highlights the tool’s capability to generate “random and invalid data points” to detect vulnerabilities in contracts before they are deployed, … Read more Blockchain technology firm ConsenSys has taken a significant step in bolstering the security of decentralized finance (DeFi) platforms by publicly releasing its “Diligence Fuzzing” tool for smart contract testing. The announcement, made on August 1, highlights the tool’s capability to generate “random and invalid data points” to detect vulnerabilities in contracts before they are deployed, potentially preventing millions of dollars in losses due to hacks and security breaches. Consensys plans to prevent breaches with the tool The urgency for better testing tools stems from the staggering $2.8 billion lost to DeFi hacks in 2022. As hackers…

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• American couple reach plea deal in Bitfinex case

  Description Heather Morgan and Ilya Lichtenstein, the American duo implicated in the colossal laundering of cryptocurrency plundered from the 2016 Bitfinex hack, have entered into a plea deal. The terms of the agreement have not yet been made public, but both parties are scheduled for a plea hearing on August 3 before Senior Judge Colleen Kollar-Kotelly, … Read more Heather Morgan and Ilya Lichtenstein, the American duo implicated in the colossal laundering of cryptocurrency plundered from the 2016 Bitfinex hack, have entered into a plea deal. The terms of the agreement have not yet been made public, but both parties are scheduled for a plea hearing on August 3 before Senior Judge Colleen Kollar-Kotelly, according to court documents. The unconventional defendants Morgan, known in the hip-hop world as “Razzlekhan”, and her spouse Lichtenstein first drew attention from the authorities in February 2022. With her hip-hop alter-ego exuding more than a hint of Genghis Khan’s charisma, Morgan dubbed herself the “Crocodile of Wall Street” and boasted of being a “bad ass money maker” in her lyrics. Lichtenstein, alternatively, characterized himself as…

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• Top U.S. banks on the verge of loan loss disaster

  TL;DR Breakdown The top U.S. banks are bracing for a significant increase in loan losses, the biggest since the pandemic started. This is due to rising interest rates and the impact of inflation on borrowers. An estimated $5 billion has been written off due to defaulted loans in Q2 of 2023, nearly double from a year ago. Description The tumultuous tide of the U.S. banking sector is about to witness a mammoth wave in the form of escalating loan losses. As the nation’s top financial institutions prepare to release their second-quarter results, they seem to be on the cusp of reporting a dramatic increase in loan defaults, a nightmare scenario unseen since the … Read more The tumultuous tide of the U.S. banking sector is about to witness a mammoth wave in the form of escalating loan losses. As the nation’s top financial institutions prepare to release their second-quarter results, they seem to be on the cusp of reporting a dramatic increase in loan defaults, a nightmare scenario unseen since the dawn of the Covid-19 pandemic. The sting of higher…

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• Expert cautions against US dollar disruption – Why?

  TL;DR Breakdown Nobel laureate Paul Krugman warns of financial disruption not from the rise of another global currency but from a lack of a currency capable of fulfilling the role of the U.S. dollar. Krugman believes the currency’s dominance is not in imminent danger and he dismisses the possibility of the Chinese yuan as a viable rival. Renowned economist and Nobel laureate, Paul Krugman, has sparked a fascinating discourse concerning the role of the U.S. dollar in the global economic landscape. His insights prompt us to examine the possibility of an impending disruption that could reverberate through the international financial markets, not as a result of the rise of an alternative currency, but rather the lack thereof. Krugman, acclaimed for his unparalleled understanding of trade patterns and the spatial organization of economic activities, recently expressed his concerns about the potential fallout from a hypothetical U.S. default. His conjectures are not rooted in the fear of the greenback being usurped by a more dominant global currency. Instead, his apprehensions stem from the possibility of no other currency being equipped to fill…

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