News Updates October 11, 2022
1. Google now showing Ethereum wallet balances.
Google is now directly providing data about Ethereum addresses when they are searched for.
When an Ethereum address is pasted into the Google search bar, its ETH balance is displayed.
The data is being collected from Ethereum block explorer Etherscan.
This is what shows up when you search for Ethereum co-founder Vitalik Buterin's wallet. Image: Google.
So far, it appears this only applies to Ethereum addresses — and not, for example, Bitcoin.
This was noticed by Han Hua, who is a crypto-focused principal investor at Google Ventures, and was previously an engineer at Google.
Google has started providing more cryptocurrency interactions recently. Ahead of The Merge — Ethereum's recent upgrade to proof of stake — Google provided a countdown to the event, featuring two pandas moving closely together.
2. Google taps Coinbase to bring crypto payments to cloud services
Google announced a new deal with Coinbase which will allow a select set of customers to pay for its Cloud services using digital currencies such as Bitcoin (BTC). This will take effect early next year.
According to CNBC on Oct. 11, the tech giant also plans to explore using Coinbase Prime, which is a custodial service for storing and trading cryptocurrencies.
In return, Coinbase announced it will move some of its applications, which were initially stored using Amazon Web services, over to Google’s cloud.
This story is developing and will be updated with new information.
3. Bug freezes bitcoin inside Lightning Network for hours.
Late on Sunday, researchers discovered a critical validation bug on LND, a popular implementation of Bitcoin’s Lightning Network championed by Lightning Labs.
Specifically, LND’s Bitcoin full node implementation, BTCD, had a bug in its implementation of Taproot. (BTCD is a full node implementation for Bitcoin that’s popular among Lightning Network users.)
The bug affects LND versions 0.15.1 and older. LND urges all users to upgrade to v0.15.2.
The LND bug affected how Lightning nodes functioned and prevented LND users from exiting the layer 2 Lightning Network onto mainnet, layer 1 Bitcoin for a few hours. While the bug was unresolved, LND users couldn’t create or close new Lightning channels.
Massive multi-sig Taproot transaction unveiled the bug
Researchers discovered the LND bug while testing the limits of Bitcoin Scripting Language, a programming language of Bitcoin. They wanted to test an extremely advanced smart contract that required co-authentication by numerous parties.
To accomplish this test, one researcher, Burak, created a large 998-of-999 multi-sig Taproot transaction. This required 998 private key signatures to authenticate sending bitcoin — an extraordinary amount of co-signers.
4. Bitcoin Price Analysis: Downside Risks Deepen - 12 October 2022
Bitcoin (BTC/USD) plumbed lower lows early in the Asian session as the pair sank below the 19000 figure and traded as low as the 18950.01 level before reversing some recent losses. Selling pressure accelerated when BTC/USD was unable to sustain a break above the 19535 level, and then reversed when BTC/USD tested technical support around the 18934.49 level. Below current price activity, traders continue to anticipate large Stops below the 17803, 17701, 16966, and 16503 areas, significant technical levels related to historical upside pressure around the 3858 and 9819 areas. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas.
Upside retracement levels related to recent depreciating ranges include the 20476, 21024, 21703, and 21805 areas. Following the recent sharp decline, the 20433 area has emerged as an area of consistent technical resistance and is technically related to selling pressure that commenced around the all-time high of 69000. Above recent price activity, upside retracement levels in the depreciating range from 31549.21 to 17567.45 include the 26208, 28249, and 28557 areas.
Additional upside price objectives and areas of potential selling pressure include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 areas. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 19465.08 and the 50-bar MA (Hourly) at 19338.12.
5. G20 to Review Crypto Regulation Framework This Week
Wild West no more? International leaders are working to sync up cross-border crypto regulation.
The Organization for Economic Co-operation and Development (OECD) on Monday submitted a framework to increase international transparency in crypto to the G20.
Twenty participating member countries make up the G20, including China, India, South Korea, Brazil, the U.S., the United Kingdom, and the European Union, to name a few. Back in April 2021, the G20 tasked the OECD with developing a method for automating cryptocurrency tax reporting between nations.
G20 Finance Ministers and Central Bank Governors will review the 100-page Crypto-Asset Reporting Framework (CARF)—along with suggested amendments to the group’s Common Reporting Standard (CRS)—at their next meeting, which will occur this Wednesday and Thursday in Washington, D.C.
6. FOI reveals 20% of UK crypto fraud last year relied on Binance.
Figures shared by the City of London Police reveal that £36 million ($39.7 million) was lost by investors last year to crypto fraud through Binance.
Authorities calculated the figure based on offenses reported to Action Fraud, the UK’s reporting center for fraud and cybercrime. According to the figures, accessed via a Freedom of Information request (FOI), theft related to Binance made up 17% of the £204 million of crypto fraud reported to the UK police in 2021. This is close to double the previous year’s figure.
The news comes just days after the international crypto exchange saw its BSC Token Hub hacked to the tune of two million BNB worth over $580 million.
