December 3, 2022

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PeckShield says $15M lost on Crypto.com, Tesla accepts doge

After a rough start to the year, the price of bitcoin is about flat in the last seven days. The largest cryptocurrency by market value is currently trading at $41,671, according to Coin Metrics.

Ether, the second-largest, is up about 2% in the same time frame. It’s now priced at $3,113.

Other top coins had a better week. Cardano, Terra and Dogecoin, for example, jumped over the last seven days, Coin Gecko data shows.

Along with price movement, here are six important things that happened in the crypto space last week.

1. Kim Kardashian and Floyd Mayweather sued by investors over alleged crypto scam

2. Jack Dorsey creates a legal defense fund for bitcoin developers

3. Block will build a bitcoin mining system

On Thursday, Dorsey confirmed that Block, formerly known as Square, will be “officially building an open bitcoin mining system,” he tweeted on Thursday. The company first announced that it was considering the project in October.

Bitcoin operates on a proof of work (PoW) model, where miners must compete to solve complex puzzles in order to validate transactions. The process isn’t easy: It requires a lot of energy and computer power, which isn’t cheap. The computers themselves, along with other equipment, can also be very expensive.

Read more about cryptocurrencies from CNBC Pro

With these types of difficulties in mind, the project’s goal is to make mining bitcoin, the largest cryptocurrency by market value, “more distributed and efficient,” tweeted Thomas Templeton, the company’s general manager for hardware.

Templeton mentioned that there are a number of “customer pain points” and “technical challenges” in the mining community that Block hopes to address, including mining rig availability, high price, reliability and power consumption.

4. Cash App integrates with the Lightning Network

Dorsey has continued to focus more on bitcoin since his departure from Twitter in November.

On Monday, he announced that Block’s Cash App integrated with the Lightning Network, which enables faster, cheaper bitcoin transactions. This now allows Cash App users in the U.S., except those in New York, to send bitcoin for free to anyone globally.

5. Tesla accepts dogecoin for merch payments

6. Crypto.com users report ‘suspicious activity’


https://www.cnbc.com/2022/01/18/news-peckshield-says-15m-lost-on-cryptocom-tesla-accepts-doge.html