CoinSmart Crypto Recap May 4, 2023

crypto recap

Welcome to the CoinSmart crypto recap. Let’s look at the hottest stories that came up this past week. Here is an overview:

  • Bhutan mining Bitcoin
  • $103M lost in crypto scams in April 2023

Bhutan mining Bitcoin

Bhutan, a small country in South Asia, has been secretly mining Bitcoin since 2018, according to a recent report. Using hydropower-generated electricity, the mining operations are reportedly profitable due to Bhutan’s low electricity costs. The country’s government has not yet taken action to regulate or ban the operations, seeing them as a source of revenue for the country’s economy.

Bhutan generates most of its electricity from hydropower, which is a clean and renewable source of energy. Bhutan’s electricity tariffs are subsidized, making it one of the cheapest places in the world to generate electricity.

$103M lost in crypto scams in April 2023

Cybersecurity firm Certik reported that April’s crypto hacks resulted in losses of over $103 million. Uranium Finance was the primary target, resulting in losses of around $57.6 million, followed by Spartan Protocol, which incurred losses of around $30 million. Certik emphasized that the attacks were well-coordinated and complex, indicating the involvement of professional hackers. To minimize the losses, the firm has been investigating and analyzing the attacks and working with the affected projects. Additionally, Certik advised crypto projects to enhance their security measures. This includes code audits, penetration testing, and the implementation of bug bounty programs. The need for robust security measures to protect users’ funds in the DeFi ecosystem has become increasingly critical, considering the growing frequency of attacks.

Disclaimer: The content of this article is strictly for information purposes only. All of the opinions expressed in this article are not connected to CoinSmart and are not intended to provide you with investment advice. It is important that you do your personal research and/or consult an investment advisor to determine what is right for you.