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In a major blow to the Palestinian militant group Hamas, Israeli police announced on Monday that they had frozen several cryptocurrency accounts linked to the organization. The accounts, which were used to fund Hamass activities in the Gaza Strip and the West Bank, were traced and blocked with the assistance of Binance, one of the worlds largest cryptocurrency exchanges.

According to a statement by the Israeli police, the operation was carried out by the cyber unit of the Lahav 433 anti-fraud division, in cooperation with the national security agency Shin Bet and the Israel Tax Authority. The police said they had identified and seized more than 150 cryptocurrency accounts, wallets and addresses that received donations from Hamas supporters around the world.

The police also said they had uncovered a complex network of websites and social media platforms that Hamas used to solicit donations in various cryptocurrencies, such as Bitcoin, Ethereum and Dogecoin. The donations were then transferred to the accounts that were controlled by Hamas operatives in Turkey and Gaza.

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The police estimated that Hamas had raised tens of millions of dollars through this scheme, which was launched in early 2019 after the group faced a severe financial crisis due to the blockade imposed by Israel and Egypt on Gaza. The police said that the cryptocurrency donations enabled Hamas to bypass the banking system and the international sanctions imposed on it as a designated terrorist organization.

Binance, which is based in the Cayman Islands and has offices in several countries, confirmed that it had cooperated with the Israeli authorities in their investigation. A spokesperson for Binance said that the exchange had a zero-tolerance policy for illicit activity on its platform and that it was committed to working with regulators and law enforcement agencies to safeguard the interests of our users and the broader industry.

The spokesperson also said that Binance had implemented robust compliance and security measures to detect and prevent suspicious transactions, such as advanced identity verification, blockchain analysis and cyber threat intelligence.

The freezing of Hamass cryptocurrency accounts is not the first time that Israel has targeted the groups online fundraising efforts. In August 2019, the Israeli military said it had hacked into a website run by Hamass military wing, the Qassam Brigades, and exposed its Bitcoin donation campaign. The military said it had also sent warning messages to potential donors, alerting them that they were exposing themselves to legal action and cyber attacks by supporting Hamas.

Hamas has not yet commented on the latest Israeli operation, but it is likely that the group will try to find new ways to raise funds through cryptocurrency or other means. Hamas has been engaged in a long-running conflict with Israel, which has intensified in recent months following a series of violent clashes and rocket attacks.

Binance, the worlds leading cryptocurrency exchange, has announced that it is reducing the minimum order sizes for some of its spot and margin trading pairs to 1USDT. This means that traders can now execute orders with smaller amounts of capital, allowing them to diversify their portfolios and access more opportunities in the crypto market.

The new minimum order sizes apply to the following trading pairs:

BTC/USDT

ETH/USDT

BNB/USDT

ADA/USDT

DOGE/USDT

XRP/USDT

DOT/USDT

SOL/USDT

LUNA/USDT

AVAX/USDT

The change will take effect on October 15, 2023, at 00:00 AM (UTC). Traders who have open orders below the new minimum order sizes will not be affected by this update. However, they will not be able to modify or cancel their orders until they meet the new requirements.

Binance said that the decision to lower the minimum order sizes was based on user feedback and market demand. The exchange aims to provide more flexibility and convenience for its users, especially those who are new to crypto trading or have limited funds. By lowering the barriers to entry, Binance hopes to attract more users and increase the liquidity and depth of its markets.

Binance also reminded its users to trade responsibly and be aware of the risks involved in crypto trading. The exchange advised its users to do their own research, use proper risk management tools, and follow the platforms rules and regulations.

Binance is constantly improving its products and services to offer the best trading experience for its users. The exchange has recently launched several new features and initiatives, such as:

Binance NFT Marketplace, a platform for buying and selling digital collectibles and artworks. Binance Pay, a peer-to-peer payment service that supports multiple cryptocurrencies and fiat currencies.

Binance Earn, a suite of products that allows users to earn passive income from their crypto assets. Binance Smart Chain, a blockchain network that supports smart contracts and decentralized applications. Binance Charity, a non-profit organization that uses blockchain technology to empower social good.

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In the last 24 hours, mass redemptions of the Polygon-based stablecoin USDR used up the liquid DAI collateral in the treasury of its issuer TangibleDAO (Tangible). Panic selling ensued, causing the asset to fall from its $1 peg.

One user, fearing that Tangible would be unable to liquidate the real estate backing its coin, swapped $130,000 for $0.0001 USDC on Binance Smart Chain. A maximum extractable value (MEV) bot raked in $107,000 profit from the transaction.

Tangible said it would liquidate its insurance fund and mark its TNGBL token to zero to improve liquidity. TNGBL is a token anyone can lock up to receive a multiplier based on the period they lock up their tokens and receive a 3,3+ non-fungible token (NFT) representing their position.

In addition, the decentralized autonomous organization (DAO) will contribute $2.4 million of its own DAI, USDC, and USDT holdings.

On a slightly longer time frame, Tangible will mint its real-world tokenized assets into a yield-generating Basket token. Users will then have the option of earning yields from Basket tokens or selling them into Pearl, a decentralized exchange on Polygon, or farming them on the platform.

Tangible confirmed it is prepared to liquidate real-world property if there is no demand for Basket tokens.

Read more: Top 5 Yield Farms on Polygon

Stablecoins backed by real-world assets (RWA) are a fairly novel concept. It harks back to the eighteenth century when the US government backed dollars with physical gold bars, a strategy that President Nixon ended in 1971.

Stablecoins, when they were introduced, were the first attempt to tokenize or represent the fiat-backed currencies on the blockchain. Issuers generally keep liquid assets they can convert to cash when holders want to bring funds from the blockchain back into the traditional financial system.

The notion of backing stablecoins with blockchain versions of real-world assets is fairly novel. Companies are still investigating ways these tokenized assets can be quickly exchanged for cash when users need it.

Read more: What is Tokenization on Blockchain?

Several hurdles exist, such as how to quickly and legally complete a real-world transfer of ownership effected on the blockchain. There is also the issue of how to transfer the ownership of an asset on one blockchain to the buyer whose address is on another blockchain.

Lawmakers also must establish rules on how digital asset custodians protect tokenized RWAs from theft and loss.

Do you have something to say about the Tangible plan to make users whole after the USDR depegor anything else? Please write to us or join the discussion on ourTelegram channel.You can also catch us onTikTok,Facebook, orX (Twitter).

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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Introduction

In the fast-paced world of cryptocurrencies, Proof-of-Stake (PoS) blockchains have emerged as a promising alternative to the energy-intensive Proof-of-Work (PoW) systems. As the demand for sustainable and eco-friendly blockchain technologies grows, researchers and developers are increasingly turning to PoS as a potential solution. In this comparative study, we delve into the environmental impact of PoS blockchains, exploring their advantages over PoW systems. Delving into the intricacies of blockchain technology? Consider exploring the Immediate Enigma official site, a premier online trading platform that offers detailed insights.

Understanding Proof-of-Stake and Proof-of-Work

To comprehend the environmental implications of PoS blockchains, it is crucial to differentiate them from PoW systems. In PoW blockchains, miners must solve complex mathematical puzzles, consuming vast amounts of electricity and leading to carbon emissions. On the other hand, PoS blockchains rely on validators who are chosen based on the number of coins they stake or commit as collateral. PoS is inherently more energy-efficient, as it eliminates the need for resource-intensive mining hardware.

The Energy Efficiency Advantage of PoS

One of the primary benefits of PoS blockchains is their significantly lower energy consumption compared to PoW systems. PoS requires minimal computational power, making it more sustainable and environmentally friendly. As a result, PoS networks like Ethereum 2.0 have shown a considerable reduction in their carbon footprint, offering a promising pathway towards greener blockchain technology.

The Environmental Impact of PoS vs. PoW

A comprehensive comparative study reveals that PoS blockchains have a substantially lower environmental impact when compared to their PoW counterparts. PoS blockchains like Tezos, Cardano, and Solana boost significantly reduced energy consumption and associated carbon emissions. As the industry moves towards more sustainable solutions, PoS stands out as an attractive option for eco-conscious investors and developers.

Championing Sustainable Practices

Some online trading platforms have been at the forefront of promoting sustainable practices in the cryptocurrency space. By providing access to a diverse range of PoS-based cryptocurrencies, the platform enables users to participate in eco-friendly investments. This alignment with sustainable technologies signifies the platforms commitment to reducing the overall environmental impact of the crypto industry.

Enhancing Scalability and Reducing Energy Consumption

PoS blockchains, such as Binance Smart Chain (BSC), have demonstrated enhanced scalability and reduced energy consumption. This efficiency has allowed BSC to become a viable alternative for developers seeking a more sustainable option for decentralized applications (dApps) and smart contracts. As developers transition from PoW to PoS-based ecosystems, the overall ecological footprint of the blockchain industry is expected to shrink significantly.

Challenges and Limitations

While PoS blockchains offer a more environmentally friendly approach, they are not entirely without challenges. Some critics argue that PoS systems might centralize power, as validators with more significant stakes may have more influence over network decisions. However, ongoing research and innovation seek to address these concerns and maintain the decentralized nature of PoS blockchains.

The Road Ahead: PoS Adoption and Sustainability

As the cryptocurrency industry evolves, the adoption of PoS blockchains is poised to play a crucial role in driving sustainability. Investors, developers, and platforms can collectively contribute to reducing the industrys carbon footprint. By fostering responsible investment practices and supporting eco-friendly blockchain technologies, the crypto space can build a more sustainable future for generations to come.

Overcoming the Environmental Concerns: Innovations and Collaborations

In the pursuit of further reducing the environmental impact of PoS blockchains, the crypto community is actively engaged in innovative solutions and collaborations. Eminent blockchain projects and academic institutions are conducting research to optimize PoS algorithms, enhance energy efficiency, and ensure decentralization. Additionally, partnerships between prominent players in the industry and renewable energy providers are being explored to power PoS networks using clean and sustainable energy sources.

Moreover, regulatory authorities are also recognizing the significance of sustainable blockchain technologies. Governments worldwide are incentivizing the adoption of PoSblockchains through grants and policies that promote eco-friendly practices, setting the stage for a more sustainable future for the entire cryptocurrency landscape.

Conclusion

In conclusion, the environmental impact of PoS blockchains is significantly lower than that of traditional PoW systems. Their energy efficiency, scalability, and reduced carbon footprint make them an attractive alternative for those seeking a greener cryptocurrency ecosystem. Some platforms are championing sustainable practices by offering access to PoS-based cryptocurrencies and encouraging responsible investments. As the world embraces sustainable technologies, PoS blockchains are set to shape the future of cryptocurrencies in an environmentally conscious manner.

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Binances BNB Chain has made significant strides over the years. The networks worthwhile capabilities managed to attract a number of DeFi, GameFi, and SocialFi projects on the BNB Chain. Despite being in the midst of the bear market, the network has been able to put on a good show. At the beginning of Q2, around 276.2 million people had interacted with the BNB Chain. However, now the number is up by around 40%, to 385.7 million. In the same period, the number of unique Ethereum addresses has only grown by 7.2%. At press time, it flashed a value of 243.1 million, significantly lower than BNB Chain.

Even though the number of users has risen, transactional activity has taken a hit. The number of transactions surpassed the 5 million threshold a couple of times in 2023. However, in light of their latest downtrend, this metric has been hovering around the brink of 3 million as of late.

On the absolute front, Ethereum has been settling relatively fewer transactions, however, it has not lost ground amid the current turbulent environment. Its number has been relatively stable around the 1 million threshold.

Also Read: 1750 Wallets Tied to Grayscale Bitcoin Trust Hold ~1000 BTC Each

Crypto-wise, ETH has a much wider trader-investor appeal. According to social stats from LunarCrush, Ethereum has been mentioned 635,930 times over the past week on social platforms. Binance Coin, on the other hand, only managed to attain 52,780 mentions. Even on the dominance and engagement fronts, Ethereum was miles ahead of Binance Coin.

Also Read: Ripple Co-founder: Gensler Likes Lack of Clarity

On the price front, both assets recently lost a critical support level. As a result, their movements have been restrictive of late. Both BNB and ETH have registered moves of less than 1% over the past day.

The drop in the number of transactions has rubbed off negatively on the price of BNB. Since the beginning of Q2, this asset has lost 32% of its value. Ethereum, on the other hand, has been successful in capping its losses at 10.5% in the same timeframe.

Also Read: XRP Volume Rises to $720 Million: Surpasses Dogecoin, Solana

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Binance Coin Hovers Above $200: BNB Smart Chain Users Rise 40% - Watcher Guru

A BNB Chain rug pull scammed users out of $2 million worth of BNB ($11 million at todays prices). Users asked Binance for help, and Binance said it had frozen the funds but then retracted the statement. The funds sat in the address for nearly two years until Binance suddenly took action to freeze the scammers wallet, which had grown to $10.8 million. Previously, Binance had stated that it could not freeze wallets outside of exchange addresses due to BNB Chains decentralized nature. Users were unhappy and demanded that Binance do more. This is the story of the PopcornSwap scam.

On Jan. 28, 2021, the BNB Chain-based decentralized exchange PopcornSwap executed an exit scam, stealing over $2 million of liquidity providers assets through a little-known preUpgrade function contained in the exchanges smart contract. Users held out hope that Binance, which created BNB Chain, could freeze the scammers address.The BNB (BNB) held in the scammers account slowly grew to over $10 million in value as users speculated on whether or not the funds had been frozen.

An investigation reveals that contrary to popular belief, Binance is, in fact, able to freeze private wallet addresses on BNB Chain so long as all validators consent. Although Binance ultimately froze the attackers address, the action occurred nearly two years after the scam. The attacker voluntarily kept funds in the original account in the intervening two years and did not move them.

In 2021, PopcornSwap became one of the first decentralized exchanges on the newly launched Binance Smart Chain (BSC), later renamed BNB Smart Chain. Some of the networks users flocked to PopcornSwap to deposit liquidity, hoping to profit from the high trading volumes they expected to materialize on BSC. But instead of getting the record yields they had expected, they lost all the funds they had deposited.PopcornSwap was a fork of PancakeSwap, itself a fork of SushiSwap on Ethereum. And it just so happened that SushiSwap contained a preUpgrade function that allowed developers to approve themselves as spenders for every liquidity provider (LP) token, letting them drain all the assets held by the protocol.

Between 1:26 pm and 5:53 pm UTC on Jan. 28, 2021, a BSC address known as Fake_Phishing7 used the aforementioned function to drain the protocols $2 million worth of crypto, swapping all of it into the networks native coin, BNB, in the process.PopcornSwap LPs lost everything. The attack ended when Fake_Phishing7initiated a final transaction, swapping 250,913 Binance-pegged USD Coin (USDC) for 5,536 BNB. This left the scammer with approximately 48,511 BNB, worth $2 million at the time (and $10.8 million now), held in its address.

In the wake of the rug pull, victims formed a Telegram group called PopcornSwap Rugpull and urged one another to reach out to Binance and report the fraud, asking the exchange to freeze the scammers address before any funds could be cashed out.Some users believed that Binance could freeze the scammers private wallet address, while others argued it was impossible, as a centralized exchange could not freeze a private wallet address.

Related: Binance pushes new stablecoin as it confirms plan to cease BUSD support

On Jan. 29, 2021, Binance responded to one of the PopcornSwap victims. A user who calls themselves Richie posted an image of the email they received. In it, the Binance customer service agent mistakenly stated that the wallet of the scammer has been frozen. The customer service agent urged Richie and all PopcornSwap users to be patient until the whole situation gets resolved by the authorities.

But by October 2022, the stolen funds remained unmoved, and all attempts to get customer service to respond were met with form letters asking users to contact the police. The PopcornSwap victims were bewildered by the exchanges seemingly callous response to their requests for reimbursement. However, blockchain data shows that at the time of these complaints, Binance did not have any possession of the stolen funds, nor was it affiliated with the entity that stole users money.

Contrary to the statement from Binances customer service representative, data from BNB Smart Chain shows that the scammers address was not frozen before Oct. 6, 2022. Instead, the funds remained in the attackers account and were never deposited to a centralized exchange nor bridged to another network. The scammer failed to cash out their stolen loot and never profited from the attack. But this failure was due to the scammers seeming own lack of initiative, not due to any freezing action performed by Binance.

On Oct. 6, 2022, in an attack completely unrelated to the PopcornSwap scam, the BSC Token Hub bridge was exploited for over $570 million. The exploiter used a loophole within the bridge code to issue 2 million BNB on BSC without first depositing it to the Beacon Chain side of the bridge. This meant that the total supply of BNB increased by 2 million on BSC.

The attacker immediately bridged $100 million worth of the exploited BNB to other networks, effectively putting the funds out of reach of BSC validators. In response, BSC developers proposed a hard fork of the network that would shut down the bridge and freeze the exploiters address. While drafting this proposal, the team also included a line in the code to freeze the PopcornSwap scammers address.

This upgrade was unanimously approved by all of BNB Chains validators. As a result, both the bridge exploiters and PopcornSwap scammers addresses were banned from performing any outgoing transactions after Oct. 6, 2022.However, the new proposal did not include code transferring the frozen funds to another address. Victims say that Binance could have done more to mitigate the incident.

In a conversation with Cointelegraph on Aug. 31, 2023, a representative from Binance confirmed that the Oct. 6, 2022 proposal to freeze the Fake_Phishing7 address was made by Binance. The representative also confirmed that it was merely a proposal, which could not be implemented without the consent of validators. In this case, the proposal was agreed to unanimously by all network validators. The representative stated:

Binance also confirmed, in agreement with blockchain data, that the funds were never moved into its possession. We can confirm that the scammer did not transfer funds to Binance, and we dont have control over the funds, they stated. BNB Chain is an open-source and decentralized ecosystem; wallets and/or their funds cannot be frozen at will [and] governance decisions are coordinated by the community.

Binance claimed that the investigation has not been closed and that the exchange stands ready to comply with police if it can be of assistance. This case remains under investigation, and our investigations team is always ready to support law enforcement in pursuit of those responsible, the representative stated.

Victims of the PopcornSwap scam lost over $2 million of their hard-earned money, and seeing that Binance developed BNB Smart Chain, they turned to it for help. The exchange initially refused to help, citing the decentralized nature of blockchains, but later reversed course and froze the scammers private address with the agreement of the BNB Chain validators.

The PopcornSwap scam also serves as a cautionary tale of the risks of using smart contracts. If a smart contract contains a loophole that allows an attacker to drain users funds, the victims will face an uphill struggle to be reimbursed by validators after the attack is completed, as forks of a chain essentially require unanimous consent to be implemented such is the nature of blockchains. In addition, take note that despite their decentralized claims, many entities can, in fact, exercise control over users assets if they wish.

Cointelegraph editor Zhiyuan Sun contributed to this story.

Magazine:$3.4B of Bitcoin in a popcorn tin The Silk Road hackers story

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