Features TheBitTimes.com

Leading fintech innovator, Backed, announced on October 26 its recent integration of Chainlink (LINK) Proof of Reserve (PoR).  This strategic move offers its users a transparent and trust-minimized mechanism to validate the collateralization of their tokenized assets with the integration as well as signifying a monumental leap in reinforcing user trust.  With PoR, Backed’s users now have the capability to independently and on-chain confirm the sufficiency of collateral reserves at any given time. A necessity in ensuring the integrity of tokenized assets, as per the latest information shared with Finvold. Backed has launched its Proof of Reserves (PoR) powered by @chainlink. This means greater transparency and trust minimization for bTokens. Users can now verify collateralization on-chain, confirming token integrity and increasing usability across platforms. Learn more about our… pic.twitter.com/3KBrN2kHNi — Backed (@BackedFi) October 26, 2023 Behind t...

Tres Finance co-founder Tal Zackon warned businesses to not use explorers when tracking their finances. Decentralized Finance (DeFi) protocol Tres Finance warned the community about a scam that involves fake token s designed to mimic legitimate transactions. In an interview, Tres Finance co-founder Tal Zackon and the company’s technical lead Idan David shared the details of a scam using fraudulent transactions that imitate legitimate ones. According to the duo, the scammers attempt to lure unsuspecting users to copy the wrong wallet address and send their transactions there. David further explained that scammers often identify and target wallets with large amounts of stablecoins like Tether (USDT) or USD Coin (USDC). Once the scammers locked into their targets, they create similar-looking wallet addresses and create token s that imitate the legitimate ones. David explained: “So, they're creating a new token that has the same symbol as the original token, and they can create ficti...

Deaton alerts followers via daughter's account and urges reporting the hack as the XRP community responds, spreading awareness. Pro-XRP lawyer, John Deaton, has suffered a phone hack on June 4, after a relentless cyberattack over several days.  CryptoLaw, an account created by the attorney representing over 76,000 XRP token holders in the Ripple Vs U.S. Securities and Exchange Commission (SEC) lawsuit, responded to the hacker's tweet from the attorney 's account. CryptoLaw clarified that the tweets were not coming from Deaton but from hackers and immediate steps are being taken to remedy the situation. The hack happened as Deaton celebrated his birthday amid wishes from all corners of the crypto asset community. Tweets coming out from the hackers promoted a cryptocurrency named $LAW token , which has an almost non-existent market cap currently. Known for his resolve in confronting regulatory enforcement measures implemented by United States agencies, the attorney has es...

Join Our Telegram channel to stay up to date on breaking news coverage Online publication Decrypt reports that cryptocurrency exchange CoinFLEX claims it gave the Luxembourg-based financial services business Blockchain.com a total of 3,000,000 FLEX coins last year and is now asking it to refund $4.3 million worth of FLEX coins or face legal action. In response, Blockchain.com stated, “This is entirely incorrect.” The notification, issued February 24, states that Blockchain.com has until March 7 to certify that it would return the FLEX coins, and it has until March 21 to transmit the money. Otherwise, CoinFLEX claims that the exchange will be subject to The initiation of legal processes, including but not limited to a formal demand for payment known as a statutory demand. According to the letter, Blockchain.com would then have a further 21 days to pay back the money, which is made up of four loans reportedly made between March and June of last year. The letter to B...