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TON Network introduces on-chain encrypted messaging for enhanced privacy and personalization

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Binance ceases support for Multichain-Bridged tokens

Binance has announced the cessation of its support for deposit and withdrawal services for several Multichain-bridged tokens. The decision, effective from July 7, 2023, affects tokens such as Polkastarter (POLS), Alchemy Pay (ACH), Beefy Finance (BIFI), SuperVerse (SUPER), Travala (AVA), Spell Token (SPELL), Alpaca Finance (ALPACA), and Harvest Finance (FARM).

This development follows the earlier suspension of deposits for Multichain-bridged tokens on May 25, 2023, which led to concerns and uncertainty surrounding the Multichain protocol. Users who utilize bridged tokens on networks like BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchains will be affected by this decision.

In their blog announcement, Binance acknowledges the inconvenience caused and attributes the cessation of support to the ongoing challenges faced by the Multichain protocol. While deposits and withdrawals are halted on Binance, users can still access their assets in wallets on other networks.

Crypto exchanges reportedly have some of the least satisfied employees in the industry

Data from Glassdoor reveals that some of the leading cryptocurrency exchanges, including Gemini, Binance, and Coinbase, have been found to have less satisfied employees compared to other companies in the industry.

The findings were compiled by tech recruitment firm TrueUp, which mapped out employee happiness against growth for 27 cryptocurrency firms. According to the data, defunct lender Celsius, along with Gemini and Amber Group, ranked lowest in terms of employee happiness based on reviews from 80, 139, and 42 employees, respectively. Binance and Coinbase also appeared as less satisfied employees, with 1,257 reviews on Glassdoor.

While Glassdoor does not provide a specific happiness metric, it considers factors such as whether employees would recommend the company to a friend, their CEO’s approval, and their overall positive outlook. These findings highlight the importance of employee satisfaction within the cryptocurrency industry.

TON Network introduces on-chain encrypted messaging for enhanced privacy and personalization

The TON Foundation has introduced an on-chain encrypted messaging feature for the Open Network (TON). Users can now send private messages securely within the network. TON, derived from code developed by the Telegram messaging app team, is a decentralized blockchain network known for its scalability and transaction throughput.

Previously, messages sent on TON were public, but the new feature allows for end-to-end encryption, ensuring only the intended recipient can read them. This enhancement enables personalized transactions and offers reliable and secure communication, particularly in exceptional scenarios. TON Network prioritizes privacy and personalized interactions within its decentralized ecosystem.

Poly network exploit: attackers generate billions of tokens in cross-chain bridge hack

In a recent attack on Poly Network, a cross-chain bridge platform, a hacker generated billions of tokens for personal gain. Poly Network confirmed the exploit on July 2, leading to the temporary suspension of services.

The attack affected 57 crypto assets across multiple blockchains, including Ethereum, BNB Chain, Polygon, and others. While the amount stolen remains undisclosed, initial reports suggest it could be around $10 million.

Poly Network has taken immediate action, reaching out to centralized exchanges and law enforcement agencies for assistance. They have also advised project teams and tokenholders to withdraw liquidity and unlock their provider tokens.

According to DeFi security analyst Arhat, the exploit occurred due to a smart contract vulnerability that enabled the hacker to create a fraudulent parameter with a counterfeit validator signature and block header.

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With its requirement for 24/7 market monitoring and multiple entries/exits, grid bot trading is a perfect fit for this strategy.

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Top Crypto Meme of the Week

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July 6, 2023

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