Unciphered cracks Trezor T, Bitcoin market slows down, Coinbase announces Layer 2, and South Korea legislates crypto disclosure.
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Trezor Wallet Security Concerns and Coinbase L2 Mainnet

Trezor Wallet Security Concerns and Coinbase L2 Mainnet

Date:
May 26, 2023
| Issue
#
25

Welcome to another Datawallet newsletter, a place where you can find the latest crypto news tailored to both experienced and novice crypto investors and enthusiasts. With that being said, let’s dive in together. 

Today’s drop will cover these key daily news items:

  • Security firm Unciphered claims to be able to hack Trezor T Wallet
  • Coinbase preps Layer 2 base launch
  • Bitcoin market activity triggers caution
  • Dollar-Pegged Stablecoin for Ordinals ecosystem
  • South Korea passes bill to make officials disclose Bitcoin holdings

Security firm Unciphered claims to be able to hack Trezor T Wallet

Watch as Unciphered, the brilliant minds behind recovering lost cryptocurrency, reveal their secret weapon in breaking into the unbreakable Satoshi Labs’ Trezor T hardware wallet. In a jaw-dropping video released on Youtube, co-founder Eric Michaud expertly disassembles the device and connects it to their in-house exploit. With the use of state-of-the-art software, Michaud confidently extracts the elusive seed phrase, unlocking the private keys to the wallet. Beware, for Michaud warns that the exploit is unbeatable and impervious to any firmware update.

Coinbase preps Layer 2 Base mainnet launch

Coinbase dropped a juicy update in their Wednesday blog post, revealing the tantalizing details of their Layer 2 network's journey to the mainnet. The first phase, dubbed "Mainnet Genesis," is poised to unlock a window of opportunity for intrepid developers itching to deploy their apps on the Layer 2. And to sweeten the pot, the Base core team will be lending a helping hand to early adopters, recognizing their contributions to the network's success. Though specific dates remain shrouded in mystery, the blog post teased five criteria that will unlock during the main event, with two already checked off the list: the successful testnet of the Regolith hard fork and a rigorous infrastructure review courtesy of the OP Labs team. It's an exciting time to be in the crypto game, folks.

Bitcoin market activity triggers caution

The cryptocurrency market has been eerily silent lately, with even Bitcoin (BTC) taking a break from its usual rollercoaster ride. According to K33's latest research note, 7-day average trading volumes have hit their lowest point in two and a half years. But hold on, the picture isn't entirely accurate - the reintroduction of trading fees by Binance has skewed the data slightly. In fact, if we exclude Binance, the spot volumes in Q1 2021 have been even lower at times. As for Bitcoin, it's been taking a snooze, dipping to a two-week low of $26,200 - a 2.1% decrease over the past 24 days, as Blockworks Research data reveals.

Dollar-Pegged Stablecoin for Ordinals ecosystem

A thrilling new development has emerged in the exciting world of Bitcoin: a brand new dollar-backed stablecoin called Stably USD. This innovative token is set to become the go-to currency for traders looking to dive into the thrilling world of novel assets being built on the blockchain. According to the issuing company, Stably, this revolutionary token will make trading in ordinals easier and more cost-effective than ever before, outstripping both fiat currency and even Bitcoin itself. As Bitcoin's ordinals scene continues to mature and evolve, Stably USD is poised to become the premier choice for savvy traders everywhere.

South Korea passes bill to make officials disclose Bitcoin holdings

The South Korean government has taken a bold step toward ensuring transparency in the world of cryptocurrency. With the unanimous passing of a new bill by the National Assembly, lawmakers and high-ranking public officials will now be required to disclose their holdings of digital currencies such as Bitcoin. The bill, which amends the National Assembly Act and the Public Service Ethics Act, received resounding support from all 269 lawmakers present during a recent plenary session. This move highlights South Korea's commitment to fostering a fair and honest crypto landscape.

Other breaking news

  • Multichain pledges to compensate affected users after "force majeure" incident
  • Ava Labs launches Ava Cloud
  • Matcha DEX upgrade
  • NFT Aggregation available on Magic Eden
  • Nolas Mainnet live

Wrapping up

That’s all for today, folks! South Korea is again in the crypto news, now forcing officials to disclose BTC holdings while the Ordianls ecosystem gets a stablecoin. Trezzor is under fire from an expert security firm, while BTC market activity is falling off. Stay informed and ahead of the game with our daily crypto scoop. See you tomorrow!