Morning Post - September 19

headlines

▌Security agency: Hackers attack the EthereumPow chain to earn 200 ETHW

The security agency BlockSec stated that it detected that the attacker is replaying the message of the PoS chain on EthereumPow. The root cause of the vulnerability is that the bridge did not correctly verify the actual chainid of the cross-chain message. The attacker first transferred 200 WETH through the omni bridge of the Gnosis chain, and then replayed the same message on the PoW chain, obtaining an additional 200 ETHW. As a result, the balance of the chain contract deployed on the PoW chain will be drained.

cryptocurrency

▌SEC and Ripple call for an immediate ruling on whether XRP sales violate securities laws

Both the U.S. Securities and Exchange Commission (SEC) and Ripple Labs want a federal judge to rule that crypto companies linked to the XRP cryptocurrency violated federal securities laws or otherwise dismiss the lawsuit without a lengthy trial. Both the SEC and Ripple filed summary judgment motions in the Southern District of New York, asking District Judge Analisa Torres to rule on arguments presented in the accompanying filing. The documents were posted to a federal court database on Friday.

▌Bloomberg analyst: Bitcoin’s rally trigger will be related to increased adoption and demand

Bloomberg Intelligence senior commodity strategist Mike McGlone pointed out in an interview on September 17 that the trigger for Bitcoin's rally will be related to increased adoption and demand. Overall, bitcoin and cryptocurrencies are likely to top all asset classes in the current environment, he noted. According to McGlone, cryptocurrencies have the added advantage of having the fastest-growing technology. Meanwhile, McGlone compared current market conditions to the dot-com bubble of 2000, in which select assets came to the fore while others collapsed. However, he noted that Fed policy could play a key role in ending the current situation.

▌Analyst: Even if Bitcoin reaches $2 million in 2040, it will consume less than 1% of the world's energy

Arcane analyst Jaran Mellerud tweeted that by 2040, even if the price of Bitcoin is $2 million, Bitcoin miners will still consume less than 1% of global energy. He argues that it is worth spending less than 1% of global energy to secure a global monetary system.

important economic trends

▌U.S. President Biden: The U.S. economy is expected to have a "soft landing" as the Fed raises interest rates

U.S. President Joe Biden said, I am more optimistic than ever; we will control inflation. The U.S. economy is expected to have a "soft landing" when the Fed raises interest rates.