Blockchain Intel Tuesday #7

January 10, 2022 - Dead man's switch for 'dead' wallets? Paypal is making another play at stablecoin; and celebrities are becoming plaintiffs. We are back with more hacks and rug pulls -- Read on.

Blockchain News

• Paypal is exploring launching its own stablecoin.

• Chainalysis reported that illicit transaction activity reaches an all-time high but all-time low in term of share of cryptocurrency transactions.

• Several celebrities are being sued over Ethereum Max Promotion.

• Sarcophagus raised $5.74M by selling its DOA tokens. The Sarcophagus protocol works by giving a person a series of actions to complete to verify they are alive. The deadman’s switch is triggered if the person does not perform the actions including sending funds to a recipient's public address and date at which to try opening the sarcophagus.

Hacks and Scams

• Liechtenstein's crypto exchange LCX Exchange reported a security incident where its private key was compromised resulting in a loss of $6.8M.

• StoboxCompany, a digital asset provider, reported its private key was leaked resulting in complete loss of value of STBU token.

• Arbix Finance did a rug pull and $10 million was taken. Another one of many rug pulls on BSC.