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Crypto Flipsider News – Coinbase, Binance + Animoca Brands Cut Off Russian Users; Terra Surpass ETH in Staking; Hackers Stole Nvidia’s Data; NFT Vending Machine in New York

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Crypto Flipsider News – Coinbase, Binance + Animoca Brands Cut Off Russian Users; Terra Surpass ETH in Staking; Hackers Stole Nvidia’s Data; NFT Vending Machine in New York

The digest is available here:

  • Russian cryptocurrency accounts can be closed by Coinbase (NASDAQ), Binance and Animoca.
  • After a week full of amazing gains, ETH is flipped in staking.
  • Hackers infiltrate Nvidia’s Data, putting mining at risk.
  • New York’s first find NFT vending machines opens with an element randomness.

Coinbase and Binance Cut Russian Customers

Some crypto exchanges have taken steps to restrict Russian use, while others have imposed a blanket ban. Animoca Brands, a blockchain gaming company, announced that it would be restricting Russian users from its service in order avoid becoming “financially excluded from the financial system.”

Binance and Coinbase both reiterated that they will be placing blocks on specific accounts that fall under sanctions, and not just a blanket ban. According to reports, Russian citizens can no longer buy digital assets, or deposit fiat cash on Binance. They are instead presented with an error message indicating that the local banks do not support their request.

The message states that Binance is working to resolve the issue, however, the exchange’s Twitter (NYSE:) account has remained silent on the matter, leaving users in a state of uncertainty.

Flipsider:

  • No matter what Mykhailo Fedorov, the Vice Prime Minister of Ukraine, requested it to ban Russian accounts on top cryptocurrency exchanges.

What You Need to Care About

An all-encompassing ban on accounts belonging to millions of Russians would be a bad precedent. This could have a detrimental impact on crypto, which is just beginning its growth.

Terra Surpasses ETH in Terms Of Staking

Terra’s (LUNA) is basking in the euphoria of a recent surge in valuation, and has managed the impressive feat of leapfrogging 2.0 in terms of staking market cap. Recent events made Terra’s (LUNA) the 2nd largest Proof of Stake Network on the Market, having a staked worth of $30.32 Billion as of writing.

SOL leads the pack, with a staked valuation of $40.67 Billion. ETH is third at $28.5 Billion. With locked value of $22 billion to $18 billion, $12 billion and $12 trillion, respectively, (ADA, (AVAX and (DOT) are the top three spots.

Terra’s surge follows an 80% increase in its valuation over the last week. It climbed to $94.84 and is now the 7th most valuable cryptocurrency worldwide, behind Solana.

Flipsider:

  • Despite the jump, Terra’s staking rewards remain at 6.98%, an incentive that is dwarfed by Polkadot’s 13.84% reward.

What You Need to Care About

Due to the energy problems that are currently affecting Proof of Work blockchains, Proof of Stake may be seen as the next frontier of blockchain development.

Hackers Stole Nvidia’s Data

Nvidia (NASDAQ:) has disclosed that it suffered a security breach in the hand of a South American hacking group going by ‘LAPSUS$’. In February, the group stole approximately a Terabyte of company data and began extorting it.

As hackers attempt to bypass graphics cards, the security breach could cause serious problems for crypto mining operations. They offer an alternative way of simulating higher Ethereum mining rates. The group has also threatened Nvidia with claims that it will make the leading graphic tech firm’s drivers open source, should the company fail to meet the terms of the ransom.

Nvidia says that it is aware of the breach and claims that the attack will not affect the flow of business, or the company’s ability to serve their clients. The company’s statement revealed that they noticed the security breach on February 23rd, 2022.

Flipsider:

  • Ethereum is working hard to implement the transition from Proof-of-Stake to Ethereum in 2022, which will eliminate the need for any mining hardware.

What You Need to Care About

The rise in cryptocurrency adoption has seen mining hardware like graphics cards increase in value. Nvidia is a leading manufacturer of gaming graphics cards and crypto mining hardware.

New York’s NFT Vending Machine Lands

Neon, a digital art collection platform has launched the world’s first NFT vending machine in New York City to improve the accessibility of NFTs to users. Users will remain unsure of the NFT type they get from the vending machine because it has an added element of randomness.

NFTs are carbon-neutral and can be purchased with fiat currency. The NFTs are priced between $5.99 and $420.69. In the future, the company plans to place the machines in even more places.

The QR codes will be scanned in paper boxes by users to view their NFTs. This makes it easy and intuitive. Kyle Zappitell is the CEO of this project. He believes these machines can play an important role in NFT adoption by a larger audience.

Flipsider:

  • OpenSea was the victim of a hacker attack that resulted in losses exceeding $1.5 million and affecting more than 12 users.

What You Need to Care About

Artists can now make additional income from their work through NFTs, which have gained popularity. NFTs played an important role in the raising of funds to support Ukraine’s crisis.

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