List of the most stressful events in the cryptocurrency and blockchain industry in 2021

2021 is one of the most important years for the blockchain and cryptocurrency industry in terms of adoption and adoption. From governments like El Salvador to large corporations like Tesla, Goldman Sachs, Bank of America, and Morgan Stanley, many organizations have taken action as part of the ecosystem.

However, there are still many issues and situations that have driven the thinking of crypto investors and the wider community down.

US SEC Denies VanEck Spot Bitcoin ETF Approval

Bitcoin hit an all-time high on November 10 after the United States Securities and Exchange Commission (SEC) approved ProShares' Bitcoin futures exchange (BTC) in October, according to data from Cointelegraph Markets Pro, based on data from Cointelegraph Markets Pro. It rebounded to $ 68,789.63. The trading principle of the ProShares Bitcoin Strategy ETF is BITO, and in terms of natural commodities, this is the first day to list the highest trading volume of any ETF, indicating a high reserve on the ETF BTC.

Shortly thereafter, on November 12, financial executives rejected Van Eck's request for a Bitcoin ETF, and the price of bitcoin began to decline.

VanEck CEO Jan van Eck is not happy with this disclaimer.

“It's a bummer that the SEC today refuses to approve the physical Bitcoin ETF. We believe investors should be able to get the #BTC directly from the hedge fund. Future ETF modeling is a very good solution. @tyler @gaborgurbacs "

VanJan van Eck (@ JanvanEck3) 12 november 2021

It has been more than eight years since the Winklevoss Twins attempted to launch the Bitcoin Trust in July 2013, and efforts were made to gain ETF approval from the US SEC. So long ago and descriptions around cryptocurrencies were traded, but the US SEC, led by Gary Gensler, has yet to approve the Bitcoin spot ETF.

Eric Balchunas, senior ETF analyst at Bloomberg, commented on the SEC denial. Balchunas commented on the rejection of several ETF applications by the US SEC. He has become an important voice following the development of new ETFs for cryptocurrencies like Bitcoin and Ethereum.

“He (SEC) doesn't like you (Apply for Spot Bitcoin ETF) = The content of @JSeyff's kind words today explains that the Bitcoin site is too promising. The design of the US SEC is very high.” People may not agree. I can only conclude that I don't want this to happen. "

- Eric Balchunas (@Eric Balchunas) 18 novembre 2021

Ethereum network: Controlled gas costs

The ETHereum network became a major overhaul in 2021. The London Hard Curve Ethereum Improvement Proposal (EIP) 1559 pushed ETH down the deflationary path. At the time of publication, 1,244,400 ETH had been burned and valued at over $ 4.96 billion.

The value of Ethereum GAS has also increased due to the introduction of Impact Management which has increased Financial Services Enterprise Protocol (DeFi) in the blockchain and the growth of Ethereum-based NFTs in the field. of cryptography. The GAS value will continue to exceed 100 Gwei before 2022. "Gwei" is the lowest of ETH, equivalent to 0.000000001 ETH.

On February 23, the GAS price of the Ethereum network reached an annual high of 373.8 Gwei. From May to August, GAZ prices appear to be under control, but have seen a lot of competition since then, which is particularly bad for investors in the DeFi market. This has led some DeFi protocols and traders to choose other blockchain networks such as Binance Smart Chain, Solana, Polygon, and others.

To resolve the issue on an ongoing basis, Ethereum co-founder Vitalik Buterin requested changes to EIP 4448 and EIP 4490. This would be a temporary solution that relies on a method called data paper sharding to reduce the 'space. - Rollup of the blockchain.

However, it remains to be seen whether the deal will go beyond the network governance structure and the real impact of the GAS cost reduction reform.

Solana Network: Network failures and DDoS attacks

Solana was launched in April 2019 and has quickly grown into one of the top blockchain networks with a total net worth (TVL) of almost US $ 12 billion. The network's symbol, SOL, has increased in value almost 130 times while it is currently valued at around $ 180. The token hit a record high of $ 260.06 on November 7.

However, on December 4 at 13:46 UTC, the Solana network crashed for almost 6 hours. The mainnet test version has stopped generating blocks of block 53,180,900, making it impossible to identify blockchain updates. The attack was criticized by many marketers and developers who criticized the network on Twitter.

DeFi Pulse co-founder Scott Lewis was one of the critics, referring to Serum data orders proving there were no "real consumer orders".

“Hey! Someone forgot to open 'real user, not robot' for Serum. Now Solana is back.

No new commitments in the last 2 hours? "

-Ξ (@scott_lew_is) January 4, 2020

This is not the first impact Solana has faced this year. Already on September 14, the distributed denial of service (DDoS) attack against IDOs by the Grape protocol caused the network to crash for 17 hours between September 14 and 15. In DDoS attack, several combinations of shared devices or botnets use malicious traffic to establish network connection and try to take it offline.

Shortly after the second attack on December 4, the network was hit by another DDoS attack on December 9. Although the attack temporarily crippled the network, it remained online throughout the attack.

Despite this opposition from criticism of Solana's design and historical consensus, developers still seem confident in the network's potential. Solana co-founder Raj Gokal describes the DDoS attack on Twitter.

"If @solana didn't help the community monitor these metrics, if you were lying or kept lying, if you were competing for the hat and bouquet at Hater's Ball ...

Save before you're ready to do the hard work of measuring your cryptocurrency.

Back before that. "

- Raj Gokal ?? (@rajgokal) 12 novembre 2021

Following the DDoS scandal, Solana's work on channel improvement has seen significant growth in the daily rollout of GitHub. In fact, from November 12 to December 13, the network overtook Polkadot and Cardano to become the largest blockchain network.

Binance Smart Chain: security vulnerability

Binance Smart Chain is a subsidiary of Binance Chain, two blockchains created and managed by the Binance cryptocurrency exchange. BSC was first announced in April 2020 and will be released soon in August 2020.

Since then, the network has evolved into the second most used blockchain for sending legitimate applications after Ethereum. According to data from DefiLlama, TVL via the Internet DeFi protocol represents nearly 17 billion dollars. TVL hit a full-time high of $ 31.72 billion on May 10.

However, since its release, networks and the processes that run through them have had a negative impact on security. Below is a list of some of BSC's DeFi protocols that have been plagued by security breaches and attacks.

PancakeBunny: Lightning Loan Loophole Causes $ 200 Million Loss

Spartan Protocol: Vulnerability Costs $ 30 Million in Losses

Uranium Finance: $ 50 million stolen

Meerkat Finances : Project Party Runaway perd 31 millions de dollars

pNetwork: $ 12.7 million in BTC lost due to hacker attacks

Finances bogged down: $ 3 million lost due to Flash Loan Loophole

BurgerSwap: Loss of $ 7.2 Million in Security Breach

Belt Financial: Loss of $ 6.3 million

Since the above list is not exhaustive, it can be said that hackers and security breaches cost hundreds of millions of dollars within 18 months of BSC network operation. In addition to this insecurity, the PancakeSwap exchange has also faced a number of phishing attacks.

However, the Binance ecosystem is working to address this issue in several ways. The latest effort is the introduction of Project Shield, security software that adds an extra layer of protection for users trying to access BEP-20 and ERC-20 tokens on Binance Exchange.

The future is full of endless possibilities

As these events and pressures rocked the cryptocurrency community in 2021, it's clear that the growth of digital payments is higher than ever.

With the rise of emerging technologies such as NFT, GameFi, and Metaverse, the crypto industry is preparing for the next major event in gaming, gaming, music, and finance, and any new development will change these industries. for the best.