24 July


9:37 PM UTC
24 July


9:37 PM

Crypto News – December 27

Mark Cuban Doubles Down on Bitcoin While Dissing Gold

Billionaire tech entrepreneur Mark Cuban is still bullish on Bitcoin, saying that he wants the price to continue dropping.

“I want Bitcoin to go down a lot further so I can buy some more,” Cuban said in an appearance on comedian Bill Maher’s “Club Random” podcast.

The owner of the NBA’s Dallas Mavericks said that investing in gold wasn’t worth it, adding that he much preferred digital assets. Cuban, who is worth $6.25 billion, has long praised cryptocurrencies—particularly Bitcoin, Ethereum and Dogecoin.

“Gold is a store of value and so is Bitcoin,” he said, after Maher suggested the comparison. “If everything went to hell in a handbasket and you had a gold bar you know what would happen? Someone would beat the fuck out of you or kill you and take your gold bar. It’s useless.”

The investor added that owning gold today is just owning a digital transaction, anyway, so he much preferred to invest in Bitcoin.

Bitcoin right now is trading for $16,844, according to CoinGecko, over 75% lower than the all-time high of $69,044 it hit last year. Gold and silver have fared much better as investments in 2022. Despite the crypto market and U.S. equities taking a beating, the metals have more or less held their value. Gold is now trading for $1,800 per ounce; this time last year it was $1,807.

Rubic cross-chain exchange hacked, $1.4 million in user funds stolen

On December 25, 2022, The Rubic cross-chain exchange suffered an exploit in which attackers were able to siphon a total of around $1.4 million in user funds from their wallets. The exploit was enabled by an error by the project team, who erroneously added the USDC stablecoin address as a router, which allowed attackers to arbitrarily withdraw USDC held by Rubic users.

The hacker then transferred the stolen funds through the Tornado Cash cryptocurrency mixer.

Rubic paused their project to limit further thefts, and stated they would pursue audits before coming back online. They also stated that they would “strive to compensate for the losses”.

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