🚨 Ledger leaks user safety?

All Things Flooz newsletter is for innovators, creators and traders.

Flooz

5 min read May 24, 2023


Talking points

  • 🐸 The frogs keep leaping

  • 🔐 Ledger leaks seed phrases?

  • 🪙 Ripple unleashes CBDC mania

Quick Market Outlook 👀

Every week, the market provides us with some interesting scenarios. We have seen exchanges collapse, banks collapses and economies scared, but we continue to survive and thrive.

So, what does the market look like?

Here are some interesting thoughts…

It seems the market wants to move up, but it is taking some time, so in the meantime, be careful falling into traps and make sure to stick to a plan!

As always, check yourself before you wreck yourself!

🐸 The frogs keep leaping

We have a new sensation hopping its way to the top! Say hello to Bitcoin Frogs, the ribbeting non-fungible token (NFT) collection that's making a splash in the digital art world.

These slimy yet stylish amphibians have leapt past the competition, leaving even the esteemed Bored Apes trailing in their wake.

Bitcoin Frogs

Since its launch in late February on the renowned Bitcoin Ordinals platform, Bitcoin Frogs has been causing quite a buzz. The latest figures reveal mind-boggling trading volume, with over $2.2 million worth of these unique frog collectibles changing hands. Picture 10,000 quirky frog-inspired NFTs, each minted directly on the Bitcoin Blockchain. That's the magic of Bitcoin Frogs, my friends!

Curious to know the current market price? As we put pen to paper, these wily amphibians are selling for a hop-worthy price of 0.12 bitcoin (BTC), or over $3,200 per NFT.

But that’s not all!

Buyers and sellers alike are shelling out trading fees ranging from a modest $50 all the way up to a jaw-dropping $1,200. Talk about making a splash on the market, right? Our froggy friends have been making quite the racket, with a staggering 627 individual transactions recorded. In comparison, Bored Apes, the heavyweight champions of the NFT world, managed a mere 11 transactions. But hold your tadpoles—here's the catch: Bored Apes commanded prices well over $83,000 per NFT. It's clear that Bitcoin Frogs are not just hopping, but leaping ahead!

Now, here's where things get even more interesting…

NFTs issued directly on Bitcoin have been making waves since the debut of the Ordinals Protocol earlier this year. This revolutionary protocol allows users to embed data onto the Bitcoin blockchain by inscribing references to digital art into small bitcoin-based transactions and guess what? The number of these so-called Ordinals "inscriptions" has already surpassed the staggering 3 million mark this month. Talk about making history!

But with great popularity comes great responsibility, as the saying goes. The soaring demand for Bitcoin-based NFTs has led to a spike in Bitcoin fees, reaching heights not seen in two years, and let’s just say that the Bitcoin community isn’t exactly happy about it.

So, if you’re a frog enthusiast, then this might just be what you are after, although, they are coming at a hefty price, so make sure to think twice before leaping into a decision!

🔐 Ledger leaks seed phrases?

Hold onto your digital wallets, because this story keeps going, and it will make you question the security of your crypto kingdom.

Ledger, the popular crypto wallet maker has managed to dig themselves into an even deeper public relations hole, and the crypto community is buzzing with concern.

It all started with a series of eyebrow-raising tweets from Ledger Support. In a twist that could make your virtual keys tremble, they casually mentioned that it was always possible for the company to extract users' keys. Yep, you read that right. According to them, Ledger has the power to make your precious assets vulnerable, but rest assured, they claim they haven't done so... yet.

So, how did this all start?

Well, it came from Ledger releasing their new firmware update, which confirmed that users can recover their seed phrase through a series of processes. Now you can understand why this may have caused a stir, right? Ledger is known as the most secure cold storage wallet in crypto right now, and this has caused many to think the opposite and question why Ledger would do this.

Crypto enthusiasts are up in arms, fearing that this unconventional backup option could leave their keys vulnerable. After all, the whole point of a hardware wallet is to protect against the risks of other storage options. The crypto community is shouting from the digital rooftops, questioning Ledger's commitment to privacy and security.

But… does that mean Ledger is no longer safe to use?

Not exactly, as horrible as this may sound for Ledger users, you’ll be happy to know that this recovery option is exactly that, an option! You have to opt-in for this to be enabled and there is also a few verification steps to fill out before it can actually be in place.

So, is Ledger to still be trusted? As a company, it is certainly questionable, and they have let a lot of loyal users down, and if you have a lot of crypto and need a place to store it, perhaps you may want to check the facts out for yourself and make an educated decision, but either way, this is not a good look for Ledger and hopefully, this is resolved soon!

🪙 Ripple unleashes CBDC mania

After years of struggle and uncertainty, Ripple is finally making waves in the world of central bank digital currencies (CBDCs). Brace yourselves for a thrilling ride as we dive into Ripple's groundbreaking platform, giving central banks, governments, and financial institutions the power to create their very own digital currencies.

Ripple's revolutionary platform allows government institutions to take the reins and customize every aspect of the CBDC life cycle. From minting to distribution, redemption to token burning, they've got it all covered. It's a one-stop shop for CBDC management and control and Financial institutions can also participate in inter-institutional settlement and distribution functions using this cutting-edge CBDC platform.

Central banks now have the freedom to issue both wholesale and retail CBDCs, opening up a world of possibilities for offline transactions. Yes, you read that right! These digital currencies can be used even when you're not connected to the online realm. It's a game-changer, my friends!

However, it doesn’t stop there, oh no…

Ripple's platform is no ordinary creation, it's an upgraded version of their Private Ledger, initially launched in 2021 for CBDC issuance. This powerful platform is powered by the XRP Ledger but built on a brand-new private ledger, taking security and efficiency to new heights.

Now, let's talk about Ripple's show-stopping use case. They're teaming up with the Hong Kong Monetary Authority, the de facto central bank, to showcase their platform under the e-HKD pilot program. This collaboration will demonstrate the immense potential and practicality of Ripple's solution.

On top of this, Ripple is set to be working with a host of other banks and institutions who are ready to get their hands on this long-awaited technology.

Now, after all that, we’ve got to be done, right? Well, it seems Ripple’s multiyear lawsuit with the SEC took a move in the right direction after the judge favored Ripple and denied the SEC’s motion for some rather important aspects that the SEC desperately wanted to protect.

And finally, yes we know, this one was packed with information. Ripple has just acquired Metaco for $250 million, which is a Switzerland-based crypto custody firm that makes technology that allows financial institutions to store and manage digital assets.

So, there it is… Ripple seems to be on the road to repair with the SEC potentially suffering a loss in the near future, which for crypto could be a huge win and potentially open the floodgates for further improvements and protection in the US.

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