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What occurred in cryptocurrency over the weekend?

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OpenSea Raises Concerns Over Potential Security Breach; Board Member Steps Down at Celsius’ NewCo; Bitcoin Miners Found by Venezuelan Authorities in Police Raid, and More.

OpenSea Alerts API Users of a Possible Third-party Security Breach The Nonfungible token (NFT) marketplace, OpenSea, has issued a warning to its users regarding a security incident involving one of its third-party vendors, which may have exposed users’ OpenSea API keys.

The NFT platform has stated that they do not anticipate an immediate impact on users seeking to integrate with their platform, as per a recent email communication.

“However,” OpenSea explains, “external parties could potentially use your key, exhausting its allocated rate limit.”

An application programming interface (API) key is a code used to identify an application or user, serving as a means of authentication in computer applications. According to OpenSea, its API assists developers in crafting experiences using NFTs and accessing marketplace data.

OpenSea is urging its users to deprecate their existing keys immediately and replace them with newly generated keys, which will possess the same permissions and rate limits as the previous ones.

Existing keys will expire on October 2, as confirmed by OpenSea.

The extent of the security breach’s impact on users and the nature of the information that may have been compromised have not been disclosed by OpenSea.

On September 20, blockchain analytics firm Nansen reported a similar breach that led to users losing emails, passwords, and blockchain addresses. Nansen states that only 6.8% of its users were affected within the first 48 hours of the security breach.

These two security breaches have raised questions within the community about a potential connection between them.

Arrington Capital Founder Resigns from Celsius NewCo Board Michael Arrington, the founder of Arrington Capital, has officially announced his departure from the board of directors of NewCo. NewCo is the entity that will ultimately be owned by Celsius creditors and managed by Fahrenheit.

Arrington disclosed this decision in a post on September 24 but did not elaborate on the reasons behind it.

According to a filing on September 23, Ravi Kaza, an investor and advisor to Arrington Capital, will fill Arrington’s position on the NewCo board.

U.S. Bitcoin Corp, Arrington Capital, Proof Group, Steven Kokinos, and Ravi Kaza will provide the necessary capital, management team, and technology to support the launch of the new company, in accordance with Celsius’ Chapter 11 bankruptcy plan.

Arrington, who also co-founded TechCrunch, did not provide specific reasons for his departure but cited disagreements regarding the board’s composition and the role of board observers as contributing factors. He expressed his continued commitment to supporting Celsius creditors and shareholders through Fahrenheit.

Venezuelan Authorities Discover Bitcoin Miners During Prison Raid A recent police operation in a Venezuelan prison led to the confiscation of rocket launchers, bullets, grenades, and unexpectedly, Bitcoin mining machines.

The raid on Venezuela’s Tocoro prison was confirmed by Venezuelan military officer Domingo Hernández Lárez in a statement on September 20. Additional details were provided by the Agence France-Presse on September 21.

According to AFP, 11,000 law enforcement officers and soldiers stormed the prison operated by Venezuela’s Tren de Aragua gang, where they discovered Bitcoin miners, among other items.

“Authorities revealed that they seized bitcoin machines, sniper rifles, explosives, rocket launchers, and grenades at the scene.”

Several videos circulating online show a building filled with Bitcoin mining machines.

Earlier in the month, Chilean police uncovered 19 Bitcoin mining machines during a raid on a house believed to be linked to drug trafficking, as reported by local media outlet El Mostrador.

Mixin Network Faces $200 Million Exploit in Cloud Service Cryptocurrency platform Mixin Network has reported that its cloud service provider fell victim to an attack on September 23, resulting in an estimated loss of $200 million in assets on the mainnet.

In a statement on September 25, the firm revealed that deposit and withdrawal services on the Mixin platform have been temporarily suspended as a precaution.

“Once vulnerabilities are confirmed and resolved, these services will be reinstated after discussion and consensus among all nodes. During this period, transfers will not be affected,” the platform assured.

Mixin Network has indicated that they will soon announce their recovery plan. Founder Feng Xiaodong will explain the incident in a public Mandarin livestream on September 25 at 5:00 am UTC.

Blockchain security firm SlowMist has reported its involvement in the investigation, and Mixin Network has reached out to Google for assistance as well.

Mixin Network operates as a peer-to-peer transactional network for digital assets, having been established in 2017 and securing over $1 billion in value on its platform, according to the firm’s website.

Other News United States-based law firm Fenwick & West, which previously provided services to the now-defunct cryptocurrency exchange FTX, has responded to a class-action lawsuit against it, asserting in a filing on September 21 that it did not assist in the exchange’s alleged fraudulent activities.

Coinbase has obtained Anti-Money Laundering (AML) compliance registration from Spain’s central bank as part of its ongoing expansion across Europe. Spanish users will retain custody of their crypto assets on Coinbase and continue buying and selling crypto in Euros

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.