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Jordan Lyanchev



Articles by Jordan Lyanchev

Bybit to Lay Off 30% of Workforce Amid Colder Crypto Winter

3 days ago

With bitcoin firmly standing below $20,000, it’s visible that the bear market still remains in the spotlight, which harms native businesses.
Miners and exchanges have been hit the hardest. Amid numerous trading platforms laying off staff members, the latest to join this trend is Bybit.
Bybit to Cut Off 30% of Staff
The overall cryptocurrency landscape is significantly different than what it was a year ago when prices were riding high, and there were new ATHs charted frequently. Now, though, the so-called crypto winter is in full force, following adverse macroeconomic events as well as several loud industry-related collapses, such as Terra and FTX.
Somewhat expectedly, the general investor sentiment has changed completely, which is evident from the declining trading

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Coinbase CEO: Even The Most Gullible People Should Not Believe SBF

3 days ago

Samuel Bankman-Fried took Do Kwon’s spot by becoming the most talked-about and arguably hated person in the cryptocurrency industry in November when his empire collapsed, and the community found out about his dirty laundry.
The latest to join the bashing fest is Coinbase’s CEO – Brian Armstrong – who had some strong words to say about people believing SBF’s most recent story.
Don’t Believe SBF
After a few weeks of staying quiet in the dark, Bankman-Fried finally broke his silence and made multiple public appearances, in which he made some shocking revelations about FTX, Alameda, and everything in between.
Among those was an attempt to explain one of the elephants in the FTX room – $8 billion, which was somehow missing from the company’s balance sheet and ultimately

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DOGE Soars 6%, BTC Stuck at $17K Amid Low Trading Volumes (Weekend Watch)

3 days ago

As it typically happens during the weekend, the trading volumes have gone down, which results in little-to-no price movements for BTC.
Most altcoins are in a similar position, with a few exceptions. Dogecoin is among them, following a 6% daily increase.
Bitcoin Boring at $17K
Last weekend was quite dull in terms of price actions, and BTC spent most of it around $16,500. Monday started with a price drop towards $16,000, but the bulls intercepted the move and didn’t allow any further declines.
More volatility was expected mid-week when the US Fed Chair Jerome Powell announced the latest interest rate hike, as well as the country’s job report, which came out on Friday.
However, both events didn’t deliver a lot of price action, unlike previous occasions. Bitcoin remained

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Bitcoin Remains Calm at $17K After Latest US Job Report (Weekend Watch)

4 days ago

The latest US job report brought some brief volatility for bitcoin, but the asset remained calm overall, around $17,000.
Most altcoins are also quite stagnant now, and the only exceptions are UNI, LEO, and QNT.
Bitcoin Calms at $17K
Following last weekend’s lack of any volatility, bitcoin headed straight south on Monday, dipping to $16,000. The bulls stepped up at this point and pushed it north to almost $17,000.
After a few days of being unable to break above that level, this finally happened on December 1 when the asset skyrocketed to $17,250, which became its highest price level in over two weeks.
Nevertheless, the generally bearish sentiment didn’t allow any further increases, and BTC returned to $17,000. This was expected to change yesterday when the US was set to

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Cronos-Based Algorithmic Lending Protocol Rug Pulls $600K From Users

5 days ago

CroLend, presenting itself as an algorithmic, autonomous lending protocol built on top of the Cronos network, has deleted all social media pages, the website doesn’t work, and its TVL has been drained to $0.
This prompted the community to argue that this is the latest example of a rug pull in the space.
Citing user information, PeckShield took it to Twitter earlier to inform that all relevant posts and sites associated with CroLend have been erased.
These include the Twitter account and Medium posts, while the website doesn’t work as of writing these lines.
According to DeFiLlama, the Total Value Locked on CroLend Finance has plummeted to $0 after peaking at almost $600,000 earlier.

#PeckShieldAlert A PeckShield community contributor has reported that @Crolend_io on

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FTX Leadership Misrepresented Bahamas Authorities’ Actions, Says AG

9 days ago

Following Sam Bankman-Frieds’ speedy exit, authorities in the Bahamas began investigating the collapse of the collapsed crypto exchange.
One measure taken was to freeze the assets of FTX Digital Markets – the Bahamian subsidiary of the company.
Speculation Not Welcome
In an address to the nation conducted via Facebook Live, Bahamas Attorney General and Minister of Legal Affairs Ryan Pinder praised the swift actions taken by the local regulators. He also cautioned would-be critics that the situation is not as simple as it seems and blaming Bahamas regulators for the meltdown would be a gross oversimplification of the matter.
“Any attempt to lay the entirety of this debacle at the feet of the Bahamas because FTX is headquartered here would be a gross oversimplification of

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BlockFi Files for Bankruptcy Following FTX Crash

9 days ago

Another former cryptocurrency giant has filed for Chapter 11 bankruptcy protection in the United States.
Thus, BlockFi has followed the example of companies like Celsius and Three Arrows Capital.
The cryptocurrency lender’s troubles began as the bear market intensified earlier this year, especially after the Terra collapse.
There seemed to be a lifeboat thrown by FTX a few months down the road as the exchange provided a $400 million loan to BlockFi and had the option to purchase the company for up to $240 million later on.
However, the once SBF-led giant crashed spectacularly earlier this month, which led to a new wave of problems.
Some reports emerged claiming that BlockFi was exploring filing for bankruptcy, but company reps refuted them at first.
Yet, the crypto lender

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Investing in Bitcoin Still Makes Sense, Says Tom Lee

10 days ago

Fundstrat’s head of research – Tom Lee – remains a bitcoin bull and believes the asset could serve as a proper investment tool for certain investors.
He added in a recent interview that the entire crypto industry had a horrific year, but he expects the upcoming 2023 will not be the same.
2022 has indeed been a bad year for crypto, with ‘bad’ being quite the understatement. From the declines at the start of the year due to macroeconomic events to the implosion of Terra, which, aside from wiping out two top 10 cryptocurrencies, started a domino effect that ultimately took down countless industry participants.
The landscape took another turn for the worse in November when one of the former giants – FTX and its associated companies – imploded.
With rumors circulating now

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ApeCoin Soars 16%, Dogecoin Taps 3-Week High (Weekend Watch)

10 days ago

Bitcoin keeps trading without any substantial movements, similar to the previous weekend, and seems stuck around $16,500.
Its dominance has taken another minor hit as some alts, such as Dogecoin and ApeCoin, have jumped by impressive percentages.
APE, DOGE Pump Higher
Most of the larger-cap alternative coins stand quiet today, with little-to-no movements, which is somewhat expected as the trading volumes are down again during the weekend.
Ethereum, Binance Coin, Ripple, Cardano, Polygon, Polkadot, Litecoin, Shiba Inu, OKB, and Solana are either with minor gains or insignificant declines.
Dogecoin is among the few exceptions. After pumping by double digits yesterday, DOGE is up by another 6% today. As a result, it has neared $0.1 for the first time in about three weeks.

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Despite Crypto Winter, Bitwise Files for Bitcoin Futures ETF in the US: Report

11 days ago

Over a year after the first Bitcoin futures ETF went live in the States, Bitwise has filed to launch its own such product.
This comes despite the ongoing bear market, which has seen prices decline and investor interest evaporate.
Citing a filing with the US regulators, the Bloomberg report informed that Bitwise’s product would be called Bitcoin Strategy Optimum Yield ETF, under the ticker BITC.
Similar to the previously approved ETFs in the US, this one would not hold the asset directly. Instead, it would offer managed exposure to BTC futures contracts on the Chicago Mercantile Exchange (CME) as well as investments in short-term debt securities.
BITC’s strategy is designed such that instead of its futures contracts automatically rolling into the next-available contract

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Amazon Reportedly Making a Docuseries on FTX’s Collapse

11 days ago

At just about any boozed-up weekend gathering, you’re almost guaranteed to hear the retort “Life is stranger than fiction” after any strange story.
Although this little witticism is often overused, the FTX saga is one of the few times the use of the phrase would be completely accurate.
Approached By Insiders
Earlier this month, Variety reported that Hollywood execs had already taken an interest in the FTX story, seeking a spiritual successor to similar films covering the failures of traditional finance, such as The Big Short. Two weeks later, the entertainment journal received confirmation that a show covering the downfall of FTX is already in the works.
According to Jennifer Salke – the head of Amazon Studios – the FTX docuseries will be created with the help of

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Weekend Watch: Dogecoin Skyrockets 13%, BNB Breaks $300

11 days ago

Bitcoin continues to display little-to-no price swings and stands still around $16,500.
Some altcoins, though, have significantly outperformed BTC, including Dogecoin and Binance Coin, both of which jumped to multi-week highs.
DOGE, BNB Soar
The altcoins were slightly in the red yesterday, but the landscape is quite different now, at least for some.
Binance Coin is among those. Amid the latest rumors around the world’s largest crypto exchange, BNB has jumped by 7%. As a result, it reclaimed $300 and tapped a three-week high at almost $320.
Dogecoin is another notable gainer. DOGE is up by over 12% on a daily scale and trades north of $0.09.

Ethereum had added 3% of value and has gone above $1,200 after dipping below that line yesterday. Cardano, Polygon, Polkadot,

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Iris Energy Slashes Bitcoin Mining Capacity Due to a Requested Loan

15 days ago

Iris Energy – an Australian crypto mining company whose main purview is the operation of BTC mining sites in Canada running on renewable energy exclusively – has recently ceased mining in two subsidiaries.
Nevertheless, the firm still maintains that its business continues to be profitable.
Immediate Repayment of Loan Demanded
The subsidiaries operating as Special Purpose Vehicles (SPVs) used Bitmain mining rigs financed by a $107.8 million loan from the New York Digital Investment Group (NYDIG), reads the company’s statement. Unfortunately, the crypto winter has shattered the faith many investors had in cryptocurrencies, leading to a demand for immediate repayment of the loan.
Due to a combination of adverse market conditions, an increase in mining difficulty as well as in

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Bitcoin Struggles Below $17K on Month-Low Trading Volume Day (Weekend Watch)

17 days ago

Bitcoin has not made any decisive moves in days as the asset remains stuck below $17,000. This is expected to an extent today, given the unusually low trading volumes.
As such, the alternative coins have stalled, too, with ETH struggling to sustain above $1,200.
Bitcoin Flat Below $17K
The past two weeks were highly different from one another. The previous one saw massive turbulence propelled by the collapse of once the third-largest cryptocurrency exchange FTX.
Bitcoin reacted with a quick nosedive from over $21,000 to a two-year low of under $16,000. The rollercoaster continued in the following few days, with BTC pumping above $18,000 before it dumped back down to $17,000.
This week, though, has been significantly less eventful in terms of price action. The

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$500 Million Hack Against FTX Turns Out to Be Bahamas’ Regulator Seizing Assets

18 days ago

The cryptocurrency industry saw the spectacular collapse of one of its giants earlier this month, which ultimately resulted in FTX filing for Chapter 11 bankruptcy.
Shortly after, though, there were suspicious movements from one of its accounts, many related it to a hack or even an inside job.
However, the Securities Commission of the Bahamas took it to Twitter to shed some more light on the events, informing that it was actually the watchdog that siphoned the funds.
The statement reads that the Commission, “in the exercise of its powers as regulator acting under the authority of an Order made by the Supreme Court of the Bahamas, took the action of directing the transfer of all digital assets of FTX Digital Markets Ltd. to a digital wallet controlled by the Commission, for

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$11K or $9K: Bitcoin’s Expected Bottom Based on Previous Bear Markets

18 days ago

The past year or so has not been kind to the primary cryptocurrency, following many industry and macroeconomic adversities.
Even though the asset has lost roughly 80% of its value since the all-time high last November, some estimations show that it could drop further, perhaps to the four-digit territory.
It was approximately a year ago when the industry was booming, led by the massive gains charted by the largest cryptocurrency. Perhaps fueled by the futures ETF launched in the US, bitcoin had pumped to $69,000, marking a fresh all-time high.
However, the tines began to change in the following months. Central banks tuned their monetary policies from printing excessive amounts of their respective currencies to raising interest rates, trying to battle the galloping inflation

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FTX’s Beginning of the End Traced Back to This Alameda Tweet: Analysis

18 days ago

After Hacktober, which saw countless DeFi projects being exploited for hundreds of millions of dollars in total, November was expected to be a calmer month for crypto. However, that was not the case as the industry saw one of the fastest, loudest, and most shocking deterioration of a giant – FTX.
An analysis by the risk-modeling firm Gauntlet outlined a tweet from Alameda’s CEO that changed the whole situation for the worse.
This Tweet Is to Blame?
Let’s rewind the clocks by two weeks when Binance’s CEO took it to Twitter to inform that the exchange plans to sell its entire stash of FTX tokens (FTT) due to some “recent revelations.” These came out of leaked documents showing that Alameda Research – the trading company founded by FTX’s CEO SBF – used mostly FTT for

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SBF Cashed Out $300M Following $420M FTX Fundraiser in 2021: Report

18 days ago

A new report by the Wall Street Journal claimed that the disgraced founder and former CEO of FTX took over 70% of the funds gathered from a funding round in October last year.
He used the Binance buyback deal to justify his actions.
CryptoPotato reported the fundraising round in October 2021 when FTX closed a $420.69 million Series B-1, bringing its total valuation to $25 billion at the time. Aside from the unusual and meme amount, the round saw the participation of exactly 69 investors.
Sam Bankman-Fried told investors back then that the funds will be primarily used to engage with regulators and improve general user experience as well as the overall platform performance.
While those promises were quite ordinary, the WSJ’s report claims that most of the money went in

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Weekend Watch: ApeCoin Up 7%, Algorand Soars 10%

18 days ago

Bitcoin continues to be unable to conquer $17,000 and struggles beneath that line on low Saturday trading volumes.
Most alts are quite stagnant today, with little-to-no substantial moves. Algorand is among the few exceptions.
Bitcoin Boring Below $17K
The past week was significantly different that the previous one, in which bitcoin experienced some of its most violent price declines following the rapid collapse of FTX. In a matter of days, the asset went from over $21,000 to under $16,000 to mark a new two-year low.
However, the bulls tried to intervene at this point and pushed BTC north to around $18,000. It failed there and returned back down below $17,000 this past Monday. Since then, it has remained relatively calm, around $17,000, but failed to breach that level

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Future Kraken CEO Lashes Out at FTX ‘Thieves’

19 days ago

As the public opinion of former crypto hotshot Sam Bankman-Fried continues to wane, criticism aimed at him and his business is only growing fiercer.
Jesse Powell, Kraken’s current CEO, who will be stepping down shortly, already criticized Sam Bankman-Fried for his attitude and hubris. According to Powell, SBF acted like he knew everything despite being late to the party and spent far too much money currying political favor.
Although Powell will be retiring from the position shortly, he will remain with the company and focus on crypto advocacy and more. His replacement, David Ripley, is the current COO of the company and is often credited with the mass growth of Kraken over the past few years.
Thieves, Not Frauds
In a recent interview with Fortune, Ripley took aim at FTX,

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Alameda, FTX in the Spotlight, BTC Loses $17K as Contagion Spreads: This Week’s Recap

19 days ago

After the previous week, which saw the deterioration of one of the largest crypto exchanges, this one was significantly less volatile in terms of price movements but quite eventful for reports popping left and right that revealed intriguing information regarding SBF, FTX, Alameda, and other involved parties.
Let’s start with the price developments. The primary cryptocurrency had already suffered a lot from the FTX meltdown, dropping from over $21,000 to a two-year low of $15,500 last week. It tried to recover some ground during the weekend and briefly hopped to $17,000 before it plummeted below $16,000 on Monday.
After another volatile trading day, BTC returned to $17,000 and spent most of the next few days there. It tried to conquer that line on a few occasions but to no

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Brian Armstrong Sells Over $1.6 Million in Coinbase Shares

21 days ago

As the ongoing FTX drama dashed hopes of the ongoing crypto winter ending, Coinbase was one of the few companies to come out and say that they suffered no exposure to the fallout.
Although Brian Armstrong, the CEO of the exchange, assured users that Coinbase would not suffer a similar fate, things don’t look especially rosy for the platform either.
Second Round of Layoffs This Year
Following an 18% reduction in the size of its workforce earlier this year, Coinbase recently laid off another 60 employees as a direct result of the current situation, according to Coinbase CFO Alesia Haas – all while hinting that this may not be the last round of cut-offs.
“If we see that there is going to be further depressed revenue, and if we believe this is going to impact beyond the

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Tether Reportedly Freezes 46M USDT on Tron Owned by FTX

27 days ago

Tether has become the latest industry company to get involved with the ongoing saga revolving around FTX by freezing over 46 million USDT.
The company said it had to comply with law enforcement agencies.
All eyes in the crypto industry have been set on FTX for the past several days, ever since Binance decided to sell its entire FTT stash following some discrepancies with Alameda Research’s balance sheet.
The turbulence in the following days included Binance agreeing to purchase FTX and later backing off the deal.
Several regulators and law enforcement agencies have begun probing the distressed crypto exchange, which seems to be affecting other industry participants.
Tether froze 46.3 million USDT, based on Tron, owned by FTX. A company’s spokesman attributed this decision

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SBF’s Apology: Vows FTX to Make Customers Whole

27 days ago

Sam Bankman-Fried issued an official apology following the collapse of his cryptocurrency exchange.
He talked about making customers whole and finding a solution that would be best for all parties involved.
FTX’s CEO took it to Twitter earlier on November 10 to shine some light on the current situation with his distressed crypto exchange.
At first, he apologized for the entire fiasco, and said he should have done better as he had made at least two big mistakes, including failure to calculate his company’s liquidity properly.

6) My sense before:
Leverage: 0xUSD liquidity ready to deliver: 24x average daily withdrawals
Actual:
Leverage: 1.7xLiquidity: 0.8x Sunday’s withdrawals
Because, of course, when it rains, it pours. We saw roughly $5b of withdrawals on Sunday–the

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Solana Jumps to 2-Month High After Google Runs a Validator Node (Weekend Watch)

November 6, 2022

Despite getting stopped at $21,500 and retracing by a few hundred dollars, bitcoin has still managed to stay above $21,000.
Most altcoins are calmer today on a daily scale, while Solana jumped to a two-month high at almost $40.
Bitcoin Still Above $21K
The start of November brought a lot of volatility for the primary cryptocurrency, mostly coming from US-related events. It began on Wednesday when the Federal Reserve said it will raise the key interest rates by 75 basis points, which sent it from $20,800 to $20,000 in a matter of minutes.
Nevertheless, the bulls stepped up at this point and helped bitcoin maintain the coveted $20,000 level. Two days later, the higher-than-expected US job report pushed the asset north, and BTC neared $21,000.
Despite failing at first at that

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Bitcoin Closes Highest Daily Candle Since September 12th (Market Watch)

November 5, 2022

Bitcoin initiated another leg up in the past 24 hours and charted a new two-month high.
Several altcoins have also marked impressive gains in the past 24 hours, including MATIC, which tapped $1.2 earlier today.
Bitcoin’s New Local Peak
The primary cryptocurrency went through enhanced volatility at the start of the month, as CryptoPotato warned before, following events coming from the United States. At first, the Federal Reserve hiked the interest rate by 75 basis points, which sent BTC south from $20,800 to $20,000.
However, the bulls defended that level, and when the higher-than-expected US job report came out two days later, bitcoin started gaining value. As such, it came close to $21,000.
Although it failed at that level during the previous two attempts to overcome it,

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Cloud Provider Bans Solana Nodes, Taking 40% Offline

November 4, 2022

Solana – which prides itself on being a decentralized censorship-resistant network – is, like any other blockchain, heavily dependent on cloud computing. As a result, it remains vulnerable to centralized providers, who can halt servicing the network at any time.
Yesterday, one of Solana’s main network providers decided to stop providing their services to entities running Solana nodes and took them all offline.
20% of Network State and 40% of Nodes Offline
Hetzner Online GmbH – the provider who took all Solana nodes offline – turned off more than 1,000 Solana nodes overnight. Although many are back up and running using the services of rival cloud computing providers, there is no guarantee a similar event won’t happen in the future.

Okay, we need to talk about Hetzner

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Bitcoin Taps 5-Day Peak on Higher Than Expected US Job Report

November 4, 2022

The US beat the expectations in terms of new nonfarm jobs reaching 261,000 such positions in October, rather than the estimated 205,000.
Bitcoin reacted with immediate price fluctuations, dropping by a few hundred dollars before shooting up to a five-day high.
CryptoPotato warned recently that there’re four major events coming at the start of November that could bring enhanced volatility to the crypto markets.
The first – FOMC meeting – took place on Wednesday and the Federal Reserve increased the key interest rates by 75 basis points – exactly as expected. Nevertheless, this sent BTC on a $1,000 rollercoaster that resulted in almost breaking below $20,000.
Earlier today, the world’s largest economy posted the results for nonfarm jobs in October, beating the estimations.

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Robinhood’s Crypto Revenue Dropped by 12% Last Quarter

November 3, 2022

As the valuation of cryptocurrencies wanes across the board, so do the revenues of platforms dealing with them.
Although primarily a stock trading platform, Robinhood added crypto to its portfolio back in early 2022. At the time, over 1.2 million people were on the waiting list to get a piece of the digital asset pie.
Unfortunately, the crypto market took a tumble shortly after – and the company’s revenues did too.
Stocks Are Up, Crypto Is Down
According to Robinhood’s quarterly earnings report, the company is still overall in the green, noting a 14% increase in total net revenues, bringing the total to $361 million.
The lion’s share comes from transaction-based revenue across stocks, options, and crypto. In total, these sources brought in $208 million over the past few

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Emergency Hotfix Deployed to Prevent Disruption to the Lightning Network

November 2, 2022

After the recent v0.15.3. update to the Lightning Network, a critical security vulnerability was discovered by independent cybersecurity researchers that would potentially allow bad actors to stop lnd nodes from parsing transactions.
A Lightning Network Daemon (lnd) is a full implementation of a Lightning Network Node, along with the services and plug-ins that allow it to connect to the rest of the Lightning network, a Layer-2 blockchain for Bitcoin that enables smart contracts to be run on the BTC network.
Update Released Mere Hours After Discovery
Thanks to watchful community member Burak’s work and responsive devs, hotfix v0.15.4-beta was released about three hours after the bug was discovered.
If left unattended, the bug could have stopped transactions going through if

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