Russia is exploring cryptocurrencies for cross-border transactions as sanctions over the Ukraine invasion begin to bite the Russian economy, experts said.
They believe that Russia is actively exploring the potential of cryptocurrencies for international trade. As the war continues, Moscow is keen to bypass the sanctions by using cryptocurrencies for cross-border trade, Binance reported.
The global sanctions over Russia’s invasion of Ukraine, they say, have hit hard the Russian economy, and that may threaten its military goals.
Level Finance Loses $1 Million In Hacking Attack
Crypto exchange Level Finance lost $1 million worth of tokens after an attacker reportedly manipulated a “claim multiple” bug in its smart contract.
The hacker stole more than 214,000 LVL tokens from the exchange.
Media reported that the attacker exchanged the stolen tokens for 3,345 Binance (BNB) coins worth $1.01 million. The exchange reportedly revealed the theft this week on Twitter, where it has some 20,000 followers.
Sotheby’s Launches NFT Marketplace
Luxury auction house Sotheby’s said that it developed an on-chain sales system for people to purchase NFTs on the Ethereum and Polygon networks.
Sotheby’s on-chain marketplace enables digital art collectors to buy secondary NFTs. Although there are already several NFT marketplaces that facilitate peer-to-peer sales of digital artworks, Sotheby’s seeks to distinguish itself by providing a “curated selection of prominent artists” chosen by its experts.