Blockchain Bites: Bulls Reborn, Backrunning Bots, Bitmain Blowout

You're reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they're significant.

A chain reorg occurs when a party gains more hashing power than the rest of the network miners, allowing them to rewrite the chain's history and "Double-spend" its crypto.

In late July, hackers moved more than 807,000 ETC from an unspecified crypto exchange to several wallets, according to Bitquery.

"Our political situation is somewhat unstable, and Ukrainians are tech savvy, so this combination creates incentives for people fleeing from fiat to crypto," Gleb Naumenko, a Ukrainian Bitcoin developer who recently got a $100,000 grant from BitMEX, said.

Regulators are working with crypto entrepreneurs to develop a framework to support crypto, which could remain a competitive jurisdiction for crypto startups, Alex Bornyakov, deputy minister for digital transformation, said.

Three days ago David Portnoy, founder of Barstool Sports, invited the Winklevoss twins to explain bitcoin to him.

As Nathaniel Whittemore noted, Portnoy admitted he didn't know how to buy bitcoin, found wallets confusing and claimed he may have already lost his stake - all potential barriers to entry to less-savvy individuals.

Bitcoin rose to $11,755 and is now approaching $12,000 for the second time in a week, a level that bitcoin hasn't sustainably traded above for more than a year.

Bulls RebornAnil Lulla, COO of Delphi Digital, thinks crypto is due for a bull run.

Converging forces of the larger, inflationary economy is the test case for bitcoin and a trend of investors reallocating capital away from "Ghost protocols" into more promising DeFi applications.