👻 Solana's outages continue to haunt blockchain platform

👻 Solana's outages continue to haunt blockchain platform 🔍 11 cryptocurrency-related "Ponzi scheme" companies are currently investigated by California regulato 😐 Transit Swap hacked for $21 million

GM, vEmpions! Our motto today here is: "Make it quick, make it simple, make it easy"

This is because we live in a fast-paced world where everyone wants everything to be quick, simple, and easy. This is especially true when it comes to the internet and crypto technology, with blockchain now becoming increasingly common in our everyday lives.

Stop for a moment and check out what's been happening in the space:

👻 Solana's outages continue to haunt blockchain platform

🔍 11 cryptocurrency-related "Ponzi scheme" companies are currently investigated by California regulator

😐 Transit Swap hacked for $21 million

Solana's outages continue to haunt blockchain platform

Seems like Solana just can't catch a break. The blockchain platform has suffered another major outage, this time due to a misconfigured node. This is the fourth time since January that Solana has had major issues, according to data from the company.

This most recent outage comes exactly one year after a nearly 18-hour long outage in September. It's been a tough year for Solana, as the bear market has sent SOL, the No. 9 coin by market cap, down 81% since the beginning of the year and these outages haven't helped. Solana Foundation reported that the network was "experiencing degraded performance" at 7:01 pm EST on Friday night and that Solana developers were working on diagnosing the issue. Shortly after, Solana posted that the network is "experiencing an outage and not processing transactions."

Solana has always been hyped as an "Ethereum killer" but has yet to live up to that title. The platform has been growing in use and adoption recently, but it seems like every time Solana starts to gain some traction, an outage knocks it down.

Let's hope this is the last we hear of Solana outages for a while. The platform has a lot of potential but needs to get its act together if it wants to be taken seriously as a major player in the blockchain space.

11 cryptocurrency-related "Ponzi scheme" companies are currently investigated by California

DFPI, the US state of California regulatory agency responsible for the supervision of securities transactions and licensees, has launched an investigation into 11 cryptocurrency-related businesses, accusing them of violating securities laws, claiming their business model is a "Ponzi or pyramid scheme".

The DFPI said in a statement that the companies being investigated had all offered unregistered securities to customers and had sought funds from investors to trade cryptocurrencies on their behalf.

Some of the companies in question include Pegasus, Elevate Pass, Remabit, and World Over the Counter Limited.

The regulator has asked the companies to cease and desist from their activities and is warning the public not to engage with them. DFPI had issued a similar warning against cryptocurrency lender Nexo earlier this year.

Some of those can indeed a ponzi scheme, but many people don't really understand what that is. The basic idea of a Ponzi scheme is to use new investors' money to pay off older investors, giving the impression that the investment is profitable and sustainable.

In reality, of course, the scheme is not sustainable and will eventually collapse when there are not enough new investors to keep it going. So the general rule of thumb with an investment is, if it sounds too good to be true, it probably is. And that's especially true with cryptocurrencies, which are already highly volatile and risky.

In the end, if you're thinking of investing, properly research the companies you're thinking of investing with, and make sure you understand the risks involved.

Transit Swap hacked for $21 million

Transit Swap, a multi-chain DEX (decentralized exchange) got hacked and lost $21 million. The hacker exploited a bug in the swap contract. Transit Swap has issued an apology to the users and says that it is currently trying to track down the stolen funds.

"We are deeply sorry" stated the Transit Swap team while revealing that a bug in the code allowed a hacker to make away with an estimated $21 million. Blockchain investigator Peckshield issued a report which narrows down the attack to a compatibility issue or misplaced trust in the swap contract.

It is still not clear how the hacker was able to exploit the bug and make off with the funds. The team is currently investigating the matter and says that they will provide more information as soon as it is available.

The hacker situation in crypto space is becoming more and more dire with each passing day, and if something is not done to fix the security issues, we’ll get more hacks in the future. This is how you lose trust in DEXs and crypto in general - $21 million gone in a flash. We can only hope that the team at Transit Swap is able to track down the stolen funds and bring the hacker to justice.