Google is forming a group dedicated to blockchain and related technologies under the leadership of Shivakumar Venkataraman, an executive who spent more than a decade working on the company’s core business.

The CEO of the popular cryptocurrency exchange Crypto.com, Kris Marszalek, has confirmed that 400 accounts were hacked earlier this week after several layers of the exchange’s security were breached.

Technology giant Intel is set to enter the bitcoin mining industry with the release of a new “ultra-low voltage” BTC mining chip called “Bonanze Mine”. The chip is set to be introduced at this year’s International Solid-State Circuits Conference in February.

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Top stories in the Crypto Roundup today:

• Google Forms Blockchain Group Amid Crypto Push
• Crypto.com Acknowledges 400 Users Were Hacked
• Intel to Unveil ‘Ultra-Low Voltage’ Bitcoin Mining Chip~
• What is Polkadot?
• Sponsored: Score Up to $80 in Rewards with Bybit

Google Forms Blockchain Group Amid Crypto Push

Google is forming a group dedicated to blockchain and related technologies under the leadership of Shivakumar Venkataraman, an executive who spent more than a decade working on the company’s core business.

Venkataraman, an engineering vice president for Google’s parent company Alphabet, is now running a unit focused on “blockchain and other next-gen distributed computing and data storage technologies.”

To date, Google has offered cloud services to cryptocurrency companies, but has otherwise stayed away from the space. Google’s payments and commerce president has recently said the firm pays “a lot of attention to crypto” while the firm has recently hired a former PayPal veteran to further explore crypto payments.

Google’s blockchain technology unit is said to be relatively small compared with other product areas.

Crypto.com Acknowledges 400 Users Were Hacked

The CEO of the popular cryptocurrency exchange Crypto.com, Kris Marszalek, has confirmed that 400 accounts were hacked earlier this week after several layers of the exchange’s security were breached.

On Monday, Crypto.com suspended withdrawals on its platform over reports of “unauthorized activity,” before requiring users to sign back into their accounts and reset their two-factor authentication.

Marszalek said that after the breaches were detected, Crypto.com quickly halted withdrawals and went “back online in about 13 to 14 hours” after fixing the issue. Per the CEO, all affected user accounts “were reimbursed so there was no loss of customer funds.”

He added that “given the scale of the business, these numbers are not particularly material and customer funds were not at risk.” On-chain data suggests the firm lost $15 million in ETH, which were laundered via Tornado Cash.

Intel to Unveil ‘Ultra-Low Voltage’ Bitcoin Mining Chip

Technology giant Intel is set to enter the bitcoin mining industry with the release of a new “ultra-low voltage” BTC mining chip called “Bonanze Mine”. The chip is set to be introduced at this year’s International Solid-State Circuits Conference in February.

Intel has reportedly prepared a presentation to outline the new Bonanze Mine chip that describes it as an “energy-efficient Bitcoin mining ASIC.” It isn’t yet clear if the firm will release the new chip to the public or keep it embedded in a research project for now.

In October, the firm announced its graphics cards would not include restrictions on cryptocurrency mining, in response to plans by rival NVIDIA to makes its cards “less desirable” for Ethereum miners.

What is Polkadot?

Polkadot is a blockchain network often described as a “blockchain of blockchains,” as it allows users to launch and operate their own blockchains on top of the main Polkadot blockchain. This main blockchain, called the relay chain, does not support smart contracts, but other blockchains connected to it can support them.

As a result, Polkadot is set to become a growing ecosystem of cryptocurrencies that competes with other smart contract networks such as Ethereum, the Binance Smart Chain, and more. It was launched in 2020 and brings a number of technical features that help it reach its goal.

The user-created blockchains, called parachains, benefit from the same security of the relay chain where transactions are permanent, but can be customized by the users. Polkadot’s design allows it to become a network of blockchains with secure transactions and varying features, all while using the resources of its relay chain.

DOT is the native cryptocurrency of the Polkadot network and serves as its governance token. DOT holders can stake their tokens to vote on network upgrades and help decide the future of Polkadot by actively participating in its governance.

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