In May of 2021, Singaporean cryptocurrency exchange Crypto.com accidentally reimbursed two sisters from Melbourne AUD$10.5 million. There was a mistake with the payment box, and money was sent to the wrong account because of it. Manivel Thevamanogari has already used a portion of the money to purchase a mansion with five bedrooms in Craigieburn for AUD$1.35 million. The problem initially surfaced in May of 2021, but it wasn't discovered until the end of the year during the yearly audit in December of that year. She was warned of contempt of court charges unless she sold the property and returned the remaining funds. In October 2022, the court will hear the matter again.
Blockchain has made headlines recently for using more energy than airlines or even entire countries. Different types of chains have different impacts on the environment based on how they're designed. The proof-of-stake (POS) model is significantly more energy-friendly than the traditional Proof of Work (POW) model. Blockchains operate differently than traditional IT systems. Different types of chains have different impacts on the environment based on how they're designed. Proof-of-work (POW) is what's behind traditional "mining," where miners compete to solve a mathematical puzzle. The Bitcoin Foundation has switched to a more energy-friendly model of proof-of-stake. Proof-of-stake (POS) requires those working on the chain to have skin in the game. POS also reduces power consumption and accelerates the handling of transactions. The model is being adopted by big names in the industry such as Bitcoin, & Ripple.
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