Guests staying at Palazzo Versace Dubai have, since September 7, had an option to settle payment for services rendered via cryptocurrency. The hotel also plans to add the crypto payment option to its e-commerce platforms to enable guests to pay for gift vouchers using digital currencies.
Cryptocurrency Infrastructure Provider
A luxury hotel based in Dubai, Palazzo Versace, recently said it would allow guests to pay for services offered at its premises using cryptocurrency. As stated in a Business Traveller report, starting on September 7, guests staying at Palazzo Versace Dubai are able to settle their respective hotel bills using bitcoin, ethereum, and binance coin (BNB).
According to the report, Binance, one of the world’s largest crypto exchange platforms, is the luxury hotel’s “cryptocurrency infrastructure provider.” Besides allowing guests to use crypto when paying for dining, stays and spa experiences, the hotel will also accept crypto payments from guests using its e-commerce platforms to buy gift vouchers and items in the flower shop.
By accepting crypto, Palazzo Versace Dubai joins the growing list of businesses operating in the country that have embraced cryptocurrency.
‘Pioneers of Innovation in the Hospitality Business’
Meanwhile, the managing director of Palazzo Versace Dubai and founder of Palazzo Hospitality, Monther Darwish, is quoted describing the hotel’s decision to accept crypto payments as one for the future. Darwish said:
We continue to be the pioneers of innovation and growth in the hospitality business. Accepting cryptocurrencies as payments is yet another innovative step that we have taken towards making our business future-ready.
Also, remarking on the luxury hotel’s decision to accept crypto payments, Nadeem Ladki, Binance’s business development head in the Middle East and North Africa region, points to the hospitality industry’s lead in embracing such solutions.
“Palazzo Versace’s ability to now accept payments in virtual assets is a reflection of how the hospitality industry in Dubai is at the forefront of innovation as we move into a more digital world. Payments are just the beginning and we look forward to building on this partnership together,” explained Ladki.
What do you think about this story? You can share your thoughts in the comments section below.
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Ritu Manoj Jethani / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Grifters rug over 60 ETH from spoof token created after Binance exploit
Grifters rug over 60 ETH from spoof token created after Binance exploit Oluwapelumi Adejumo · 3 hours ago · 2 min read
On-chain sleuth ZachXBT stated that the token was not created by the Binance smart chain exploiter.
2 min read
Updated: October 7, 2022 at 9:39 am
Cover art/illustration via CryptoSlate
Malicious players rugged over 60 ETH from a token created immediately after the Binance smart chain exploits. The token was first spotted by Lorem, who alleged that the Binance hacker created the rugged tokens.
1/ I saw some shadowy-super-coder supervillian tactics on ETH mainnet after the $600 million BNB hack. A few minutes after the initial hack, the hacker created a BNBHACKERINU token and rugged it two hours later
— lorem (@lorem___) October 7, 2022
According to available information, the BNBHACKERINU token had the Binance exploiter address set as the lead deployer, and its contract was susceptible.
Lorem tweeted that the token contract allowed “the owner to take the BNBHACKINU tokens out of any holder’s wallet and transfer to any wallet.” He continued that the hacker minted over 1 quadrillion tokens.
Dexscreener data showed that the short-lived token had a trading volume of $82,000.
Meanwhile, on-chain investigator ZachXBT stated that the Binance exploiter did not create the token. According to him, the token was created by “someone spoofing to make it look like the exploiter did. Happens after most major exploits.”
The exploiter didn’t create it. It’s literally just someone spoofing to make it look like the exploiter did. Happens after most major exploits. https://t.co/GJni9Vq48d
— ZachXBT (@zachxbt) October 7, 2022
Other rugged tokens
Lorem identified another token, HACKERSHIBA, that was created in a similar style to the BNBHACKERINU token.
Dexscreener data showed that the grifter profited over 50 WETH from the scam tokens. HACKERSHIBA had a trading volume of $108,000.
The third rugged token is the NOTSAFU token which recorded a trading volume of $295,000. It is unclear how much was rugged from the project.
Posted In: Binance, Scams
BNB Chain Halts Operations Following Massive Exploit
Binance’s signature Binance Smart Chain is the latest to suffer from an exploit, and the chain is “temporarily paused,” according to the official BNB Chain Twitter account and Binance’s CZ.
Early hours following the hack look to show 2M BNB, or over $500M at time of publishing, through the Binance Bridge. Furthermore, many have criticized the response around the matter. Let’s take a look at the details we know thus far.
Binance Bridge Can’t Avoid The ‘Bridge Problem’
One of the biggest issues around crypto vulnerabilities often seems to be bridges – where movement from one chain to another adds a layer of complexity that has proved to be a challenge. According to Paradigm researcher @samczsun (who provides a detailed thread on the the exploit), the BSC Token Hub bridge was tricked to send the attacker two transactions of 1M BNB each.
However, in early reports it seems that the tokens were not owned user tokens, but rather tokens not in existence before the exploit.
Binance's BNB token faced impacts from today's exploit. | Source: BNB-USD on TradingView.com
Criticism Around Halting The Chain
BSC reps went on to explain that they “coordinated with validators to temporarily suspend BSC,” which led to many critics emerging around the degree of centralization surrounding the chain. It seems that today’s hack is the second largest in history, and while Binance CEO Changpeng ‘CZ’ Zhao has assured holders that their funds are safe, there’s still a lot to discover here.
Do Kwon deems news of $40M crypto freeze a ‘falsehood’
Do Kwon deems news of $40M crypto freeze a ‘falsehood’ Oluwapelumi Adejumo · 6 hours ago · 2 min read
The Terra community is working on several ideas that could lead to the re-peg of USTC and boost the value of LUNC.
2 min read
Updated: October 5, 2022 at 4:58 pm
Cover art/illustration via CryptoSlate
Terra founder Do Kwon has described news of South Korean prosecutors freezing his $39.66 million crypto as a “falsehood.”
I don’t get the motivation behind spreading this falsehood – muscle flexing? But to what end?
Once again, I don’t even use Kucoin and OkEx, have no time to trade, no funds have been frozen.
I don’t know whose funds they’ve frozen, but good for them, hope they use it for good 🙏 https://t.co/gSucKfqsxj
— Do Kwon 🌕 (@stablekwon) October 5, 2022
On Oct. 5, South Korean local media outlet News1 reported that the country’s prosecutors had frozen 56.2 billion won ($39.66 million) belonging to Kwon and domiciled in two crypto exchanges, KuCoin and OKX.
Kwon, however, has described the report as “spreading falsehood,” adding that he “(does not) even use Kucoin and OkEx, have no time to trade, no funds have been frozen.”
The Terra founder further said:
“It’s no surprise that crypto is most popular in countries that weaponize state institutions against their own people for political gain. Reap what you sow – revolutions start from within.”
Kwon denies freeze of 3,313 BTCs
On Sept. 27, reports emerged that Kwon had made a suspicious transfer of 3,313 BTC to two overseas cryptocurrency exchanges after South Korean authorities issued his arrest warrant.
Then, Kwon denied these allegations. He said:
“(There is) no “cashout” as alleged, I haven’t used KuCoin or Okex in at least the last year, and no funds of TFL (Terraform Labs), LFG (Luna Foundation Guard), or any other entities have been frozen.”
Meanwhile, Terraform Labs has defended Kwon, describing the South Korean prosecutor’s arrest warrant for him as “unfair.”
Terra community pushes LUNC, USTC renaissance
The Terra community has been working on several ideas that could lead to the re-peg of USTC and boost the value of LUNC.
A re-peg proposal submitted by Alex Forshaw, Edward Kim, and Maximilian Bryan would lead to the creation of an Algorithmic Fungible Token, USTN, collateralized by 60% of Bitcoin and LUNC’s market capitalization. The proposal also proposes several improvements to Terra’s Capital Control System (CCS).
However, the proposal is being fiercely debated within the community as some members have kicked against some of the ideas being pushed.
Meanwhile, the Terra community has continued to burn the LUNC token. According to Stakebin data, 6.3 billion LUNC tokens have been burnt over the last seven days. Binance revealed that it burnt 5.6 billion of LUNC on Oct. 3.
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