The crypto analytics provider says a security breach of a third-party vendor has affected nearly 7% of users in the system who were promptly informed of the incident.

The prominent crypto and blockchain analytics company Nansen posted on social media platform X that one of its third-party vendors suffered a security breach that affected 6.8% of its users. 

According to Nansen, the breach gave hackers access to admin rights for an account used to “provision customer access” to its platform.

Important update from us at Nansen. Please take a moment to read this. pic.twitter.com/syKE0sNnC6

— Nansen (@nansen_ai) September 22, 2023

Without directly naming the company affected, it said this vendor is “an established company that is used by many Fortune 500 companies” along with other companies in the industry for the purpose of managing data. 

The users who were affected by the breach reportedly had their email addresses exposed, along with some password hashes and a small group had their blockchain addresses compromised.

Nansen said it has identified and informed those affected of the matter and asked all to change their passwords. It also clarified that wallet funds were unaffected by the event. 

Related: PayPal’s PYUSD struggles with early adoption — Nansen

Nansen is a prominent resource in the crypto space and provides on-chain analytics about many of the industry’s major players. 

In a recent interview with Cointelegraph, the CEO of Nansen, Alex Svanevik commented that he believes in the future a protocol will exist that creates a balance between blockchain transparency and user privacy and is compliant with regulators.

Back in May, the company was among the many that felt the effects of the ongoing bear market and laid off around 30% of its workforce. 

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The collective wisdom of the bond market for much of this year has been betting that interest rates would soon peak and fall. But those bets appear to be unwinding in the wake of Wednesday’s Federal Reserve meeting and press conference.

Exhibit A is the rise in the 2- and 10-year Treasury yields, which are widely followed as key maturities for economic and financial markets analytics. On those fronts the crowd is reassessing its recent view that rate cuts are on the near-term horizon.

Let’s start with the 2-year Treasury yield, which is considered a proxy for market expectations on Fed policy. For much of this year the 2-year yield has traded below the effective Fed funds rate, which implies that the market expects the central bank’s rate hike will peak and perhaps reverse. But that view appears to be fading as the 2-year yield moves closer to the current 5.25%-to-5.50% Fed funds rate range.

The 10-year yield is pushing higher again too. In yesterday’s trading (Sep. 21), the benchmark rate rose to 4.49%, the highest since 2007.

Inflation-indexed Treasury yields continue to push higher too, testing the 2%-plus real range.

One of the catalysts that’s reportedly behind the latest run of higher Treasury yields is Fed Chair Powell’s hawkish comments on Wednesday on the matter of real (inflation-adjusted) interest rates.

“It’s a real rate that will matter and that needs to be sufficiently restrictive,” he advised, although exactly what level defines “restrictive” was left unsaid. “I would say you know it’s sufficiently restrictive only when you see it,” he added. “It’s not something you can arrive at with confidence in a model or in various estimates.”

By some accounts, the Fed appears to be on a path to leave rates higher for longer. Fed rate hikes may be over, or perhaps there’s one more in the pipeline, but rate cuts are expected to come later than recently expected.

As The Wall Street Journal reports:

“The fact that we’ve come this far lets us really proceed carefully,” said Powell. He used those words—“proceed carefully”—six times during Wednesday’s news conference, a sign of heightened caution about lifting rates.

“He didn’t sound to me like he was itching to hike again,” said Michael Feroli, chief U.S. economist at JPMorgan Chase, who thinks the Fed’s July rate rise will be its last for the current cycle. “For Powell, he sounds like he’s pretty comfortable where they are, sitting back, and watching things play out,” Feroli said.

The new dot plots for the Fed – the FOMC participants expectations for the Fed funds rate – supports the case for a higher for longer outlook. The FT notes:

The median estimate of the Fed’s 19 policymakers is for the bank’s benchmark rate to fall to just 5 per cent to 5.25 per cent next year. That was significantly higher than the 4.5 per cent to 4.75 per cent they signaled when the dot plot was last updated in June. By 2026, it was still forecast to be between 2.75 per cent and 3 per cent.

“What they’re saying there is if you have stronger growth for this year and next, it increases the risk that core inflation does not descend as much as they hope and expect,” said Daleep Singh, an ex-New York Fed official who is now chief global economist at PGIM Fixed Income.

“Therefore there is a potential need to keep nominal interest rates somewhat higher than they previously forecast,” he added.

The good news for investors is that the highest yields in ~15 years, either real or nominal, can be locked in with a buy-and-hold strategy. No one knows if current rates are at or near a peak, but this much is clear: the case for a relatively higher allocation to Treasuries vs. recent history hasn’t looked this compelling since George W. Bush was walking the floor in the Oval Office.

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The report highlighted that Bitcoin mining can convert wasted methane emissions into less harmful emissions.

A paper published by the Institute of Risk Management (IRM) concluded that Bitcoin (BTC) has the potential to be a catalyst for a global energy transition. 

IRM Energy and Renewables Group members Dylan Campbell and Alexander Larsen published a report titled “Bitcoin and the Energy Transition: From Risk to Opportunity.” The paper argued that while BTC was perceived as a risk because of its energy consumption, it can also catalyze energy transition and lead to new solutions for energy challenges worldwide.

Within the report, the authors also highlighted the important function of energy and the increasing need for reliable, clean and more affordable energy sources. Despite the criticisms of Bitcoin’s energy intensity, the study provided a more balanced view of Bitcoin by showing the potential benefits BTC can bring to the energy industry.

According to the report, Bitcoin mining can reduce global emissions by up to 8% by 2030. This can be done by converting the world’s wasted methane emissions into less harmful emissions. The report cited a theoretical case saying that using captured methane to power Bitcoin mining operations can reduce the amount of methane vented into the atmosphere. 

Related: Bitcoin energy pivot achieves what ‘few industries can claim’ — Bloomberg analyst

The paper also presented other opportunities for Bitcoin to contribute to the energy sector. According to the report, Bitcoin can contribute to energy efficiency through electricity grid management by using Bitcoin miners and transferring heat from miners to greenhouses.

“We have shown that while Bitcoin is a consumer of electricity, this does not translate to it being a high emitter of carbon dioxide and other atmospheric pollutants. Bitcoin can be the catalyst to a cleaner, more energy-abundant future for all,” the authors wrote.

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