The hackers made away with a mix of over 20 tokens that includes altcoins such as BNB, Safemoon, BSC-USD and BPay.
Crypto exchange Bitmart lost nearly $200 million in a hot wallet compromise hosted over the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains.
The $200 million Bitmart hack was first revealed by Peckshield, a blockchain security and data analytics company, who initially identified a transfer of roughly $100 million over the Ethereum blockchain.
Further investigation from the team revealed a concurrent hack of $96 million over the crypto exchange’s BSC reserves:
The hackers made away with a mix of over 20 tokens that includes altcoins such as Binance Coin (BNB), Safemoon, BSC-USD and BPay. Sizable amounts of meme coins such as BabyDoge, Floki and Moonshot were also compromised in the hack.
According to Peckshield, the hack was a straightforward case of transfer-out, swap, and wash:
Transfer of stolen Bitmart tokens. Source: PeckShield
Bitmart CEO Sheldon Xia later confirmed the hack over Twitter as a “large-scale security breach” on ETH and BSC hot wallets:
“At this moment we are still concluding the possible methods used. The hackers were able to withdraw assets of the value of approximately USD 150 million.”
3/3 At this moment we are temporarily suspending withdrawals until further notice. We beg for your kind understanding and patience in this situation. Thank you very much.
In what seems like an ongoing threat to the crypto ecosystem, cryptocurrency lending platform Celsius confirmed a loss of $50 million in the exploit of decentralized finance (DeFi) protocol BadgerDAO.
The first reports on BadgerDAO’s security breach surfaced on Dec. 02, with the protocol officially announcing that it received multiple exports of unauthorized withdrawals of user funds on Wednesday.
Taking preventive measures similar to Bitmart, the Badger team continued investigating the issue and paused all smart contracts on the protocol to avoid any further losses.
A new academic study finds that Ethereum (ETH) has one key feature that could eventually make it a superior store of value compared to Bitcoin (BTC).
A recent report published on the Social Science Research Network finds that ETH’s built-in deflationary mechanics set it apart from BTC.
“Bitcoin, with a finite eventual supply of tokens, is increasingly gaining acceptance as an alternative long-term digital store of value with similar anti-inflationary characteristics to gold.
However, recent innovations on the Ethereum blockchain have shown that it is possible for cryptocurrencies to become deflationary – specifically through the destruction of transaction fees.”
Ethereum first started permanently burning transaction fees earlier this year as a means of countering inflation by introducing the London hard fork.
The upgrade has burned $3 billion worth of Ethereum since the end of October.
According to the study, the upgrade not only lowers the overall amount of ETH supply but also slows down how fast the token can be issued, leading to the second-largest crypto by market cap possibly becoming the world’s first deflationary currency.
“We show that following the recent change in its transactions protocol, the digital currency Ethereum displays a significantly lower net issuance rate of tokens than Bitcoin, achieved by destroying the fees associated with each transaction.
In many cases the amount of Ethereum burned outpaces the network’s creation of new tokens, resulting in Ethereum potentially becoming the world’s first deflationary currency.
We argue that this provides better inflationary hedging properties than Bitcoin, and Ether may therefore offer a superior long-term value storage than Bitcoin.”
Ethereum is currently exchanging hands at $4,337, a 9% decrease from its seven-day high of $4,771.
During the last few months, the Smartbch project has swelled with numerous projects, custom tokens, and the total-value locked (TVL) in five Smartbch decentralized exchange (dex) platforms has jumped more than 180% since November 3.
Smartbch Defi TVL Climbs 180% in a Month — Bitcoin Cash Universe Now Has 5 Dex Platforms
Eight months ago, bitcoin cash (BCH) proponents were introduced to a new website (smartbch.org) that featured a project called Smart Bitcoin Cash or Smartbch for short. Smartbch is a Bitcoin Cash sidechain that is compatible with Ethereum’s EVM and Web3 API, but further allows people to interact with smart contracts and custom tokens for extremely low data transfer fees.
Chain statistics in terms of total-value locked in decentralized finance (defi) indicates that Smartbch has $36 million in value today. That’s more than 180% higher than the Smartbch TVL of $12.9 million recorded on November 3.
Smartbch TVL stats on December 3, 2021, according to defillama.com. Stats recorded at 12:00 p.m. (EST).
At that time, the metrics that derived from defillama.com, indicated that there were only three dex applications. Today, Smartbch has five dex applications including Benswap, Mistswap, Muesliswap, Tangoswap, and 1bch.com.
The five decentralized exchange (dex) platforms using Smartbch technology.
Defillama.com metrics show that Benswap has a TVL dominance rating on Friday of 49.28%. Tangoswap and Mistswap have the second and third largest TVLs following Benswap’s lead. According to the size of defi TVLs per chain, while Ethereum holds the top TVL with $179.48 billion, Smartbch commands the 47th largest TVL position.
SEP20 Tokens and Smartslp Tool
Statistics from the web portal marketcap.cash shows a large number of Smartbch or SEP20-based tokens gathering fiat value. The top SEP20 token of course is wrapped BCH, but there are many others like coin flexusd (FLEXUSD), green ben (EBEN), tango (TANGO), mist (MIST), and law (LAW).
Marketcap.cash is a SEP20 market capitalization aggregator. Screenshot taken on December 3, 2021.
Greenben (EBEN) is the third-largest market cap today with $16 million in USD value. Other top SEP20 tokens by market valuation include Smartbch coins such as celery, flex coin, cash cats, and joystick.club. There is also a large swathe of SEP20 tokens that were once very popular Simple Ledger Protocol (SLP) tokens represented in the list.
A tool to create Smartslp tokens created by the developers behind fountainhead.cash.
For instance, old SLP cryptocurrencies like spice, joy, and honk have migrated over to the SEP20 standard. In addition to the old SLP tokens transitioning, developers stemming from fountainhead.cash created a web3 interface that lets users create Smartslp tokens.
“Smartslp are simple SEP20 (Smartbch’s version of SEP20) tokens that have the ability for the creator to mint new tokens (and end the ability to issue new tokens) and for users to burn tokens,” the fountainhead.cash developers detail. “They also have a predictable supply mechanism (they are created with X tokens off the bat), whereas SEP20 does not specify a supply mechanism.” The fountainhead.cash engineers further state:
For tokens that do not need advanced smart contract capability, creating a token using Smartslp is likely all you need to do to start. Smartslp tokens also allow for the inclusion of documentUri’s, which makes it easy to notarize something. Smartslp is built on top of Smartbch.
Bitcoin Cash Community Introduced to a New NFT Marketplace Called Oasis
The Smartbch community is not only seeing a number of defi protocols, but the technology is moving toward non-fungible token (NFT) assets as well.
The oasis.cash NFT marketplace leverages Smartbch technology.
Fractals, bullish technical analysis patterns and the fact that 67% of the total supply is staked are key reasons why analysts expect ATOM to hit new highs shortly.
Cosmos (ATOM) has the potential to record major gains in the upcoming weeks primarily because its longer-timeframe chart is showing a bullish continuation pattern.
Dubbed “bull flag,” the structure appears as the asset trends lower while bouncing between two downward sloping trendlines. However, it eventually breaks out of the range, in the direction of its previous trend, with a profit target at length equal to the size of its previous uptrend which is also known as the flagpole.
ATOM/USD weekly price chart featuring Bull Flag setup. Source: TradingView
Therefore, in a “perfect” world, if ATOM is to break above the flag’s upper trendline (with a rise in trading volume), it may rise by as much as the flagpole’s height around $35. This sets a price target near $65 as when measured from the current potential breakout point.
Nearly 64% of ATOM’s total supply is staked
The bullish setup in ATOM appeared as the token rose over 330% from its June low at $7.82 to this weeks swing high near near $32.
Circulating token scarcity could be playing a role in driving buyers into the market. Data fetched by Messari showed that nearly 64% of the current ATOM supply is staked.
ATOM staking data. Source: Messari
According to data, Cosmos investors have staked over 180 million ATOM tokens to become validators on its ‘Cosmos Hub,’ a proof-of-stake blockchain that constitutes one of many hubs on the network. In return, users receive a portion of the network transaction fees and block rewards.
Pentoshi, an independent market analyst, noted that the rising number of staked ATOM tokens have been instrumental in pushing its price upward.
The pseudonymous Twitterati added that ATOM sellers have been losing momentum, citing two corrections during the fourth quarter that got stopped midway due to a higher buying pressure near the token’s previous all-time high levels.
ATOM/USD daily price chart by Pentoshi. Source: TradingView
According to the analyst, ATOM is seeing clear:
“Signs of absorption”
Avalanche fractal highlights ATOM’s potential
Another analyst, known by the pseudonym ‘Bluntz,’ anticipated that ATOM would continue its rally upward based on similar gains posted by one of its top blockchain rivals, Avalanche (AVAX), earlier this year.
Like Pentoshi, Bluntz views ATOM’s chance of revisiting its previous record-high as a base to continue its bull run. In a similar setup, AVAX rallied by nearly 250% after finding a solid footing inside the $50 to $60 support area.
ATOM/USD vs AVAX/USD daily price chart by Bluntz. Source: TradingView
According to Bluntz, ATOM could easily hit $100 in the medium-term.
The Royal United Services Institute (RUSI), the British defense and security think tank, questions whether or not non-fungible token (NFT) assets can be used for money laundering purposes. The report determines that in order to mitigate the money laundering risks a ‘know your customer’ monitoring system “needs to be implemented.”
RUSI: ‘NFT Technology Can Raise Alarm Bells From a Money Laundering and Financial Crime Perspective’
On December 2, RUSI published a report that covers the subject of non-fungible token (NFT) assets and the RUSI researchers ask whether or not NFTs can contribute to money laundering schemes.
“This technology can raise alarm bells from a money laundering and financial crime perspective,” RUSI warns. “To start with, NFTs are most often purchased with cryptocurrencies on online marketplaces. Cryptocurrencies are routinely exploited for malicious means, such as obfuscating the source of criminal proceeds and, despite transactions being traceable, more sophisticated criminal actors use a variety of techniques to disrupt investigations by law enforcement.”
The RUSI report called “NFTs: A New Frontier for Money Laundering?” further states:
A system of ‘know your customer’ policies and ongoing monitoring, similar to those used in the traditional art market and in compliant cryptocurrency exchanges, needs to be implemented.
Money Laundering Considered Commonplace in Traditional Art Market — RUSI Researchers Say an ‘Art Heist Is Also Possible Within the NFT Realm’
Money laundering in the traditional art scene has been an ongoing debate for decades. The New York Times investigative reporter Graham Bowley explained on June 19, that U.S. politicians want to investigate the secret art market. “Secrecy has long been part of the art market’s mystique, but now lawmakers say they fear it fosters abuses and should be addressed,” Bowley wrote.
RUSI researchers stress that criminal actors can also infiltrate NFT markets and leverage “novel risks.” “An art heist is also possible within the NFT realm,” the RUSI report adds. “Criminal actors can hack into user accounts on NFT marketplaces and transfer NFTs to their own accounts. After transferring the NFTs, the hacker can quickly sell the stolen token(s) and attempt to launder the proceeds.”
While RUSI researchers believe that money laundering in the NFT art and collectibles world can be deterred, the report also highlights that “NFT forgery and theft can also be mitigated.” RUSI suggests that NFT marketplaces use two-factor authentication (2FA) solutions and maintain “good cyber security.” Furthermore, RUSI suggests developing a registry of stolen NFTs that “would mimic the Art Loss Register.”
Adidas announces coinbase deal, days after entry to Metaverse
Leaping Into The Metaverse
Adidas originals – an Adidas subdivision dedicated to lifestyle and fashion – tweeted about their new partnership earlier today. Few details exist about what plans their “Metaverse” entry will entail, but they have confirmed partnerships with Punks Comic, GMoney, and BAYC.
GMoney is a top NFT collector, thought leader, and booster. Meanwhile, Punks Comic is an NFT comics series drawn by Chris Wahl – a Marvel and DC Comics artist. It fractionalized ownership of 16 different crypto punks, distributed it to the community, and built a story around them.
Finally, Bored Ape Yacht Club is one of the leading NFT collections available, with apes that have sold for tens of millions of dollars in Ether. This August, NBA star Steph Curry purchased a Bored Ape for $180k. Today, Adidas Originals has made one such ape their new profile pic, much to the excitement of fellow collectors on Twitter.
The popular sports brand released a short video trailer celebrating their three-way partnership. GMoney, a crypto punk, and a bored ape are shown flying from outer space together towards Earth, to the tune of Louis Armstrong’s “What a wonderful world”
Adidas Quietly Prepares for Web 3.0
Coinbase responded excitedly to Adidas’s announcement, promising to meet them in the Metaverse. Days ago, Adidas confirmed a partnership with Coinbase, adding the sarcastically used phrase “probably nothing” to the monumental news.
A spokesperson told CityAM last week that the partnership is supposed to increase Adidas’s foothold in the metaverse. Once again, little detail remains beyond that.
Adidas may have some more concrete plans, however. Open-world blockchain game “The Sandbox,” recently revealed that a parcel of in-game land was earmarked for the company. Whether that land was given to or purchased by Adidas is unknown.
Ethereum acted as a locomotive in the last seven days, pulling most of the altcoin market back on the uptrend after the $4,000 support held well. ETH broke above the key resistance at $4,350 and stopped just $80 from reaching the all-time high at $4,868.
Due to the high volatility, the price is very close to last week’s analysis, charting only a small 1% increase. Nevertheless, ETH outperformed Bitcoin and drew a lot of attention.
The key challenge now for ETH is to 1) sustain the price above the critical resistance-turned-support at $4,350 and 2) attempt a break above the all-time high at $4,868. If successful, this can lead the market to a significant uptrend. Either way, the month of December should be very exciting for market participants.
Chart by TradingView
Binance Coin (BNB)
After falling under $600, BNB managed to make a quick recovery above this key level. Despite this, the price did not manage to make a higher high compared to the last weekly review and is at -2.3% in the past seven days.
As long as BNB manages to hold above the support at $600, the price has a good chance to explore higher levels and even attempt a break of the all-time high at $692. The BNB indicators are not particularly bullish right now, with the daily MACD failing to complete a bullish cross yesterday. Should that happen later, then the chances for BNB to go higher will increase significantly.
Until then, BNB can continue to consolidate above $600. All eyes remain on the market leaders, Ethereum and Bitcoin, to set the tone in the coming week.
Chart by TradingView
Cardano (ADA)
Volatility returned to ADA yesterday when the price increased by 10% in less than 4 hours. This is a welcome change after a poor performance in the previous weeks. On November 16th, ADA broke below the critical support at $1.9, and this level turned into an important resistance. Overall, in the past seven days, ADA’s price remained almost the same with a -1% difference.
For the cryptocurrency to reverse the downtrend, it has to break the resistance at $1.7 and $1.9, with the latter being the true test of this renewed volatility and momentum. Failure there might cause the price to remain under $1.9 for some time.
Looking ahead, there are some positive signs for ADA holders. The daily MACD painted a bullish cross, thanks to yesterday’s rally. If bulls can maintain this bullish momentum, ADA can finally return on the uptrend. The volume was significant, which is a sign of strength.
Chart by TradingView
Solana (SOL)
SOL had a great week with a nice 13% increase after it successfully tested the $190 level as support. At the time of this post, the price is sitting just under the key resistance found at $236. It is unlikely this level will hold SOL under it for long because the bullish momentum is building up.
The MACD, on the daily timeframe completed a bullish cross, and this is a key bullish signal that SOL may be entering into a sustained rally. The first confirmation of this will come if the cryptocurrency breaks above the key resistance at $236. Volume has also increased in the past week, showing that bulls have the upper hand. It is important to see if bears will come in force at this resistance level because if they don’t, then bulls will continue on their march higher.
The all-time high for SOL is at $259.90, which is not far from the current price. If bears are unsuccessful to step in at $234, then the all-time high is their last line of defense before SOL re-enters price discovery.
Chart by TradingView
Luna
The strongest performer this week, Luna, increased by 53%. This is a testament to the fundamentals behind this push, with TerraUSD stablecoin reaching $7.8 billion in market cap at the time of this post. On November 1st, the market cap was $2.8 billion. More Luna tokens need to be burned to increase the market supply of TerraUSD. This creates demand for Luna, and it reduces its circulating supply. Taken together, this exercises a significant buy pressure on the token.
With that said, Luna made a new all-time high today and reached $69.66, the highest price on record. This level is likely to act as resistance as on lower timeframes like 4 hours, the RSI shows a bearish divergence. A short pullback would not be surprising as the bulls rest before the next rally. On larger timeframes, Luna’s indicators remain extremely bullish. However, it is always best to be cautious during extremes.
Looking ahead, Luna has great support at $55. Should it enter a correction in the future, these levels should be well defended by bulls.
The past seven were somewhat successful for Bitcoin, and the total market capitalization managed to increase by some $150 million. Some altcoins are really taking off, while others are seemingly in a stalemate situation.
But let’s start with Bitcoin. The market leader failed to produce any meaningful gains but is up slightly above 2% in the past seven days. This came after an excellent weekly close on Sunday. Unfortunately, bulls didn’t capitalize on the opportunity and failed to break the critical $59K resistance level on three separate occasions on Monday, Tuesday, and Wednesday.
A lot of this volatility had to do with broader market turmoil caused by the discovery of a new COVID variant called Omicron. Stocks are also looking shaky, and it’s likely that they will take some time before the risk-on trade can continue with full force, hence creating temporary headwinds for the crypto market as well.
Some altcoins were completely unfazed by all of the above. Solana is up 10.5% in seven days, while LUNA skyrocketed by almost 60%. However, others felt the weight of the market instability – DOT is down 9%, XRP – 7.3%, ADA – 3%, AVAX – 8.7%, and so forth.
It’s interesting to note that this was the first time when PlanB’s BTC floor model missed by a long shot. However, according to the analyst, his S2F model is still intact. We are heading into a historically bullish month for the cryptocurrency market, in general, and it’s exciting to see what December has in store.
If you’re even vaguely familiar with NFTs, you probably know we’re talking about the digital artist Beeple and his artwork “Everydays: The First 5000 Days.” The most expensive digital artwork in history.
While the world of NFTs seems hard to navigate, you can only learn by doing. You can’t get rich unless you really, really try. Or however 50 Cents put it.
If you’re a digital artist, this might be a new way for you to make a career out of your passion. Especially if you’re into designing post-apocalyptic, bizzaro landscapes. But also if not! You do not have to fall into the same category as most other digital artists in the NFT space. But again, be mindful of all the downsides of this market from its ecological footprint, the bigger question of that digital ownership actually means, and the big chance that you – as an emerging artist – can easily be taken advantage of.
The crypto space is preparing to leap long after the recent sell-offs and if following a steady approach to pull the next leg up. However, one such crypto which appears to be pretty happy and contented at its current levels is Cardano. The ADA price after a steep downfall has yet again initiated with consolidation within a narrow trend.
Today, Ethereum price surged with a notable margin and many altcoins also followed the second largest crypto. Terra(LUNA), Solana(SOL), Avalanche(AVAX), etc have been raised, but Cardno still remained within the same levels. The Cardano remained distinct without following the ETH price. And also showcases the asset behaving similar to that of a stable coin.
Source: Tradingview
Amid the fresh plunge, it was believed the asset may revist the strong support levels at $1. However, the asset managed to pause the downtrend for some time and began with a healthy accumulation. The ADA price in order to register its name in the upcoming altseason needs to coil up notably and pierce through the $1.98 levels.
On the other hand, the traders may also have remained much distinct from the platform. As no notable change with the ADA price may rise the possibilities of no major developments happening on the platform. And hence Cardano price has to flip the consolidation and thrive through the local resistance at $1.8 to march towards its highs. However, the huge target still remains pretty much distant.
