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Exactly Protocol Offers $700,000 Reward for Details on Hacking Incident

By
Alicia Garcia
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0
Exactly Protocol Offers $700,000 Reward for Details on Hacking Incident

The DeFi protocol Exactly Protocol was hacked. The hacker stole $7.3 million of user funds. To find the hacker, Exactly Protocol is offering a $700,000 bounty. The team explained how the hack happened. There was a vulnerability in a contract that allowed the hacker to bypass security checks. The hacker then took user funds. Now, Exactly Protocol wants to improve security and rebuild user trust. The bounty program should give insights to help prevent future attacks. Exactly Protocol promises to protect user funds better and repay those affected.

Exactly Protocol Implements Fix for Exploit Vulnerability

Exactly Protocol fixed the vulnerability that allowed the recent hack. They fixed it quickly, within a day.

Exactly Protocol tried to talk to the hacker about returning the funds. But the hacker did not respond.

So Exactly Protocol started a bounty program offering $700,000 for information about the hacker. This is to help get the funds back.

They are also working with Chainalysis to track the stolen assets.

Exactly Protocol wants to secure user funds and pay back those affected.

They will use lessons from this hack to improve security. This shows the need for strong security in DeFi.

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Bitcoin ETF Hopes Dampened as Investors Withdraw $55 Million

By
Alicia Garcia
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0
Bitcoin ETF Hopes Dampened as Investors Withdraw $55 Million

Investor confidence in a Bitcoin ETF being approved soon has dropped. This led to $55 million being pulled out of crypto investment funds last week.

Bitcoin funds saw most of the money withdrawn – $42 million. This reversed the previous week’s inflows of $27 million. Short-Bitcoin funds, which profit when Bitcoin’s price falls, also saw money withdrawn – for the 17th week in a row.

Beyond Bitcoin, Ethereum funds saw $9 million withdrawn amid the negative sentiment. Surprisingly, Binance’s BNB token funds were flat despite bad news about Binance exchange and a 10% BNB price drop.

According to CoinShares, the withdrawals were likely due to reports that the SEC may not approve a Bitcoin ETF anytime soon. With crypto trading volumes low and panic in markets last week, investors became more pessimistic about a near-term ETF approval.

The money withdrawn was concentrated in Canada and Germany. Switzerland and Australia saw minor inflows, defying the overall negative trend. Overall, most crypto fund providers globally saw money withdrawn.

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Kenya Probes Privacy Concerns Over Worldcoin Eye-Scanning Initiative

By
Alicia Garcia
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0
Kenya Probes Privacy Concerns Over Worldcoin Eye-Scanning Initiative

The Kenyan government has formed a parliamentary committee to investigate the controversial cryptocurrency project Worldcoin. The 15-member committee, led by MP Gabriel Tongoyo, has 42 days to comprehensively review Worldcoin’s activities in the country.

This comes after Kenya suspended Worldcoin’s operations about three weeks ago due to concerns over its iris scanning program. The government ordered Worldcoin to stop collecting biometric data and personal information from citizens without proper oversight. Police even raided a Worldcoin facility in Nairobi, confiscating documents and equipment.

Beyond the parliamentary probe, Worldcoin has faced resistance from multiple Kenyan regulators. The judiciary halted its operations following a lawsuit, requiring Worldcoin to preserve all collected user data.

Interior Cabinet Secretary Kithure Kindiki expressed worries to the investigative committee that Worldcoin’s iris scanning poses major security risks.

Worldcoin, created by OpenAI CEO Sam Altman, rewards people with its WLD cryptocurrency for undergoing iris scans using “Orb” devices. While attracting nearly 2 million participants so far, the project has sparked backlash over handling people’s sensitive biometric information.

Kenya now joins France, Germany, and the UK in questioning the legality of Worldcoin’s approach. With users’ iris data stored centrally, major concerns persist around proper protocols and safeguards. Thus, probes into Worldcoin’s privacy protections and data storage policies continue gaining momentum globally.

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Valkyrie Files with SEC to Launch a New Ethereum ETF

By
Stanislav Shishkin
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0
Valkyrie Files with SEC to Launch a New Ethereum ETF

Asset management company Valkyrie Funds has filed paperwork with the Securities and Exchange Commission (SEC) seeking approval for a new exchange-traded fund (ETF) focused on Ethereum futures.

The proposed Valkyrie Ethereum Strategy ETF would invest primarily in Ether futures contracts instead of directly in Ethereum’s native cryptocurrency, Ether. According to the filing, the fund aims to provide investors exposure to Ethereum’s growth while also investing in stable securities like Treasury bonds.

Valkyrie warned that the volatile nature of Ether makes the fund’s investments highly risky. This Ethereum futures ETF filing comes as Valkyrie already offers Bitcoin futures and mining ETFs.

Meanwhile, Europe saw the launch of its first spot Bitcoin ETF this week by London’s Jacobi Asset Management, which trades on the Euronext Amsterdam exchange. This milestone comes after a year delay and has opened the floodgates for more spot Bitcoin ETF applications in the US.

Major firms like BlackRock, Invesco, and Wisdom Tree have all filed for spot Bitcoin ETFs following Jacobi’s approval. However, the SEC has consistently rejected Bitcoin spot ETF proposals, citing concerns around volatility and manipulation. For now, the SEC has only approved Bitcoin futures ETFs, leading to growth in less efficient over-the-counter products like Grayscale’s Bitcoin Trust.

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Personal Data of 101,000 Friend.tech Users Accessed in Cyber Attack

By
Alicia Garcia
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0
Personal Data of 101,000 Friend.tech Users Accessed in Cyber Attack

Friend.tech is a new social media app that suffered a data breach. Private information on over 100,000 users was leaked, including wallet addresses and usernames. Experts say this happened because of issues with Friend.tech’s API that allowed public access. Although Friend.tech claims the data was already public, experts argue this is still a privacy violation since users likely did not consent.

A new decentralized social app called Friend.tech is facing backlash after a data leak exposed information on thousands of users. Wallet addresses and usernames were leaked after being accessed through Friend.tech’s API. While the company defends that the data was technically public, privacy advocates counter that users were not properly informed of the privacy risks.

Friend.tech, a new social platform for the crypto community, is under fire following a data breach. Usernames and wallet addresses of over 100,000 members were obtained through the app’s API and posted publicly online. Friend.tech maintains the data was visible, but experts contest that users did not agree to share such personal information.

A developer known as Racer created the social media app Friend.tech, which has now suffered a privacy breach impacting thousands of users. Though Friend.tech argues the leaked wallet and username data was already public via their API, cybersecurity experts critique the lack of consent around such sensitive personal information.

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What’s Ahead for Cardano? Evaluating Potential for ADA to Hit $0.45

By
Alicia Garcia
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0
What's Ahead for Cardano? Evaluating Potential for ADA to Hit $0.45

Cryptocurrency markets are experiencing increased volatility, bringing new opportunities for altcoins like Cardano (ADA) to make moves. While short-term traders have profited recently, signs of potential price reversals are emerging.

ADA fell from an ascending support line in August, declining to its lowest levels this year before bouncing back above the $0.25 support. Despite the rebound, weekly and daily charts indicate a downward trend and risk of further declines, especially with Bitcoin struggling at $26,000.

However, the weekly chart shows ADA broke a long-term descending resistance line earlier this year, signaling the correction ended and a new bullish trend was starting. Though the expected upward move did not materialize and ADA was rejected at $0.45 resistance in April.

Weekly price predictions suggest ADA could reach $0.45 again with a 70% increase. But falling below $0.25 support could lead to a 40% decrease toward $0.15.

The daily chart also points to a bearish outlook based on price action and Elliott Wave patterns. This implies the overall trend is likely downward despite the recent corrective bounce.

In summary, $0.25 is the key level short-term. Closures below it could trigger a 40% decline, while $0.34 and $0.45 remain relevant upside targets.

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Bitcoin Could Be on the Cusp of a Huge Breakout Rally

By
Stanislav Shishkin
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0
Bitcoin Could Be on the Cusp of a Huge Breakout Rally

The MVRV Z-Score indicator for Bitcoin is approaching levels that historically preceded major bull runs.

In 2015 and 2019, when this metric dipped below 0.1 it signaled Bitcoin was undervalued right before parabolic rallies occurred. Some analysts believe we could be nearing the last buying opportunity before another huge Bitcoin upswing.

The brief dip into the green zone on the MVRV Z-Score chart typically marks the end of a bear market. While further panic-driven drops to the low $20k level are possible in the short-term, many view the current zone under $24k as a clear buy area this cycle.

However, most short-term Bitcoin holders purchased at higher prices and are currently at an unrealized loss. Over 88% are currently underwater. Meanwhile, long-term holders continue accumulating.

If history repeats, the MVRV Z-Score suggests Bitcoin may be on the cusp of explosive growth after a period of heavy bearish sentiment. Still, analysts caution traders to brace for high volatility in the months ahead.

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BNB Price Plummeting: Should Investors Be Worried?

By
Alicia Garcia
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0
BNB Price Plummeting: Should Investors Be Worried?

BNB Faces Uncertain Future Amid Market Turbulence

The cryptocurrency market continues to be mired in uncertainty, with Bitcoin struggling to maintain support above $25,000. Amidst the shaky conditions, Binance Coin (BNB) appears particularly vulnerable to further declines.

BNB has fallen through several key support levels recently as bearish momentum builds. Without a meaningful bounce soon, BNB risks plummeting into a perilous freefall.

While negative macroeconomic news has weighed on crypto prices, the ongoing regulatory pressure on Binance itself also looms large for BNB. The SEC’s intention to sue Binance and its CEO has cast doubt over the exchange’s future.

From a technical standpoint, BNB looks very weak after breaking down from its bear flag pattern. With the next major support not until the $50 level, BNB could potentially plunge over 75% from current prices.

A collapse of this magnitude for BNB could have ripple effects across crypto, eclipsing even the FTX and LUNA implosions. While concerning in the short run, astute investors may see unique buying opportunities amid the turmoil in fundamentally strong assets like Bitcoin and Ethereum.

As the situation remains fluid, researchers should closely monitor price action and fundamentals when assessing positions. Patience and diligent analysis may prove prudent during periods of intense uncertainty.

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Litecoin and Dogecoin See Uptick in Use While Bitcoin Stagnates

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[email protected]
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0
Litecoin and Dogecoin See Uptick in Use While Bitcoin Stagnates

Bitcoin and Ethereum, two of the largest cryptocurrencies, have seen relatively stable activity in terms of active addresses recently. However, two alternative coins, Litecoin and Dogecoin, have generated excitement with significant surges in address activity according to blockchain analytics company IntoTheBlock.

Specifically, Litecoin saw over 231,000 active addresses per day while Dogecoin exceeded 46,000. Despite turbulent market conditions, both coins saw noteworthy spikes per IntoTheBlock’s data.

Looking at price action, Dogecoin is currently trading around $0.064, up 1.3% week-over-week according to CoinGecko. Litecoin sits at $64.77, dipping 0.2% over 24 hours but gaining 1.5% over the past week. However, Litecoin’s monthly performance shows a 22.0% decline.

In other news, perpetual futures contracts for Litecoin and Dogecoin tied to Binance USD were recently delisted from top exchange Binance. The increased address activity for Litecoin and Dogecoin demonstrates continuing interest and real-world usage despite weakness in broader crypto markets.

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NFT Sales See Slight Weekly Decline Despite Growing Activity

By
Stanislav Shishkin
-
0
NFT Sales See Slight Weekly Decline Despite Growing Activity

The NFT market saw a minor 1.18% decline in sales volume this past week, totaling $107.05 million according to the latest data. However, the number of active NFT buyers jumped by 86.71% while transactions rose 34.66% during the same period.

Ethereum-based NFTs continue to dominate, accounting for $65.86 million or 61% of sales. ETH NFT volume increased 7.41% week-over-week. Solana NFTs ranked second with $9.64 million in sales, up 4.8%.

Other top NFT blockchains by sales volume include Polygon ($8.41 million), Mythos ($6.30 million), Immutable X ($4.55 million), BNB Chain ($4.46 million), Bitcoin ($2.62 million) and Flow ($1.46 million). Together the top 8 chains represented 96.49% of total weekly NFT sales.

Degods was the highest selling NFT collection this past week at $6.59 million. Dmarket took second place with $6.25 million in sales, followed by Bored Ape Yacht Club at $5.43 million. The top 10 collections generated $38.73 million in sales, making up over 36% of the weekly total.

The priciest NFT sale was Autoglyph #490 at $287,331 on August 16. Cryptopunk NFTs also dominated sales, with #7107 selling for $114,198, #5342 for $110,877, #3306 for $100,519 and #557 for $100,204. The top 6 sales amounted to $833,509.

As the NFT market continues expanding, this week’s minor sales dip looks to be a small blip among growing activity. The significant jumps in buyers and transactions point to strength despite slightly slower sales volume.

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