DeFi
Crypto Hackers Stole Half as Much in August as They Did in July, Says Immunefi
Published
3 months agoon
By
adminGood news: August saw a significant decrease in cryptocurrency losses due to hacks and fraud, according to a recent report from Immunefi. Total losses amounted to $15,082,000 across five incidents, marking the lowest monthly total year-to-date and a 94.5% decrease from July.
As Decrypt reported at the time, July saw cross-chain DeFi protocol Li.Fi losing about $11 million to a hack. Reports indicate that hackers stole more than twice as much cryptocurrency in the first half of 2024—based on the U.S. dollar value of the coins—compared to the first six months of 2023.
The two largest incidents this month involved the Ronin Network, a gaming-focused blockchain, which lost $12 million, and Nexera, a DeFi protocol, which incurred a loss of $1.5 million. Notably, the $12 million stolen from Ronin Network was later recovered after white hat hackers who discovered and exploited the vulnerability returned the funds.
Despite the lower losses in August, the year-to-date total for 2024 stands at $1,210,741,330 lost to hacks and rug pulls across 154 incidents, a 15.5% increase from the same period in 2023.
“Most of the losses in 2024 are attributed to attacks targeting CeFi infrastructure,” Gonçalo Magalhães, Head of Security at Immunefi told Decrypt. “We’ve known for a while that infrastructure compromises tend to be the most devastating hacks in the cryptocurrency world.”
All reported hacks in August occurred in the DeFi sector, with no CeFi losses recorded.
“In DeFi, most losses are due to vulnerabilities in smart contracts, whereas in CeFi, attacks typically target the exchange infrastructure and focus on exploiting private keys,” Magalhães said.
Ethereum and BNB Chain were the only chains targeted for hacks in August.
“Ethereum and BNB Chain are consistently the most targeted chains due to the high value of funds locked within them,” he added. “Bad actors specifically target these chains because the potential payoff from a successful exploit is greater.”
Edited by Stacy Elliott.
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cryptocurrency
BONK hits new all-time high following Upbit listing
Published
2 days agoon
November 20, 2024By
adminBONK has emerged as the top gainer among the leading 100 assets following a major announcement from the South Korean crypto exchange Upbit.
Bonk (BONK), the first Solana-based meme coin, surged 18% on Wednesday to hit a new all-time high of $0.000058. Its market cap soared to over $4.1 billion when writing, flipping Dogwifhat’s (WIF) $3.2 billion market cap to reclaim its position as the largest meme coin on the Solana blockchain.
Why is BONK going up?
The altcoin’s price uptick coincided with a jump in the meme coin’s futures open interest. According to data from CoinGlass, OI for BONK’s futures market rose to an all-time high of $53.5 million, more than 7 times its monthly low of $6.3 million, suggesting a growing demand from investors.
Bonk’s recent rally followed its listing on South Korea’s largest crypto exchange, Upbit. BONK’s daily trading volume shot up 95% amid the listing, hovering over $3.5 billion when writing.
Another key factor driving the altcoin’s gains is Bonk DAO’s announcement of a massive 1 trillion token burn scheduled for Christmas Day, which is set to reduce the total number of tokens in circulation, thereby increasing scarcity.
Whales have also been interested in the meme coin lately. According to data shared by Lookonchain, a whale with a history of profitable meme coin investments has spent 3.4 million USDC to buy 65.4 billion BONK tokens. Last week, another whale was seen picking up 29.32 billion BONK at $0.0000387.
Whale buying typically boosts retail investor confidence in an asset, potentially driving FOMO (fear of missing out) among those seeking quick gains.
Bullish momentum to continue
BONK’s rally hasn’t lost strength despite surging over 72% in the past week alone. On the 1-day BONK/USDT price chart, BONK’s EMA lines show a strong bullish trend, with the short-term 50-day EMA above the long-term 200-day EMA and the price staying above both lines.
Based on this setup, the bullish trend is expected to continue in the short term as the buyers remain in control. However, the Relative Strength Index showed a reading of 82, which confirms the bullish momentum but puts the meme coin at overbought levels.
Despite the overbought status, an analyst suggests that BONK is undergoing a ‘Blue Sky breakout,’ which could sustain its upward trajectory in the coming days.
This speculation is supported by strong catalysts driving the uptrend and the current hype around meme coins. Separately, Bitcoin’s recent rally to new highs has amplified market-wide sentiment, further boosting interest in the meme coin sector, which gained 2.3% over the past day.
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DeFi
Ethena Sees $1B Inflows as Crypto Rally Brings Back Double-Digit Yields
Published
3 days agoon
November 19, 2024By
adminThe protocol’s rejuvenation is driven by elevated perpetual funding rates, with more catalysts ahead for growth.
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crypto
Uncertainty Looms For Crypto As SEC And CFTC Leadership Transitions Unfold Under Trump
Published
5 days agoon
November 17, 2024By
adminAs Donald Trump prepares to take office for another term, speculation is intensifying regarding the future of crypto regulation, particularly concerning the leadership of the US Securities and Exchange Commission (SEC).
Recent social media posts by FOX journalist Eleanor Terret suggest that SEC Chairman Gary Gensler may be on the verge of resigning, possibly before Trump’s inauguration in January 2025.
Pro-Crypto Candidates In The Running To Succeed Gensler
According to sources close to the situation, Terret says Gensler’s resignation, which would leave his term, set to expire in 2026, uncompleted, is expected to be announced after Thanksgiving.
However, while Gensler has faced heavy criticism during his tenure for his strict regulatory approach to the crypto industry, the identity of his successor remains uncertain.
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Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo has dismissed rumors regarding his nomination, while several other candidates are being considered.
Among the names in the mix are Dan Gallagher, Chief Legal Officer at crypto exchange Robinhood; Bob Stebbins, a partner at Willkie Farr; former SEC Commissioner Paul Atkins; and Paul Hastings lawyer Brad Bondi.
Terret suggests that Gallagher, while initially reluctant to leave Robinhood, may reconsider as the dynamics of the administration’s appointments shift.
Stebbins, who has close ties to Jay Clayton, a former SEC chairman, is rumored to be a favored candidate, though he lacks a crypto background. Still, sources suggest he would follow the Trump administration’s lead on digital assets.
Atkins and Bondi are both known for their pro-crypto stance, advocating for a “lighter regulatory touch.” Atkins serves on the board of the Digital Chamber of Commerce and co-chairs its Token Alliance, focusing on token issuance growth. Bondi has been involved in advising decentralized finance (DeFi) projects, indicating a commitment to fostering innovation in the crypto space.
Trump Plans Resource Allocation For CFTC
Other names circulating in crypto circles include former CFTC Chair Heath Tarbert, former Acting Comptroller of the Currency Brian Brooks, and former SEC Investment Management Director Norm Champ. Champ recently expressed his willingness to serve if asked, signaling his interest in a potential role in the upcoming administration.
In addition, pro-crypto SEC Commissioner Mark Uyeda is reportedly open to taking the chairmanship, possibly as acting chair, while fellow Commissioner Hester Peirce, dubbed the “crypto mom” of the agency, has privately indicated her disinterest in the role.
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With these leadership changes on the horizon, Terret anticipates that the new SEC chair will be pro-crypto, while also being equipped to handle the broader responsibilities of the agency, which include oversight of public companies, the stock market, the bond market, private funds, and the consolidated audit trail (CAT).
Compounding the speculation is the expectation that the Trump administration may also increase the CFTC’s role in cryptocurrency regulation. Terret asserts that the administration is considering allocating more resources to the CFTC, although the specifics of how this will be implemented remain unclear and would likely require additional funding.
Featured image from DALL-E, chart from TradingView.com
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