Category: Cryptocurrency News

Solana experienced a significant surge of approximately 20% during the last few days of September and into the first week of October. This sudden price increase has piqued the interest of investors and enthusiasts alike, sparking discussions about its underlying causes. One prominent question on people’s minds is whether this uptick in SOL’s value is directly correlated with Bitcoin’s performance during the same period or if there are distinct factors driving SOL’s price rise independently of Bitcoin’s movements. Related Reading: Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06? Before this increase, SOL had a tough time because a U.S. court allowed the sale of $1.3 billion worth of SOL from the bankrupt exchange FTX. So, there’s curiosity about whether SOL’s recent price jump is connected to Bitcoin or if there are other factors behind it. Solana: Challenges And Market Allure The Solana (SOL) blockchain network has seen recent difficulties, however it has garnered significant attention and demand in the market. Despite the lackluster price performance of its native token, the proof-of-stake (PoS) network has utilised the bear market to improve its technological capabilities and forge important alliances with prominent entities in the realm of traditional banking. Source: Coingecko The bankruptcy court has implemented mechanisms to mitigate the potential adverse impact of FTX asset liquidation on the cryptocurrency market. These measures involve mandating the sale of assets through a financial advisor in weekly installments, adhering to predetermined regulations. At the time of writing, SOL was trading at $23.43, down a measly 0.3% in the last 24 hours, but gained sustained an 18% rally in the last seven days, data from crypto market tracker Coingecko shows. Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? SOL Liquidity Soars With Network Stability Nansen, an on-chain analytics firm, recently published a report on Solana, highlighting its key strengths and potential. Solana is known for its cost-efficiency and high-speed transactions, earning it the nickname “The Ethereum Killer.” It boasts a transaction processing speed of over 3,000 transactions per second, which is nearly 30 times faster than Ethereum. The chain’s liquidity improved as a result of the dramatic increase in network stability. At press time, the TVL in terms of SOL was $27.12 million, more than double what it was at the start of the year. SOL market cap currently at $9.7 billion. Chart: TradingView.com Solana’s Rise Fueled by DApps And NFTs, Targets 5th-Largest Crypto Spot The surge of SOL was further bolstered by the expansion in the adoption of decentralized applications (DApps) and the rise in nonfungible token (NFT) volumes on the Solana blockchain. The current price of SOL is now making efforts to establish a support level at $23, aiming to solidify its position as the fifth-largest cryptocurrency (excluding stablecoins) in terms of market capitalization. In the recent Epoch 512, 19.637 million SOL were unstaked, with a net unstake of 16.516 million SOL (about $372 million). Most belonged to a16z and the previous Alameda (now or ftx estate). a16z: BZpEFk…oPPBm7 unstaked 5.006 million SOL, a16z-2: GCmFQL…ozXMwY unstaked 2.033… — Wu Blockchain (@WuBlockchain) October 6, 2023 Meanwhile, recent updates to Solana Compass have revealed details about recent activities on the Solana network, particularly during the 512 epoch. The website that keeps tabs on SOL staking activity suggests that there were around 19.637 million SOL coins that were unstaked during this time. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from iStock

Crypto and governments that just never went well with those two opposing forces together, also one reason that we barely got any Crypto regulations until now. Even though the European Union has been miles ahead of Crypto regulations in front of the US actually, still many of those regulations were rather against Crypto. Their main…
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Stars Arena, a decentralized social media platform built on the Avalanche network, has suffered a major security breach, resulting in the loss of a significant amount of cryptocurrency. This comes barely a day after the decentralized application (dApp) reportedly fixed a loophole in its smart contract. On Thursday, October 5, the Stars Arena team said – via a post on X (formerly Twitter) – that it has averted a security exploit, which could have led to the loss of over $1 million worth of funds.  Stars Arena Loses $2.9 Million To Attack, PeckShield Reveals On Saturday, October 7, a pseudonymous X user raised the alarm about the suspicious movement of Avalanche (AVAX) tokens from the Stars Arena contract.  A few minutes after this, the protocol’s team confirmed – via a post on X – that there has been a “major security breach with its smart contract.”  Related Reading: Celsius Commits To Massive Crypto Repayment: $2 Billion To Creditors By 2023’s End This exploit has also been flagged by blockchain security firm PeckShield, who disclosed that around $2.9 million in AVAX has been drained from the decentralized social media application.  An initial breakdown by the security company identified a reentrancy issue on the Stars Arena Shares contract. “The reentrancy is abused to update the weight when the share/ticket is issued so that 1 share can be sold at a much higher price of approximately 274,000 AVAX,” PeckShield said. As earlier noted, Stars Arena has been gaining some popularity in the past few days. In fact, the recent activity uptick on the Avalanche network has been attributed to the rise of the decentralized social application. However, this latest hack represents a significant deterrent to Stars Arena’s growth. According to data from DeFiLlama, the protocol’s total value locked has plummeted from $1.26 million to $0.47 in the past day, reflecting a 100% decline. Stars Arena went live on Avalanche C-Chain – the blockchain component specifically designed for running smart contracts on Avalanche – in late September. Although the Friend.tech-like platform experienced some traction after launch, recent security concerns seem to be stirring skepticism around its growth. $900 Million Lost To Bad Actors In 2023 Q3 This latest exploit will serve as an unfriendly reminder of the growing security concerns in the crypto space. Particularly, the cryptocurrency industry saw a significant surge in exploits and security breaches in the third quarter of 2023. According to a quarterly report by blockchain security firm Beosin, the losses incurred only in Q3 2023 were larger than the total for the year’s first half. A total of $889.26 million was lost to various attacks in the last quarter, compared to the $663 million lost in 2023’s first six months. Related Reading: Twitter IPO: Dogecoin Takes Center Stage In Elon Musk’s X IPO Rumors Source: Beosin/X Beosin’s report revealed that $540.1 million was lost to hacks, with decentralized finance (DeFi) accounting for 18% of this value. Notably, DeFi peer-to-peer service Mixin Network lost $200 million due to a compromise in its cloud service provider database. AVAX price facing resistance at $11 on the daily timeframe | Source: AVAXUSDT chart on TradingView Featured image from Shutterstock, chart from TradingView

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Long positions involve buying assets to profit from price increases, while short positions entail selling borrowed crypto, aiming to repurchase it cheaper for profit.

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According to multiple reports, iToken, formerly known as Huobi Wallet, fell victim to a crypto heist in the last week, leading to the loss of $263,000 worth of users’ assets. The incident draws much attention following recent police investigations into some of Huobi’s former staff. Related Reading: TRON’s Justin Sun Reassures Crypto Community That Huobi Exchange Is Solvent $263,000 Drained From Huobi Wallet – Could There Be An Internal Involvement? Providing more insight on this latest exploit, prominent security firm Peckshield reported that this event occurred on October 3, with the drainer stealing a total of $263,000 USDT and 92 TRX minted on the Tron network. Thereafter, the bad actor proceeded to swap these stolen funds for approximately 2.9 million TRX, of which 1.4 million TRX was transferred to the ChangeNOW exchange, and 1.5 million TRX was moved to Binance.  Currently, there are speculations that this heist was orchestrated by the internal staff of Huobi as such development would be unprecedented. In September, the Chinese Police were reported to have arrested a former Huobi team member for implanting a Trojan horse virus that resulted in the exposure of the private keys and mnemonic phrases of some iToken users. Launched in 2018, iToken functions as a professional DeFi wallet, which enables the storage of various digital assets across multiple networks. It was initially known as the Huobi wallet, as earlier stated, but was rebranded iToken in 2022, following a $200 million investment from the Huobi Group. Related Reading: Tron’s Justin Sun Mulls Over Making A Move On FTX’s Crypto Stash, Here’s Why Growing Controversy Around Huobi?  In addition to speculations of insider involvement in this recent heist, Huobi, now rebranded as HTX, has been in the news recently and not for positive reasons. On September 25, the exchange fell victim to a hack that drained 5,000 ETH worth $7.9 million. However, the exchange’s advisor and Tron founder, Justin Sun, soon came out to assure users of total asset recovery and security of the exchange’s operation.  However, this week, crypto expert Dylan LeClair wrote a thread on X accusing the Tron Visioneer of creating a “web of deception.” This marks the second time in recent weeks Justin Sun has been accused of malicious dealings involving users’ assets on Huobi. According to LeClair, ever since Sun acquired a controlling stake in Huobi in late 2022, the amount of USDT held on the exchange has been gradually replaced by stUSDT, a receipt token for staking USDT. The stUSDT token is controlled by Justin Sun and is supposedly designed to invest in real-world assets such as US government bonds. However, LeClair stated that on-chain analysis and transactions show no such investment.  The crypto analyst also drew attention to “worrying” transactions by Justin Sun involving JustLend, a Tron-based DeFi lending platform,  and other stablecoins, including USDT and USDC, before concluding that the Tron Founder is maliciously moving USD liquidity out of the crypto space.  At the time of writing, HTX’s native token, HT, hovers around $2.36 with a 0.74% gain in the last day, according to data from CoinMarketCap. Meanwhile, HT’s daily trading volume is up by 10.64% and is valued at $3.47 million HT trading at $2.34 on the hourly chart | Source: HTUSDT chart on Tradingview.com Featured image from Bloomberg, chart from Tradingview