Category: Cryptocurrency News

The XRP price enjoyed a significant rise following Judge Analisa Torres’s ruling in favor of Ripple against the US Securities and Exchange Commission (SEC). However, a crypto analyst has explained why the token is unlikely to enjoy such a similar trajectory till the year runs out. XRP Price To End 2023 On A Low In a tweet shared on his X (formerly Twitter) platform, Jungle, a prominent figure in the XRP community, stated that he doesn’t “believe the end of 2023 will be great for XRP.” However, it is not only XRP that he believes will end on a low as, according to him, “crypto in general” will not enjoy so much success in the remaining months of this year. Related Reading: Crypto CEO Bags Record-Breaking Prison Sentence For $2 Billion Theft Jungle’s belief stems from the fact that many consumers are currently experiencing financial difficulty, so they might not be looking to invest in cryptocurrencies. He also mentioned the fact that the Federal Reserve keeps hiking interest rates in a bid to keep inflation down. This move ultimately curbs consumer spending, with many only focusing on what they consider necessary. He projects that the financial market will take more hits before the year runs out and states that crypto “will not be immune from the pain.” According to him, now doesn’t feel like a “great time for growth,” further dampening the hopes of anyone who might have had a positive outlook for the crypto market for the remaining months of this year. Jungle’s comment comes at a time when the crypto market is experiencing low trading volume across the board, which suggests that traders aren’t actively participating in the market. One reason could be that they have little or nothing to invest in the market, so they would rather stay out for now.  Token price returns to pre-judgment levels | Source: XRPUSD on Tradingview.com Light At The End Of The Tunnel Jungle, however, mentioned that there are positives to look forward to for XRP and the crypto market in general. He noted that Judge Torres’ ruling, alongside a stablecoin on XRPL and an AMM capability, will spark significant growth for the ripple ecosystem.  He has also singled out certain factors and events that could drive up the crypto market’s value in the coming year. One of these events is the SEC approving the pending ETF applications by certain traditional financial institutions. An approval from the SEC will see institutions like BlackRock, Fidelity, and ARK Invest onboard a new class of investors to the crypto industry.  Related Reading: Remember That Guy That Lost A Flashdrive With 8,000 BTC? Here’s What He’s Up To Now The Bitcoin Halving coming up in the first half of 2024 is another event that Jungle has predicted will help drive up the crypto market’s value. Bitcoin and other cryptocurrencies’ value is expected to rise significantly once the Halving occurs. Co-founder of Delphi Digital Kevin Kelly had previously noted that Bitcoin’s Halving was a key metric in determining when the next bull run would happen as he noted then that the last two halvings occurred 18 months after BTC bottomed and 7 months before it broke to a new all-time high (ATH).  Featured image from Admiral Markets, chart from Tradingview.com

The duo’s paper says self-contracts can help a user quit smoking or lose weight, but incentives such as putting a bomb in one’s own skull would surely test the limits of the law.

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Bitcoin price is down, but three key metrics used by smart money traders continue to flash bullish signals.

The hacker responsible for the $41 million hack of the crypto casino Stake on September 4 made another move on September 11. Following this, they transferred an additional $328,000 worth of Polygon (MATIC) and BNB (BNB) tokens, as the blockchain security company CertiK reported. Transferred Funds By Hackers Are Estimated At $4.8 Million On September 11, the hacker first transferred 520,000 MATIC tokens, worth over $266,000, which were bridged to the Avalanche blockchain. Some hours later, 300 BNB tokens valued at approximately $61,500 were sent to an externally owned address labeled “0x695…”.  Before these recent transfers, the hacker had bridged $4.5 million to different Bitcoin blockchain addresses. This was reported by the blockchain security company Arkham on September 7. The total amount transferred, now at $4.8 million, only constitutes 1.2% of the total $41 million stolen by the hackers. Related Reading: Shiba Inu Hits Make-Or-Break Price: 250% Rally Or New All-Time Low? The Stake hackers exploited the platform by gaining access to the private keys of the platform’s Binance Smart Chain and Ethereum hot wallets.  According to the United States Federal Bureau of Investigation (FBI), the Lazarus Group from North Korea – known for its involvement in various cybercrimes, including hacking and cryptocurrency-related attacks, might be behind this exploit.  The Total Amount Of Money Lost Due To Hacks And Scams Has Exceeded $1 Billion The recent hack of $41 million from Stake has contributed to the cumulative losses from cryptocurrency hacks and scams in 2023. As a result of this incident, the total losses in the cryptocurrency industry have now surpassed the $1 billion mark. Before the Stake attack, CertiK had reported the total losses to be approximately $997 million at the end of August. But for August alone, CertiK reported that exit scams resulted in approximately $26 million in losses. Flash loan attacks accounted for $6.4 million, and exploits caused losses of $13.5 million. The cybersecurity firm verified that these combined losses exceeded $45 million for the past month. However, with several attacks occurring in the past two weeks, the overall figure has now crossed the $1 billion threshold.  For instance, a prominent cryptocurrency investor lost $24 million of staked Ether (ETH) in a phishing attack on September 6. Additionally, Vitalik Buterin’s X (formerly Twitter) account was compromised on September 9, and the hacker used it to trick several individuals into participating in a nonfungible token scam, resulting in a total loss of $691,000. Considering these incidents, in addition to CertiK’s previous estimate from August, the total losses due to cryptocurrency-related incidents would now exceed at least $1.04 billion. Related Reading: Can Pepe Coin Bounce Back? Insights On Its Future Post-Critical Support Drop Other recent incidents include a withdrawal involving Pepe coin (PEPE), resulting in a loss of $13.2 million for investors. Also, a security vulnerability was exposed on the Balancer platform, resulting in damages totaling $2.1 million. Featured image from Pixabay and chart from TradingView.com

While we all keep waiting for the next Bitcoin Halving, which many of us see as the next big Crypto catalyst that could possibly boost prices up, we should know that usually the equation is not that simple, there is also more than one factor that late culminates in a Bull Market. This time one…
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A CoinEx hot wallet transferred $27.8 million of various tokens to a wallet with no previous history, leading experts to suspect a cyberattack.

In a concerning development, popular crypto exchange CoinEx is believed to have fallen victim to a suspected hack, resulting in significant losses from its Ethereum (ETH), TRON (TRX), and Polygon (MATIC) hot wallets. The incident, which unfolded on Tuesday, has sparked an ongoing investigation into the security breach. Related Reading: Bitcoin Forming Death Cross: Here’s What Happened Last Time Alarming Depletion Of CoinEx ETH Reserves According to reports by Colin Wu, a prominent cryptocurrency journalist, CoinEx reportedly lost a staggering 4,946 ETH and 354,762 TRX as part of the ongoing drain from the exchange’s wallets.  The total value of the funds lost surpasses $27.8 million, adding to the growing list of high-profile cryptocurrency exchange breaches. In his latest update, Colin Wu stated: CoinEX is moving the affected hot wallet assets to the cold wallet address 0xf54…7E5d. CoinEX wallets currently hold $97.83 million in assets, of which $89 million are stored in the cold wallet address 0xf54…7E5d, mainly ETH worth $51.7 million and USDT $18.23 million.  What’s more, In a concerning revelation, Julio Moreno, the Head of Research at CryptoQuant, has shed light on the peculiar behavior surrounding CoinEx’s Ethereum reserves.  The exchange has experienced a staggering depletion of its ETH holdings, with almost 5,000 ETH mysteriously vanishing within a single hour and a total loss of approximately 40,000 ETH since May. As a result, CoinEx’s ETH reserves now stand at virtually zero. CoinEx, however, has remained silent on the matter, refraining from issuing an official statement regarding the suspected hack.  The depletion of CoinEx’s ETH reserves indicates a potentially grave situation, as it suggests a significant outflow of funds from the exchange. Such a rapid decline in ETH holdings may have severe implications for CoinEx’s liquidity and ability to meet customer withdrawal demands. Related Reading: Crypto Analyst Predicts Where Bitcoin Price Will Be By End Of Year CoinEx’s stakeholders and the wider cryptocurrency community will closely watch how the exchange responds to these developments. Complemented by transparent communication, swift and decisive action will be vital in navigating this challenging situation and working towards a resolution. Featured image from iStock, chart from TradingView.com