Lưu trữ cho từ khóa: CryptoCurrency

Altcoin

ETHTrustFund rug pulls on Base, leading to $2m in investor losses

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Developers have rug pulled the ETHTrustFund project on the Base network, leading to investor losses amounting to $2 million worth of Ethereum.

The fraudulent project abruptly moved these funds from its treasury to a new wallet. Notably, crypto community figure Octoshi first called attention to the scam. He disclosed a series of suspicious funds transfers and the project’s sudden inactivity. 

According to Octoshi, the project’s developer, known only as “Peng,” had been unresponsive for the past three months. This period of silence followed months of building trust and raising over $2 million for ETHTrustFund’s treasury. The project’s website has since gone offline, and its social media accounts have been deleted.

ETHTrustFund marketed itself as a type of OHM fork, capitalizing on the interest within the Base network community. It attracted substantial investment by leveraging the excitement surrounding the network, memes, and ETFs. The project’s documentation remains available, but all other traces have vanished.

Blockchain security firm PeckShield confirmed the rug pull, revealing that the scammers had already laundered the stolen funds. 

The perpetrators bridged the funds from the Base network to Ethereum (ETH)  and then used Tornado Cash and Railgun, both known for their privacy features, to obscure the trail of the stolen assets. 

Etherscan data confirms these findings, showing that the developer siphoned exactly 607 ETH, equivalent to $2.1 million.

Detailed transaction logs from Etherscan indicate that one of the developer’s primary addresses moved 200 ETH to Railgun at 13:27 UTC. Shortly after, this address transferred another 200 ETH to Tornado Cash in two separate transactions. An additional 56.9 ETH was then funneled back to Railgun.

Base has been a hotbed for rug pulls in recent times, as market participants seek to ride on the growing FOMO surrounding the network.

Last August, Magnet Finance, a protocol on Base, was rug-pulled for $6.4 million. 
Solana has also had its fair share of rug pulls, with one involving the URF meme coin and another connected to the CONDOM meme coin project. Both of these rug pulls occurred in April.

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Theo Crypto News

DeFi

WazirX hack sees $200m in crypto swapped for ETH to thwart blocking

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Funds stolen via the July 18 hack on Indian crypto exchange WazirX is being swapped for Ether (ETH).

Data from the on-chain tracker SpotOnChain indicates the attacker has converted over $200 million worth of the siphoned assets to ETH. At the time of publication, the blacklisted wallet held 59,097 ETH.

15,298 ETH was stolen directly from WazirX’s multisig wallet, alongside 200 different crypto assets, including $102 million worth of SHIB, $11.25 million worth of MATIC, $7.6 million worth of PEPE, $7.79 million worth of USDT, and $3.5 million worth of GALA.

Most of these assets have been swapped for ETH with the wallet currently holding just over $11 million worth of altcoins such as Chromia (CHR), Celer Network (CELR), Frontier (FRONT) and Ooki (OOKI) tokens.

Meanwhile, blockchain analytics firm Lookonchain highlighted that the hacker made a deposit of 7.7 million DENT tokens to a Binance address, adding that the wallet “has not been used before.”

Iakov Levin, co-founder Rivo, told crypto.news that the hacker likely swapped the ERC-20 tokens to Ether due its high liquidity. He also underlined that it is “not possible to block ETH like stablecoins.”

ERC-20 tokens have a contract function that allows contract owners to maintain a list of addresses that are prohibited from participating in token transactions. This is typically implemented using a mapping structure in the smart contract, which checks the blacklist before executing transfers, thus preventing any interaction with the blacklisted addresses.

In contrast, ETH lacks this feature since it operates on the core Ethereum protocol, which does not allow for the modification of address permissions.

Akhsay Nassa, co-founder of Chimp DEX, also had a similar opinion, explaining that the attacker wants to prevent the funds from being frozen by authorities.

“With a large, active market, ETH allows for quick and fair trades. Moreover, its numerous cross-chain bridges and exchanges enable easy movement between blockchains, further obscuring the trail,” he added.

The attack was the result of the exchange’s wallet management system being exploited. There were discrepencies in data displayed for Liminal, the digital asset custody and wallet infrastructure provider for the exchange.

“We suspect the payload was replaced to transfer wallet control to an attacker,” the WazirX team said in its post-mortem of the incident.

Meanwhile, crypto sleuth ZachXBT speculated that North Korea’s Lazarus group may have been involved. Blockchain analytics firm Elliptic also came to a similar conclusion.

WazirX halted withdrawals for both crypto and fiat and has vowed to recover the funds.

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Theo Crypto News

Bitcoin

Bitcoin firm Swan pauses IPO plans, suspends mining arm

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Bitcoin-focused firm Swan is suspending its crypto mining business, pulling plans to IPO “in the near future.”

Californian Bitcoin-focused investment firm Swan is halting its plans to go public in the near future and has decided to suspend its mining branch just five months after its launch.

In an announcement on X, Swan chief executive Cory Klippsten said the firm is also pulling back from its “accelerated spending plan,” including staff cuts “across many functions.” The Swan CEO explained that the decision was made because the firm doesn’t anticipate “significant near-term revenue” from its mining unit, which was launched in late January and faced Bitcoin’s halving — which reduced mining reward from 6.25 BTC to 3.125 BTC — in April.

“The Swans we’ve had to let go in our staff reduction this week are some of the best Bitcoiners on Earth, and I would gladly work with each and every one of them in the future.”

Cory Klippsten

Founded in 2019 by Yan Pritzker, Brady Swenson, Tom Giles, Dan Levine, and Cory Klippsten, Swan offers investment services specifically focused on Bitcoin. The Calabasas-headquartered firm has raised a total of $204 million so far from over 30 investors, including Unpopular Ventures, Austin Hill, Baron Davis, and CB3 Holdings among others, according to data from PitchBook.

In early 2024, Swan announced in a statement to the media that it was planning to raise another round of funding and aimed to go public by early 2025. However, it remains unclear whether the firm successfully secured the new capital before pausing its IPO plans.

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Theo Crypto News

Bitcoin

BTC ETF inflows reached $533m ahead of ETH ETF launch

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Spot Bitcoin exchange-traded funds in the United States have been seeing consecutive inflows ahead of the spot Ethereum ETF launch.

According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs recorded $533.6 million in inflows on July 22 — reaching the highest level since June 4’s $886.6 million. This is the third consecutive week of inflows for the investment products.

Most of the inflows, worth $526.7 million, came from BlackRock’s iShares Bitcoin Trust (IBIT), per Farside Investors. With the recent surge, the total amount of inflows into the IBIT ETF came close to the $19.5 billion mark.

Data shows that the Fidelity Wise Origin Bitcoin Fund (FBTC), Invesco Galaxy Bitcoin ETF (BTCO) and Franklin Bitcoin ETF (EZBC) also had $23.7 million, $13.7 million and $7.9 million in inflows, respectively. 

Moreover, despite the market-wide bullish expectations, the VanEck Bitcoin Trust (HODL) registered $38.4 million in outflows.

The remaining spot BTC ETFs, including the Grayscale Bitcoin Trust (GBTC), stayed neutral. According to Farside Investors, the total amount of these investment products is currently sitting at $17.58 billion.

While the spot BTC ETFs started a bullish week, the Bitcoin price declined by 1.3% in the past 24 hours. The flagship cryptocurrency is trading at $66,650 with a market capitalization of $1.31 trillion at the time of writing. 

BTC price – July 23 | Source: Trading View

Notably, spot Ethereum (ETH) ETFs in the U.S. are also expected to start trading today after getting the green light from the U.S. SEC. So far, the regulator approved the ETF applications from BlackRock, Fidelity, VanEck, 21Shares and Bitwise, to name a few.

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Theo Crypto News

DeFi

AVAX jumps 13% as gaming partnerships propel growth

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AVAX, the native token of Layer-1 blockchain Avalanche, has experienced a notable increase of 13% over the last 24 hours, positioning it as the top gainer among the top 100 cryptocurrencies by market capitalization.

Currently, the token is trading at approximately $32.2, up 11.5% in the same period, with its daily trading volume tripling to around $829 million, according to the latest data from crypto.news.

AVAX price chart | Source: TradingView

With the market cap now standing at $12.7 billion, AVAX ranks as the 11th largest cryptocurrency. However, despite the recent gains, it remains 78% below its peak of $146.2, reached on November 21, 2021.

Avalanche was introduced in the autumn of 2020 by a team led by software engineer Emin Gun Sirer, along with Kevin Sekniqi and Maofan “Ted” Yin. The Layer-1 blockchain, which supports smart contracts, quickly positioned itself as a direct competitor to Ethereum.

The recent surge in AVAX’s price follows an announcement on July 19 that ChronosWorlds, a post-apocalyptic RPG game, has selected Avalanche as its preferred blockchain for deployment.

The partnership underscores the growing interest in utilizing robust and stable blockchain platforms like Avalanche for gaming applications. In related news, Fableborne’s first play-to-airdrop event, held on the same day, was hailed as a success, attracting over 77,000 concurrent participants.

Additionally, recent trading activities by large-scale investors (whales) have also influenced AVAX’s price dynamics. These investors have reportedly begun to short the cryptocurrency, particularly after it reached a recent low near $26.

This price movement in AVAX coincides with a broader upward trend in the cryptocurrency market, including a 7% increase in Bitcoin over the past week and a slight overall market uptick of 0.5%, bringing the total market valuation to $2.44 trillion.

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Theo Crypto News

Bitcoin

Mt. Gox moves over 47k BTC to new addresses

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Defunct crypto exchange Mt. Gox has moved more than more than 47,000 Bitcoin (BTC) to two new addresses.

According to data from Arkham Intelligence, two major transactions were recorded on July 23. 

One transaction saw about 42587.49 BTC, worth approximately $2.82 billion. The other, for 5,110.16 BTC, was directed towards its cold storage address.

The move is a part of the exchange’s plans to reimburse its creditors for $9 billion worth of bitcoin.

Prior to this, Mt. Gox made a series of small bitcoin transfers on July 22, potentially as tests, in anticipation of the major transfers. One of the recipient addresses belonged to the cryptocurrency exchange Bitstamp, identified by “3QV…zRN.”

The Bitstamp wallet received 2238.87 BTC, worth around $150 million, on July 23, hinting that the exchange might be ready to start distributing the funds. The exchange was selected as a trustee for the payout process, alongside other platforms like Kraken and Japanese exchange’s Bitbank and SBI VC Trade.

Both Japanese platforms had previously distributed the funds upon receipt. Approximately 47,229, worth $2.6 billion at the time, was sent in this regard. BitBank users confirmed receiving payouts on July 4, a day after the funds were moved.

On July 16, the crypto exchange confirmed receiving payment from Mt. Gox. The announcement was preceded by the exchange moving over 96,000 BTC to three unmarked wallets.

Following these transfers, the Mt. Gox wallet currently holds 90,344 BTC, valued at over $6 billion. However, following today’s transfers, the stash should comprise 42,744 BTC, amounting to roughly $2.85 billion.

The recent payout follows an attempted brute force attack on several Mt. Gox creditors who were receiving reports of unauthorized login attempts on their accounts.

Meanwhile, concerns loom regarding the impact of the recent payout on the price of Bitcoin. The first payouts had triggered mass panic, with the flagship cryptocurrency hitting a 5-month low. The fears were amplified as the German government was also on a selling spree during the same period.

The Mt. Gox creditors have seen a massive surge in their investments, which have been locked for over 10 years. While some market participants claim Mt. Gox customers could sell those holdings, a Reddit poll suggests more than 50% of users are looking to hold their BTC.

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Theo Crypto News

Altcoin

Ethereum price faces a major supply wall at $3.5k

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On-chain data suggests that Ethereum faces substantial resistance at the $3,500 price level as the price retreats from the threshold.

IntoTheBlock shared details on Monday that show the above price point continues to prove tough for Ethereum (ETH) bulls since July 16.

At the time of writing, ETH is hovering around $3,448 and has slipped 1.8% in the past 24 hours, retreating from intraday highs above $3,560. But why is the $3,500 to $3,600 price level likely to be a major supply wall for Ethereum?

Per IntoTheBlock, the main factor aiding bears around this zone is the 3.13 million Ethereum addresses that purchased the coins. In total, these addresses snapped more than 1.56 million ETH at prices at the average price purchase price of $3,547.

ETH addresses in loss could sell

While the overall sentiment is bullish for crypto, the potential that addresses acquired coins at or above the $3,500 level may fancy break-even or profitable trades.

“These addresses are holding at a loss, adding to the selling pressure and making it difficult for ETH to break through this key level,” analysts at the on-chain data and market intelligence platform said.

Also notable is that 84% of ETH holders are currently profitable, with about 5% at the money and only 11% out of the money. However, positive sentiment is still tinged with a bearish signal from the derivatives market, where the futures momentum gauge reads bearish with a value of -0.5.

Ethereum spot ETFs could be a factor

Despite Ethereum’s price struggling at the current level, the market is more bullish as it awaits the debut of spot ETH ETFs.

After issuers filed final S-1 registration statements last week, including details such as fees, the trading debut will be this week. Experts have pointed to a potential launch on July 23.

Recently, analyst Rekt Capital noted a macro bull flag for Ethereum, highlighting that this pattern indicates trend continuation. This means the $4,000 threshold may not be out of reach for bulls much longer.

Crypto analyst Moon Carl pointed to a bullish inverse head-and-shoulder pattern on July 21. If this pattern plays out, the analyst believes ETH can target $4,300 in the short term.

On the downside, the immediate support level is around the $3,449 to $3,390 range.

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Theo Crypto News

DeFi

Helium’s price soars 11% amidst a broad market rally

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Helium, a blockchain network tailored for the Internet of Things (IoT), has seen its price climb by 11% over the past day, currently valued at $4.96.

According to the latest data from crypto.news, Helium (HNT) now holds a market capitalization of around $797 million, ranking it 88th in the global cryptocurrency market cap standings. Over the past week, the cryptocurrency has also seen a significant rise, increasing by more than 40%.

The trading volume for HNT has surged by 207% in the last 24 hours, reaching $17.9 million. During this period, its price fluctuated between $4.47 and $5.21.

Helium, established in 2013 by Helium Inc., facilitates wireless communication for IoT devices across the globe through its decentralized blockchain network. This model offers a scalable and cost-effective alternative to traditional telecom services by allowing individuals to host network points via Hotspots.

These devices provide coverage and transmit data for IoT devices, with hosts earning Helium tokens (HNT) in return, promoting network growth and density.

Despite the recent upward movement in HNT’s value, there have been no significant announcements from Helium that would directly account for the spike. However, the general uplift in the market, led by Bitcoin’s 7% increase over the last week, may have influenced Helium’s performance.

On Monday, Bitcoin (BTC) traded at $67,337, with its price ranging from $66,087 to $68,418 within 24 hours. Although it attempted to break the $68,000 threshold over the weekend, it met resistance, tempering the rally.

Moreover, the total market capitalization of cryptocurrencies has risen by 0.5% in the last day, reaching $2.45 trillion.

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Theo Crypto News

Bitcoin

US house representative passes new bill targeting crypto-related illicit finance

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The US House of Representatives has approved a new cryptocurrency bill aimed at curbing its use for illegal finance.

Introduced by Representative Zach Nunn (R-Iowa) on Monday, July 22, the legislation seeks to establish a governmental working group to assess the use of cryptocurrency in terrorism and money laundering activities.

This bipartisan effort is designed to enhance public-private collaboration in addressing illicit finance within the digital asset space.

As cryptocurrencies increasingly become a prevalent method of payment, Rep. Nunn emphasized the necessity to provide Americans with secure access while safeguarding them from security risks and illicit financial activities.

“This bipartisan bill will help ensure the United States is prepared to address security risks and prevent illicit money laundering while also protecting consumer choice for all Americans,” said Rep. Nunn.

He also outlined the importance of addressing these challenges collectively to “ensure the long-term integrity of digital assets.”

The bill also reflects broader, sector-friendly initiatives previously seen in the House, such as the Financial Innovation and Technology for the 21st Century Act (FIT21).

However, the Senate has yet to show similar levels of enthusiasm towards crypto-related legislation.

In a speech on the House floor, Nunn described the legislation as “crucial in strengthening America’s national security” and vital for “protecting [the nation’s] digital assets and ensuring the next generation of financial and internet technology is built right here in America.”

The proposed working group, which would operate under the Treasury Department, aims to include experts from various sectors, including blockchain intelligence, research institutions, and fintech companies.

Their goal would be to explore crypto transactions and strategies to deter exploitation by malicious actors.

According to Jaret Seiberg, an analyst at TD Cowen, the bill serves as a response to crypto critics who have called for tougher measures on money laundering. He suggests that this legislative move provides political leverage to counter criticisms directed at the crypto industry.

Additionally, the bill’s introduction coincides with proactive industry efforts to garner support from Vice President Kamala Harris, especially after President Joe Biden announced his non-participation in the 2024 Presidential race.

Earlier in April 2023, the U.S. Department of the Treasury highlighted in a report the vulnerabilities in decentralized finance (defi) that criminals exploit to move and launder illicit funds.

These include the failure of many defi services to comply with anti-money laundering and counter-terrorism financing regulations, alongside weak cybersecurity measures in some services and insufficient regulatory frameworks in certain jurisdictions.

Reports from October also indicated that cryptocurrency might have facilitated funding for the Hamas attack on Israel, illustrating how such transactions can circumvent conventional banking systems.

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Theo Crypto News