Lưu trữ cho từ khóa: DAI

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Stablecoin inflows surge, investors rush to buy Bitcoin, altcoins

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Crypto investors have started depositing stablecoins in centralized exchanges, showing potential bullish momentum for Bitcoin and altcoins.

According to data provided by Santiment, the total exchange net inflow of the top three stablecoins — Tether (USDT), USD Coin (USDC) and Dai (DAI) — reached $141.2 million in the past 24 hours.

BTC price, stablecoin exchange net flows – Sept. 10 | Source: Santiment

USDT alone saw a net inflow of $101.95 million, followed by USDC’s $34.87 million, per data from Santiment. DAI, the third-largest stablecoin by market cap, recorded an exchange net inflow of $4.24 million.

The surge in the stablecoin exchange net flows shows increased buyer optimism.

Moreover, the crypto market witnessed a similar movement on Aug. 22, sending the Bitcoin price above the $64,000 mark and the global cryptocurrency market capitalization reached a local high of $2.36 trillion.

The global crypto market cap surged to $2.09 trillion and the stablecoin market cap is currently sitting at $170.9 billion, according to data from CoinGecko. This category’s daily trading volume also surpassed the $60 billion mark following the bullish momentum.

Bitcoin (BTC) gained 3.8% in the past 24 hours and is trading at $57,250 at the time of writing. Per a crypto.news report, whales have started accumulating BTC and started sending the assets to their self-custodial wallets.

One of the main reasons behind the market-wide bullish momentum is the release of the U.S. Consumer Price Index report, which shows the country’s inflation rate for August. 

Notably, the market could potentially go the opposite way if the inflation rate comes higher than the expected 2.6%.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Whale loses over $55m in DAI stablecoin to phishing attack

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A whale address lost a substantial amount of DAI tokens to a phishing attack after carelessly signing a fraudulent transaction.

On-chain data confirms that the losses amounted to a whopping $55.47 million in Dai (DAI). According to an X post by Lookonchain, the whale’s funds were stored in Maker, a decentralized finance protocol built on Ethereum.

However, after signing the fraudulent transaction, the ownership of these funds was altered, allowing the attacker to take full control of the DAI tokens in the wallet. When the whale tried to withdraw the funds, the transaction failed due to the unintended change in ownership. The hacker then swiftly moved the stolen DAI tokens to a newly created address. 

Through this address, the attacker has since been converting the tokens to Ethereum (ETH) and rerouting them to other wallets. So far, the hacker swapped 27.5 million DAI for approximately 10,625 ETH, ultimately moving most of the funds to CoW, a trading protocol.

Phishing attacks have become increasingly common in the crypto scene. In June, a MakerDAO delegate lost $11 million in various tokens, including USDe, to a similar scam. In May, an NFT trader lost over $145,000 in Bored Ape Yacht Club collectibles, while another investor saw $101,000 in multiple cryptocurrencies vanish due to phishing.

Recent Chainalysis research confirms that since May 2021, approval attacks have accounted for an astonishing $2.7 billion in stolen assets. Previous reports also revealed that victims lost over $46 million to phishing attacks in February this year.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Altcoin

Hackers use stolen funds to buy ETH amid price crash

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As the price of ETH dropped over 20% on Aug. 30, hackers were seen leveraging the opportunity to buy the dip using stolen crypto.

According to blockchain security firm PeckSheild, the perpetrators behind the 2021 hack on Binance Smart Chain-based defi protocol Pancake Bunny bought 2.922K ETH for 7.8M DAI.

The defi protocol was exploited in a 2021 flash loan attack, in which $46 million worth of its tokens were siphoned off and swapped for tokens like BNB, USDT, and DAI. The attack caused the price of the project’s native token, BUNNY, to crash.

Last month, the exploiter’s address returned from dormancy and transferred 1,002 Ether to crypto mixer Tornado Cash. The service allows bad actors to make tracing of funds difficult for authorities. 

At the time, the attacker’s wallet reportedly held $11.4 million of Dai (DAI).

Similarly, the attackers behind the $200 million hack of cross-chain token bridge Nomad have also acquired ETH, according to analytics firm Lookonchain.

Nomad Bridge allowed users to send funds across multiple blockchains. The attack stemmed from a vulnerability in the smart contract where tokens sent via the bridge are initially deposited. 

On August 30, 2024, the attacker spent 39.75 million DAI to acquire 16,892 ETH before moving them through Tornado Cash in a series of transactions for 100 ETH each. In total, the attacker moved approximately 2400 ETH to the privacy mixer.

Over the years, the attacker has moved the stolen assets on multiple occasions, with over $1.5 million laundered via Tornado Cash in January 2023. Prior to that, $7.5 million was moved to an unknown address.

As of publication time, one of the Nomad bridge attacker’s wallets held just over 14,500 ETH valued at over $33 million.

The recent moves come as ETH recorded its largest drop in 2024, presenting a lucrative buying opportunity. According to analysts, the cryptocurrency has lost key support levels, and the price is expected to dip even further. 

The price drop came as the broader crypto market saw over $1 billion in liquidations recorded in 24 hours.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News