The post Crypto Hackers Bag $200M: Over 12 Attacks In February, Pushing Yearly Losses To $67M appeared first on Coinpedia Fintech News In the biggest rug pull event in February 2024, the crypto industry experienced losses totaling $67 million across 12 incidents, primarily due to hacks, which accounted for 97.54% of the stolen funds. The remaining losses were attributed to fraud. Despite the substantial losses, there was a notable decrease compared to January 2024, suggesting potential improvements in security measures or increased vigilance within the crypto community. Crypto Market Hit by $200 Million in Hacks and Frauds Immunefi’s February report reveals a staggering $200 million loss from hacks and frauds in the crypto market. The majority of losses in February were attributed to the crypto gaming platform PlayDapp and the decentralized exchange FixedFloat, amounting to $32.35 million and $26.1 million, respectively. Duelbits, an online casino with crypto features, lost $4.6 million. These incidents accounted for $63.05 million of February’s total losses. Hacker’s Favourite Blockchain The report suggested that Ethereum was the most targeted blockchain in February 2024, with 12 attacks, while projects on BNB Chain and Bitcoin each suffered one attack. All incidents targeted DeFi platforms and services constituted 97.54% of total losses, with CeFi experiencing no losses. Yearly losses in the crypto industry now stand at $200 million, a 15.4% increase compared to the same period last year. Notably, certain attacks were omitted from the reports for January and February, including notable incidents such as attacks on Seneca, LastPass users, the MIM stablecoin, and a $112 million attack on Ripple co-founder Chris Larsen’s wallet. If included, these hacks would bring the total losses for February to $198.1 million and the year-to-date losses to $398.1 million. Conclusion As DeFi hacks increase, it’s crucial to boost crypto security. Platforms and experts must collaborate to fix weaknesses while educating users on safe practices. These efforts will safeguard assets and enhance trust in the crypto realm.
The post Eyes on BEFE: Shiba Inu Takes a Step Aside as Investors Focus on New Opportunities appeared first on Coinpedia Fintech News Meme coins have seen a significant rally in the recent bull market, as the market cap soared over $34 billion. A new contender has emerged in this rapidly growing sector, challenging established players like Shiba Inu. BEFE, with its unique appeal and innovative approach, is quickly becoming the center of attention among investors seeking new opportunities in the meme coin market. What’s Unique about BEFE over Shiba Inu? BEFE distinguishes itself from other meme coins through several key features that have attracted a growing community and significant investment interest. Unlike Shiba Inu, which has carved its niche as a prominent player in the meme coin space, it introduces a dual-chain model that enhances its functionality and accessibility. This innovative approach allows the token to operate seamlessly across both the Ethereum and Binance Smart Chain networks, allowing users to transact more efficiently and cost-effectively. One of the most appealing aspects of the token is its commitment to maintaining a fair and equitable ecosystem for its investors and community members. Unlike many other projects in the crypto space, it was launched without a presale, unlike major tokens such as Shiba Inu, ensuring that no early investors would have an undue advantage over others. Furthermore, the project has adopted a zero-tax policy, meaning that token transactions are not subject to additional fees or charges. This approach simplifies the trading process and makes it more attractive to investors wary of the hidden costs often associated with cryptocurrency transactions. A Growing Community and Soaring Meme Coin The BEFE community has experienced rapid growth, boasting over 50,000 members actively participating in the project’s development and promotion. Although the Shiba Inu community is much larger, the token is only four months from its launch. This robust community support is a testament to the project’s appeal and potential within the meme coin market. Community-driven initiatives and active engagement on social media platforms have played a crucial role in spreading awareness and attracting new members to its ranks. Since its launch just four months ago, the token has experienced remarkable growth, gaining over 500% in value. This impressive performance highlights the token’s strong market potential over Shiba Inu and the increasing interest from investors looking for the next big opportunity in the meme coin sector. As Shiba Inu takes a step aside, this latest token’s rise signifies a shift in focus towards new, innovative projects that offer unique benefits and a fresh perspective on what meme coins can achieve. In conclusion, BEFE’s unique appeal, dual-chain model, no-presale approach, zero-tax policy, and rapidly growing community make it a standout project in the meme coin market. As investors continue to explore new opportunities beyond established names like Shiba Inu, BEFE presents an intriguing option that combines innovation with a strong sense of community and fairness. With its impressive performance since launch, the latest meme coin is well-positioned to capture the attention of those looking to diversify their meme coin investments and participate in the growth of a promising new project. Find Out More Here: Website: befetoken.com Telegram: t.me/befetoken Twitter: twitter.com/befetoken
The post Nigerian Government Refutes $10 Billion Fine Speculation on Binance Amid Crypto Crackdown appeared first on Coinpedia Fintech News Government officials have refuted recent speculations about the Nigerian government imposing a substantial fine of $10 billion on cryptocurrency exchange Binance. The conflicting statements and regulatory scrutiny come amidst a broader crypto crackdown in Nigeria, including the recent ban on major platforms. Nigerian Government Denies $10 Billion Fine Contrary to earlier reports made by The Premium Times, suggesting a potential $10 billion fine on Binance, the Nigerian government has dismissed these claims. Bayo Onanuga, the special adviser to the Nigerian president, clarified that his words were misquoted. Onanuga stated, “I never said Binance had been informed about the fines or that it would be $10 billion. I only said the amount might be imposed because nothing is final yet.” Amid the regulatory challenges, Binance has expressed its commitment to settling matters with Nigerian officials. Despite accusations and talks of a potential fine, Binance highlighted that discussions with Nigerian authorities are taking place. The exchange stated, “We recently talked about ways to settle matters with Nigeria, but we never heard any request for $10 billion.” Nigerian Crypto Market Concerns The regulatory environment for crypto exchanges in Nigeria has intensified, leading to the recent ban on platforms like Binance, Coinbase, and Kraken. The National Agency for Potential Initiatives of Uzbekistan has filed a lawsuit against Binance, and concerns about user privacy and regulatory oversight have been raised. Binance, however, has denied these allegations and remains positive about solving these issues through ongoing discussions. This shift contrasts with the previous stance of encouraging crypto investments to support the national economy. The crackdown has also led to the temporary detention of two Binance executives who resided in the country. The conflicting information regarding the alleged $10 billion fine on Binance is yet to be fully confirmed by Nigerian authorities.
The post Binance Coin Surges as Pushd (PUSHD) Presale Emerges as Top Investment Pick Alongside Ethereum appeared first on Coinpedia Fintech News Cryptocurrency can play a pivotal role in diversifying investment portfolios. Its low correlation with traditional asset classes like stocks and bonds means that including crypto in a portfolio can reduce risk and improve returns over time. This diversification benefit is a compelling reason for investors to consider allocating a portion of their portfolio to digital assets, balancing potential risks with the opportunity for significant growth. The recent surge in Binance Coin (BNB) value coincides with the Pushd (PUSHD) presale emerging as a top investment pick, rivalling even Ethereum (ETH) in investor interest. This trend indicates a growing recognition of Pushd’s (PUSHD) potential to offer significant returns and disrupt traditional e-commerce and DeFi spaces with its unique platform. Binance Coin (BNB) Surges Despite offering benefits like fee discounts within the Binance exchange system, Binance Coin (BNB) has encountered headwinds from regulatory investigations targeting Binance’s operations. This has led to price fluctuations and potentially eroded user trust. Binance Coin (BNB) experiences a surge in its price by the success of the Binance platform and its expanding ecosystem. This positive momentum has Binance Coin (BNB) holders optimistic about future growth, driving them to explore new investment avenues that complement their bullish outlook on Binance Coin (BNB). Ethereum (ETH) Maintains Strong Position Ethereum (ETH), the second-largest cryptocurrency by market cap, aims to power a decentralized ecosystem for smart contracts and applications. However, it faces challenges with high transaction fees and network congestion, particularly during periods of heavy use. These issues can deter users and developers, potentially hindering its long-term growth. Ethereum (ETH) surpasses the $3,400 mark, signaling robust health and continued leadership in the DeFi space. Ethereum (ETH) investors, encouraged by this milestone, are actively seeking additional investments that promise high returns and strategic value. Pushd (PUSHD) presale has emerged as a valuable candidate for Ethereum (ETH) investors to diversify their portfolio. Pushd (PUSHD) Emerges as a Top Investment Pick Pushd (PUSHD) stands out in the digital marketplace for its unwavering commitment to security and integrity. The platform has successfully passed a rigorous audit, a testament to its strong security infrastructure designed to protect user transactions. Moreover, the locking of liquidity for 20 years and the strategic decision to lock team tokens for 700 days are proactive measures that significantly enhance trust and stability within the Pushd (PUSHD) ecosystem, ensuring that it remains a safe investment and trading space for all users. The Pushd (PUSHD) presale has quickly emerged as a top investment pick for both Binance Coin (BNB) and Ethereum (ETH) holders. Pushd’s (PUSHD) potential to disrupt traditional e-commerce through blockchain technology has captured the attention of investors eager to participate in a project with game-changing prospects, making it a compelling addition to their portfolios. Don’t miss out on Pushd (PUSHD) Stage 5 presale with its current price of just $0.11 and experts forecast a potential 4,500% increase by Q4. Find out more about the Pushd (PUSHD) presale by visiting the website here.
The post Meme Coin Rally : The Spark Igniting the Next Altcoin Season? appeared first on Coinpedia Fintech News As Bitcoin surges towards its historic all-time high, leading the crypto landscape, a subtle but significant shift is noticeable in the altcoins realm. Altcoins, the lesser-known players in the cryptocurrency realm, are poised to steal the spotlight. Altcoins on the Horizon K33 Research analysts have shed light on a compelling pattern in their recent report, indicating the imminent rise of altcoins. Comparing the current market trend to the late 2020 altcoin rally, they highlight a substantial increase in Bitcoin’s market cap relative to all other cryptocurrencies, excluding Ethereum (ETH). This pattern, reminiscent of past altcoin seasons, indicates the potential resurgence of altcoins. In the words of K33 Research analysts, “Judging by history, altcoins will start outperforming about the time we are now… There is enough risk appetite to send a select few alts on big runs, but we have yet to see a new wave of retail entering the altcoin arena to create the rising tide that lifts all boats.” Meme Coin Phenomenon as Precursor The crypto market recently witnessed a surge in meme coins, including popular names like dogecoin (DOGE) and Shiba Inu (SHIB), as well as newcomers like Pepe coin (PEPE) and bonk (BONK). This sudden rally, with DOGE and SHIB gaining 40%-50% and newer tokens doubling in price, is seen as a potential precursor to the much-anticipated altcoin season. Notable performers include Dogwifhat (WIF), Pepe (PEPE), and Bonk (BONK), each showcasing impressive gains. Amidst this “tremendous” meme coin rally, K33 Research analysts remarked, “There is enough risk appetite to send a select few alts on big runs, but we have yet to see a new wave of retail entering the altcoin arena to create the rising tide that lifts all boats.” Swissblock Analysts’ Insights Swissblock analysts’ notions of an impending altcoin resurgence have aligned with the reports of K33 Research. Key indicators, such as the median return of altcoins versus Bitcoin, hint at the beginning of an altcoin season. Swissblock analysts, bullish on altcoins, stated, “Signs point to an imminent alt season… The key signal to look for to confirm the start of a period of altcoin outperformance is ETH’s clearing the $3,500 price threshold.” Market Dynamics and Opinions Santiment’s market insights underline the market shift that while Bitcoin is reaching its all-time highs since 2020 and substantial capital inflows into the market through Spot Bitcoin ETFs, altcoins are also capturing attention, driven by increased total crypto market capitalization and trading volume. Renowned analyst Michaël van de Poppe supports the idea of an upcoming altcoin season. While not directly convertible to altcoins, the influx of capital into Spot ETFs signifies a broader market entry. Van de Poppe anticipates Ethereum reaching $4,500-5,000, with altcoins potentially delivering 2-4x returns. However, another named analyst, Ali, suggested a potential correction for Bitcoin, as indicated by the TD Sequential indicator. The crypto market seems to be on the brink of the altcoin season. Analysts and market observers are signalling the prelude to an altcoin dominance, drawing reference from historical trends and recent market dynamics.
The post Top Institutions Holding Maximum Bitcoins in 2024 appeared first on Coinpedia Fintech News We all know the king crypto, Bitcoin, aren’t we? It is the largest crypto by market capitalization. There have been some giant whales out there who have accumulated a significant amount of Bitcoin in their vast ocean of cryptocurrency. Let us see who they are! Who Are The Bitcoin Whales? The total BTC supply in circulation is limited, that is, a circulating supply of around 19.5 million and a maximum supply of 21 million BTC. Many investors are curious to know about the Bitcoin whales and who owns large amounts. Crypto whales are individuals or organizations that own the most amount of a cryptocurrency. The importance of Bitcoin whales is important as they can highly influence the prices of certain crypto coins. Bitcoin whales are crucial because: They help us in inferring price trends by tracking whales. Guessing what “whales” would do is a way to second guess the direction of the market. They are vital for BTC liquidity which helps us in identifying the ease with which one can buy or sell Bitcoin without notable price fluctuations. Top Bitcoin holders deepen the market by placing substantial buy and sell orders, providing more trading options and reducing price volatility. So who owns the most Bitcoin in 2024? Who Owns the Most BTC in 2024? Public companies: The Bitcoin ecosystem has a good contribution from public companies. Their holdings impact their stock performance and the broader crypto space. So, let us see who they are: Micro Strategy, a business intelligence firm that holds 189,150 BTC and is the foremost on the list! This represents 0.901% of the total 21 million Bitcoins that will ever exist. Tesla Inc. is the second on the list! The electric vehicle company holds 10,725 BTC, worth approximately $471.54 million. Tesla’s stock is greatly influenced by Bitcoin price fluctuations. Coinbase Global Inc. is a crypto exchange that holds 9,000 BTC valued at $395.7 million. The company’s stock performance is closely linked to the crypto market health and BTC price is the key driver! Galaxy Digital Holdings, a digital asset and blockchain-based merchant bank, holds 8,100 BTC equalling around $356.13 million. Block Inc. is a financial services and mobile payment company that holds 8.027 BTC worth $352.92 million. This shows a broader sense of acceptance among institutions in terms of cryptocurrency. This trend showcases a growing confidence in Bitcoin as an asset class. Company Number of BTc ValueMicroStrategy189,150$8,316,269,150Tesla, Inc10,725$471,541,034Coinbase Global , Inc9,000$395,698,770Block, Inc8,027$352,919,336Bitcoin Group SE3,830$168,391,810Voyager Digital LTD2,287$100,551,454NEXON co. Ltd.1,717$75,490,532 Private firms: Private companies’ BTC adoption shows their strategic shift towards digital assets. These investments are mostly driven by a variety of factors like confidence in Bitcoin’s long-term value, its potential as a hedge against inflation, and a desire to be part of the burgeoning digital economy. Mt. Gox, a major Bitcoin exchange, currently holds around 200,000 BTC, valued at approximately $8.79 billion. This holding accounts for 0.952% of the total Bitcoin supply. Mt. Gox’s Bitcoin holdings are mainly due to historical operational activities and have been a center of legal and financial discussions following its infamous hack and subsequent bankruptcy. Secondly, a software company specializing in high-performance blockchain technologies, Block.one holds 140,000 BTC, worth about $6.16 billion, having 0.667% of the total Bitcoin supply. Tether Holdings Ltd. holds 55,000 BTC, valued at roughly $2.42 billion, or 0.262% of the total supply. The Tezos Foundation holds 17,500 BTC, worth around $769.41 million, which is 0.083% of the total Bitcoin supply. Stone Ridge Holdings Group is an asset management company focusing on alternative investments and holds 10,000 BTC, valued at approximately $439.67 million, constituting 0.048% of Bitcoin’s total supply. Their investment in Bitcoin is part of a major strategy to diversify their portfolio. Company Number of BTC ValueMt. Gox2,00,000$8.79 billionBlock.one140,000$6.16 billionTether Holdings55,000$2.42 billionThe Tezos Foundation17,500$769.41 millionStone Ridge Holdings Group10,000$439.67 million Mining Companies: They play a major role in the BTC world in terms of network security and creating a market influence through their Bitcoin reserves. Let us have a look at the top mining companies holding Bitcoin in 2024: Company Number of BTC ValueMarathon Digital Holdings Inc.15,174$667.15 millionHut 8 Corp9,129$401.37 millionRiot Platforms Inc7,362$323.68 millionCleanSpark Inc3,002$131.98 millionHIVE Digital Technologies1,707$75.05 million The connection between mining activities and reserve accumulation is a balancing phenomenon. On one hand, mining companies must sell a portion of their mined Bitcoin to cover operational costs, including electricity, hardware maintenance, and expansions. On the other hand, holding onto their mined Bitcoin can be seen as a sign of belief in the cryptocurrency’s future value. This strategy not only influences the supply side of Bitcoin but also reflects the miners’ viewpoint on market trends. Moreover, these holdings play a major role in the security of the Bitcoin network. By reinvesting their profits into expanding mining operations, these companies contribute to maintaining a high hash rate, which is crucial for the network’s security and operations. Final Thoughts With the significant holdings and strategic investments, the institutions have underscored the growing integration of Bitcoin with traditional financial methods. Looking at the future, the collective influence of these entities holding BTC is surely going to propel the trajectory of Bitcoin toward a greater institutionalizing and mainstream acceptance. It suggests a future where Bitcoin’s role extends beyond a speculative asset to a foundational element in diversified portfolios. The institutional accumulation of BTC also suggests a future where Bitcoin coexists with traditional frameworks, offering a wider list of investment opportunities and risk management strategies.
The post Blockchain Report of February 2024: Dominance, Development, and Adoption Insights appeared first on Coinpedia Fintech News The blockchain sector is booming and no longer just a futuristic tech concept – it is today’s technology. For tech enthusiasts to thrive in this fast-paced, competitive world, a clear understanding about each and every development of the industry is crucial. This monthly report simplifies blockchain analysis, offering a clear overview of the sector’s latest developments. Using high-quality data ensures utmost clarity in this exploration. Let’s dive into the report to stay updated on the rapidly transforming blockchain landscape, and to remain informed about all the major trends, which the data collected for the month recognises. 1. Blockchain Performance: A General Analysis A primary analysis of the performance of a blockchain for a particular month can be done using Total Value Locked. Total Value Locked in a blockchain’s decentralised finance ecosystem reflects the aggregate value of assets locked in smart contracts. A rising TVL indicates adoption, economic activity, and user trust, suggesting a positive month of robust DeFi participation, enhancing the overall performance of the blockchain. 1.1. Blockchain Performance Analysis Using TVL and Dominance Ethereum dominates with 65.61%, and Tron and BSC closely follow with 11.62%, 6.17%. 1.1.1. Analysing Top Blockchains Using 30-Day TVL Movement Let’s re-analyse the top blockchains, which dominates the blockchain sector in terms of the YTD TVL data, with the 30-Day TVL movement data, to know how much movement the top chains have witnessed in the last 30 days. No.Blockchain 30-Day TVL Movement (in %)1Ethereum 43.8%2TRONNil3BNB Smart Chain23.4%4Arbitrum One22.0%5Solana 53.1%6Polygon POS18.4%7Optimism 7.9%8Avalanche 15.2%9Manta Pacific 24.4%10Base5.0% Solana dominates with 53.1%. Ethereum follows closely with 43.8%. 1.2. Blockchain Monthly Performance Analysis Using 30-Day TVL Movement Let’s see how things will appear when we do the performance analysis solely based on the 30-day TVL movement data. Blockchain 30-Day Movement (in %) Sei Network116.6%StarkNet85.4%Aptos60.5%Hedera Hashgraph59.6%Mantle 56.8%Solana 53.1%Ethereum43.8%Boba Network 38.2%Scroll 34.4%Ronin 34.3% Sei Network dominates with 116.6% 30-day movement. Meanwhile, StarkNet’s 30-day movement is 85.4% and Aptos’s 30-day movement is 60.5%. Hedera Hashgraph, Mantle, Solana, Ethereum, Boba Network, Scroll and Ronin also experience impressive 30-day movement. 2. Blockchain Comparative Analysis: How Top Blockchains Performed This Month By focusing on four aspects, you can gain insights into the economic strength, development activity, market stability, and adoption potential of each blockchain. 2.1. Blockchain Analysis: Total Value Locked and Economic Activity Let’s assess the economic activity within each blockchain’s ecosystem. A higher TVL, transaction volume, and revenue may indicate a more vibrant and utilized blockchain. BlockchainsRevenue Fees Volume TVLEthereum 10740K USD12060k USD1772M USD$48,409,240,331TRON1560K USD1560K USD53.77M USD$8,575,920,943BNB Smart Chain51.41K USD514.1K USD698.55M USD$4,553,551,332Arbitrum One85.91K USD400.26K USD413.81M USD$3,523,328,614Solana 1.66K USD3.32K USD656.14M USD$2,112,119,544Polygon POS34.29K USD79.94K USD149.89M USD$1,027,218,469Optimism -12.97K USD214.1K USD91.5M USD$944,636,046Avalanche 41.68K USD41.68K USD77.07M USD$936,810,058Manta Pacific $547,258,490Base19.08K USD179.11K USD40.27M USD$405,441,699 The data showcase total value locked in the top ten blockchains. Ethereum dominates with $48.4 billion, followed by TRON and BNB Smart Chain. Solana and Polygon POS also exhibit substantial values. This indicates Ethereum’s entrenched position, while emerging networks like Solana show potential for growth in decentralised finance. The data illustrates volumes in the top ten blockchains, with Ethereum leading at 1772M USD, followed by BNB Smart Chain and Solana. Ethereum’s high volume indicates its continued dominance in transactions. Solana’s notable volume suggests growing adoption, while BNB Smart Chain’s position underscores Binance’s significant presence in the blockchain space. The data reveals fees in the top blockchains, with Ethereum leading at 12060k USD, followed by TRON and BNB Smart Chain. The data depicts revenue in the top ten blockains, with Ethereum leading at 10740K USD, followed by TRON and Arbitrum One. Ethereum’s high revenue indicates its thriving ecosystem. Negative revenue on Optimism suggests early challenges. Anway, in the blockchain economic analysis, revenue, fees, volume and TVL indices provide vital insights. Revenue showcases the financial health of networks, with Ethereum leading, indicating a thriving ecosystem despite Optimism’s early challenges. Fees reflect transaction costs, where Ethereum dominates, suggesting network congestion. Volume highlights transaction activity, with Etheruem’s dominance and Solana’s growing adoption evident. TVL signifies the value invested in DeFi, showcasing Ethereum’s entrenched position and Solana’s potential. 2.2. Blockchain Analysis: Development and Innovation Let’s evaluate the development activity and innovation within each blockchain. A blockchain with a strong development community, active core developers, and more commits may suggest ongoing improvement and evolution. BlockchainsCommits Core Developers Ethereum 9870330TRON264BNB Smart Chain14820Arbitrum One176041Solana 50028Polygon POS20917Optimism 230046Avalanche 168037Manta Pacific Base15515 The data presents the number of core developers in the top blockchains, with Ethereum leading at 330, followed by Optimism and Arbitrum One. Ethereum’s large developer base indicates robust ecosystem support and ongoing development efforts. Optimism and Arbitrum One also show significant developer activity, crucial for maintaining and improving blockchain protocols. Networks with fewer developers like TRON may face challenges in keeping up with innovation and security standards. The data displays commit counts in the top blockchain, with Etheruem leading at 9870, followed by Optimism and Arbitrum One. High commit counts signify active development and maintenance of blockchain protocols. Etheruem’s substantial commits indicate ongoing enhancements and updates, crucial for its robustness. Networks like TRON with fewer commits may encounter difficulties in keeping up with technological advancements and ensuring security. Notably, core developers and commit indices are crucial for assessing development and innovation. Core developers represent the talent pool driving blockchain advancements, with Ethereum leading at 330, indicating strong ecosystem support. High commit counts, led by Ethereum at 9870, signify active protocol development and maintenance. Networks like Optimism and Arbitrum One show significant developer activity, vital for protocol improvement. However, networks with fewer developers like TRON may lag in innovation and security, emphasising the importance of developer support for sustainable blockchain evolution. 2.3. Blockchain Analysis: Market Performance and Stability Let’s analyse the market performance and stability of each blockchain’s native cryptocurrency. The prevalence and usage of stablecoins within the ecosystem can measure stability and potential as a medium of exchange. BlockchainsStablecoins Market CapPrice Ethereum 71.288B USD2.98K USDTRON51.506B USD0.1 USDBNB Smart Chain4.732B USD351.8 USDArbitrum One2.226B USD2 USDSolana 2.206B USD108.6 USDPolygon POS1.451B USD1 USDOptimism O.632B USD3.8 USDAvalanche 1.206B USD37.7 USDManta Pacific Base0.3B USDNil As per the above data, Ethereum leads with a substantial market cap of 71.288B USD, indicating its dominant position. TRON follows closely, reflecting its strong market presence. BNB Smart Chain also shows significant market cap, underscoring Binance’s influence. Stablecoin market caps are indicators of investor confidence and network stability, with higher values suggesting greater adoption and resilience. However, lower market caps like Base’s 0.3B USD may imply lower stability or adoption rates, emphasising the need for sustained growth and market confidence. 2.4. Blockchain Analysis: Adoption and User Interest Let’s examine the level of adoption and user interest by looking at inflows, coin price and market capitalisation. A blockchain with increasing user interest and growing market capitalisation may indicate a higher level of adoption. BlockchainsToken Market CapNet Inflows Token Price Ethereum 358.397B USD29.78M USD2.98K USDTRON12.263B USDNil0.1 USDBNB Smart ChainNilNil351.8 USDArbitrum One2.564B USD-110M USD2 USDSolana 47.893B USD-0.7M USD108.6 USDPolygon POS8.831B USD-0.61M USD1 USDOptimism 3.618B USD-5.25M USD3.8 USDAvalanche 13.865B USD0.978M USD37.7 USDManta Pacific Basenil3.3M USDNil The data depicts net inflow in the top blockchains. Ethereum leads with a positive inflow of 29.78M USD, indicating investor interest. Base and Avalanche also show positive inflows, albeit smaller. However, Arbiturm One exhibits a substantial negative inflow of -110M USD, suggesting significant funds moving out. Optimism, Solana, and Polygon POS show moderate negative inflows. The date presents token market caps. Ethereum dominates with a market cap of 358.397B USD, reflecting its established position. Solana follows with 47.893B USD, showcasing its growing popularity. Avalanche, TRON, and Polygon POS also exhibit significant market caps. Meanwhile, Optimism and Arbitrum One show comparatively smaller market caps. Let’s explore the adoption and user interest factor of the top blockchains using the above indices. Token market cap and net inflow data are crucial for analysing blockchain adoption and user interest. Market cap reflects overall investor sentiment and network value, while net inflow indicates recent capital movements, highlighting investor activity and sentiment shifts. Ethereum’s high market cap and positive net inflow suggest strong adoption and sustained user interest. Solana’s growing market cap supports its increasing popularity. However, substantial negative inflows in Arbitrum One and moderate negative inflows in Optimism, Solana and Polygon POS may signal investor caution or shifting preferences, impacting adoption rates. The report covers all the vital developments the blockchain sector has witnessed in this month. The report is the product of the fine blend of professional analysis and quality data.
The post From Fake Airdrops to Rug Pulls: A Roundup of This Week’s Major Crypto Hacks appeared first on Coinpedia Fintech News The past week saw a tornado of events from x accounts getting hacked to 99% of token downfalls. From platforms recovering stolen funds to hackers hijacking the official websites. Deep dive into this weeks crypto hack roundup and witness with us the herald of crypto hacks that happened over the week. MicroStrategy’s X account hacked; malicious links posted to a fake airdrop Hackers got unauthorized access to the largest corporate holder of Bitcoin’s X credentials through which they posted malicious phishing links. Though the links were later deleted from the account, the losses reached nearly half a million. Web3 anti-scam platform scam sniffer shed more details and revealed that the hacker stole multiple altcoins and that the exact loss was $424,786 worth of $wBAI, $wPOKT and $CHEX. What is surprising is that a single user lost all this crypto, highlighting the intensity of the hack. The airdrop post was misleading users with links to a fake “official” Ethereum-based MSTR token airdrop. Clicking the link led to a phony MicroStrategy page, prompting users to connect a wallet for the airdrop which allowed attackers to drain tokens. Serenity Shield plunges into chaos as $5.6M theft triggers token downfall The Serenity Shield token once hailed as a “crypto legacy solution” has witnessed a staggering decline of almost 99% in its value after approximately 6.9 million SERSH tokens worth $5.6 million at the time were reportedly siphoned off from one of the team’s MetaMask wallets. Serenity Shield confirmed the breach in a tweet on February 27th, announcing to its community that they are temporarily halting all trading, deposits and withdrawals of SERSH on centralized exchanges. The team assured the community that they are actively working to restore liquidity to all new token contracts and will replace all liquidity lost due to the exploit.They are also launching a new SERSH token through a robust smart contract to safeguard the whole of their ecosystem. Seneca protocol recovers 80% of $6.4 Million stolen through white hat bonus On Wednesday, 28th of February, Seneca’s Chamber contracts, previously audited by Halborn Security, were affected by a bug approval and user’s funds were compromised. In the attack, Seneca’s Chamber.sol contract was implicated. The attacker exploited Chamber’s performOperations() function, allowing calls to functions in other contracts using the Chamber contracts to send tokens to their address. $6.4 million were stolen during the attack and 80% of funds approximately $5.3 million were recovered through a Whitehat request while keeping 20% valued at $1.04 million as bounty. Good news was that the breach didn’t affect funds directly deposited into Seneca but rather targeted assets held in users’ wallets. Capital killers render Grayscale Capital official website inaccessible Capital Killer, an anti-capitalist hacker group, revealed on twitter that they have attacked the Grayscale official website, claiming it as a gift to the AVAV community in support of fairness and anti-capitalism. Currently, the Grayscale official website is inaccessible, but the page for Grayscale’s Bitcoin ETF GBTC remains accessible. Privacy focused Aleo faces privacy leak issues On 26th February, Aleo, a blockchain project that advertises it’s a place for fully private applications with built-in privacy emailed private identification documents such as selfies and photographs of government identification cards to the wrong users. Aleo released a statement regarding the Know Your Customer (KYC) information exposure addressing the issue. The zero-knowledge platform blamed the leak on a copy/paste error in email metadata. Aleo said in a post on X that the KYC information leak affected only about 10 participants from its recent Aleo Learn and Earn events. Aleo stated that it removed the exposed information, investigated the cause and informed the affected individuals. The Shido Network rugpulls to $2.1Million The decentralized cross-chain protocol Shido Network on the Ethereum blockchain rug pulled.The owner of the SHIDO token staking contract first upgraded the staking contract, then withdrew a large amount of SHIDO tokens and finally dumped a significant amount of SHIDO tokens for 692 ETH worth $2.1 million. Wrapping up, that was what the week witnessed in the world of crypto hacks. Keep an eye out for our next weekly round up especially bought for you. Stay tuned!