Poloniex Faces $100m Hack
Poloniex experienced a security breach, resulting in an unauthorized outflow from its hot wallet, leading to a loss of over $33 million. The current majority shareholder, Justin Sun, assured users of financial stability and pledged full reimbursement. However, the loss exceeded $120 million across multiple networks. Sun offered hackers a 5% bounty for returning funds and provided wallet addresses for reimbursement. He also promised an internal investigation and compensation for affected users.
ETF Hype Continues
Bitcoin surged to $36,780 amid ETF hype, with analysts anticipating potential approvals before 2024. Asset manager ARK Invest partnered with 21Shares to introduce products featuring exposure to Bitcoin and Ethereum futures contracts. BlackRock discreetly registered an Ethereum-based ETF called the iShares ETH Trust in Delaware.
Bitcoin Aims for $38,000
Bitcoin maintained bullish momentum and reclaimed $36,000 for the first time since May 2022. The asset faced resistance at $36,000 but hit a yearly peak of $37,927. Despite opposition from bears, Bitcoin aims to reach $38,000 again.
SEC Opposes Binance’s Motion
The U.S. SEC opposed Binance’s motion to dismiss a lawsuit and reaffirmed its stance that most crypto assets are securities. Ripple CEO Brad Garlinghouse intends to take the XRP case to the Supreme Court if necessary.
Aftermath of Bankman-Fried’s Trial
The conviction of Bankman-Fried triggered calls for action against FTX celebrity endorsers. FTX filed a lawsuit against Bybit to recover assets, while Solana surged despite FTX-associated issues.
Raft Halts Stablecoin Minting
Raft suspended minting its R stablecoin due to a security vulnerability that resulted in a substantial loss. Existing users can continue loan repayments and collateral retrieval.
Price Action
Solana rose by over 175% in the last 30 days, THORChain reached a year-high of $4.65, and Celsius Network’s CEL token saw a 40% increase in the past seven days.
Hot Take: Cryptocurrency Market Update
This week saw significant developments in the cryptocurrency market, including security breaches, ETF hype, Bitcoin’s price targets, legal disputes involving major exchanges like Binance and FTX, as well as price movements of various cryptocurrencies like Solana and THORChain. These events indicate both the opportunities and challenges present in the ever-evolving world of cryptocurrency investing.
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