Orbit Bridge Exploited, Losing $82 Million
An exploit was discovered on the Orbit blockchain network’s bridge protocol, resulting in the loss of $81.5 million in various cryptocurrencies. The Orbit team is currently investigating the cause of the hack and working with law enforcement. Reports suggest that the hackers responsible may have ties to North Korea.
CoinsPaid Hacked, North Korean Hackers in Spotlight
CoinsPaid, a crypto payment protocol based in Estonia, suffered its second hack in six months, resulting in a loss of $7.5 million in crypto assets. A report from TRB Labs highlighted the involvement of North Korean hackers in multiple exploits last year, totaling $600 million.
Spot BTC ETF Approval Anticipation
The approval of a spot BTC ETF is highly anticipated, with many industry commentators predicting a price explosion for Bitcoin. However, some experts believe that the impact of a spot BTC ETF on Bitcoin’s price may not be as significant as expected and could even result in a price drop.
Updates on Spot BTC ETF Filings
Fidelity Investments, VanEck, Grayscale, Ark 21Shares, and Valkyrie have all filed form 8-A with the SEC to register their respective BTC ETF products as publicly traded securities. The growing number of filings has increased optimism for an imminent approval of these products.
Bitcoin Slumps Following Retest
Bitcoin rallied to $45,879 but dropped to $40,750 following reports that the SEC might reject all BTC ETF applications in January. The asset eventually closed with a 4.68% decline, causing liquidation in the perpetual market. However, it has since recovered and is currently trading at $44,349.
Nigeria’s cNGN Project and SEC’s Enforcement Actions
The Central Bank of Nigeria released rules for banks regarding the operation of crypto accounts after lifting its blanket ban on cryptocurrency transactions. The bank also approved the proposed cNGN project, set to launch next month. In the US, the SEC continues to push enforcement actions, citing a previous ruling to argue that BUSD is a security in the Binance case.
Hot Take: Bitcoin’s Future and Recent Developments
Bitcoin has experienced both highs and lows recently, with the market anticipating the approval of a spot BTC ETF. While some expect a price explosion, others believe it may not have a significant impact or could even cause a price drop. The recent hacks on Orbit Bridge and CoinsPaid highlight ongoing security concerns in the crypto space. Additionally, regulatory developments in Nigeria and the SEC’s enforcement actions add to the evolving landscape of cryptocurrency regulations. Overall, Bitcoin’s future remains uncertain as it navigates these challenges.
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