Month: August 2023

Cypher Protocol freezes smart contract amid $1m exploit

Cypher Protocol, a decentralized futures exchange on the Solana (SOL) blockchain, has halted its smart contract in the wake of an estimated $1 million exploit. On Aug. 7, Cypher Protocol announced on X that it had frozen its smart contract following a security incident involving an estimated $1 million exploit. The team is investigating the cause and has initiated negotiations with the suspected hacker to potentially recover the stolen funds. Cypher has has experienced an exploit/security incident. The smart contract has been frozen. The team is currently working with individuals…

FTX’s former law firm hit with lawsuit alleging it set up ‘shadowy entities’

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FTX’s former primary counsel Fenwick & West LLP has been hit with a class action suit claiming it aided the crypto exchange’s alleged multi-billion dollar fraud. An Aug. 7 filing by a group of FTX customers in a California District Court alleged the law firm set up several “shadowy entities” allowing FTX co-founder Sam Bankman-Fried and other executives to adopt “creative but illegal strategies” to perpetuate fraud. The suit claims Fenwick & West provided services to FTX that “went well beyond those a law firm should and usually does provide”…

Curve Finance CEO sued, crypto whales participate in DigiToads presale

ParaFi Capital, Framework Ventures, and 1kx have jointly filed a lawsuit against Curve Finance CEO Michael Egorov, asserting claims of misappropriation of trade secrets and confidential information. The case was filed in the Superior Court of California, San Francisco. The venture capital (VC) firms allege that Egorov used the information to develop a competing project, CRV.finance, without their permission.  They also claim that Egorov tried to prevent them from investing in CRV.finance by misrepresenting the project’s risks.  This is the latest in a series of legal troubles for Curve Finance. In…

Trader Who Placed $10 Million Bet Against LUNA Loading Up Reddit’s Moons

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In a new development, a trader who placed a substantial $10 million bet against LUNA in May 2022 before the then native currency and UST—the algorithmic stablecoin, collapsed is now setting his sight on Reddit Moons. Going by the moniker “GCR,” on-chain data on August 8 showed the trader moved 450,000 MOON from MEXC Exchange to Kraken. Moons Rallying Moons, the ERC-20 token associated with the r/CryptoCurrency forum on Reddit, is firm and on an uptrend, looking at current price action. At spot rates, the token is up 400% from…

Cardano DEX MuesliSwap to refund users after slippage confusion

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The team behind the Cardano-based decentralized exchange MuesliSwap has made a decision to refund users that have been hit with high slippage over the past year. On Aug. 8, the MuseliSwap team said it “fell short in providing adequate clarity” on the slippage feature within its protocol. Slippage is the price difference between when a transaction is submitted and when the transaction is confirmed on the blockchain. MuesliSwap users have been paying high slippage for at least a year due to the way the decentralized matchmaker was set up, the…

Record-Breaking $10 Billion Open Interest Fuels Bullish Speculation For Bitcoin Reversal

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The cryptocurrency market has experienced a period of stagnation, with Bitcoin (BTC) trading within a narrow range for the past week.  However, according to market analyst Ali Martinez, there is a glimmer of hope on the horizon as Open Interest, a key indicator of market sentiment, has skyrocketed to a year-to-date high. Correlation Between Open Interest And Bitcoin Notably, the correlation between Open Interest and Bitcoin’s price has historically been significant, suggesting that this surge may herald a potential reversal in the leading cryptocurrency’s fortunes.  Martinez believes the recent dip…

Exchange tokens to consider in 2023: BNB, KuCoin, and Tradecurve

The market is dynamic, and keeping up with the latest price movements is essential for any trader and investor. Based on on-chain data, BNB (BNB), KuCoin Token (KCS), and Tradecurve‘s TCRV appear potent. BNB ‘s appeal BNB remains bearish, changing hands at $241. However, this has not discouraged investors from accumulating. The coin is steady, down 0.1% in the last seven days and 1.4% in the previous 30 days. Still, optimistic holders maintain the coin could break above $250 and possibly surge to new heights by the end of the year.  In the…

Ethereum Crosses $1,800, But How Long Will Bullish Revival Last?

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In recent weeks, Ethereum has demonstrated a downtrend in shorter timeframes, where the bulls struggled to maintain the critical $1900 support zone. This allowed the bears to gain dominance. However, there appears to be a change in price sentiment during recent trading sessions. On the daily chart, ETH experienced a 2% climb. A positive movement is observable on the weekly chart, although it remains relatively modest. Despite the upward movement, there is a potential risk of waning bullish momentum if Ethereum fails to sustain its price above the immediate trading…

Bitcoin Price To Stay Below $30,000, Thick Ceiling To Hinder Rally?

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The Bitcoin price has experienced a slight uptick in the past 24 hours as bulls defended critical support. The number one cryptocurrency by market cap might try another run north of critical resistance, but recent data points towards further sideways price action. As of this writing, Bitcoin trades at $29,400 with a 2% profit in the past day. Over the past week, the cryptocurrency has recorded similar profits while the rest of the market stalls or sees losses. Key resistance stands at around $30,000, but BTC failed to breach it…