Day: January 28, 2022

Data Shows Young Bitcoin Addresses Sold 36% of Their Holdings at a Loss

by CryptoPotato

According to data from IntoTheBlock, addresses holding BTC for less than a month decreased their supply as bitcoin slid by $10,000 in less than a week.

  • Bitcoin went through one of its worst corrections in terms of its USD value in the past few weeks. The asset traded above $43,500 on January 20th before it dumped by over $10,000 to a six-month low beneath $33,000.

  • During such turbulence, history shows that long-term BTC holders tend to stick to their positions. Some even buy the dip, which is evident by some whales and even the first country that legalized the asset – El Salvador.

  • However, those who have entered the market more recently and are not accustomed to bitcoin’s enhanced volatility and rapid price corrections feel differently.

  • As it has happened numerous times in the past when BTC’s value declined by double-digit percentages in a short time, such investors dispose of large portions of their holdings.

  • Something similar transpired during the recent correction as well, according to data from the blockchain analytics company IntoTheBlock.

  • The resource’s Balance by Time Held Indicator revealed that bitcoin investors holding for less than a month reduced their total BTC supply by 36% on a monthly scale.

  • IntoTheBlock concluded that these traders “followed the price action of BTC, and as the price started to fall, they sold at a loss.”


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The biggest crypto heists of all time

by Cointelegraph

The biggest crypto heists to date are MT Gox, Bitgrail, Coincheck, KuCoin, PancakeBunny, Poly Network, Cream Finance, BadgerDAO, Vulcan Forged and Bitmart.

MT Gox

MT Gox was the first large-scale exchange hack, and it remains the most significant Bitcoin (BTC) heist from an exchange. The MT Gox robbery, on the other hand, was not a one-off occurrence. Rather, the site leaked cash from 2011 to February 2014.

Hackers stole 100,000 BTC from the exchange and 750,000 BTC from its consumers over a few years. These Bitcoin burglaries were valued at $470 million at the time, but they’re now worth approximately ten times this amount. Shortly after the theft, MT Gox went into liquidation, with liquidators recovering roughly 200,000 of the stolen BTC.

Bitgrail

Bitgrail was a small Italian exchange that traded in obscure cryptos like Nano (XNO). The exchange was hacked in February 2018, just as the price of XNO soared from a few cents to $33. At least 17 million coins (the equivalent of about $150 million) were taken from Nano wallets.

Many users began to express their dissatisfaction with the exchange before the attack (significantly lower withdrawal limits and transaction problems). According to the investigations, the coins were stolen from cold—not hot— wallets. Investigations persisted throughout the preceding three years, with Italian authorities now charging Bitgrail’s owner of being behind the attacks.

Coincheck

Coincheck, based in Japan, had $530 million worth of NEM (XEM) tokens stolen in January 2018. Hackers took advantage of the fact that the currency was kept in a “hot” wallet, which meant it was connected to the server and thus “online” (a cold wallet sees funds stored offline).

The stolen coins were identified and marked as such by NEM developers, although there was conjecture that the monies were available on dark markets.

However, given how much the coins lost in value following the attack, it’s unlikely that many people would have thought this was a good deal (the coins are now worth 83% less than they were—roughly $90 million).

KuCoin

KuCoin announced in September 2020 that hackers had obtained private keys to their hot wallets before withdrawing substantial quantities of Ethereum (ETH), BTC, Litecoin (LTC), Ripple (XRP), Stellar Lumens (XLM), Tron (TRX) and Tether (USDT). Since then, experts have claimed that they have reasonable cause to assume that crypto heist hackers are North Korean.

PancakeBunny

This flash loan attack, in which hackers were able to siphon $200 million from the platform, occurred in May 2021 and is among the more severe cases of cryptocurrency theft. The hacker loaned a big sum of Binance Coin (BNB) before manipulating its price and selling it on PancakeBunny’s BUNNY/BNB market to carry out the attack.

This allowed the hacker to obtain a large number of BUNNY via a flash loan, dump all of the BUNNY on the market to lower the price, and then repay the BNB using PancakeSwap.

Poly Network

In August 2021, a hacker exploited a vulnerability in Poly Network’s infrastructure and stole funds totaling more than $600 million. They didn’t get away with their reward, though, in an odd twist. Instead, the hacker approached the platform and agreed to return the majority of the funds, except $33 million in Tether (USDT) that had been frozen by the issuers.

But the saga didn’t end there: $200 million of the stolen assets were locked away in an account that required the hacker’s password, according to Poly Network. The hacker initially refused to hand over the hacked crypto.

That is, until Poly Network pleaded with them to release it, gave them a $500,000 reward for discovering the system flaw, and even offered them a job! Poly Network later revealed that the private key had been handed to them by “Mr. White Hat.”

Cream Finance

Not only did hackers steal $130 million in the October 2021 incident related to robbing a cryptocurrency, but it was also Cream Finance’s third attack of the year. Hackers took $37 million in February 2021 and $19 million in August 2021.

In the most recent attack, hackers used what was deemed a flaw in the DeFi platform’s flash lending system. On the Ethereum network, they were able to take all of Cream Finance’s tokens and assets, totaling $130 million.

BadgerDAO

A hacker succeeded in stealing assets from multiple cryptocurrency wallets on the DeFi network, BadgerDAO, in December 2021. The problem is thought to have started on November 10 when a malicious script was injected into the website’s user interface.

Users’ transactions may have been intercepted while the script was active. The attacker took 896 BTC valued at roughly $50 million at that time.

Vulcan Forged

In December 2021, hackers stole $135 million from Vulcan Forged, a blockchain gaming startup. They stole private keys to 96 separate wallets before draining 4.5 million PYR tokens from them.

Bitmart

In December 2021, a hack of Bitmart’s hot wallet resulted in the theft of about $200 million. At first, it was thought that $100 million had been stolen via the Ethereum blockchain, but additional research found that another $96 million had been stolen via the Binance Smart Chain blockchain.

Over 20 tokens were taken, including altcoins such as BSC-USD, Binance Coin (BNB), BNBBPay (BPay), and Safemoon, as well as substantial quantities of Moonshot (MOONSHOT), Floki Inu (FLOKI) and BabyDoge (BabyDoge).

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Cardano Whales Double Holdings In 10 Days. Will This Stop The Onslaught?

by NEWSBTC

Cardano (ADA) has been one of the most hardly hit cryptocurrencies during the latest market crash. It has so far lost over 60% of its all-time high, putting the majority of its investors right in the loss territory. The downtrend has been a cause for alarm among holders. But it looks like not everyone feels that way as some, mostly whales, have taken this as an opportunity to increase their holdings.

Whales Fill Up On ADA

A report from analysis firm Santiment shows a broad accumulation trend among whales when it comes to ADA. As the price of the digital asset had crumbled, big investors had ramped up their buying activity. One would think that with such value loss as that recorded by the cryptocurrency, whales with large holdings would dump their bags to save from further losses.

Related Reading | Anthony Scaramucci Urges Bitcoin Holders To Think Long-Term As Downtrend Won’t Last

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Instead, these whales are taking this as a buying opportunity. The Sentiment report shows that the top ADA whales have all doubled their holdings in the past 10 days. In this time period, the price of Cardano’s native token ADA had lost about 34% of its value. Whale wallets holding between 10,000 and 1 million ADA have at least doubled their previous holdings since then.

In total, these whales have collectively bought over $53 million worth of ADA in a 10-day period. The average addition to their holdings comes out to around 113%, more than doubling the volume of ADA they control.

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Cardano Holders Deep In The Red

Most Cardano holders remain firmly in the red, as represented by data from IntoTheBlock. The digital asset currently features one of the lowest profit rates of all the top cryptocurrencies with only 9% of holders said to be in profit.  A whopping 84% of all Cardano investors continue to struggle as their holdings are sitting firmly in loss, while only 7% are holding on in the neutral territory.

Cardano price chart from TradingView.com

ADA trading a $1.02 | Source: ADAUSD on TradingView.com

The cryptocurrency had managed to hit a high above $3 in an impressive rally last year. However, it has been a sad story of dips and crashes since then that has shaved about $2 off of its all-time high value. Currently, the digital asset is still struggling in the market.

Related Reading | Tesla Report Shows Bitcoin Holdings Remain Unchanged At $1.2 Billion

The buys from Cardano whales have worked to the good for the asset but it is too soon to tell how long the stop-gap will hold. If whales continue their accumulation trend, and smaller investors follow in the footsteps of the whales, then a reversal could very well be in the works. However, with market sentiment firmly in the bearish territory, investors may be too wary to gamble on the smart contracts network.

Featured image from Nasdaq, chart from TradingView.com

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Kyber Network (KNC) bucks the market-wide downtrend with a 57% gain in January

by Cointelegraph

In the crypto market volatility continues to reign supreme, and fear, uncertainty and doubt (FUD) run rampant. This makes it challenging for any project to rise above the noise and post positive price gains but there are a few projects that are showing strength during the current downturn. 

Kyber Network (KNC) is a multi-chain decentralized exchange (DEX) and aggregation platform designed to provide decentralized finance (DeFi) applications and their users with access to liquidity pools that provide the best rates.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a bottom of $1.18 on Jan. 6, the price of KNC has rallied 57% to a daily high at $1.87 on Jan. 27 despite the wider weakness in the crypto market.

KNC/USD 4-hour chart. Source: TradingView

Three reasons for the strong showing from KNC include the release of Kyber 3.0, which included a rebrand to KyberSwap, the expanding list of DEXs integrated with the Kyber ecosystem and the widespread availability of KNC on centralized and decentralized exchanges.

The release of Kyber 3.0

The most significant development driving momentum for the Kyber Network was the release of Kyber 3.0. The launch included a rebrand of the platform’s exchange interface to KyberSwap and an integration with six blockchain networks, including Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom and Cronos.

On top of the integration of multiple popular blockchain networks, the Kyber 3.0 upgrade was also designed to address some of the biggest limitations in DeFi, like high gas fees and the limited access some projects get by only being available on one exchange.

Kyber has achieved its new functionality through the implementation of dynamic market makers (DMM), which allows adjustments to be made to the key parameters of a liquidity pool based on recent fee data and trade volume.

This approach helps improve concerns that have been raised about automated market makers (AMM), including reducing capital requirement, preventing front-running and mitigating impermanent loss.

Integration of new DEXs

Another for the bullish momentum driving KNC higher has been the continued integration of new decentralized exchange protocols into the Kyber Network ecosystem.

Most recently, KyberSwap integrated pools from multiple DEX protocols including ShibaSwap, DefiSwap, MMF, EmpirDEX, PhotonSwap, Morpheus, BeethovenX, Gavity, Cometh, DinoSwap and PantherSwap.

The new additions mean that the KyberSwap protocol now supports more than 40 DEXs and 31,000 liquidity pools across six major blockchain networks.

The developers at KyberSwap have also indicated that the support and integration of additional blockchain networks and decentralized exchanges is currently underway.

Related: Kyber plans to become a hub for DeFi with massive DEX upgrade

Widespread availability of KNC on exchanges

KNC also has widespread availability on exchanges across the cryptocurrency ecosystem.

Top-11 DEX tokens by presence on Exchanges. Source: Twitter

As shown in the graphic above which was posted on Twitter by pseudonymous user ‘Cryptolaxy’, KNC is the second-ranked DEX token by the presence on exchanges and it is currently available on 80 separate exchanges.

The only other projects with similar availability are ZRX with 105 exchange listings and Uniswap at 76.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KNC on Jan. 22, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. KNC price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for KNC climbed into the green and hit a high of 79 on Jan. 22, around 35 hours before the price increased 44% over the next three days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.