Valkyrie Bitcoin Mining ETF “WGMI” Approved For Nasdaq Listing

Crypto asset management firm Valkyrie will have a new exchange-traded fund (ETF) listed on the Nasdaq this week. The stock exchange will be listing Valkyrie’s new ‘Bitcoin Mining ETF,’ an investment vehicle that will supply assets that provide exposure to company securities “deriving at least 50% of their revenue or profits” from Bitcoin or crypto mining, or hardware and software related to crypto mining.

Valkyrie… Going To Make It?

Spot Bitcoin and crypto ETFs are yet to hit the market in the U.S., hampered by the SEC’s timid approach on accepting such ETFs. However, in recent months, the SEC has finally become warm to the idea of future’s ETFs, starting with the ProShares ETF and VanEck Bitcoin ETF. Last October was indeed a monumental month for publicly-traded markets and crypto, with Valkyrie joining the likes of ProShares, Invesco, and several other investment firms that sought out crypto-focused ETF offerings.

Valkyrie’s latest ETF, ‘WGMI’ (an homage to famed crypto phrase, “we’re gonna make it”), will start trading at the opening bell for the Nasdaq beginning tomorrow, Tuesday February 8th. Valkyrie has established that 80% of portfolio holdings in the ETF will reflect securities of firms that are generating a majority of their revenue or profit from crypto mining, or from hardware and/or software related to crypto mining. The remaining 20% of the ETF’s net assets will be allocated towards firms that hold “a significant portion of their net assets” in Bitcoin and crypto. The ETF will carry a 0.75% expense ratio.

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Bitcoin has been showing strong signs of righting the ship after a tough start to the new year. Will Valkyrie's latest ETF, and other publicly-traded securities help bolster adoption? | Source: BTC-USD on

What We Can Expect

WGMI is the third in line for Valkyrie’s now-accepted ETFs, following behind the firm’s broad Bitcoin futures ETF and “Balance Sheet Opportunities ETF,” which holds firms that “directly or indirectly invest in, transact in, or otherwise have exposure to bitcoin.”

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While we know that this new Valkyrie ETF won’t possess direct crypto holdings, expect some of the biggest mining names to make the cut, such as Hive, Bitfarms, Marathon and more. With the 20% allocated towards firms with substantial net assets in Bitcoin, we could also see the likes of MicroStrategy and other major players make the WGMI holdings. Additionally, the fund has noted that the firm’s holdings use about 77% renewable energy, double the average of common publicly-traded companies.

Related Reading | The Bear Signal That Suggests Another Bitcoin Crash Is Coming

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Cardano Zooms Up By 6%; How Soon Will It Target $1.4?

At the time of writing, Cardano looks promising on its charts. ADA had broken over the $1.10 mark yesterday and was currently priced at $1.20. The $1.10 mark for ADA had acted as a long-standing resistance mark for the coin. The break above the aforementioned level could push ADA to trade above the $1.20 mark over the upcoming trading sessions.

The bullish force in the market seems to have propelled the prices of Cardano significantly. In the last 24 hours itself, ADA’s price grew by 6%. Continued trading above the $1.20 mark would help the bulls to breach the immediate resistance of $1.28. Breaking above the $1.28 mark, and Cardano could aim for $1.41.

Cardano Price Analysis: Four-Hour Chart

Image Source: TradingView ADA/USD

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Cardano had been trading tightly between the $0.90 and $1 mark for the past couple of weeks. Recent Market-wide appreciation in prices has caused ADA to move in a northbound manner. At press time, ADA was seen trading at $1.20 and was eyeing the $1.28 resistance level. The nearest support level rested at $1.16, falling through which ADA would target $1.10.

If ADA manages to uphold the current price momentum then it could soon aim for $1.41. The technical outlook for the coin is quite bullish. On the four-hour chart, bulls were dominant, therefore indicating that buying strength seems substantial.

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Over the last week, ADA had displayed a Golden Cross and secured a 14.7% gain. A Golden Cross happens when the 20-SMA line crosses over the 50-SMA line, in other words, the reading is considered bullish. Cardano’s price was seen above the 20-SMA, therefore signalling that buyers dominated price momentum in the market.

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Indicators and Rationale

From the above-attached chart, technical indicators have painted a bullish bias for Cardano. The buying pressure preceded selling pressure. The Relative Strength Index, in accordance with the above reading also was parked above the 75-mark, therefore, in the overvalued and overbought zone

MACD usually tells the current trend of the market. The indicator had undergone a bullish crossover, hence, it displayed green histograms at the time of writing. These green histograms were seen amplifying which suggested that ADA might continue to maintain its bullish outlook in the immediate trading sessions.

As the asset was overbought, there are chances of a price pullback, in other words, prices could dip if buyers continued to outnumber sellers. In case of such an event, ADA’s next trading levels would rest at $1.16, $1.10 and finally at $1.

Trading volume in the last few days closed in the green which meant that the bulls dominated the market. Yesterday, however, trading volume flashed a red bar which depicted the onset of slight bearishness. Cardano was last seen trading at the current price level on the 24th of January, marking a multi-week high for the altcoin.

Related Reading | Cosmos Records 20% Gain, What’s Behind The Boom In Its Ecosystem


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Cosmos Records 20% Gain, What’s Behind The Boom In Its Ecosystem

The Cosmos ecosystem has seen an explosion of interest in the past year. Projects like Terra (LUNA) have increased its numbers of users and will continue to boost its position in the crypto space as its ecosystem keeps expanding.

Related Reading | Cosmos (ATOM) Jumps 36% WTD: What’s Driving Its Price Rally?

As of press time, Cosmos (ATOM) trades at $32,57 with a 7% profit in the past 24 hours. The cryptocurrency follows the general sentiment in the market, as Bitcoin (BTC), Ethereum (ETH), and other large cryptocurrencies trend to the upside in lower timeframes.

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ATOM with bullish momentum on the daily chart. Source: ATOMUSDT Tradingview

In an official blog post, the team behind Cosmos recently announced the new project to be release as testnets in 2022. The team celebrated Terra, Secret Network, Osmosis, and other projects in the ecosystem and announced others that will be introduce this year. The team said:

Many up-and-coming projects are running testnets and incentivized testnets that will precede their debuts to mainnet this year.

A testnet, as explained by the post, are a widely use tool for internet development. They let developers test upgrades, products, and more before deploying on a mainnet. A test network or testnet simulate that original environment to carry out such test under similar conditions as if they were already deployed.

Developers and users benefit from testnets because it allows the former to discover and fix bugs and issues, improve user experience, and the latter to leverage a clean and battle tested software. The Cosmos ecosystem holds over $100 billion in terms of total value locked, testnets provide an additional layer of development to guarantee its safety and optimal stability. The team said:

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Over the years, Cosmos testnets have proven to be extensively successful in many areas, such as uncovering issues with the consensus engine, state machine, and even the operational setup of validators.

Top Projects To Watch On Cosmos For 2022

Amongst the projects cited by the Cosmos team, there is Archway. This incentivized smart contract platform will provide the ecosystem with CosmWasm integration and enable direct developer reward into the protocol. In that way, developers, users, and early investors will receive a share of the rewards from launching a product.

Archway will launch “Augusta”, its first incentivized testnet in March 2022. Users will have a chance at earning rewards during this tesnet’s different stages.

In addition, Archway will be accompanied by Celestia, Cosmos’ first “modular blockchain network”. This platform will allow developers to deploy their own virtual machines without, according to the post, having to “bootstrapt their own consensus network”. Thus, bringing new dApp possibilities into the ecosystem.

The project is currently on its devnet phase, but once deployed it’ll let applications to maintain a high level of sovereignty and security with a high degree of scalability. Celestia’s public testnet is set to be rollout at some point in Q2, 2022.

Moreover, the Cosmos will see the launch of Tgrade, the “first regulated DeFi platform”, the protocol will operate with a mix between Proof-of-Stake (PoS) and Proof-of-Engagement (PoE). Unlike regular PoS project, Tgrade will reward all of its community via its PoE mechanism.

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Finally, this ecosystem will see the rollout of Umee with an incentivized testnet for its lending and borrowing platform. However, many more projects will be introduced via tesnets and on the mainnet making this network one to continue to watch on 2022 and beyond.


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Cryptocurrency Wallet Phantom Marks $1.2 Billion Valuation Amid Recent Funding Round

Investments in cryptocurrency are incomplete without a crypto wallet to store your assets. A good crypto wallet will house your coins and provide adequate security that will be pretty difficult for external invasion. The wallet could be either online or offline storage.

Due to its relevance, several crypto exchanges offer their customers their online crypto wallet services. This means that if you intend to use such wallets, you won’t have to move your tokens from the exchange platform.

Additionally, some crypto networks now have wallets that customers could use, of which Phantom wallet from the Solana network is one of them.

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With the increasing activities and growth of DeFi operations on Solana, there is a need for the network’s wallet. Moreover, it forms an excellent synchronization to the meteoric rise of the blockchain as Solana now has more than $15 billion in assets under its control.

Related Reading | Bitcoin Sees Poor Demand As Investors Try to Defend $37K, Is BTC In Trouble?

This will help customers to interact with the DeFi ecosystem through its numerous provisions fully. In addition, Phantom creates a unique integration of Solana’s nascent DEXs, liquidity pools, and even lending protocol.

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The recent funding round of Phantom raised the market cap of the wallet to $1.2 billion. This new height of Phantom came with the addition of $109 million from the recently concluded Series B funding round.

Paradigm, a crypto venture capital firm, led the financing round to its enormous success. The power of Phantom’s height has changed the wallet’s status to a crypto unicorn company.

Cryptocurrency Wallet Phantom Plans To Launch IOS Application

On Monday, Phantom released an official blog post outlining how the generated funds will be utilized to improve the wallet’s technical capacity.

The deployment will enhance multiple blockchain security, boost customers’ experience, and assist users in uncovering decentralized applications. Also, it will help in the wallet team’s expansion with more growth in its customer base.

Besides Paradigm as the pioneer of the funding round, the top investors contributed to its success. Variant, Andreessen Horowitz (a16z), Jump Capital, and Solana Ventures.

Furthermore, there will be a launch of the iOS mobile app of the Phantom wallet. According to Phantom’s announcement last November, the launching of a mobile application will facilitate the rapid growth of the Solana network.

Cryptocurrency market to recover above $2 trillion | Source: Crypto Total Market Cap on

Users will get the proper support to seamlessly execute their transactions at any location. They could send, receive, and store tokens and NFTs. Also, they could join in the staking of SOL coins.

Additionally, Phantom bears the plan of launching its Android wallet within the year. It mentioned that this latter move would boost its mission of empowering its customer base. Also, it will offer unique opportunities for innovating on security and safety.

Related Reading | TA: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $38K

Presently, Phantom has more than 2 million active users daily. It has over 12.4 million staked SOL tokens worth $10.4 billion. Its swapped tokens are about $1.37 billion and have executed 55.2 million DeFi, NFT and app transactions.

Featured image from Computer World, chart from


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Terra (LUNA) Holders Approve New Sports Sponsorship Deal

It’s not often that we see a DAO vote on a multi-year, $40M protocol spend on a sports sponsorship. Terra holders have been voting on just that this week, however, in what’s seemingly a first-of-its-kind event.

Terraform Labs founder Do Kwon presented a new proposal to the Terra community this week, allowing LUNA holders to vote on a new five-year, $38.5M sponsorship with an unnamed team across one of the ‘big four’ sports leagues in the U.S. (MLB, NBA, NFL, NHL). It is seemingly the first time in sports sponsorship history that a DAO (or similarly structured organization) has had a collective vote to engage in a sponsorship.

The proposal is the second of three major announcements that have fallen under the latest campaign for Terra, referred to as “[REDACTED].”

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Terra & It’s Three Serialized Announcements… What We Know

The first piece of the three-part announcement came just a couple weeks ago, with Terra’s ‘Luna Foundation Guard,’ or LFG, announcement.

The proposed funding is from the community pool, and the proposal itself pillars it’s pitch on a few major pieces: the first being the narrative, the idea that the leading decentralized stablecoin machine securing a sponsorship of this pedigree is emblematic of a broader “DeFi to the masses” movement. The second being the idea that being bold is essentially for growth. And the final justification is arguably best stated in the proposal itself: “inspiring the creativity of DAO governance to realize its full potential.”

A club in the NBA is the likeliest target, with the MLB and NHL certainly being possibilities, and the NFL being a non-zero, but slim chance of featuring the team that this deal is with.

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Related Reading | McDonald’s Marks Local Bitcoin Bottom With Crypto Tweet

Luna is the mechanic behind the UST stablecoin, and now looks to chew a big piece of exposure with the latest sports sponsorship deal. | Source: LUNA-USD on

Decentralization Discussion

The proposal has led to a heightened debate about the degree of centralization between the Terra network and the Terraform Labs team. The Terraform Labs wallet holds a substantial amount of LUNA, however Do Kwon and the TFL team has been doxxed, giving the community strong reason to believe that Kwon’s eventuality of full decentralization is a vision well on it’s way.

Kwon has mentioned a ‘killswitch,’ commonly known as ‘Armageddon,’ that can send the Terra ecosystem into a fully-decentralized mode with no attachment from Terraform Labs required. It’s generally believed that these remaining funds in the aforementioned TFL wallet will be burned once that mode is in place. While today’s state of Terra might not be “as decentralized” as other players in the space, it’s clearly on it’s way – and it will be interesting to see how moves like this one impact this decentralization in the long run.

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The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.


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Solana And Ethereum Recover After Registering Double-Digit Gains

Ethereum and Solana especially galloped up on their charts significantly in the last 24 hours. Bitcoin had also reclaimed the $40k price mark at the time of writing therefore major altcoins followed a similar price movement.

The massive attack on Wormhole which is an eminent bridge protocol between Solana and Ethereum caused ETH to lose close to 8% while depreciating SOL by double-digits.

At the time of writing, Solana was seen trading for $109.18 after SOL was parked below the $100 mark yesterday.

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Ethereum was seen changing hands for $2953.03 and could soon eye the $3000 price level with continued bullishness in the market. Buyers for both the asset resurfaced at press time, pushing the coins near the overbought zone.

Related Reading | Bitcoin Leverage Ratio Suggests More Decline May Be Coming

Solana Price Analysis: Four/Hour Chart

Image Source: TradingView SOL/USD

Post dropping from the $100, Solana reclaimed the aforementioned price level and registered a sharp recovery of about 12%. Overhead resistance for SOL rested at $131.58, while, a push below the current price level will make the coin trade at $102.27.

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The technical outlook of Solana was quite bullish at the time of writing. Additional price floor awaited at $156.43 while support region stood near $96.

The price of the altcoin was seen parked above the 20-SMA line. This reading indicated that sellers were responsible for driving the price momentum of the asset in the market.

The Relative Strength Index indicates buying strength of the coin. RSI on the four-hour chart stood at the 60-mark, which is considered quite bullish.

Buying strength recovered from the bearish zone and with continued demand, SOL might be seen in the overvalued zone.

Awesome Oscillator painted a positive reading and the indicator showed green signal bars. These signal bars were seen above the half-line which meant that the overall trend of the market was bullish at press time.

Related Reading | What Could Send Ethereum Crashing To $2,000, According To Crypto Analyst

Ethereum Price Analysis: Four/Hour Chart

Image Source: TradingView ETH/USD

Ethereum broke its support level of $2678.08 as it gained 14% at press time. The coin was priced at $2953.03 with bullishness on its charts at the time of writing. Support from the broader market would push ETH to revisit the $3,000 price level in the upcoming trading sessions.

If the coin has to target $3,000 then ETH has to continue trading between $2,953.03 and $2,678.08 over the immediate trading sessions, as a result ensuring a bullish week for the coin. A break above $3,000 would propel prices to $3289.36, however, buying strength has to be consistent for the altcoin.

On the flipside, ETH could fall through $2,678.08 and trade close to the $2,501.49 price floor if buying strength falls. At press time, Ethereum was overvalued. The Relative Strength Index was near the overbought territory as the asset was overvalued.

The price of Ethereum was seen above the 20-SMA mark which is indicative of buying strength in the market. Buyers were in charge of the price momentum in the market. MACD underwent a bullish crossover and flashed growing green signal bars at the time of writing.


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Moon – The Lunar Metaverse Launches Revenue Generating NFT Land Sale

Moon is a brand new economic, and social Metaverse inspired by lunar exploration. Players have the opportunity to acquire NFT land plots, develop a new world, drive its economy and uncover the mysteries of the Moon’s dark side.

The limited collection at the best possible value of 1000 land plots launches today.

Launching today the first 1000 NFT lands offer the best deal possible for early adopters. Get a head start by joining Moon Metaverse during its private sale period and gain access to land containing extremely rare and valuable resources.

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Moon’s lunar surface is represented by 126,000 virtual HEX land plots, each represented by an NFT. Players will have the opportunity to surpass the Moon landings of the late 60s, and early 70s by controlling, developing, and expanding their HEXs into fully-functioning communities within the first lunar colony.

Why Buy Moon’s Lunar Land?

Each Hex grants its owner the opportunity to participate in Moon’s player-driven economy. They can be bought, sold, rented, and developed as players wish by using Moon’s native token. The value of a HEX can be increased by developing territory that is viable as an economic, political, and militaristic ‘Moon country’.

NFT land passively generates the game’s tokens for the players controlling it. Through smart strategic gameplay and decision making, a player’s HEX could become home to dozens of businesses and hundreds of other players who are working and paying taxes as part of these larger countries. Each transaction on a HEX generates revenue for its landlord.

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Moon tokens will be earned from a range of in-game activities and can be held for long-term appreciation, sold on crypto exchanges, or simply fed back into the game to continue Hex development. As Moon’s player-driven ecosystem expands, so will greater demand for its finite plots of land, in-game resources, and tools. This will support the long-term value of the token.

Moon’s lunar NFT Hexs will be a fantastic investment, opening up seemingly limitless possibilities for their owners to start earning revenue. Don’t miss this chance to be one of the first to join the Moon Metaverse.


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Why The IOTA Foundation Donated £1M To The Imperial College

The IOTA Foundation announced a major contribution to the Imperial College. The non-profit organization based in Europe donated £1 million to the world-renown academic institution to research potential improvements to the circular economy supported by decentralized ledger technology (DLT).

Related Reading | Why IOTA Was Chosen By The European Union To Develop Blockchain Solutions

According to the Ellen MacArthur Foundation, the circular economy contemplates a transformation of the world’s economic model to reduce or eliminate the production of waste. Thus, economic agents would adopt a “system solution framework” to prevent negative impacts on the environment.

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The ultimate goal would be for humans to reduce waste and pollution from the production and supply chain and aid “nature to regenerate” itself. The Ellen MacArthur Foundation explains it as follows:

A circular economy decouples economic activity from the consumption of finite resources. It is a resilient system that is good for business, people and the environment.

In that sense, the IOTA Foundation and the Imperial College will collaborate to create an entity that will conduct research to promote the circular economy. Called the I3-LAB or Imperial-IOTA-Infrastructures Lab, the research facility will be located within the Dyson School of Design Engineering in London.

The lab will be comprised of prestigious academic faculty from this engineering school, including Professor of Cyber-Physical Systems and Deputy Director of the Dyson Robert Shorten. With a specialization in smart mobility, smart cities, sharing economy, and DLT, Shorten seems the right person to lead the initiative.

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Via his Twitter account, IOTA founder Dominik Schiener stated the following while celebrating the crypto industry’s influence to improve issues that affect people while creating real-world use cases:

Many of us have joined crypto because we truly believe in the positive impact that we can have. We are here to decentralize, to empower and to create opportunities for everyone. Let’s use the money, knowledge and communities we have to accelerate that impact.

IOTA Makes Push To Support Sustainable Economy

As Schiener clarified, the developments that will come out of this Circular Economy Lab will be open source and everyone will have access. In that sense, he invited the IOTA community to take part in the initiative and added:

This will be the first of many philanthropic activities from the IOTA Foundation. Let’s accelerate our impact, together.

The Foundation also revealed that its contribution to the Imperial College will support doctoral studentships, and postdoctoral fellowships for those researchers interested in topics related to sustainable business models, tokenization, and more.

The non-profit organization also claimed that selected projects will require cooperation between researchers, local entrepreneurs, and authorities. Thus, DLT will be leveraged to resolve a wide variety of environmental challenges. Peter Cheung, Head of the Dyson School of Design Engineering said:

We are incredibly grateful to the IOTA Foundation for their support. Innovation in sustainable growth is one of the key research themes for the Dyson School and this grant will bring new impetus to research on the technological drivers of the circular economy.

Related Reading | IOTA to Release Smart Contract Network ‘Assembly’ And Distribute ASMB Token

As of press time, MIOTA trades at $0.87 with sideways movement in the past 24 hours. The cryptocurrency has been following the general trend in the crypto market as it revisits support after BTC’s price was rejected at critical resistance.

MIOTA moving sideways in the 4-hour chart. Source: MIOTAUSDT Tradingview


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Bitcoin Halving To Bring The Subsequent Crypto Frenzy

According to Thailand’s largest digital asset exchange, the world’s largest cryptocurrency, Bitcoin, will go through another significant run in 2024 when it goes through yet another halving. This means that Bitcoin will substantially increase during this period. As a result, we might see even higher levels than we’ve seen thus far. 

Related Reading: Bitcoin Halving Will Stir Next Crypto Frenzy

The halving is a process that occurs every four years. During the procedure, new token creation slows down to 50%. Additionally, many people believe this leads to Bitcoin price gains.

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“The next halving is expected to bring about a “golden period” for Bitcoin in 2024-2025,” said Jirayut Srupsrisopa, CEO of Bitkub Capital Group. The golden period starts six months after the next halving when token creation cuts down by half.

However, digital tokens may suffer from a short period where the market is corrected and volatile as liquidity tightens. The result squeezes the fund inflows. Primarily by retail investors seeking safe-haven assets during these uncertain times, but it will not last forever.

“Institutional interest in the cryptocurrency market has caused it to change drastically,” said Jirayut, who also argued that this is because of a “big increase” with many institutions’ involvement. He cofounded Bitkub, valued at $1 billion last November, and works as its CEO for a Bangkok-based company.

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Thailand To Ban Cryptocurrencies 

Bitcoin was on a tear last year, gaining thousands of dollars every few weeks until it hit almost $69K in November. However, things have been much more stagnant since then, with prices sitting just below where they were in November – around $38K or so at this writing. Some people say that the decline is due to less Federal Reserve stimulus prospectively, which benefited other assets during pandemic times. However, it may have had an effect now because everyone wants stability before investing heavily into anything again.

Bitcoin Price
Bitcoin trying to break $40K support to fly high. Source:

Regulators worldwide have started to tighten their oversight of digital asset activity. One such example is Thailand, which plans on banning its citizens from using cryptocurrencies as payment for goods and services in an effortless move that may help boost tourism there.

Related Reading | Ethereum Classic Displayed Double-Digit Gains; What’s Next!

The country’s finance ministry has forbidden banks from dealing with cryptocurrencies. Also ordered them instead to avoid direct involvement. In addition, the government will start collecting taxes on profits from trading digital assets. The process will establish regulations for an emerging market.

In response to regulator authorities, Jirayut said;

“Regulators are trying to use the old framework to govern new invention. But, unfortunately, that doesn’t always work. Countries without the right policies would drive innovation away, push the opportunity away.”

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Wormhole Token Bridge Lost $321M In Crypto Heist

Wormhole token bridge that links the Ethereum and Solana blockchains, seemingly an unimportant piece of tech for its function, lost over $321 million Wednesday afternoon.

This is the largest attack to date on Solana. A competitor to Ethereum that’s progressively gaining grip in the non-fungible token (NFT) and DeFi ecosystems. The $600 million Poly Network crypto heist was bigger, but it involved cryptocurrencies rather than blockchain technology, which may explain why critics call this new development “pretty historic.”

The heist occurred on Solana’s side. The discovery of a vulnerability on the Solana side has raised concerns that it could be similarly vulnerable to Wormhole’s bridge.

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The Wormhole team announced that they would replenish the Ethereum (ETH) supply to make sure wETH is backed 1:1, but it’s not clear where those funds come from or when.

The assailant managed to hack into a smart contract and steal $321 million worth of wETH. The heist happened at 6:24 pm UTC on February 2nd when 120,000 wETH were minted by an attacker who then redeemed 93,750 wETH for ETH, equivalent to $256 million. These funds allowed them to buy SportX (SX), Meta Capital (MCAP), Finally Usable Crypto Karma (FUCK) & Bored Ape Yacht Club Token (APE).

With the remaining WETH swapped for USDS and SOL on Solana, the hacker now holds 432,662 SOL ($44 million) in Solana wallet.

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CertiK, a smart contract auditing firm, reported potential vulnerabilities within Wormhole’s bridges to other blockchains in today’s press release. However, the report says that it “is possible” patches or upgrades could address these shared concerns.

Is Wormhole Lucky Enough As Poly Network?

The Wormhole team is serious about getting their money back. They’ve offered a $10M bug bounty, which they will pay out if anyone can find an exploit to return it.

“This is the Wormhole Deployer: We noticed you were able to exploit the Solana VAA verification and mint tokens. We’d like to offer you a whitehat agreement and present you a bug bounty of $10 million for exploit details and returning the wETH you’ve minted. You can reach out to us at [email protected]”

The Wormhole team is working hard to fix an exploit reported recently. Unfortunately, as of now, wETH tokens sent across the bridge are not yet redeemable while they strive in their effort.

Two smart contract exploits in a week. The first one was on Qubit Finance’s token bridge last Friday, and now this new vulnerability. It reminds us very much about Poly Network hack where they stole nearly $610 million from investors. Poly Network was lucky enough to get its funds back through whitehat hacker intervention.

Related Reading | Poly Network Confirms Hacker Has Returned Most Of The Stolen Crypto

Tech Giants Reviews on Token Bridge Heist

Vitalik Buterin’s warning that “fundamental security limits” on token bridges has come true by recent events. The frequency of smart contract hacks emphasizes his point about layer-1 blockchains being vulnerable. Moreover, hackers pillage other platforms for their gunfire fodder and attack routes into new territory without any defense against such tactics.

We reached out to Ali Qamar, Cyber Security Expert and PrivacySavvy founder, for comment on the hacker exploiting a security flaw to mint wETH without depositing any ETH themselves. The privacy education hub lead brain commented,

The heist is a reminder that the DeFi services’ security is yet to reach a level appropriate for the enormous amounts of funds being stored within them. Blockchain transparency seems to allow attackers to spot and exploit significant bugs.

What Is Token Bridge

Ether is the most popular blockchain network in use today, and it’s being looked at by many people who want to replace banks or lawyers when working with smart contracts. However, there are other options available such as Solana – which might be cheaper & faster depending on your needs.

The introduction of cross-chain bridges has made it easier than ever for Crypto holders to operate outside their ecosystem, with no limitations on where they send or receive cryptocurrencies from.

Related Reading | What Are Blockchain Bridges?

The Wormhole is a revolutionary new protocol that allows users to move their tokens and NFTs between Solana, Ethereum’s most popular smart contract platform.

Market tanks

Investor excitement about the potential for Solana’s network to become more widely used led it into the crypto top ten last year. The price of one token has increased by 1,600% since February 2021. The combined value reached an all-time high last year, with $78 billion worth.

Bitcoin Price
Bitcoin price is 4% down since the recent heist. Source:

However, the Solana value has fallen quickly since the recent crypto heist and currently trades at under $100 per token. Furthermore, the decline relates to a broader crypto market crash. The crash hit bitcoin and other major cryptocurrencies such as Ethereum or lite coin. As a result, their values have dropped significantly over time.

                   Featured image from Pixabay, chart from


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Bitcoin (BTC) $ 43,483.65 1.17%
Ethereum (ETH) $ 2,372.19 4.74%
Litecoin (LTC) $ 74.66 1.11%
Bitcoin Cash (BCH) $ 248.08 0.14%