Tag: Blockchain

Altcoins Take a Hit as Bitcoin Drops 5%

The cryptocurrency market took a nosedive in the last 24 hours, with Bitcoin down 5.48% at 96,308.64 dollars. That drop also scrubbed 1.91 trillion dollars off of Bitcoin’s market cap, even as trading volume jumped 28% to 62.75 billion dollars as investors scrambled for position.

Altcoins bore the most damage of the sell-off. Recent high-flyer, Hyperliquid dropped 15.29% to 21.62, giving back much of its recent appreciation. Celestia declined 14.71% to $4.66, with Ethena falling 13.65% and dYdX 13.49%. Meme coin Bonk was not spared and lost 13.29% to $0.00002976.

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The sell-off triggered mass liquidations, that saw over 204,000 traders lose positions worth $626.85 mln. Naturally, the bulk of pain was taken out of long positions; $565.68 mln liquidated as opposed to just $61.22 mln shorts. $17.74 mln of ETHUSDT on Binance was the largest single liquidation.

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Analysts say over-leveraged trades and profit-taking are to blame for the slump, especially in altcoins that have recently surged, such as HYPE. The correction could create avenues for buying, but analysts say the volatility of the market is not yet over, so traders should manage their risks and be cautious.

Hackers Steal $840K from Orange Finance on Arbitrum

Orange Finance, one of the most utilized DeFi protocols on the Arbitrum blockchain, has been exploited for upwards of more than $840,000. The hacker attacked vulnerabilities in the smart contracts of the platform that compromised the admin address and then siphoned the funds.

According to the Cyvers Alerts, the stolen assets were immediately converted into ETH, which further complicates tracking or recovery. An investigation into the breach was taken up by the Orange Finance team, who have as of now kept under wraps full details of how it happened.

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As a precaution, users are called upon to revoke approvals granted to the platform and abstain from any direct interaction with their compromised contracts. Orange Finance later confirmed that indeed the attacked smart contract is no longer within their control while assuring users that efforts are being directed to secure the system against possible further damage.

The team has also contacted the hacker through Arbiscan and offered him a deal to return the money. They said they would treat the breach as a white-hat hack and would not press charges against the hacker if he cooperated within 24 hours.

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This is an indication that there are still risks in DeFi, and users must be very careful. Orange Finance promised to keep the community updated as they try to recover the stolen funds.

ShibAI Rockets Over 18,000% in One Day After Launch

This new crypto token mixes the buzz of AI and meme coins to have gone absolutely viral, up 18,649% in the last 24 hours. It changes hands for $0.000816 on Raydium, and the hype is unreal.

ShibAI is the token running under the blockchain Solana, with an estimated cost of 0.05292 SOL; the full diluted valuation constitutes 610.58K. During the first day of its establishment, it successfully managed to add 4.4K holders, and a market capitalization that matched its full diluted valuation-the rarest cases for such fresh launches.

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Within the last 24 hours, the trading volume reached $3.99 million, with more than 42,000 transactions, including 24,580 buys. The $56.89K liquidity pool of ShibAI has kept trades going even during this wild price swing.

This explosive rise comes amidst dominance in the crypto space by meme tokens and everything AI-related, with ShibAI appearing to ride a similar hype wave to coins such as SuperTrump and MAGA that spiked recently on account of their unusual branding and linking up with hot events.

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Analysts are still debating whether ShibAI’s rise is just hype-driven or the start of something bigger. With so much early traction, the project’s roadmap updates and community engagement could determine whether it’s here for the long haul or just another flash in the pan.

Dogecoin Whales Snap Up 140M DOGE, Could a 30% Pump Be Next?

Dogecoin is abuzz once more, courtesy of “whales” that snapped up as many as 140 million DOGE tokens within just 24 hours. The splurge has thus lit a beaming ray of hope among traders and fans, with murmurs that as high as 30% can be seen pretty soon.

On-chain data, according to crypto analyst Ali Martinez, demonstrates this set of whales is not testing the water but has thrown themselves head on, stirring action into excitement in the market. In this wake of accumulation surge, Elon Musk readies his planned launch, the X Money payment system on his platform, X. Reportedly, these payments systems might support both DOGE and Bitcoin besides stablecoin, USDT:

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Although Musk himself has not announced anything on the official role of Dogecoin, mere speculation seems to get the DOGE community going. Add to that a steady price bump of 2% to $0.3861, and things are heating up pretty fast.

While the rally of the last five months was impressive at 365%, DOGE is still highly undervalued, an analysis by CoinGape points out. With the technical indicators leaning biasedly bullish and whales continuing to go on their shopping spree, analysts believe a rally of as high as 30% upward is very much plausible.

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It’s getting exciting in the Dogecoin camp because hype and hope are building.

Crypto Trader Gets Scammed Out of $520K in LINK by Fake Bridge Hustle

A crypto trader got scammed an outrageous amount of $520K worth of Chainlink (LINK) tokens after the person fell for a really sketchy and scummy fake bridge scam shared in a Telegram Decentralized Finance group. The scammers had promised the individual a faster and smoother way and procedures to move tokens but did the most heinous act of cleaning out the trader’s wallet, showing just how ruthless phishing scams in crypto have become.

Imagine losing half a mil in crypto because you clicked on the wrong link. That’s what happened to one DeFi trader who got punk’d by fraudsters running a fake bridge scam. The victim turned over 22,415 LINK tokens, valued at more than $520,000, after being tricked into signing a malicious transaction back on January 4, says Major L.

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Here’s the tea: the scammers dropped a link in a Telegram DeFi group, hyping up their “faster bridging solution.” It looked legit, but it was all cap. The moment the trader signed off, the funds were gone.

According to Web3 security watchdog Scam Sniffer, in the previous year alone, crypto peeps have lost a brutal $494 million to wallet-draining scams-a 67% increase from last year. And these scammers are leveling up, pulling stunts like fake Google Ads and even phishing through Zoom calls.

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Lesson here? Don’t trust random links, double-check URLs like your life depends on it, and stay sus of anyone being *too* helpful. Crypto space is a jungle-move smart or get rugged.

Ramaswamy’s Strive Asset Management Pushes for Bitcoin Bond ETF

Strive Asset Management, co-founded by Republican figure Vivek Ramaswamy, is doing a great work by filing for a Bitcoin Bond ETF with the U.S. Securities and Exchange Commission (SEC). This bold move coincides with the anticipation of Ramaswamy’s party reclaiming the White House come January 20th.

If greenlit by the SEC, this Bitcoin Bond ETF will hit the trading floor on the New York Stock Exchange (NYSE) which work really well as it offers a fresh avenue for traditional finance institutions to get in on Bitcoin action through bond investments.

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Strive plans to go big, allocating over 80% of the ETF’s assets to Bitcoin-related bonds, derivatives, swaps, and options tied to crypto-heavy companies. What’s cool? Investors could see income distributed weekly—a rare perk in the ETF game.

The company sees Bitcoin as more than just digital gold; it’s a hedge against global economic chaos. Rising inflation, geopolitical drama, and mounting fiat debt are what makes Bitcoin a really vital and important asset in today’s volatile world.

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By rolling out a Bitcoin Bond ETF, Strive isn’t just catching up it’s paving the way for Bitcoin’s full embrace by traditional finance. Think easier trading, live markets, and an open door to institutional crypto adoption.

Ripple CEO Says Trump’s Got Crypto Buzzing Again

Ripple CEO Brad Garlinghouse hit up Twitter with some major vibes, calling this the “Trump bull market” and saying the crypto world is straight-up thriving right now. He’s hyped, and he’s got good reason: Ripple’s looking like it’s back in the game after years of what he called “SEC drama” under Gary Gensler, which he claims totally clipped their wings in the US.

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Now, it’s a whole new energy. Garlinghouse shared that a whopping 75% of Ripple’s current job openings are based in the US—big switch-up from the last few years when they had to go global just to keep moving. And deals? Ripple’s been on a tear, locking in more US agreements in the last six weeks of 2024 (post-election vibes, of course) than in the entire six months before.

What’s sparking the glow-up? Garlinghouse says it’s all about Trump’s pro-crypto squad, giving shoutouts to Scott Bessent, David Sacks, and Paul Atkins for already pushing innovation forward—even before the new administration officially kicks off.

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“The Trump effect is real,” he tweeted. “Crypto’s getting its groove back, and Ripple’s right there with it.” The industry’s buzzing, and it feels like a new chapter for blockchain in the US.

Trader Flips $2K Into $3.2M Overnight

The crypto world just dropped another “WTF” moment. A trader somehow turned $2,137 into a mind-blowing $3.24 million in less than 10 hours. Yeah, let that sink in for a second.

Here’s the tea: they started with 10 SOL (around $2,137) and snagged a ridiculous 22 million $HYPER tokens. After a few hours and suddenly the price of the token skyrockets. They cashed out 17.88 million $HYPER for 10,286 SOL, or about $2.21 million. And the plot thickens—they still held on to 4.12 million tokens, now worth another $1.03 million. A jaw-dropping $3.24 million. That’s a 1,515x flip, all in less time than it takes to binge-watch a season of your favorite show.

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Naturally, crypto Twitter is going wild, with everyone and their dog suddenly eyeballing $HYPER. Is it the next big thing or just a one-hit wonder? Nobody knows, but one thing’s for sure this trader is living every crypto enthusiasts dream.

Moral of the story? The crypto grind is unpredictable, but every now and then, someone hits the jackpot. Maybe you’re next—just don’t blow your rent money chasing it.

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Karachi Crypto Trader Abducted by Fake Cops, Loses $340K

A crypto trader in Karachi was abducted and robbed of $340,000 (90 million PKR) by men impersonating police officers in a fake “police van.” The victim, Arsalan, was taken outside his office in Manghopir on December 25 and subjected to a harrowing ordeal.

According to police reports, five individuals pretending to be officers forced Arsalan into their van, blindfolded him, and transported him to a location near Karachi’s passport office. At gunpoint, the gang seized his phone, stole 8,000 PKR in cash, and accessed his crypto and bank accounts, transferring $340,000 then Arsalan was abandoned near Mazar-e-Quaid.

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Arsalan claims and strongly believes he can identify the culprits, who had approached him weeks earlier pretending to be in search of crypto investment guide. He named four suspects Muzzamil, Hamad, Ashir, and Zaman but still one remaining person hasn’t been identified. . The police have filed charges and rightfully so under Sections 365-A (Kidnapping for Ransom) and 34 (Common Intention) and transferred the case to Karachi’s Anti-Violent Crime Cell (AVCC).

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Surveillance footage clearly captured a police vehicle going into Arsalan’s society roughly around the same time the crime occured. SSP Haider, overseeing the investigation, emphasized the need for stricter measures to prevent such impersonation incidents, urging relevant authorities to take action.

Bitcoin Gold (BTG) Rockets 112% as Upbit Delisting Looms

Bitcoin Gold (BTG) just pulled off a jaw-dropping 112.87% rally in 24 hours, now sitting pretty at $24.74. This comes hot on the heels of South Korea’s Upbit exchange announcing plans to delist BTG by January 23.

Before the surge, BTG was chilling around $15. But as the Asian markets opened, trading volume exploded, with the Vol/Market Cap ratio shooting up to a wild 450%. The intense buying spree sent BTG soaring to $24.7, catching major attention with its unexpected spike.

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Market cap? Sitting at $433.28 million. Trading volume? An insane $1.91 billion in 24 hours—a 2158.56% increase.

Upbit pointed to transparency issues, lack of info disclosure, and doubts about BTG’s business future as reasons for its removal. The exchange flagged BTG as a “warning” asset, saying it doesn’t meet their operational standards.

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Still, the crazy trading action and price jump suggest BTG’s not going quietly. With this surge, the token’s making waves even as its Upbit era comes to a close.

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