Month: June 2020

DeFi Protocol Balancer Hacked Through Exploit It Seemingly Knew About

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The Balancer automated market maker protocol has been hacked for over $500,000 in a single Ether (ETH) transaction, facilitated once again by a dYdX flash loan. As analyzed by the 1inch.exchange team a few hours after the incident, a carefully crafted transaction taking more than 8 million gas, or about two thirds of an Ethereum block, stole over $500,000 in Ether, Wrapped Bitcoin (WBTC), Chainlink (LINK) and Synthetix (SNX) tokens. Taking advantage of programmed burn Timestamped at 6 PM UTC on Sunday, the transaction begins with a flash loan from…

Shareholders File Criminal Complaint Against EY for Alleged Role in Wirecard Scandal

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Shareholders in German fintech Wirecard are taking legal action against Big Four auditor EY in the fallout from the scandal now engulfing the company. Earlier this month, the auditor had refused to sign off the fintech’s 2019 financial report after discovering a shortfall of €1.9 billion (roughly $2.1 billion) on its books.  Following EY’s discovery, German authorities arrested Wirecard’s (now-former) CEO, Markus Braun, who had been at the helm of the fintech for almost two decades.  Braun has been accused of conspiring to inflate the company’s assets and misrepresent what…

There’s Over $10M Preventing Bitcoin From Breaking Past $9,500

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Bitcoin has made an attempt at recovering the losses it incurred late last week. On Sunday, the cryptocurrency rallied as high as $9,200 as buyers stepped in and shorts were squeezed. Yet order book data indicates that BTC may have a tough time rallying any further. Related Reading: A Hacker Just Drained $500k in Ethereum & Altcoins From a DeFi App Over $10 Million Worth of Asks at $9,500 on Binance Alone According to a crypto trader, traders on Binance have made a stand at $9,500-9,550. According to order book…

Bitcoin Miners Done Selling? 5 Things to Know for BTC Price This Week

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Bitcoin (BTC) begins a new week in uncertain times after regaining $9,000, but where is BTC/USD headed in the coming days?  Cointelegraph Markets highlights five factors driving Bitcoin price action for the week ahead. Stocks optimism returns with $9K Following a major slide on Friday, stocks futures were gaining early on Monday, despite ongoing pressure from Covid-19 concerns.  Dow Jones, S&P 500 and Nasdaq futures all rose modestly, cementing a quiet weekend that saw Bitcoin outperform in terms of volatility.  BTC/USD, which has shown a tendency to copy stock market…

Mining Giant BHP Completes $14 Million Iron Ore Trade Using Blockchain

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The world’s largest mining company BHP Group announced today that it completed a $14 million iron ore trade using a blockchain platform developed by the Canada-based technology company MineHub Technologies.  The transaction was carried out between BHP and  China Baowu Steel Group, a subsidiary of the world’s largest steelmaker China Baoshan Iron & Steel, commonly known as Baosteel. BHP made the announcement regarding the trade last month saying it was planning to execute a blockchain-based iron ore trade with Baosteel. During the trade, BHP used the blockchain platform to digitally…

The Amount of Bitcoin That Hasn’t Moved In a Year Hits an All-Time High

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The number of Bitcoin that has not moved in over 12 months achieved a new all-time high. The statistic indicates investors are confident in the long-term trend of BTC. Dan Held, who leads business development at a top U.S. Bitcoin exchange Kraken, said: “61% of Bitcoin hasn’t moved in over a year. That’s an all-time high.” The supply of Bitcoin that has not moved for more than a year hits an all-time high. Source: Glassnode Other metrics generally suggest that the level of “HODLing” has been increasing steadily since the…

Here’s Why It Could Tumble

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Ethereum is currently recovering from the $216 swing low against the US Dollar. ETH is now facing an uphill task near $228-$230, and it could resume its slide. Ethereum is currently trading above the $220 and $222 resistance levels. The price is now facing a crucial resistance near the $228 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $226 on the hourly chart of ETH/USD (data feed via Kraken). The pair could resume its decline if it fails to…

Use DeFi Contracts for BTC Passive Income

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Bitcoin educator Andreas Antonopoulos says there are risks behind any current method of earning steady income with one’s Bitcoin holdings, but DeFi offers one of the few ways to do so without “giving your money to other people.” In a livestream Q&A on Antonopoulos’ YouTube channel on June 27, he said decentralized finance (DeFi) contracts were one way for Bitcoin (BTC) owners to generate passive income without relinquishing custody of their coins. “Passive income” refers to money earned using methods that require little-to-no effort. According to Antonopoulos, investors could convert…

This Confluence Of Bearish Factors Shows Ripple (XRP) Could Dive Again

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Ripple started an upside correction after trading as low as $0.1690 against the US Dollar. XRP price is currently facing a strong resistance at $0.1800 and it could resume its decline. Ripple corrected higher above the $0.1720 and $0.1750 resistance levels against the US dollar. The price is currently struggling to clear the $0.1800 resistance region and the 100 hourly SMA. There is a connecting bearish trend line forming with resistance near $0.1780 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair must settle above…

‘99% of Crypto Projects Are Garbage’

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Prominent angel investor and internet entrepreneur Jason Calacanis says 99% of altcoin projects are “gabage” run by unqualified individuals, but holds out hope for the 1% with the power to change the world.   According to a Tweet posted on June 27 by the angel investor behind ridesharing app Uber and crypto trading app Robinhood, nearly all of the crypto projects around the world are under the control of “unqualified idiots” or “grifters” with below-average skills:  Historically, 99% of crypto projects are garbage run by unqualified idiots, delusional but below average…