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Fantom Foundation's wallet was reportedly drained of funds by a “Fake_Phishing” account. Fantom Foundation, developers of the Fantom network, have reportedly been hacked for over $6.7 million worth of cryptocurrency.  Blockchain data shows that an address labeled “Fake_Phishing188024” was sent over 2,000 Convex (CVX) tokens and other cryptocurrencies from a known Fantom Foundation wallet. On-chain sleuth Spreek reported the attack on X (formerly Twitter) and estimated losses at $6.7 million. Security platform CertiK has estimated losses at only $657,000. The Foundation has yet to confirm the attack. total attacker profit (may not all necessarily be from fantom or related wallets) seems to be ~$6.7m pic.twitter.com/0rkDHULsdI — Spreek (@spreekaway) October 17, 2023 The Fantom Foundation is the developer behind Fantom network, an Ethereum Virtual Machine (EVM)-compatible smart contract platform. The network has over $45 million in assets locked within its contracts, according ...

The average gas fee on Ethereum stands at $1.13, the lowest since November 2022. Subsequently, some analysts believe Ethereum’s native cryptocurrency, Ether (ETH), might be forming a bottom similar to the one in late 2022 based on on-chain data. According to an X post by analytics firm Santiment, this week’s average fee level on Ethereum reached $1.13, the lowest since November 2022, when ETH formed a bottom at $1,100.  You might also like: Ethereum futures ETFs on CME begin with light trading volumes Analysts noted this is “not a perfect signal by any means.” However, they admitted that lower fee costs “generally lead to a rise in utility and price rebound.” #Ethereum's network has been particularly cheap to use, and this week's average fee level of $1.13 is the lowest since November, 2022. Though not a perfect signal by any means, lower $ETH costs generally lead to a rise in utility and price rebound. https://t.co/ymXFwGJh4...

Proof of Play raised $33 million to create fully on-chain games that “quickly immerse players in fun gameplay.“ Proof of Play, a company led by Farmville co-creator Amitt Mahajan, raised $33 million to create Web3 games, according to a Sept. 21 announcement. Majahan is the CEO of Proof of Play, and Twitch co-founder Emmett Shear is a board member. The funding was co-led by Chris Dixon at Andreessen Horowitz (a16z) and Neil Mehta at Greenoaks. Investors Naval Ravikant, Balaji Srinivasan and the founders of streaming platform Twitch also participated, as well as Web3 firms Anchorage Digital, Mercury, Firebase, Zynga and Alchemy. Proof of Play released a closed beta of its first game, Pirate Nation, in December 2022. Pirate Nation Web3 game. Source: Proof of Play In its announcement, the company claimed it can overcome many roadblocks players commonly encounter when attempting to play Web3 games . It stated that it possesses “a set of technological and product innovations” that will “qu...

The Merge brought about a groundbreaking transformation for the Ethereum [ETH] network. It fundamentally altered the network’s structure, transitioning it from a proof-of-work [PoW] chain to a proof-of-stake [PoS] chain. However, the PoW chain, now represented by the native token ETHPoW, still coexists. In this evolving landscape, entities with significant holdings of ETH, including Grayscale, found themselves facing uncertainty. The firm was actively advocating for its claims regarding the post-merge proof-of-work Ethereum tokens. Nevertheless, in a recent announcement, the company disclosed that it has permanently relinquished all rights to ETHPoW tokens on behalf of the record-date shareholders of each product. Grayscale further wrote, “As such, it is not possible to exercise the rights to acquire and sell the ETHPoW tokens, and on behalf of the record date shareholders, Grayscale is abandoning the rights to these assets.” Following the Merge, Grayscale was exploring ...

The network saw over 1 million unique active wallets accepting or sending ETH, the second -highest amount in the asset’s history . The Ethereum (ETH) network registered a spark of activity on Sept. 13, as the number of unique active wallets (UAW) connected to the network hit 1,089,893. In an X post, Blockchain analysts at Santiment said this was the second -highest amount of UAW in Ethereum’s 8+ year history , suggesting that such spikes “could be the capitulation signal needed for prices to rebound.” Daily active addresses interacting with ETH (orange) vs Ethereum price (green) | Source: X The last time the Ethereum network witnessed a spike in on -chain activity was on Dec. 9, 2022, when the amount of UAW set an all-time high at 1.42 million, with ETH trading at around $1,265, according to data from Santiment. Daily active addresses interacting with ETH (black) vs. Ethereum price (green) | Source: Santiment FTX liquidations as a possible trigger Alt...

Binance’s BNB Chain is set for two upgrades that are aimed at improving finality of the network and compatibility with other EVM blockchains. Binance’s proprietary BNB Smart Chain (BSC) is set to undergo two hard forks through August 2023 that are aimed at reducing the possibility of a malicious block chain reorganization and increasing the compatibility with other EVM block chain networks. The Plato and Hertz upgrades are scheduled for Aug. 10 and Aug. 30 respectively, following extensive testing. The Plato upgrade, which has already taken place, introduces BEP-126. The latest evolution proposal implements a fast finality mechanism that is expected to rule out the ability for blocks to be reverted. The Plato upgrade and hard fork was carried out Aug. 10 at block height 30724096. Source: bscscan.com Arno Bauer, Senior Solution Architect at BNB Chain, unpacked the specifics of the network upgrades in conversation with Cointelegraph. The fast finality mechanism is expected to reduce...

Interoperability protocol Rarimo has partnered with Polygon ID, enabling the use of its verifiable credential infrastructure across multiple blockchains. Rarimo, a tool that helps different blockchains talk to each other, has joined forces with Polygon ID, a system for checking identities, to make their identity-checking tools available across many different blockchains, turning Polygon ID into a multi-chain tool. Polygon ID had previously allowed identity checks only on the blockchain where they were first set up. For example, if you made your ID on Polygon, you couldn’t use it on Ethereum (ETH), meaning users had to make a new ID for each blockchain. But now, with this partnership , IDs made on Polygon (MATIC) can be used on Ethereum. Other blockchains like BNB Chain (BNB) and Avalanche (AVAX) are also expected to join this list soon. Rarimo is excited to announce a collaboration with @0xPolygonDevs & @0xPolygonLabs’ PolygonID Polygon ID’s zero knowledge proofs are now ...

EIP-7281 will allow token issuers to list official bridges and limit the rate at which they can mint tokens, potentially limiting losses from bridge hacks. An Ethereum Improvement Proposal (EIP) made on July 7 seeks to standard ize how tokens are bridged between networks. The “Sovereign Bridged Token” standard , or EIP-7281, allows token issuers to create canonical bridges across multiple networks.  The proposal was co-authored by Arjun Bhuptani, founder of the Connext bridging protocol. In a July 7 social media post, Bhuptani claimed the protocol would help prevent issues like the July 6 Multichain incident , which some experts have described as a “hack.” Today's @MultichainOrg hack is a sad reminder of the systemic risks tokens face from bridges. We believe these risks stem from a single underlying problem: Token Sovereignty We're proposing ERC-7281 (aka xERC20) - an open standard to fix this.https://t.co/k9Vyd55Eb5 1/x — Arjun | ERC-7281 arc (@arjunbhuptani) July 7,...

Several link crypto currencies to illegal activities due to their pseudonymous nature and potential for abuse. Individuals can utilize these digital assets for purposes such as money laundering and unauthorized transactions. Procurement of illegal goods and services on the dark web is also on this list. However, it’s important to note that these activities represent a small fraction of the overall crypto transaction volume. Recent headlines have also highlighted cases of bribery involving these digital assets. Consequently, the Taiwan government is implementing measures to eliminate the potential for such incidents ahead of the 2024 elections. According to data, Taiwan has documented bribery cases exceeding 1.254 billion yuan from the end of 2000 until May 2023. It is estimated that nearly 50 million yuan was distributed as part of the nine-in-one election [municipal elections] bonus last year. The Supreme Prosecutor’s Office has reported that they have prosecuted a tota...

Ethereum (ETH) creator Vitalik Buterin has expressed concern about the US approach to crypto regulation, particularly the impact on projects like Solana. In a tweet, Buterin expressed sympathy for the affected projects and stated that if Ethereum were to prevail by excluding other blockchains from exchanges, it would not be a moral or sustainable victory in the long run. The one comment I'll make is that I feel bad that @solana and other projects are getting hit in this way. They don't deserve it, and if ethereum ends up "winning" through all other blockchains getting kicked off exchanges, that's not an honorable way to win, and in the long term… — vitalik.eth (@VitalikButerin) June 30, 2023 Solana (SOL) was classified as a security in the SEC’s lawsuit against both Binance and Coinbase. This categorization was not exclusive to Solana, as several other tokens, including cardano (ADA), Polygon’s token MATIC, filecoin (FIL), the Sandbox...

One community member praised the bot saying that "profit is profit" while another said that the event highlights how bad the bear market is. A crypto trading bot programmed to perform arbitrage trades made various complex moves within the Ethereum blockchain, including taking a $200 million flash loan, all to secure a mere $3.24 profit.  On June 14, blockchain Analysis firm Arkham Intelligence shared a breakdown of the bot’s movements. According to the firm, the transaction was made by an arbitrage bot that uses flash loans. This morning, $200M worth of DAI was minted and burned by MakerDAO in the same block. It was part of an arbitrage transaction with a net profit of... $3? Why did this happen - and what does this mean? Details below pic.twitter.com/wWLZeC8All — Arkham (@ArkhamIntel) June 14, 2023 The Analysis firm explained that the reason the the DAI amount borrowed was high is because MakerDAO's "DssFlash" contract allows zero-fee borrowing on any a...

Can the Ethereum blockchain be both scalable and secure? This project says “Yes,” through a novel concept called hybrid rollups. Graphic designers have an old saying: “Your project can be fast, cheap or good — pick two.” It’s a classic trilemma. Rushing to create something might mean it’ll be delivered quickly, and therefore less expensive. Then again, the end product could be disappointing. If customers go the “cheap and good” route instead, they’re willing to wait a while — it’s going to take time, and projects that pay better will be prioritized. For years, there’s also been a lot of talk in the blockchain world about a trilemma in terms of decentralization, security and scalability: decentralized networks can only provide two of the three benefits at any given time. Experts argue that scalability requires a trade-off with security . In this case, a network can handle more transactions, but the risk of an exploit increases. But this doesn’t necessarily have to be the case. Right n...

The Tornado Cash DAO Hacker has begun to move the stolen Ethereum ( ETH ) and Torn (TORN) tokens. On Wednesday night, 100 ETH er ( ETH ) and 38,000 torn (TORN) tokens were moved by addresses connected to the hacker. According to Etherscan data, the hacker used the Tornado Cash protocol for the movement. An unnamed attacker, or attackers, took control of the DAO responsible for the privacy-focused crypto mixer’s operations on Saturday. The hacker also took control of the DAO’s funds and future plans. The attacker continues to have access to potentially all of Tornado Cash’s treasury cash and currently has over 20 ETH er ($35,684) in their wallet. A fraudulent proposal was put out by the attacker, hiding a computer function that gave them a fake governance vote. Some components of Tornado Cash, including torn tokens held in the primary governance contract, were accessed using fake votes, and also the stolen Ethereum. The hacker could also withdraw locked torn tokens. Howeve...

Ether stakers have withdrawn $1.21 billion worth of ETH from Ethereum staking contracts since the Shapella upgrade. Ethereum's Ether (ETH) token has entered a sharp price recovery a week after hitting a six-month low versus Bitcoin (BTC).  On April 18, the widely-tracked ETH/BTC pair reached 0.0709 BTC, up about 15% from its local bottom of 0.0602 BTC six days ago. Now, the pair eyes a run-up toward 0.075 BTC by June, based on the fractal setup previously discussed here. ETH/BTC daily price chart. Source: TradingView Ethereum's Shapella FOMO Interestingly, Ether's local bottom formation versus Bitcoin occurred on the day of Ethereum's long-awaited Shapella upgrade. The hard fork enables Ether stakers to withdraw their rewards — around 1.1 billion ETH — from Ethereum's proof-of-stake smart contract. This update may have boosted ETH's appeal compared to BTC, beating anticipations that a freshly unlocked Ether supply would increase sell-pressure. Stakers have wi...

The CME Group aims to offer market participants more accuracy and flexibility in managing the risk of short-term fluctuations in the prices of Bitcoin and Ether. On Apr. 17, derivatives marketplace Chicago Mercantile Exchange (CME) Group, announced it will broaden its range of cryptocurrency options by adding new options to its standard and micro-sized Bitcoin (BTC) and Ether (ETH) contracts. Pending regulatory review, these new contracts will be available from May 22, and expiries will be available every day of the business week from Monday to Friday.  According to the announcement, CME Group's expanded suite of cryptocurrency options will include new expiry dates for Bitcoin and Ether futures contracts. These options will now expire every day from Monday to Friday, providing traders with greater flexibility to manage short-term price risks. Furthermore, options on micro-sized Bitcoin and Ether futures contracts will add Tuesday and Thursday expiries to their existing Monday, We...

Join us as we discuss the potential for on-chain data and how it can make you a better trader. In this week’s episode of Market Talks, Cointelegraph welcomes Miguel Morel, CEO of Arkham Intelligence — a blockchain intelligence company that has built a platform that provides information on real-world entities and individuals behind crypto market activity. In today’s discussion with Morel, we will explore how and why on -chain data is useful and perhaps some ways that technical trader s should be using it. We will also talk about what might be next for the Ethereum network now that withdrawals are activated after the successful implementation of the Shanghai upgrade, and how on -chain data can help trader s navigate this phase. We kick things off with the latest major event in the crypto space, the Ethereum Shapella hard fork, which went down without a hiccup. We ask Morel what the primary takeaway is that the crypto industry and investors should focus on and what the data says about...

ETH’s correlation with tech stocks, its increasing total value locked and its deflationary token economics all suggest that the path to $2,000 is programmed. Ether's price (ETH) reached $1,400 on March 10, which proved to be a bargain as the cryptocurrency rallied 27.1% until March 21, at the time of writing. However, the three reasons that supported the price gain, including correlation with tech stocks, its increasing total value locked and its deflationary token economics, all suggest that the path to $2,000 is set in stone.  There are numerous explanations for Ether's 19.4% decline over the past six months. The Shanghai hard fork upgrade was delayed from March to early April and after Shanghai, Ethereum's roadmap includes the "Surge," "Verge," "Purge," and "Splurge" updates. In reality, the longer these intermediate steps to achieve scalability take, the greater the likelihood that competing networks will demonstrate efficacy an...

The cryptocurrency market is thriving at the moment, as Bitcoin rises against the current traditional market chaos. With a nearly 4.3% rise over the past day, the aggregate value of all assets from the market managed to re-claim the psychological $1 trillion mark. Leaving aside Bitcoin and other altcoins, a community-favorite cryptocurrency, Baby Doge Coin, occupied the first position on Binance’s trending coin list at press time. Announcing the said feat achieved, the official Twitter handle tweeted, “BabyDoge trending #1 in the world on Binance  top cryptocurrency list!” As illustrated below, Bitcoin, Shiba Inu, MATIC , and Ethereum ranked subsequently on the list. Source: Binance Also Read: Bitcoin vs. Solana, XRP, MATIC : What Are Institutions Buying Now? BabyDoge short-term outlook At the moment, Baby Doge Coin is in the midst of a “make it or break it” kind of situation. Over the last few days, it has been able to gradually rise. However, it is being hin...

Back when Bitcoin made its debut and other cryptocurrency assets followed suit, the globe was surprised to see the advent of financial technology. However, this excitement dropped after the power consumption of cryptocurrency mining surfaced. With time, miners found new ways to make the process more sustainable. This, however, did not settle well with many. Nevertheless, the crypto-verse is home to a plethora of assets that do not consume too much energy. Here’s a list of crypto networks that do not cause increased carbon emissions and are eco-friendly. Ethereum [ETH] Ethereum took a significant step towards going green last September when it switched from a proof-of-work [PoW] to a proof-of-stake [PoS] mechanism. Unlike PoW, PoS algorithms rely on users staking their tokens as collateral to validate transactions rather than using such energy-intensive methods. This can drastically lower energy consumption rates and lessen the carbon footprint of the network. Following ...