Business magnate Mark Cuban has reportedly been hacked to the tune of hundreds of thousands of dollars worth of digital assets. According to a new report by DL News, the billionaire’s MetaMask wallet was hacked and 10 different crypto assets worth $870,000 were stolen from him. The report finds that Cuban had Ethereum (ETH), Lido […]
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With more than 150,000 Ordinal inscriptions on the Bitcoin blockchain, there are now numerous collections as creators and artists have found a new way to monetize their artworks via blockchain technology. In the past month, people have launched collections such as Ordinal Punks, Ordinal Penguins, Bitcoin Shrooms, Inscribed Pepe, Planetary Ordinals, Based Apes, Satoshi Punks, […]
Historical data around crypto crashes revealed that 14 crypto exchanges, together, were responsible for the loss of at least 1,195,000 BTC, representing 6.3% of the 19.2 Bitcoin currently in circulation.
One of the biggest factors differentiating Bitcoin (BTC) from fiat currency and most cryptocurrencies is the hard limit of 21 million on its total circulating supply. However, the demise of numerous crypto exchanges over the last decade has permanently taken out at least 5.7% (1.2 million BTC) of the total issuable Bitcoin from circulation.
The lack of clarity around a crypto exchange’s proof-of-reserves came out as the primary reason for their sudden collapses, as seen recently with FTX. Historical data around crypto crashes revealed that 14 crypto exchanges, together, were responsible for the loss of 1,195,000 BTC, which represents 6.3% of the 19.2 Bitcoin currently in circulation.
An investigation conducted by Jameson Lopp, co-founder and CTO of Bitcoin storage platform CasaHODL, revealed that Mt. Gox maintains the top position when it comes to exchanges losing BTC holdings.
While the scarcity of Bitcoin is directly related to its value as an asset, Lopp pointed out that fake Bitcoin offerings currently threaten the ecosystem, adding that “Bitcoin will not be a great store of value if most people are buying fake bitcoin.” Investigations confirm that at least 80 crypto assets have “Bitcoin” in their names, aimed purely to mislead BTC investors.
As a result, investors purchasing fake Bitcoin assets negatively impact the price appreciation of the original Bitcoin.
80+ crypto assets have the word "bitcoin" in their name.
— Jameson Lopp (@lopp) September 22, 2022
14 have a market cap over $1,000,000.
3 claim to be Bitcoin.
1 is Bitcoin.
To ensure Bitcoin’s position as sound money, self-custody comes out as the most effective way to reduce reliance on crypto exchanges and corporate “paper Bitcoin” contracts.
Related: Blockstream CEO Adam Back talks Bitcoin over a game of Jenga
Salvadorean President Nayib Bukele announced plans to acquire 1 BTC every day starting from Nov. 17, 2022.
We are buying one #Bitcoin every day starting tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022
Public records show that El Salvador currently holds 2,381 BTC at an average buying price of $43,357. However, stagnant Bitcoin performance opened up a window of opportunity for the country to substantially bring down its average price of Bitcoin acquisition.
SudoRare suddenly shut down its services and social media accounts after reportedly making away with 519 Ether, worth roughly $815,000.
SudoRare, an automated market maker (AMM) protocol for ERC-721 to ERC-20 swaps, suddenly shut down its services and social media accounts after reportedly making away with 519 Ether (ETH), worth roughly $815,000.
A crypto community member, sungjae_han, was first to point out a suspicious transaction that drained substantial funds off SudoRare using LooksRare (LOOKS) and USD Coin (USDC) tokens.
#PeckShieldAlert #rugpull Seems like @SudoRare rugged 519 $ETH (~$815k).
— PeckShieldAlert (@PeckShieldAlert) August 23, 2022
SudoRare already deleted its social accounts/groups, sudorare[.]xyz is down
Stole funds already transferred to 3 new addresses (173 $ETH/address):
0x75c3b2...3981
0x0498d1...8074
0xbFb784...7EAa https://t.co/mPC4bl4k6W pic.twitter.com/O5D7jThYvm
A subsequent intervention from blockchain investigator Peckshield hinted toward the possibility of a small-scale rug pull involving the loss of 519 ETH. Strengthening PeckShield’s suspicions, SudoRare decided to go offline from the internet — deleting all social media accounts and the main website, sudorare.xyz.
The following screenshot shows that the alleged stolen fund was equally divided and transferred to three different accounts, each receiving 173 ETH.
While investigations into the matter are still underway, the disappearance of SudoRare comes as a reminder to investors to “do your own research” (DYOR) before investing in projects pitching unrealistic returns.
Related: Ronin hackers transferred stolen funds from ETH to BTC and used sanctioned mixers
A recent hack on Velodrome Finance was traced back to one of its team members, Gabagool, who later returned the stolen funds worth $350,000.
Gabagool, too, released a note revealing various events that led him to attempt theft, which involved losing funds during the 2022 crypto crash. He added:
“Not much else to say. I’m extremely stupid, incredibly disappointed in myself and (frankly) unsure about what next, legally speaking.”
Velodrome is yet to take legal action against the crime and has revealed working with the legal counsel to determine the next steps.
The largest crypto exchange platform in the US has just rolled out support for two under-the-radar altcoins built on top smart contract platform Ethereum (ETH). In a new announcement, Coinbase says it’ll launch trading for NFT-focused SuperRare (RARE) and food supply-chain platform TE-FOOD (TONE) on Tuesday once liquidity conditions are met. SuperRare is an exclusive […]
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A new art-centric crypto asset is soaring after its surprise addition to global crypto exchange Binance. The non-fungible token (NFT) marketplace SuperRare (RARE) jumped from $1.35 to $3.64 – a 169% price increase – after the announcement. The altcoin currently sits at $2.51. According to the Binance announcement, “SuperRare is an NFT marketplace to collect […]
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PRESS RELEASE. Toronto, Ontario, Canada, March 19th 2021 – Affinity Design – Rarify Apps just launched a new deFi application only possible on layer 2 tech. After only a week since the claiming app debut, the price of Rare Coin soared well over 1000 USD on the Honeyswap DEX after the app garnered over 3 […]
