Solana has recommended validators in the network upgrade to the latest Mainnet Beta 1.18.15, which includes several fixes to address network performance and stability. The release includes a central scheduler functionality that can be turned on optionally, focused on solving performance issues identified when there is network congestion. According to Solana Beach, a validator statistics […]
Bitcoin News
Dormant Bitcoin Address Awakens After a Decade, Moves $9.8 Million in BTC
May has emerged as a notable month for ‘sleeping bitcoin’ transactions, with a long-dormant address, inactive for ten years and six months, awakening on May 28 to move 145.89 BTC, valued at .8 million. Over 9 Million in Bitcoin From 2013 Moved in May After a much quieter April, May has witnessed numerous dormant bitcoin […]
Bitcoin News
Change Of Heart: Crypto Scammer Returns $34.7 Million To Victim’s Address
A week ago, a crypto whale fell victim to a scam that resulted in the loss of over million. In the following days, the scammer moved the funds to veil them. But in a shocking turn of events, they returned the funds to the victim.
Address Poisoning Scam Snatches Million
On May 3, whale 0x1E22…8FD5 lost 1,155 Wrapped Bitcoin (WBTC), worth around .31 million, after falling victim to an address poisoning scam. This scam, also known as address spoofing, consists of trying to trick users into sending funds to fraudulent lookalike accounts.
#PeckShieldAlert #Phishing A whale 0x1E22…8FD5 lost ~1,155 $WBTC (worth ~ million) after falling victim to address poisoning.The phisher has swapped the stolen $WBTC for ~23K $ETH & transferred them out pic.twitter.com/dr7eTYQkAX
— PeckShieldAlert (@PeckShieldAlert) May 3, 2024
The “vanity addresses” are custom-made with specific characters that look like the intended recipient’s address. Scammers send transactions of no value, hoping the similarity between the addresses will fool the user under attack.
If successful, victims copy the fraudulent address from the previous transactions and accidentally send their assets to the scammers instead.
PeckShieldAlert reported that the phisher immediately swapped the stolen WBTC for 23,000 Ether (ETH) before transferring them to a different address. Throughout the following days, the scammer laundered the funds. Sending them to ten different addresses before distributing the tokens through over 100 other addresses.
This development painted a looming picture for the crypto whale. At this point, the funds appeared to be unrecoverable. One user called the massive number of transfers a “crypto musical chairs” game.
Others justified the scammer, claiming he had not stolen the funds, as “he just received them.” This stance disregards the transaction’s nature. The transfer occurs under the belief that funds are safely being transferred to the intended account and not a lookalike.
Moreover, the lookalike address is in the victim’s transaction history, clearly intended to deceive the user into receiving funds not meant for them.
Change Of Heart Or Scared Of The Crypto Community?
In a shocking turn of events, the scammer sent 51 ETH, worth around 3,000, back to the victim on Thursday. Alongside the funds, the phisher sent a message asking to contact the whale, seemingly looking to negotiate.
The reasons behind the sudden change of heart remain a mystery to the community. Many are jokingly theorizing why the scammer returned the funds. One X user playfully suggested that the phisher feared being investigated by crypto sleuth ZachXBT.
Others claimed that “even the scammer doesn’t want ETH,” referencing the criticism the second-largest cryptocurrency has faced after its performance during this cycle.
In the early hours of Friday, PeckShieldAlert revealed that 2,683.7 ETH, worth about million, had already been transferred to the whale from nearly 50 different addresses. A couple of hours later, an update showcased that around 50% of the total funds had been returned, accounting for 11,446.87 ETH, or .7 million.
Retrieving all the assets might take time due to the large number of addresses holding the funds. At the time of writing, over million worth of ETH has already been returned, and the transactions continue.
Solana Developers Deploy Fixes to Mainnet to Address Network Congestion
Solana developers have successfully pushed a series of fixes to address network congestion issues. On April 15, Solana urged validators to update to v1.17.31, a version that changes how certain validators are treated depending on their stake. Further fixes will be shipped in the coming weeks, including a new scheduler that will be disabled by […]
Bitcoin News
Filecoin Staking Protocol Core Team Detained by Chinese Police; $22 Million in FIL Tokens Sent to Unknown Address
STFIL, the Filecoin liquid staking protocol, believes its core technical team is being investigated by the Chinese police. The STFIL team said it also recently detected abnormal and unscheduled upgrades to the protocol. During the core technical team’s detention, FIL tokens worth over million were transferred to an unknown external address. Lawyers Engaged to […]
Bitcoin News
Solana Developers Rush to Address Network Congestion; Operativity Remains Impaired
Anza, a collective of Solana-focused developers, has announced the measures it is taking to mitigate the congestion issues the network has been facing. Anza stated that it has made significant progress in tackling these problems and hopes to release patches next week. Currently, 70% of users’ transactions in Solana are failing. Solana Dev Collective Anza […]
Bitcoin News
Vitalik Buterin’s ENS Address Trades $100K Worth of ETH for Stablecoins Amid Market Uptick
According to blockchain analytics, the Ethereum Name Service (ENS) domain “vitalik.eth” has engaged in a transaction of 0,000 worth of ether, converting it into an equal amount of stablecoins on the Base blockchain. The address, purportedly belonging to Ethereum’s co-founder Vitalik Buterin, currently possesses 955.58 ether, estimated at .64 million. ‘Vitalik.eth’ Wallet Makes Strategic 0K […]
Bitcoin News
The Innovative Approach to Address Demand for ZKBase in the Market
PRESS RELEASE. In the Bitcoin ecosystem, projects typically fall into two categories: ‘Asset Issuance Protocols’ and ‘Scalability Solutions’. Project teams usually focus on developing products and solving issues within one of these domains. ZKBase is introducing a comprehensive scalability solution tailored for asset issuance protocols, aimed at addressing two major challenges currently faced by the […]
Bitcoin News
XRP Sinking? A Double Blow Of Underperformance And Address Exodus
Ripple’s XRP has been struggling to regain its momentum, as its performance continues to lag behind that of its competitors in the crypto market.
Recent data from CoinMarketCap reveals that XRP has been the most underperforming large-cap cryptocurrency over the past month, with gains of just over 4%. This stands in stark contrast to the significant increases seen in cryptocurrencies such as Bitcoin, Ethereum and Solana, to name a few, leaving investors disappointed and questioning the future of the digital asset.
Are Whales Slowly Losing Appetite For XRP?
Adding to the challenges, data from Santiment indicates that XRP whales, the major holders of the cryptocurrency, have shown a lack of confidence in the digital asset. The percentage of the coin’s supply in profit has declined from almost 90% in November last year to below 80% at present.
This decrease suggests that XRP whales have been selling their holdings rather than accumulating more, painting a bearish picture for the cryptocurrency’s future.
Furthermore, XRP whales have exhibited lower long exposure compared to retail investors, who are typically considered to have a better understanding of market trends. This lack of conviction among whales further dampens sentiment surrounding XRP.
Once a prominent player in the cryptocurrency market, XRP has experienced a significant decline in its influence. CoinMarketCap data highlights that XRP’s dominance in the market has plummeted from a peak of 30% in 2017 to a mere 1.48% as of February 2024.
The SEC lawsuit initiated against Ripple, the company behind XRP, along with the bear market of 2022, have taken a toll on the cryptocurrency’s value. Since reaching its peak in January 2018, XRP has lost nearly three-quarters of its market valuation, leaving investors and enthusiasts disheartened.
While the recent price action and market sentiment surrounding XRP may not inspire much optimism, the cryptocurrency landscape remains highly unpredictable. Investors and enthusiasts will closely monitor XRP’s ability to regain its footing and overcome the challenges it currently faces.
As the market continues to evolve, only time will reveal whether XRP can regain its former glory or if it will continue to struggle amidst fierce competition in the cryptocurrency space.
IMF Report Could Push XRP Price Up
Despite these challenges, there are potential catalysts that could inject positive energy into the market. A recent report from the International Monetary Fund (IMF) on the importance of digital currencies has garnered investor interest.
The report examines the potential benefits of digital money in advancing public policy goals, such as financial inclusion and improved cross-border connectivity.
Notably, the report highlights Ripple’s partnership with Palau, where they are exploring plans to launch a sovereign stablecoin. This collaboration underscores Ripple’s global reach and its involvement in the development of central bank digital currencies and sovereign stablecoins.
XRP’s struggle to regain momentum and underperformance compared to its competitors have disappointed investors. The declining influence of XRP, coupled with a lack of confidence displayed by XRP whales, further amplifies concerns about the cryptocurrency’s future.
However, potential positive developments, such as the IMF report and Ripple’s partnership with Palau, offer a glimmer of hope amidst a challenging environment.
The sixth-largest cryptocurrency was trading at .56 at the time of writing, and bulls’ prior attempts to break through that barrier had failed.
Featured image from , chart from TradingView
Kyberswap Hack: Blockchain Security Firm Reports Movement of 800 ETH From Exploiter’s Address
Blockchain security firm Peckshield revealed on Feb. 26 that an exploiter labeled address associated with the Kyberswap hack had bridged approximately 800 ether tokens from Arbitrum to the Ethereum blockchain. On the same day, the Kyberswap team unveiled revised dates for reimbursing users impacted by the hacking. Kyberswap Hacker Starts Moving Funds Peckshield Alert, a […]
Bitcoin News