Cryptocurrency
Victim of 90 ETH exploit set to claw funds back after hacker was blacklisted
With the help of police and cyber authorities, a victim of a hack worth 90 Ether (ETH) has gotten the attacker’s Tether (USDT) address blacklisted. As a result, they may be able to get most of their funds back.
[2023/08/11 17:30] USDT blacklisted 0x788bc56b67c289399cd6e2022f0d76484f04724a in block 17893148 https://t.co/WipjkHXFGp
— usdt blacklist (@usdtblacklist) August 11, 2023
The victim, who goes by L3yum on X (formerly Twitter), was initially drained on March 16 after the hacker managed to get a hold of their hot wallet seed phrase. Several Yuga Labs-related nonfungible tokens (NFTs) were stolen, alongside some crypto and other NFTs from smaller projects, before being promptly swapped or sold off.
In an Aug. 11 X thread, L3yum highlighted that the hacker’s Ethereum-based USDT address had been blacklisted: “Today after working with the police and cyber team in my country, I was able to get the stolen funds sitting in USDT frozen and black listed.”
The people I was working with were amazing
The original police officer I dealt with didn’t even know anything about crypto aside from hearing of it, but after a few phone calls just by the way he was talking I knew he was learning and actually cared
Very grateful— L3yum (@l3yum) August 11, 2023
At the time of writing, 90 ETH is equivalent to roughly $166,000, and the blacklisted wallet has $107,306 worth of USDT locked up, suggesting the victim may not get the total value of their stolen funds back.
It’s not yet known if the victim will be reimbursed. However, in previous instances where a USDT address has been blacklisted under similar circumstances, Tether has burned the blacklisted USDT and re-issued equal amounts of the asset to the original owner.
It is also worth noting that the blacklisting of a USDT address by Tether generally comes after a court order.
Related: How easy is a SIM swap attack? Here’s how to prevent one
When asked if this was the case in the comments, L3yum confirmed this was the likely path forward but suggested it hasn’t been confirmed yet.
“This is the part I’m unsure about but yeah from my understanding this is how it works and the funds that are blacklisted are essentially burnt. Don’t quote me on that though, but that is my understanding!” he wrote.
It is unclear how the hacker accessed the seed phrase in March; however, the general thinking at that time was that the victim had either been SIM-swapped, mistakenly had their seed phrase backed up on iCloud, or had been using the wallet across several devices.
Another member of our community was compromised yesterday. $70k+ gone.
11 Eth, a Mutant, a Koda, and more. While the exact attack that @l3yum suffered is unclear, we narrowed it down to a few possibilities – and it could have been prevented by one thing
On hardware wallets 1/
— quit (,) (@0xQuit) March 15, 2023
Magazine: NFT Collector: On-chain music sounds off with latest raise, artistic duo Hackatao find their lane
Cryptocurrency
Crypto Price Analysis September-20: ETH, XRP, ADA, BNB, and SOL
This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum (ETH)
The market has had a great week so far, and Ethereum closed with a 9% price increase. On Wednesday, the Fed cut the interest rate by 0.50%, which turned out to be extremely bullish for crypto. Since then, ETH has also managed to break above $2,400.
With buyers back, the momentum is shifting bullish again. The current target for this cryptocurrency is $2,800, which will also act as resistance. The former resistance at $2,400 is now a key support, and as long as it is not lost, buyers have the advantage.
Looking ahead, Ethereum is finally showing signs of recovery after months of difficult price action in which bears dominated.
Ripple (XRP)
XRP increased by 4% this week but appears to lag behind other market leaders such as Ethereum or Solana. This could be because it already broke its resistance at 54 cents last week, and buyers may be distracted by other opportunities at this time.
Nevertheless, momentum remains bullish on this price action, and XRP needs to make a higher high to maintain it. A clean break above 60 cents can restore confidence and see the price attempt a test of the next key target at 68 cents.
Looking ahead, XRP may be preparing for its next major move, especially if the overall market remains bullish.
Cardano (ADA)
So far in September, ADA has been bouncing between the key levels, but this could be its most important opportunity to break the resistance at 37 cents. While the price closes the week with only a 1% increase, optimism is high that Cardano can finally have a breakout.
The past two weeks saw the price find good support around 33 cents, and sellers were unable to push ADA below that. This improved confidence in the price action, and buyers returned.
Looking ahead, the biggest challenge for this cryptocurrency is to break above 37 cents. That would put ADA back on the offensive to recover the losses incurred since March 2024.
Binance Coin (BNB)
Binance Coin remains a great performer and closed the week with a 6% price increase. This allowed buyers to keep the price well above the $500 support and even aim towards $600, which is the current target for this uptrend.
Buyers are dominating right now, which shows promise for a sustained uptrend in the coming weeks. Moreover, on the 3-day timeframe, the MACD made a bullish cross, which is picking up momentum. This favors a continuation of this uptrend.
Looking ahead, BNB is found in a strong position based on its price action, which shows that it is ready to challenge the highs from earlier this year.
Solana (SOL)
Solana is our strongest performer this week, with a 12% price increase. As soon as the resistance at $134 was broken, buyers rushed to this cryptocurrency, and the price shot up.
The current rally is coming on strong buy volume, which could see SOL test the resistance at $164 in the next few days. That would only encourage buyers further.
Looking ahead, Solana is back in the spotlight, and market participants seem to prefer it over other major altcoins. If this market rally continues, Solana may be among the first to benefit.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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Cryptocurrency
Bitcoin (BTC) Price Touched $64K, Solana (SOL) Explodes 9% Daily (Market Watch)
Bitcoin’s price rally that started after the US Fed reduced the interest rates on Wednesday took the asset to a multi-week peak of over $64,000 hours ago.
The altcoins also followed suit, with ETH breaking above $2,500 and BNB soaring past $570.
BTC Kept Pumping
This highly anticipated business week actually started with a retracement on Monday that drove the primary cryptocurrency from over $60,000 to under $58,000 in hours. However, the bulls quickly resumed control of the market and pushed the asset to over $61,000 ahead of the Wednesday FOMC meeting.
Once it concluded that the US central bank announced a 0.5% cut in the key interest rates, BTC went on a rollercoaster with several movements up and down. Still, the bulls came out stronger, at least for now, and initiated an impressive rally for bitcoin.
As reported yesterday, the asset tapped $63,000 for the first in three weeks. However, it kept adding value and briefly exceeded $64,000 earlier today for the first time since late August.
Nevertheless, its ascend has been halted for now, and BTC now sits about a grand lower. It’s still 2% up on the day, which has pushed its market cap to $1.250 trillion. Its dominance over the alts, though, has been slashed to 54.3% after soaring past 55% yesterday for the first time in almost four years.
SOL, AVAX on the Run
Most altcoins were trailing behind BTC in the past few days, but have charted more impressive gains today. The pack is led by Solana and Avalanche. Both of them have surged by around 9% to $151 and $28, respectively.
Chainlink has added 5% of value, and so has Ethereum. In fact, ETH has skyrocketed to a multi-week peak of its own at $2,550.
The most impressive daily increases come from the likes of TAO (15%), APT (12%), CORE (12%), JUP (11%), SUI (11%), and LDO (11%).
The total crypto market cap has gained another $70 billion overnight and is above $2.3 trillion on CG now.
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LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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Cryptocurrency
BTC, ETH Shot Up to 3-Week Peaks as ETFs Recorded Net Inflows
The cryptocurrency market saw some long-time coming revival after the United States Federal Reserve cut the interest rates on Wednesday for the first time in about four years.
The two largest digital assets went on a run, jumping by roughly 10% in the past few days.
BTC Price Rises Amid ETF Inflows
The 11 spot Bitcoin ETFs have enjoyed investors’ demand and attention ever since they went live for trading in January this year. Their negative and positive streaks in terms of net flows have influenced the underlying asset’s price to the extent that BTC tapped a new all-time high just two months after they saw the light of day.
As with most markets, investors’ perspective changes with current macro and micro-economic conditions and news. As such, it was interesting to follow how they would act in this particular week because of the Fed’s FOMC meeting that took place on Wednesday.
After all, this was the first interest rate cut in the States since 2020, which also means that it was the first since the inception of the BTC ETFs. In the days leading to the meeting, US investors poured over $500 million in net inflows to the financial vehicles but withdrew $52.7 million on Wednesday.
However, their attitude changed once again yesterday – the first full trading day after the rate reduction. Data from FarSide shows total net inflows of $158.3 million. Ark Invest’s ARKB led the pack with $81.1 million, followed by Fidelity’s FBTC with nearly $50 million. There were no reportable outflows, but BlackRock’s IBIT saw no action.
In the same timeframe, BTC’s price skyrocketed from $59,000 (on the rate-cut day) to just over $64,000 earlier today before retracing slightly to $63,400 (as of now).
Even ETH ETFs See Inflows
Unlike the Bitcoin ETFs, the Ethereum counterparts have failed to attract real interest, recording very few days in net inflows since their start in late July. In the days ahead of the FOMC meeting, investors took out $9.4 million on Monday and $15.1 million on Tuesday. Another $9.8 million was withdrawn on Wednesday.
However, the tides turned for the Ethereum ETFs as well yesterday, with total net inflows of $5.2 million. Interestingly, the entire amount went into BlackRock’s ETHA, and the rest of the ETFs saw zero reportable flows.
ETH’s price also soared alongside BTC. It had dumped to $2,300 during the FOMC meeting on Wednesday but earlier today neared $2,575 (a 12% surge) for the first time since late August.
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