Crypto News

PANews reported on December 2 that, according to Lookonchain monitoring, a newly created wallet (0x42Ef) withdrew 4,597 ETH (worth $13 million) from Binance in the past two hours.

BitMine purchased 23,773 ETH, worth approximately $70 million, in three days.

CoinsPaid adds Arbitrum and Base enabling faster cheaper ETH and USDC payments for merchants strengthening scalable secure crypto transactions.

BitcoinWorld Essential Insight: How Layer 1 Cryptocurrencies Hedge Against Bitcoin’s Biggest Risks Is your Bitcoin investment exposed to unseen long-term risks? According to Qiao Wang, founder of the prominent crypto accelerator AllianceDAO, a strategic allocation to Layer 1 cryptocurrencies like Ethereum (ETH) might be the intelligent hedge you need. While Bitcoin remains the digital gold standard, Wang highlights critical challenges that savvy investors cannot ignore. Why Experts […] This post Essential Insight: How Layer 1 Cryptocurrencies Hedge Against Bitcoin’s Biggest Risks first appeared on BitcoinWorld.

The post Ethereum ICO participant sells 23,000 ETH in one week amid renewed activity appeared on BitcoinEthereumNews.com. Key Takeaways An Ethereum ICO participant sold 23,000 ETH in one week amid market volatility. The wallet originally received 254,908 ETH during the 2014 ICO, now valued at $757 million. An Ethereum ICO participant sold another 3,000 ETH worth $8.4 million today, bringing total sales to 23,000 ETH in approximately one week, according to blockchain analytics firm Lookonchain. On November 26, the investor, identified by the wallet address starting with “0x2eb0“, sold 20,000 ETH valued at about $58 million via FalconX for the first time in eight months. The wallet originally received 254,908 ETH during Ethereum’s initial coin offering at $79,000. The latest sale comes amid recent volatility in the crypto market, which saw Ethereum drop to a several-month low of $2,680. At press time, the asset was trading at $2,824, down 2% over the past week, per CoinGecko. Source: https://cryptobriefing.com/ethereum-ico-sales-market-activity/

Unfortunately, there are no clear signs of a possible reversal, although there might be a small glimmer of hope.

The post Bitcoin Might Fall to $65,000, Spelling Doom For Alts appeared on BitcoinEthereumNews.com. Bitcoin briefly broke below $83,000 late Monday, as thin liquidity, a weekend macro scare out of Japan, and mounting fears over a potential MSCI methodology change converged into a fast, disorderly move lower. Prices hovered above $85,000 during Asian hours on Tuesday morning, with XRP, ether ETH$2,820.41, Cardano’s ADA, Solana’s SOL and BNB Chain’s BNB showing losses upto 2%. Market participants said the drop had little to do with the usual macro triggers and far more to do with the market’s inability to absorb even modest stress in the current environment. “Bitcoin’s drop below $90,000 is the result of a collision between the fragile market structure and weak liquidity conditions observed over the weekend,” said Farzam Ehsani, CEO of crypto exchange VALR. “The pressure across markets intensified because the order book was shallow, and the market lacked sufficient depth to withstand another macroeconomic liquidity shock,” he added. Some traders are increasingly focused on a separate structural issue: MSCI’s pending decision on whether to exclude companies whose balance sheets are heavily concentrated in cryptocurrencies from its global indices. The proposal affects firms collectively holding more than $137 billion in digital assets — including Strategy, Marathon, Riot, Metaplanet, and American Bitcoin — representing roughly 5% of all bitcoin in existence. Ehsani said the market is already attempting to price in the possibility of forced flows from index funds, should any of these companies be reclassified. “Any rule change automatically triggers a review of their holdings, potentially leading to forced sell-offs of these companies’ shares and triggering significant capital flows,” Ehasani said. Investors, he added, are now bracing for “short-term imbalances associated with forced capital flows.” December’s poor start also capped a weak November for bitcoin, which finished down 17.5% in one of its largest monthly declines in three years. A sustained break…

The post Yearn hacker loses $2.4M of $9M loot as tokens burned from wallet appeared on BitcoinEthereumNews.com. Yearn Finance suffered a $9 million hack on Sunday evening, marking the long-established decentralized finance platform’s fifth incident in as many years.  The attack, which occurred just after 9pm UTC, hit the yield farm’s yETH stableswap pool, extracting various ether (ETH) liquid staking tokens (LSTs). Of these, 850 of Redacted Cartel’s LST, pxETH, (worth $2.4 million) was burned by the issuer, with an equivalent amount simultaneously minted to the team’s multisig. Read more: DeFi yield aggregator Yearn discloses September incident in yUSND vault An on-chain message warned the hacker of this possibility approximately eight hours earlier. It reads, “your erc20s are at risk of being burnt and/or blacklisted,” and advises to “deposit them to a pool or swap to ETH to prevent such happenings.” In addition to the earlier warning, the hacker’s address received two fake bounty offers. Later, a Yearn deployer address urged the attacker to “open a communication channel” for the purposes of “discussing terms constructively.” Read more: DeFi platform Yearn exploits itself, begs for money back Yearn’s third hack The hack was down to a combination of a “numerical bug: unchecked underflow/overflow” and an “invariant-management issue,” according to the post-mortem report published by Yearn’s pseudonymous “bunny talisman” Banteg. This led to the attacker minting 235e36 yETH tokens which it then used to withdraw the underlying LSTs. Banteg was keen to point out that yETH is separate to Yearn’s core vault products and “doesn’t share any code with vaults.” One observer pointed out the efficiency of the hack transaction, which covered the entire attack flow. They claim it “deployed attack contracts, conducted the attack, tornado cashed part of the profits, and self-destructed the contracts.” Launched in September 2023, it took over two years for someone to exploit the vulnerability in the yETH pool. Earlier that year, a yUSDT vault lost…

CryptoProcessing by CoinsPaid, one of the world’s leading crypto payment gateways, has integrated Arbitrum and Base, two of the most advanced Layer 2 blockchains, to bring faster, cheaper, and smoother transactions to its users. The integration adds support for ETH (Ethereum) and USDC (USD Coin) on both networks, giving merchants access to instant payments with […] The post CryptoProcessing by CoinsPaid Expands Layer-2 Payment Rails with Arbitrum and Base appeared first on TechBullion.

PANews reported on December 2nd that, according to on-chain analyst @ai_9684xtpa, the "ancient whale with 254,900 ETH ICO tokens" appears to have sold off another 3,000 ETH, worth $8.4 million, after a week, and is now close to liquidating its holdings. The OG has deposited a total of 23,000 ETH into exchanges in the past week. If he sells them, he will make a profit of $66.53 million with a cost as low as $0.31. Currently, he only has 69.83 ETH left on the blockchain, worth about $195,000.