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Crypto Hacks and Social Media Vulnerabilities in the Crypto Space
News on the Blockchain
November 11, 2024
@newsontheblockchain, 11/11/2024
Confidence in Knowledge. Providing daily news to make sure you're up to date!
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 762
Market Cap: $2.76T (+1.84%)
24h Volume: $235.25B (+76.27%)
Bitcoin Dominance: 58.3%
Ethereum Dominance: 13.7%
ETH Gas Price: 11.28 Gwei
Fear & Greed Index: 79/100 (Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $81,286.22 | +2.80% | $1.61T | $77.88B |
Ethereum (ETH) | $3,147.11 | -0.84% | $378.99B | $44.87B |
Tether (USDT) | $1.00 | +0.04% | $123.47B | $191.18B |
BNB (BNB) | $620.60 | -1.92% | $89.43B | $2.99B |
Solana (SOL) | $208.28 | +1.91% | $98.29B | $8.78B |
💹 Market Highlights:
Total DeFi Volume: $15.26B (6.49% of total market)
Stablecoins Volume: $215.45B (91.58% of total market)
Coin with highest % change: X (+36.80%)
🔥Heat Map:
📈 Preview On Today’s News:
- Crypto Hacks and Social Media Vulnerabilities in the Crypto Space
- Surge in Bitcoin and Ethereum Leads to $280M in Crypto Market Liquidations
- A16z’s Optimism for Crypto Under Trump’s Regulatory Shift
Keep reading for more!
Today’s Important News:
1)
Crypto Hacks and Social Media Vulnerabilities in the Crypto Space
This week's report highlights significant security breaches in the cryptocurrency space. Metawin, a crypto gambling platform, was hacked for over $4 million, with hackers stealing funds in Ethereum and Solana. The attack raises concerns about the security of DeFi and play-to-earn platforms. Additionally, Wiz Khalifa's X account was compromised, spreading a fake cryptocurrency scam involving the WIZ token. These incidents underscore the need for stronger security measures and vigilance against scams targeting both platforms and individuals in the crypto community.
Metawin hack: Over $4 million in cryptocurrency was stolen from the platform, raising concerns about the security of DeFi and play-to-earn applications.
Wiz Khalifa X account hack: The rapper's account was compromised to promote a fake token scam, highlighting the risks of social media manipulation in the crypto space.
2)
Surge in Bitcoin and Ethereum Leads to $280M in Crypto Market Liquidations
The cryptocurrency market recently experienced significant liquidations, with over $280 million in total liquidations, largely driven by surges in Bitcoin and Ethereum. Bitcoin reached a new all-time high of $76,000, leading to over $100 million in liquidations, especially in short positions. Ethereum followed with similar liquidations, amounting to $56 million in short positions. This surge, paired with a Fear and Greed Index showing "extreme greed," has fueled further market volatility, potentially leading to more liquidations if the market corrects or reverses. Traders are cautioned to monitor the market closely, as more volatility is expected.
Over $280 million in liquidations occurred recently, largely driven by Bitcoin and Ethereum surging to new highs, with Bitcoin reaching $76,000 and Ethereum experiencing significant liquidations.
The Fear and Greed Index is at extreme levels, indicating heightened investor sentiment and potential for further market volatility and liquidations.
3)
A16z’s Optimism for Crypto Under Trump’s Regulatory Shift
A16z, a prominent venture capital firm in the crypto space, expressed optimism about the future of cryptocurrency in the United States under Donald Trump's potential presidency, predicting a shift towards clearer and more supportive regulations. In a recent blog post, A16z legal experts outlined their belief that the new political environment would foster innovation and regulatory clarity, moving away from the previous administration's enforcement-based approach. The firm sees opportunities for advancements in digital identity ownership, decentralized networks, and stablecoins, among other areas. A16z also emphasized the importance of establishing regulatory frameworks that encourage decentralization and innovation, ultimately benefiting both the crypto ecosystem and consumers.
A16z predicts a more favorable regulatory environment for crypto under Trump, focusing on innovation and clarity rather than enforcement-based regulation.
The firm advocates for clear frameworks that promote decentralization, with opportunities in areas like digital identity, stablecoins, and decentralized networks.
