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Ethereum News
Newsbtc
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Ethereum Price Sinks 10% – Is This a Buying Opportunity?
- Ethereum price started a fresh decline from the $2,850 resistance zone.
- ETH is down over 10% and is struggling to stay above the $2,500 level.
- Ethereum is facing an increase in selling below the $2,650 zone.
- The pair could start a decent upward move if it settles above $2,600 and $2,650.
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Newsbtc
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Ethereum Must Hold This Key Level To Keep Altseason Hopes Alive, Analyst Explains
- Crypto analyst Ali Martinez highlights a crucial price level of $2,600 that Ethereum (ETH) must defend to sustain hopes for an altseason.
- ETH's ability to maintain its price level after the recent Bybit hack, where the token accounted for the bulk of the stolen funds, has been interesting to analysts.
- Crypto trader Merlijn The Trader suggests that ETH is set to break out of a symmetrical triangle pattern, potentially signaling its biggest bull run yet.
- While altcoins have yet to close above key resistance levels, low ETH reserves on crypto exchanges may drive up prices, offering hope for an impending altseason.
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Cryptonews
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Sony’s Layer 2 Scaling Solution Passes US $45m in TVL
- Soneium, developed by Sony, has quickly risen in the DeFi ranks and now sits among the top 60 blockchain networks by TVL.
- Soneium's Conquest campaign has contributed to its recent success by incentivizing user engagement and adoption.
- Soneium exceeded $45 million in total value locked (TVL), indicating active engagement with the network.
- Despite initial community backlash, Soneium has gained momentum and is experiencing significant growth.
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Moneyweb
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SA crypto exchanges review security after R27.5bn hack at Bybit
- South African crypto exchanges are reviewing their security measures following the massive $1.5 billion hack at Bybit.
- Bybit, the world's second-largest exchange, fell victim to a highly sophisticated attack while moving funds between wallets.
- Over 400,000 ethereum and stETH were stolen in the hack, prompting Bybit to launch a recovery program.
- The US Department of Justice implicated North Korea's Lazarus Group in the hack and is working to freeze the stolen funds.
- Industry experts emphasize the need for proactive security measures in crypto exchanges to counter evolving hacker threats.
- Local crypto providers like Valr and AltCoinTrader emphasize their commitment to robust security protocols and risk management.
- Providers like Luno and 80eight highlight their security procedures to safeguard against similar vulnerabilities and attacks.
- The Bybit incident underscores the importance of industry-wide collaboration and innovation to enhance security practices.
- Exchange CEOs commend Bybit's transparent handling of the hack and stress the community's united response to investigate the breach.
- Bybit's breach serves as a lesson for all exchanges to fortify security mechanisms and remain vigilant against emerging cyber threats.
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Bitcoinsensus
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Bybit Bought $100M Worth ETH, Sparking a 2.5% Rally
- Bybit purchased $100M worth of ETH after a security issue.
- The purchase amounted to 36383 ETH at an average price of $2711.
- This sparked a 2.5% rally, and trading volume increased by 10%.
- Bybit's purchase and the subsequent rally are part of a resurgence plan to unite against actors harming the crypto industry.
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Hackernoon
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Ethereum is Not a World Computer, and Swarm is Much More Than Just a Hard Drive
- Ethereum was initially thought of as a World Computer that would run on a virtual machine with Swarm acting as its hard drive, but this model was found to be inaccurate.
- Ethereum's capabilities are limited as it can only interact with the blockchain, making it more like a database with smart contracts acting as stored procedures.
- Swarm, essential for Web3, offers storage and bandwidth similar to Ethereum, and also functions as a content delivery network and supports mutable content storage.
- Swarm and Ethereum seamlessly integrate, with Swarm nodes identified using Ethereum addresses and content validated through smart contracts.
- Swarm facilitates a silo-free approach where users have their own storage within the global network, enabling easy data access and preventing migration complexity.
- In a Swarm-based decentralized Twitter model, feed aggregators are stateless and censorship-resistant, ensuring user control over their data.
- The true World Computer comprises stateless servers on top of Swarm's storage layer, enabling diverse tasks in a decentralized service network.
- While Ethereum is pivotal in powering Web3, it is not a complete World Computer; Swarm's decentralized storage and service capabilities make it a vital component of the ecosystem.
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TechBullion
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Ethereum (ETH) Shows Signs of Recovery as Mutuum Finance Reaches 2,600 Holders in Just 14 Days
- Ethereum (ETH) is showing early signs of recovery, with on-chain data indicating increased accumulation and rising investor confidence.
- Mutuum Finance (MUTM) has reached 2,600 holders in just 14 days, attracting attention in the DeFi space.
- Mutuum Finance offers a structured lending and borrowing protocol, allowing users to earn passive income and access liquidity without selling assets.
- The project's presale is progressing rapidly, with over 140 million tokens already sold, indicating high-growth potential.
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Zycrypto
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Billionaire Novogratz Rejects Calls For Ethereum Hard Fork After Crypto’s Biggest Hack, Says World Leaders Should Go After Lazarus
- The hacker group Lazarus, believed to be state-backed, recently carried out a major hack on Bybit, one of the largest cryptocurrency exchanges, stealing around $1.5 billion in Ethereum (ETH).
- There have been calls within the crypto community to roll back the Ethereum blockchain to recover the stolen funds and prevent the North Korean government from using them for illicit activities.
- Billionaire investor Mike Novogratz, the founder of Galaxy Digital, opposes an Ethereum hard fork and believes the community should freeze the accounts until the stolen funds are recovered by government intervention.
- Novogratz calls for world leaders to take action against the Lazarus Group and address the security risks associated with state-backed hacking.
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TronWeekly
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Adam Back Blames Ethereum’s EVM for Bybit’s $1.4B Crypto Heist
- Bybit lost $1.4 billion worth of Ethereum in a massive security breach.
- Adam Back blamed Ethereum’s Virtual Machine for enabling the hack.
- He criticized EVM’s complexity for making transactions vulnerable to exploits.
- Bybit transferred Ethereum from its cold wallet to a hot wallet, enabling hackers to drain the funds using blind signing and manipulations.
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TronWeekly
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Bybit Recovers $1.4B in Stolen Etherum and Proves Full Reserves
- Bybit has recovered $1.4 billion in stolen ETH after a cyberattack, demonstrating its financial stability.
- The recovery was made through loans, OTC deals, whale deposits, and exchange purchases.
- Despite the hack, Bybit maintains $10.9 billion in total assets, reinforcing investor confidence.
- Bybit will soon publish an audited proof-of-reserves report to provide transparency on client assets and ensure funds are backed 1:1.
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TronWeekly
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Ethereum Trading Volume Spikes Amid $1.4B Bybit Hack Investigation
- No-KYC exchange, eXch, has experienced a 900% surge in Ethereum reserves amid allegations of laundering funds from the $1.4B Bybit hack.
- Significant fund movements were traced to North Korea’s Lazarus Group, sparking concerns over decentralized exchanges.
- Bybit and security firms called for stricter risk controls, while eXch denied systemic wrongdoing and pledged donations to privacy-focused initiatives.
- The situation raises questions about the role of non-KYC exchanges and the balance between financial privacy and combating cybercrime in the crypto industry.
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Bitcoinik
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Mike Novogratz Says Eth Hardfork to Recover ByBit Funds Doesn’t Make Sense
- Mike Novogratz shared his opinion on the calls for the Ethereum hard fork and said that it doesn’t make sense at the current age of Ethereum.
- The crypto community demands an Ethereum network fork to recover funds.
- Bybit CEO Ben Zhou shared his opinion on the ETH fork idea & said that the situation is totally different from the past.
- Binance former CEO CZ praised Bybit CEO’s leadership post-hack incident.
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Zycrypto
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Ethereum Rollback Suggested After $1.5 Billion Bybit Hack
- BitMEX co-founder Arthur Hayes suggests Ethereum rollback to cancel stolen funds after the Bybit hack.
- The suggestion is based on Ethereum's previous action in 2016 when a hard fork was used to address a security breach.
- Bybit recently experienced a hack resulting in the loss of $1.4 billion worth of Ethereum, the largest in crypto history.
- There is debate within the Ethereum community regarding the rollback, as it could violate decentralization and immutability principles.
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Bitcoinist
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Bybit Moves Fast: $742M ETH Purchase Follows $1.4B Hack—Damage Control?
- Cryptocurrency exchange Bybit purchased around 266,700 ETH worth $742 million in 48 hours.
- Bybit strategically responded to the hack by making over-the-counter transactions with industry heavyweights FalconX, Galaxy Digital, and Wintermute.
- Prominent platforms within the cryptocurrency sector collaborated to block stolen funds and prevent further laundering of assets.
- Bybit's recovery effort is on track, with strategic purchases, whale deposits, and loans netting the exchange 446,870 ETH, or $1.23 billion, since the incident.
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TheNewsCrypto
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Infini Neobank Suffers $49.5M Hack Due to Insider Exploit
- Infini, a crypto-focused neobank, lost $49.5M in USDC after an attacker exploited retained admin privileges.
- The stolen funds were converted to 17,696 ETH and transferred to a new wallet.
- The attacker was a former developer who maintained control over the contract and used Tornado Cash to fund their wallet in preparation for the breach.
- Circle, the stablecoin issuer, received criticism for its delayed response and incident response capabilities.
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