Crptocurrency
Hackers Are Using The Ethereum CREATE2 Opcode For Fraud

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- Hackers are utilizing the Ethereum network’s CREATE2 opcode, originally intended for pre-determining contract addresses.
- This exploitation has led to substantial financial damages, with a notable case involving a user losing $927,000 in GMX tokens.
- According to a security report, scams represented 28% of total investor losses in the first half of 2023, totaling $184.17 million.
In a recent but disturbing development in the cryptocurrency space, hackers have begun exploiting the Ethereum network’s CREATE2 opcode, circumventing security protections in certain wallets and causing considerable losses for investors.
Blockchain security firm Scam Sniffer highlighted this issue, revealing a worrying trend among cybercriminals.
The CREATE2 opcode, which was originally intended to anticipate the address of a contract before deployment, has found an unforeseen usage in the hands of scammers. Notably, the popular decentralized exchange Uniswap uses this functionality to create pair contracts. However, fraudsters are now using this capability to generate new addresses with a bad signature, allowing them to avoid security checks.
Because of this security flaw, unknowing investors have signed off on transactions that permit unlawful fund transfers. Scam Sniffer provides an eye-catching example of a user, John Doe, who lost $927,000 in GMX tokens after unwittingly authorizing a “signal transfer” transaction. This event demonstrates how sophisticated these scams are becoming.
Read Also: Why Is Russia Coming After Coinbase Now?
Scam Sniffer’s investigations, supplemented by SlowMist’s blockchain security insights, have found frightening numbers. In just six months, the most common group of CREATE2 wallet drainers had collected roughly $60 million by attacking nearly 99,000 victims. Since August, another organization, discovered through address poisoning measures, has taken about $3 million from 11 individuals, with one individual losing $1.6 million.
These insights shed light on the constantly changing world of cryptocurrency risks. Indeed, the FootPrint x Boesin H1 2023 security report offers a bleak picture: scams accounted for 28% of overall investor losses in the first half of the year, totaling $184.17 million.
Scam Sniffer has reported two large scam instances in the last 48 hours, with victims losing $468,000. These incidents highlight the ongoing challenge of assuring cryptographic security and the need for bitcoin users to maintain constant awareness.
Scam Sniffer’s findings are a sharp reminder of the ongoing conflict between innovation and exploitation in the digital banking business, as the industry grapples with increasingly sophisticated challenges. The business finishes its study by asking the cryptocurrency community to exercise extreme vigilance and verify all transactions, recognizing that the cycle of discovery and countermeasures in bitcoin security is an ongoing and evolving challenge.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

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$88K Critical for Bitcoin Momentum

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Bitcoin’s price trajectory is at a pivotal juncture, with $88,000 emerging as a key level for sustaining market momentum, according to on-chain analytics firm Glassnode. Using the UTXO Realized Price Distribution (URPD) metric, Glassnode emphasized the significance of the Short-Term Holder (STH) cost basis, noting minimal trading volume below this threshold.
The $88,000 level serves as a critical psychological and technical support, and a decisive loss could pave the way for further downside. This article explores the importance of this metric and what it could mean for Bitcoin’s future price movement.
Understanding Bitcoin’s STH Cost Basis
The Short-Term Holder (STH) cost basis represents the average price at which recently acquired Bitcoin has been purchased. This metric is essential for analyzing:
- Price Momentum: Indicates the health of recent buyer confidence.
- Support Levels: Highlights crucial price points where short-term investors are likely to defend positions.
At $88,000, the STH cost basis underscores its significance as a level where short-term traders might capitulate if breached, potentially triggering a larger sell-off.
The Role of the URPD Metric
Glassnode’s UTXO Realized Price Distribution (URPD) metric maps the distribution of Bitcoin trading volumes across different price levels. Key insights from the current analysis include:
1. Minimal Volume Below $88K
- Glassnode’s data reveals limited trading activity beneath $88,000, suggesting weak historical support in this range.
2. Vulnerability to Downside Pressure
- A breakdown below $88,000 could lead to accelerated selling, as short-term holders exit positions to minimize losses.
Why $88K Is Critical for Bitcoin
1. Psychological Benchmark
- Round numbers like $88,000 hold psychological significance for traders, influencing decision-making and market sentiment.
2. Technical Relevance
- The STH cost basis aligns closely with support and resistance levels derived from historical price action, making it a reliable marker.
3. Momentum Indicator
- Holding above $88,000 would demonstrate resilience, while a breach could signal a shift in momentum toward bearish conditions.
Potential Scenarios Based on $88K Level
1. Holding Above $88K
- Sustaining this level could reaffirm Bitcoin’s bullish momentum, encouraging accumulation by both short-term and long-term holders.
- Positive macroeconomic news or institutional support could bolster price stability.
2. Breaching $88K
- A decisive loss of $88,000 might lead to panic selling, increasing volatility and pushing Bitcoin toward lower support levels.
- Traders may target $85,000 or lower as the next critical support zone.
Market Sentiment and Influences
1. Institutional Activity
- Institutional investors closely monitor key levels like $88,000, adjusting strategies based on market strength or weakness.
2. Broader Economic Factors
- Macroeconomic elements, including interest rate policies and inflation data, continue to impact risk assets like Bitcoin.
3. Short-Term Trader Behavior
- As the primary holders at this cost basis, short-term traders play a pivotal role in determining Bitcoin’s near-term price movements.
How Traders Can Respond
1. Monitor Key Levels
- Keep a close watch on Bitcoin’s behavior around $88,000, as this level is crucial for gauging momentum.
2. Set Stop Losses and Alerts
- Traders should establish clear stop-loss levels to minimize risk in case of a breakdown.
3. Consider Accumulation Opportunities
- If Bitcoin holds above $88,000, it could present a buying opportunity for those confident in a bullish continuation.
FAQs
1. Why is $88,000 significant for Bitcoin?
The $88,000 level represents the Short-Term Holder (STH) cost basis, a critical indicator of price momentum and market confidence.
2. What happens if Bitcoin drops below $88,000?
A loss of this level could trigger selling pressure, as short-term holders exit positions, potentially leading to further downside.
3. What is the URPD metric?
The UTXO Realized Price Distribution (URPD) metric tracks Bitcoin’s trading volume at different price levels, highlighting key areas of support and resistance.
4. How does $88K influence market sentiment?
Maintaining this level reinforces confidence in the market’s bullish momentum, while losing it could shift sentiment toward bearish expectations.
5. What should traders do at this level?
Traders should monitor Bitcoin’s performance around $88,000, set stop-loss levels, and consider accumulation if the level holds.
Conclusion
The $88,000 level is more than just a price point; it’s a pivotal marker for Bitcoin’s momentum and market sentiment. Glassnode’s analysis underscores its significance as the Short-Term Holder cost basis, with the potential to dictate Bitcoin’s next move.
Whether Bitcoin sustains this critical level or breaches it will determine its trajectory in the coming weeks. For traders and investors, staying vigilant and adapting strategies to this key metric will be essential in navigating Bitcoin’s dynamic market.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

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