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More Hacks emerge as Crypto Moons
Australia’s number one crypto currency exchange CoinSpot has fallen victim to a significant security breach resulting in the loss of AUD 2.4 million from one of its hot wallets . The incident revealed on November 8 by blockchain investigator ZachXBT, points to a "probable private key compromise," according to comments from blockchain security firm CertiK.
ZachXBT identified two transactions leading to the alleged hacker's wallet which subsequently utilised THORChain and Wan Bridge to move the funds into the Bitcoin network.
CertiK's investigative data seen and reported on by [Cointelegrap(https://cointelegraph.com/news/australia-crypto-exchange-coinspot-suffers-hot-wallet-hack-exploit-report) shows a transfer of 1,262 Ether (ETH) from a known CoinSpot wallet to the hacker's address.
The attacker following the initial theft engaged in a series of transactions to jumble the funds origin. Than the stolen ETH was exchanged for Wrapped Bitcoin (WBTC) via Uniswap and then converted to Bitcoin through THORChain.
This was done in an attempt to further complicating the tracking process. This is a common tactic employed by hackers in an aim to hinder and hide investigations by distributing stolen funds across multiple addresses.
Abit About Coinspot
CoinSpot was established in 2013 and currently Australia's largest crypto centralised exchanges (CEX). With approximately 2.5 million users. The platform is regulated by the Australian Transaction Reports and Analysis Centre holding an Australian Digital Currency Exchange License.
Solana Bounces Back
In a surprising move having been a constant focus point within the FTX case which saw Solana (SOL) a top ten crypto currency experienced substantial gains on November 9 increasing to USD 47.00 a 6.4% increase at time of writing
This move coincides with a broader market uptrend that propelled Bitcoin to an 18 month high above $37,000.
Solana's market cap surpassed USD 20 billion a level not seen since the summer of 2022. The surge in digital asset prices is attributed to renewed optimism about a potential approval for a Bitcoin exchange traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
This move coincides with a broader market uptrend that propelled Bitcoin to an 18 month high above $37,000. Solana's market cap surpassed USD 20 billion a level not seen since the summer of 2022. The surge in digital asset prices is attributed to renewed optimism about a potential approval for a Bitcoin exchange traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
More Bitcoin ETF's in the works
Bitcoin seems to be approaching $38,000 and Grayscale a major digital asset management firm has been engaging in discussions with the SEC regarding its Bitcoin ETF also which is adding more hype to the market.
While the timeline for a decision remains undisclosed industry experts at Galaxy Digital predict a 74% increase in Bitcoin prices if ETFs receive regulatory approval. The potential influx of USD 14.4 trillion in the first year could rise to USD 39 billion by the third year, making spot Bitcoin ETFs a more efficient investment channel.
Arbitrum is where the action is at!
A recent report showcased which decentralised Blockchain had the largest layer to. Arbitrum has become the leading Layer 2 solution with a total value locked (TVL) of USD 1.79 billion in October. This consisted of 41.2% of the top 10 L2 solutions market share. Although this figure is lower than the yearly peak of USD 2.6 billion in May 2023. Arbitrum remains ahead of competitors like Polygon, Optimism, and dYdX.
The report also showcased the growing prominence of zkSync Era, Base, and Mantle among the top 10 Layer-2 solutions. These solutions collectively hold an 11.0% market share with zkSync Era launching in March 2023 and Base and Mantle introduced in July of this year.
Arbitrum's community also participated in the launch of three donation programs in collaboration with Gitcoin Winter. The Arbitrum Citizens Retrofunding Round 1 aims to distribute 100,000 ARB to contributors who have played a proactive role in influencing the governance and processes of the Arbitrum DAO. This could be a potential ongoing launch and one that would be successful in attracting more users to it’s platform.
It's been a busy week this week and we can really see things change rapidly once a bull market kicks in. It just further showcases the amount of work that is done in bear markets and the momentous movement that happens once a bull run launches.
Stay tuned as we continue to bring you the latest news and emerging stories in the decentralised world of Blockchain Technology!
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