Monat: Juni 2023

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Sui Blockchain awards blockchain security firm CertiK $500K CertiK for flagging a threat

  • Sui awarded CertiK for identifying a vulnerability dubbed “HamsterWheel” on Sui Blockchain.
  • The “HamsterWheel” vulnerability traps nodes in an endless loop similar to hamsters jogging on a wheel.
  • HamsterWheel attack demonstrates the evolving sophistication of threats to blockchain networks.

Sui Blockchain has awarded the blockchain security company CertiK a $500,000 bounty for identifying a threat that could have brought down the entire Sui layer-1 blockchain.

The identified vulnerability is called “HamsterWheel” and the CertiK team explained that the vulnerability was distinct from more conventional attacks that aim to crash nodes and bring down blockchains.

HamsterWheel attack details

Similar to hamsters running on a wheel, the HamsterWheel attack traps nodes and allows them to carry out operations without processing new transactions. The attack has the power to paralyze networks and render them unusable.

Certick identified the HamsterWheel vulnerability before Sui’s mainnet launch at the beginning of May 2023. Sui then went ahead and implemented fixes in response to the security threat to guard against the potential harm that an attack could cause to the blockchain.

Sui gave CertiK a $500,000 bounty as a thank-you for their efforts; emphasizing the value of bug bounty programs and preventative security measures.

Blockchain security

According to CertiK’s chief security officer Kang Li, threats to blockchain networks are constantly changing. Li stated that “the HamsterWheel attack’s discovery demonstrates the evolving sophistication of threats to blockchain networks.”

CerticK’s announcement states that additional technical information will be released and made accessible soon. Additionally, once all mitigations have been implemented and thoroughly tested, complete reports will be made public.

The post Sui Blockchain awards blockchain security firm CertiK $500K CertiK for flagging a threat appeared first on CoinJournal.

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BNB price prediction as Binance outflows continues

  • BNB crypto price has been in a strong bearish trend in the past few weeks.

  • Binance is facing significant regulatory concerns.

  • The company exited the Netherlands and is facing a crackdown in the US and the UK.

Binance Coin price crawled back slightly during the weekend as investors attempted to buy the dip. The BNB token rose to a high of $245, which was higher than this month’s low of $221. It remains sharply below the year-to-date high of $351.

Binance outflows continue

Binance Coin is one of the leading cryptocurrencies in the world with a market cap of over $37 billion. It is a leading coin that powers the BNB ecosystem, which is a platform that powers the decentralized finance (DeFi), metaverse, and the non-fungible token (NFT).

BNB coin is known for its association with Binance, the biggest crypto exchange in the world. Binance has made several headlines in the past two weeks. It is facing a major investigation by the Securities and Exchange Commission (SEC). 

Most recently, Binance announced that it was exiting the Dutch market. The company has announced that it is not accepting new customers from the country. The statement added:

“No further purchases, trades or deposits will be possible. We encourage users to take appropriate action by withdrawing assets from their Binance accounts.”

Binance is also facing investigations in France, the second-biggest economy in Europe. Most importantly, the firm decided to cancel it registration in the UK, where it is also facing significant regulatory concerns. 

As a result, data shows that the company’s assets have dropped in the past few weeks. According to DeFi Llama, Binance has lost over $80 million in assets in the past 24 hours. It has lost over $4.4 billion in the past 30 days.

Further, the BNB Chain has seen its DeFi total value locked (TVL) drop by more than 23% in the past 30 days. It now has a TVL of over $5.17 billion, making it the third-biggest chain in the world after Ethereum and Tron.

Binance Coin price prediction

The daily chart shows that the BNB price has been in a bearish trend in the past few days. As it dropped, the coin dropped below the important support levels at $298.4 and $265.6, respectively. The two were the lowest levels on April 3rd and March 10 of this year.

Binance Coin has dropped below the 25-day and 50-day moving averages. It has also formed what looks like a bearish pennant pattern. Therefore, the BNB price will likely have a bearish breakout as sellers target the next support at $200.

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The post BNB price prediction as Binance outflows continues appeared first on CoinJournal.

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Bitcoin holders with 100 BTC or less scooped 254% of mined supply last month: Glassnode

  • Bitcoin’s price struggles aside, last month saw more entities with less than 100 BTC buy 2.54X of all coins mined.
  • Glassnode data shows these entities added 2,286 BTC per day.
  • Shrimps increased their BTC holdings by 117% last month, while crabs added 80% and fish bought 57% of mined bitcoin.

It appears Bitcoin (BTC) wallet addresses with under 100 BTC have used the recent dump in the flagship cryptocurrency’s value to add to their positions.

According to on-chain data shared by Glassnode, the cohorts from shrimps (less than 1 BTC) to fish (less than 100 BTC), purchased 2.54x of daily mined supply over the past month. With the current daily mined coins at approximately 900, these entities scooped 2,286 BTC per day.

Shrimps and crabs increase total BTC holdings 117% and 80% respectively

As can be seen in the chart below, the monthly absorption rates for shrimps, crabs and fish was 117%, 80% and 57% respectively. That’s a massive 254% in terms of the share of mined coins – shrimps, crabs and octopus and fish added to their total holdings last month. With Bitcoin price around $26,300, that’s more than $60 million worth BTC per day.

Bitcoin monthly distribution rates for shrimps, crabs, octopus and fish. Source: Glassnode

Shrimps now hold 1.26 million BTC, or 6.6% of the total circulating supply, up from roughly 4.86% a year ago. Crabs account for 2.03 million BTC, which is 10.5% of circulating supply. The cohort’s total holdings have increased from 8.7% from a year ago.

Meanwhile, the supply held by whale entities continued to decline and stood at 34.4% as of June 2023. This is a decline of 45% since Bitcoin’s first halving in 2012, when whales accounted for 62.7% of total BTC supply. 

Whales currently hold approximately 6.64 million BTC, down from a peak of 7.8 million BTC in 2016.

The post Bitcoin holders with 100 BTC or less scooped 254% of mined supply last month: Glassnode appeared first on CoinJournal.