Kategorie: Crypto Markets

• Euler Finance has announced a total possible recovery of all the stolen funds.
• The recovery ends the $1 million bounty that Euler Labs had issued.
• The total recovery comes after Euler Finance convinced the hacker to return the money.

Euler Finance has today announced that the total refundable funds have been returned twenty-three days after the protocol was hacked.

Euler convinced the hacker to return most of the funds in a back-and-forth that resulted in the return of the total refundable funds. The hacker stole $196 million worth of cryptocurrency assets including 8,877,507.35 DAI, 34,413,863.42 USD Coin, 85,818.26 staked Ether (StETH), and 849.14 wrapped Bitcoin (WBTC).

After the hack, the total value locked (TVL) in Euler Finance smart contracts dropped to $10.37 million from above $311 million.

Euler’s effort to recover the funds

The next day after the hack, Euler Labs took serious steps to recover the funds and disabled its vulnerable etoken module and donation function. It also partnered with auditing firms in analyzing the root cause of the hack.

On March 14, Euler sent an on-chain message to the hacker saying:

“Following up on our message from yesterday. If 90% of the funds are not returned within 24 hours, tomorrow we will launch a $1M reward for information that leads to your arrest and the return of all funds.”

While the hacker did not comply with the 24-hour ultimatum, the hacker started moving funds at will, mixed some of the funds on Tornado Cash and sent an alleged victim some funds.

Euler Labs on March 21 launched a $1 million bounty reward for any information about the hacker after the hacker ghosted the protocol mid-conversation as the protocol was trying to strike a deal.

The hacker then started returning the funds on March 25

The final transaction was made on March 4 where the hacker sent 12 million DAI, and 10,580 ETH in several transactions.

Following the total refund of the funds, Euler Finance stated:

“Because the exploiter did the right thing and returned the funds, and the $1 million reward campaign launched by the Euler Foundation will no longer be accepting new information.”

The price of EUL, the native token of Euler Finance, has surged by more than 13% following the news and was trading at $3.9143 at press time.

The post Euler Finance hacker returns ‘all of the recoverable funds’ appeared first on CoinJournal.

• Bittrex is quitting the United States due to regulatory uncertainty.
• The crypto exchange will now commit to growing Bittrex Global.
• CEO Lai says customer funds are safe and available to withdraw.

Bittrex was in focus on Monday after the crypto exchange said it’s about to wind down its operations in the United States.

Why is Bittrex quitting the U.S.?

The Seattle-headquartered firm attributed the move to continued regulatory uncertainty in the U.S. Customers were relieved, though, after CEO Richie Lai confirmed that their funds were safe.

All customer funds are safe and available to withdraw; however, it’s just not economically viable for us to continue in the current U.S. regulatory and economic environment.

The platform will be available for trading until April 14^th but customers will be able to withdraw funds through the end of this month, he added.

In February, Bittrex had cut 83 jobs citing market downturn.

What’s next for Bittrex exchange?

The crypto exchange will now commit to growing Bittrex Global – its platform for customers outside of the United States that will remain operational.

In October, a U.S. regulator announced a $53 million fine on Bittrex for failing to meet anti-money laundering requirements and not blocking users from sanctioned countries, including Iran and Cuba. According to CEO Lai:

Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.

Bittrex was founded in 2014. It’s leaving the U.S. only shortly after peer Nexo Inc announced a similar decision after facing regulatory scrutiny.

The post Another crypto exchange has decided to exit the U.S. appeared first on CoinJournal.

• The US government sold 9,861 bitcoin on 14 March, netting over $215 million.
• 41,490 BTC remain from over 51,000 seized in November and will be sold in four batches this year.
• Court documents show that bitcoin is connected to the darknet market Silk Road.

The US government, which says it recently sold 9,861 bitcoin (BTC), is reportedly looking to liquidate another 41,500 BTC before the end of the year.

According to documents filed in court, the sale is for Bitcoin seized from entities connected to the infamous darknet marketplace Silk Road. The sale will occur in four batches this year.

US government sold over $215 million worth of BTC

Court documents show that the US government netted over $215 million when it sold 9,861.17 BTC out of the 51,351 bitcoin seized last November. 

The liquidation occurred on 14 March, the court filing indicates, with this particular tranche of BTC forfeited by James Zhong following his arrest and arraignment over wire fraud related to Silk Road.

A total of 41,490 BTC remain from what was seized from Zhong, which the US government now plans to sell in four tranches. Justin Sun, the founder of Tron (TRX), says the US government should sell the BTC to him at a 10% discount through an OTC deal.

US government has announced its intention to sell an additional 41,500 #BTC this year. To minimize the potential impact on the market, I would like to offer to purchase these BTC at a 10% discount for an OTC deal.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 31, 2023

The post US government plans to sell 41,490 BTC connected to Silk Road appeared first on CoinJournal.

• Solana price is up 110% in the past three months.
• SOL closed in the red in February and is likely to end March 4% lower, but January ended with SOL 140% up.
• Crypto intelligence firm Messari has highlighted Solana’s growth potential as network navigates away from recent outages and other challenges.

Solana price is negative on the monthly time frame in March, with SOL/USD at $20.88 currently seeing the token down 3% in the past 30 days. Notably, Solana price remains 80% down this past year and about 91% off its all-time highs of $260 reached in November 2021.

However, the cryptocurrency is set for its best quarterly returns in nearly two years. This is despite all the downside pressure amid network challenges since late last year, with SOL’s returns over the past three months well over 100%.

Messari highlights Solana growth potential

Crypto market intelligence firm Messari recently highlighted Solana’s growth even as FUD spread, noting that trying to compare the blockchain to some L2s in terms of TVL was missing the point.

“Comparing Solana’s TVL to other emerging chains doesn’t tell the full story. Usage has been driven by non-TVL dominant use cases like derivatives, NFTs, & DePIN networks. If Solana decides to turn on incentives, we could quickly see volume approach parity with the top L2s,” Messari researchers wrote.

3/ Comparing @solana’s TVL to other emerging chains doesn’t tell the full story.

Usage has been driven by non-TVL dominant use cases like derivatives, NFTs, & DePIN networks.

If Solana decides to turn on incentives, we could quickly see volume approach parity with the top L2s. pic.twitter.com/uwkxuEdZk8

— Messari (@MessariCrypto) March 22, 2023

According to Messari, Solana developers are focused on simplifying the deployment of innovative DeFi strategies, automation of on-chain instructions, and deployment of Web3-native websites among others. The pivot towards these efforts could prove key to the Solana ecosystem, with greater adoption very much likely.

What next for Solana price?

TradingView data shows the 3-month candle for SOL/USD is currently poised at +110%. It’s the best quarterly return since Q2, 2021, when the price of Solana rose almost 300% as bullish momentum catapulted cryptocurrencies higher.

Looking at the monthly chart, Solana returns are highest in January with a monthly close at $23.93 giving it 30-day gains of 140%. The last time SOL/USD posted more gains on the monthly timeframe was in August 2021 when prices jumped 195%.

On the downside, a breakdown below $20 could risk new dump to the 16.

The post Solana price prediction: What next for SOL after 110% upside in Q1 2023? appeared first on CoinJournal.