Table of Contents
Bitcoin News: 28th October 2021
- Shiba Inu Becomes First Meme Token To Live Up To The ‘DOGE Killer’ Title
- Cream Hacked, $108 M stolen in Flashloan Attack [LINK]
- 16-year-old steals 48 BTC, Police Seize the Stolen Funds using Phishing [LINK]
- BearX Hacked, Phishing attempt Successful in Selling NFTs worth 0.1 ETH [LINK]
- NFTs For Disney IP Announced By Disney And VeVe.
- Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion.
- El Salvador buys a smokin’ hot 420 more Bitcoin.
- Shiba Inu ($SHIB) 3rd Most ‘Googled’ Crypto in 2021 Behind $BTC and $ETH, Study Shows.
Shiba Inu Becomes First Meme Token To Live Up To The ‘DOGE Killer’ Title
Shiba Inu, the meme token dubbed the “Dogecoin killer,” is exploding in popularity. From late September through October, the asset has been on the rise. Shiba Inu is still racing to the top as the month draws to a close. Notably, the meme-coin has dethroned Dogecoin, as predicted by certain observers. Shiba Inu climbed to 11th place this week, according to our prior report, after a 40 percent increase earlier in the week. Tether was right next to the asset, and Dogecoin was two positions away. Shiba Inu, on the other hand, took down Dogecoin today
The best-performing asset this week is Shiba Inu, which is now the 10th most valuable cryptocurrency by market capitalization. Shiba Inu bulls have risen by almost 66 percent in the last 24 hours, indicating that they are on their way to the top. Shiba Inu’s market cap is approaching that of the USD Coin after seven days of rises of more than 150 percent. Polkadot (DOT) is located directly above the stablecoin (XRP). Although market participants are sure that if SHIB bulls maintain this pace, the unexpected should be expected, it is unknown whether the meme-coin would topple the aforementioned.
The rise in Shiba Inu comes just one day after Elon Musk shook the market by revealing that he didn’t possess any Shib tokens. He announced this on Twitter and then continued to make claims to demonstrate that he is still a Dogecoin supporter. Following Musk’s remark, SHIB dropped 10% before quickly recovering to its current price of $0.00008327.
Shiba Inu is the first meme coin to live up to the moniker “Doge Killer” among all the new and rising meme coins on the market. It is standard practise in the bitcoin community to label one cryptocurrency asset as the murderer of another. It’s a term that’s frequently used to describe assets that the market deems to be more promising than those that presently exist. Meme-coins such as SafeMoon and Floki Inu have been dubbed “Doge killers.” However, it appears that Shiba Inu is the only meme coin that can compete with Dogecoin.
The market for meme coins will be very intriguing in the coming months. Failure to continue the current rate of growth for Shiba Inu could result in a price drop. Maintaining stability at the new price levels, on the other hand, will increase the asset’s upside potentia
Cream Hacked, $108 M stolen in Flashloan Attack
We researched about some past attacks and found out that on Saturday, February 13th, 2021: The attacker established a contract that fooled Alpha Homora into thinking it was theirs. The attacker then used his insider information to deceive CREAM Finance into financing $37.5 million in ETH and stablecoins.
And on Monday, August 30th, 2021: In this case, the attacker used a contract issue to launch a flash loan attack. As a result, $18.8 million was stolen, consisting of 418,311,571 AMP and 1,308.09 ETH.
This is the third-largest DeFi hack in history, according to Rekt’s leaderboard. Poly Network had previously been hit with a $611,000,000 attack, while Compound had been hit with a $147,000,000 strike.
More than $130 million has been lost this time. The attack was highlighted by PeckShield. They’ve posted a tweet and a discussion on Twitter. The PeckShield Team discovered the vulnerability and the substantial flash loan transaction that was used to exploit it. On etherscan, you may check out the transaction.
The first $92 million was transferred to one address, while the final $23 million was sent to a different address, according to the transaction information. These monies are now being sent to several wallets. ERC20 and LP tokens were the most popular types of funds stolen.
Although the team has not issued an apology or provided an update on the attack on their Telegram and Discord channels, they have issued a tweet about it.
We are investigating an exploit on C.R.E.A.M. v1 on Ethereum and will provide updates as soon as they are available, according to the team.
16-year-old steals 48 BTC, Police Seize the Stolen Funds using Phishing
In Lincolnshire, England, British police confiscated $2.7 million (£2 million) in Bitcoin from a 17-year-old adolescent who has not been identified for legal reasons.
The child set up a fake website and bought Bitcoin with stolen vouchers worth $8,900 (£6,500) as part of a “sophisticated cyber scam.” He was given a 12-month rehabilitation term by the Lincoln Crown Court. He was able to steal £6,500 in coupons, though, and use the money to buy cryptocurrency.
He then paid Google to promote his phoney website, which resulted in it ranking high in Google searches for the legitimate page.
In April 2020, the boy’s bogus website looked almost identical to Love2Shop, a company that sells gift cards and vouchers. The boy took down the site after a week, just as Love2Shop began looking into the scam after receiving a complaint.
“People were deceived into clicking on his website thinking they were accessing the legitimate site,” said prosecutor Sam Skinner.
On the teenager’s computer, detectives uncovered 48 Bitcoin, a chunk of other cryptocurrencies, over 12,000 credit card details, and information for another 197 PayPal accounts.
“He had received a total of £323,000 from his PayPal accounts between January and March 2020,” Mr Skinner said. These funds were deposited in his account and converted to bitcoin.”
BearX Hacked, Phishing attempt Successful in Selling NFTs worth 0.1 ETH
For NFT initiatives, the Discord Bear-X assault and other comparable occurrences demand better security measures.
Many customers reported losing a significant amount of money to scammers after linking their ETH wallets.
BearX is one of the newest additions to the world of NFT. A total of 3,700 collectable characters will be available. Each character, according to BearX, is available for 0.100ETH.
Many people are now saying that the official BearX NFT Discord server has been hacked. The hackers offered to mint BearX early on. Since the announcement on the official Discord server, many individuals have acquired several BearX NFT characters.
After connecting their ETH wallets, many users reported losing a significant amount of money to fraudsters. They quickly removed the messages claiming that anyone could build BearX avatars right away.
According to one user, it’s not a hack, but rather a loophole that scammers exploit to make money by posting notifications on Discord servers. Users were quickly responded to by the BearX team, who stated that their Discord had not been hacked. Those who witnessed the events, on the other hand, disagree.
These attacks highlight the necessity for better security protocols when selling NFT on Discord platforms like BearX. To avoid such scams, people should be cautious about where they connect their crypto wallets and double-check the links and websites they visit.
NFTs For Disney IP Announced By Disney And VeVe
VeVe has already obtained some significant IP relationships since its inception. You may now add Disney to that increasing list this week.
Let’s take a look at VeVe’s most recent statement and what it implies for the digital collectables environment as a whole.
VeVe and Disney’s Marvel cooperation is quickly growing into more digital collectable rights for the platform. Disney properties such as Star Wars, Pixar (Toy Story, Cars, etc.) and others have been mentioned as potential IP. VeVe’s Medium page was the first to announce the news.
Disney characters’ NFTs will be used as a marketing tool for Disney+. The partners have yet to reveal which characters they will use. The NFTs will also be referred to as “Golden Moments” because the characters will have golden versions as NFTs.
VeVe is slated to start rolling out these NFTs in the weeks building up to November 12 (Disney+ Day). For at least a portion of the NFTs supplied by VeVe, a three-month promotional Disney+ subscription for those who aren’t already subscribed is planned to be included. Those who purchase the “Ultra-Rare” digital collectables featured in the release will receive a 12-month Disney+ promotional subscription. Promotional Disney+ subscriptions, on the other hand, will only be accessible in a few markets. Nonetheless, it’s always encouraging to see actual NFT implementation these days.
Marvel and DC are among the digital comic IPs that have already made their way to the VeVe marketplace. The site now has over 500K active users and is on its way to selling 2 million NFTs. VeVe celebrated New York Comic-Con earlier this month with an exclusive daily drop of NFTs featuring Marvel heroes including Spider-Man and Thanos.
With the early performance results from Marvel’s VeVe implementation, it appears like Disney is ready to scale up a little and bring more intellectual property to VeVe. Disney joins the ranks of existing powerful IP NFT entrants such as Funko Pop, Hasbro, and Mattel with this move.
On the platform, VeVe and its parent firm Ecomi use the ImmutableX Layer 2 scaling protocol for NFTs. The partnership’s financial details, both current and future, have not been revealed.
Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion.
A SHIB hodler who bought $3,400 on the memecoin last August has become a crypto billionaire just from that transaction, as the asset has gained 94278239.8% over the past year.
Last August, an address with foresight purchased $3,400 worth of Shiba Inu (SHIB), which has grown in value to a whopping $1.55 billion today.
Since August 2020, the unknown individual has purchased SHIB 44 times, with $3200 being the greatest single purchase, and their total holding of 70,200,003,107,594 SHIB is currently worth $5.63 billion.
Following the release of the wallet address on Twitter, user “Untraceable” wondered if the SHIB market was liquid enough to “absorb $5.7 billion if this wallet sells?”
According to Etherscan, the anonymous SHIB hodler bought the dog-themed token nine times in August 2020, spending $3,400 in Wrapped Ethereum (WETH) during that month.
The hodler has become a crypto millionaire from their August purchases alone, since the price of SHIB has increased by over 94,278,239.8% over the last year to $0.00008094 at the time of writing.
SHIB now has a total market valuation of $40.3 billion, according to CoinGecko data. SHIB has surpassed the popular Dogecoin (DOGE) as a top ten rated coin as a result of its massive 1063 percent growth in value over the past 30 days.
SHIB is now ranked ninth with a market cap of $31.6 billion, while DOGE is placed eleventh with a market cap of $31.6 billion. DOGE’s reversal has generated a new meme online, with many dubbing Dogecoin a “boomer meme coin.”
While SHIB has enjoyed a stratospheric climb in recent months, DOGE’s appreciation has lagged behind, with the elder memecoin rising only 18.5 percent in the last 30 days to $0.23.
The recent purchase brings the Latin American nation’s stash to about 1,120BTC.
El Salvador buys a smokin’ hot 420 more Bitcoin
El Salvador’s President, Nayib Bukele, tweeted earlier today that his government has taken advantage of the recent Bitcoin price dip and added 420 more BTC to the country’s cryptocurrency holdings.
“It was a long wait, but it was well worth it,” he wrote on Twitter. “We just got the dip!” he added.
“We’re already making a profit off the #Bitcoin we just bought,” he tweeted shortly after. The value of the country’s Bitcoin increased by about 0.4 percent, or $100K, in the time between the tweets.
Many internet commentators have pondered the implications of El Salvador purchasing 420 Bitcoin, a famous slang expression for marijuana smoking.
“I’m starting to think he’s doing it on purpose,” Reddit member EGarrett speculated. “Actually, according to my research, he was born in 1981, so he most likely is.” It’s amusing to observe how millennials are beginning to inherit the world.”
The value of 422 Bitcoin is approximately $24.6 million USD. The acquisition boosts the total amount of Bitcoin in the country to 1,120 BTC, or around $87.4 million USD. The average purchasing price in the country is just over $53,300.
El Salvador bought two batches of 200 BTC on September 6 this year, then bought another batch of 150 BTC the next day, making it the world’s first country to make Bitcoin legal tender. El Salvador purchased another 150 bitcoins on September 19, bringing the country’s total holdings to 700 bitcoins.
Other commentators, on the other hand, were less enthusiastic by the latest purchase, voicing concerns about the nation’s Bitcoin Holders’ security.
Other analysts, on the other hand, were less enthusiastic about the new purchase, raising concerns about the country’s Bitcoin holdings’ security.
“We don’t believe there are any dangers.” “There could be upside risks,” Rodriguez speculated. Bitcoin will “become a payment system, a system for financial inclusion,” according to its developers.
Bitcoin’s price has just dropped to $58,570 after reaching an all-time high of $66,976 earlier this month. Despite the drop, the cryptocurrency has gained around 20% since September 7.
Shiba Inu ($SHIB) 3rd Most ‘Googled’ Crypto in 2021 Behind $BTC and $ETH
According to a recent survey conducted by Bacancy Technology, the meme-inspired cryptocurrency Shiba Inu ($SHIB) has become the third-most Googled cryptocurrency so far this year, despite the fact that it is consistently breaking new highs.
According to MarketWatch, Shiba Inu has received 2.8 million monthly searches on average this year, whereas bitcoin has received 22 million monthly searches. Ethereum was in second position, with 6.3 million monthly average searches.
After a fan asked Tesla and SpaceX CEO Elon Musk, who has been a strong backer of rival meme-inspired cryptocurrency Dogecoin ($DOGE), how much SHIB Musk held, the cryptocurrency’s trading volume surpassed that of Ethereum.
Musk replied with a single word, “none,” causing a huge drop in the cryptocurrency’s price, which was down more than 10% at one point. Musk was then asked about Floki Inu, another meme-inspired cryptocurrency, to which he responded that he had only purchased BTC, ETH, and DOGE.
SHIB’s trading volume and price have also increased as a result of the project’s decentralised exchange, ShibaSwap, which recently updated its listing intends to add more pairs and pools to the decentralised exchange in order to issue $25,000 worth of SHIB and LEASH tokens.
A burning procedure was also built by some token pools on the exchange to destroy tokens and remove them from circulation permanently. Furthermore, SHIB whales have been impacting the cryptocurrency’s price, according to accessible data, as when whale trades exceeding $100,000 occur, values climb.
Michael Burry, the financier most known for his successful bet against the housing bubble ahead of the 2008 financial crisis, which was memorialised in the book and film “The Big Short,” has ridiculed Shiba Inu.
Scion Asset Management’s CEO reposted Coinbase’s description of the cryptocurrency and highlighted its supply, which surpasses one quadrillion tokens, in a now-deleted tweet.
Read Yesterday’s news here.