From two popular exchanges losing millions to a Netflix director making millions from memecoins, here is a 2-minute breakdown of everything important that happened in crypto today.
Co-author: Davier M
This week’s been quite rocky for exchanges, with multiple hacks and exploits shaking faith in some corners of the market. But the crypto community is resilient, and we’re dusting ourselves off and getting back to the latest news.
So let's dive into the top stories from the last 24 hours:
- KyberSwap hacked for $46 million before a hacker left a message about "negotiations." 🤔
- BlackRock and Nasdaq met the SEC again to push for a Bitcoin ETF. 📈
- HTX trading platform hacked but promises to reimburse all users. 💸
- Bitcoin hash rate hits new all-time high right before next halving event. ⛏️
- A director allegedly used some Netflix movie funds to invest in Dogecoin, scoring big on memecoin's rise. 🎥
Now, let's explore those stories in detail:
KyberSwap Suffers Hack 🤔
A decentralized finance (DeFi) platform was hacked this week resulting in $46 million in stolen crypto funds. The attacker exploited a vulnerability in the site's code to drain user wallets and quickly dispersed the loot across various blockchains. But they left an intriguing on-chain message. Now that’s new!
The team is investigating the attack and has urged users to withdraw any remaining assets as a precaution.
The message makes it look like the exploit was quite easy for the attacker to carry… Follow the story here!
BlackRock Meets SEC 📈
In the latest prod toward crypto's holy grail, BlackRock and Nasdaq recently met yet again with the SEC to continue pressing for a Bitcoin ETF.
Topics included reviewing custodial models to secure investor assets if regulatory barriers might finally lift after months of rejected filings from numerous firms.
As always, muted feedback flows from the SEC. But legitimacy matters despite no actual liquidity yet - symbolic acceptance could further crack open crypto adoption doors down the road. For now, hope floats on.
More details on what topics were discussed in this meeting and how close we are to crypto ETF approval!
HTX To Reimburse Hack Victims 💸
HTX and HECO Chain suffered a difficult day this week following a compromise involving the blockchain operator. The breach resulted in a harsh $87 million toll, draining over $13 million directly from the trading platform's own hot wallets.
Fortunately, leadership quickly stepped in, paused all deposits and withdrawals, and promised to reimburse all users.
After two attacks on HTX this year, a daily trading volume of over a million dollars represents intact user confidence in the platform. After all, what doesn't break crypto only makes it stronger.
Here are the full details of the attack and the reimbursement plan!
Bitcoin Hash Rate Hits ATH! ⛏️
This week Bitcoin’s computing power accelerated to another all-time high, flexing formidable network strength in the stretch run-up to its epochal upcoming "halving" celebration. Think countdown to Y2K but with a much happier outcome.
It means more machines worldwide are performing quadrillions of intense crypto calculations per second, making it harder for bad actors to exploit the network.
Of course, increased activity can spike energy use. But many miners now rely on renewable rigs to offset higher bills as the protocol enters a reduced emissions era. Call it a greener path to retain ultra-secure rails as digital gold’s reward transitions. Read the full story!
And that brings us to our Word of the Day…
It’s ATH (or all-time high)!
So what is all-time high in crypto?
ATH simply refers to the highest price a particular cryptocurrency has ever reached. So if Bitcoin hits a price of say $70,000 someday, ding ding ding! That becomes the new all-time high for Bitcoin.
It's something for crypto investors to celebrate when their coin or token reaches the new highest price. It means their investment has reached its most valuable point ever.
But how to know if a crypto has reached its peak? Read more!
Now back to our daily stories!
Netflix Movie Funds in DOGE 🎥
In an only-in-crypto plot worthy of the silver screen itself, a movie director allegedly invested millions originally allocated to produce his yet-to-be-released Netflix sci-fi production into Dogecoin.
The director had reportedly been given millions of dollars by a film studio to produce an upcoming Netflix movie. Instead, he allegedly used some of those funds to secretly buy some stocks, lost a good chunk, and invested the remaining sum in Dogecoin. By sheer luck, the value of the memecoin skyrocketed, bringing the director huge profits.
The director took a big gamble betting studio funds on such a speculative digital asset. And while the payoff was enormous in the short-term, he may still face consequences down the line for the wild move made without approval.
But how did the studio find out about his trade? Read more!
That wraps up the key headlines today. Stay tuned for more crypto insights!
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