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- WazirX Exchange hacked for over $230 million ❗️
WazirX Exchange hacked for over $230 million ❗️
Also\: Top Reads of the Week.
Coinsauce
July 19, 2024
Welcome to the Daily Coinsauce Newsletter, its good to be back. If you like our regular updates, then let us know with a “Yes” vote and a feedback comment at the end. Let’s get straight into today’s highlights.
💧Top stories in the last 24 hours:
• Indian exchange WazirX hacked for $230 million.
• US Spot ETF balances hit an all-time-high.
📕Educational :
• Top reads of the week on X.
• Chart of the day - Banana
Lets dive in.
📅 Today
🔍️ Market Outlook
Overall Bias - Neutral 🙏
BTC has now closed above it’s 200 Daily Moving Average & the 20 Weekly Moving Average, which is a sign of strength.
Moving forward, the medium term outlook for BTC depends upon how quickly the price is able to reclaim $67,500.
Until the prices shoot up above this level, we are in a phase of consolidation.
From a longer term perspective, once the price surges above $67,500 and we get a weekly close above that level, we can then expect the second leg of the bull-market to start and for the prices to start moving aggressively higher.
Top Indian Exchange Hacked for $230 Million ⚠️
WazirX, one of India's biggest crypto exchange was hacked for over $230 million in funds from its Safe Multisig wallet on Ethereum. The list of stolen assets can be seen in the image above.
According to on-chain detectives, the Lazarus Group from North Korea could be behind this attack. A total of $234.9 million was moved to new 4 different addresses using Tornado Cash.
As per their latest Proof of Reserve report, the exchange was holding $503 million worth of crypto, meaning that the hack compromised almost 50% of the total funds.
The exchange has suspended all crypto & INR withdrawals for the time being and it seems that user funds were indeed compromised.
US Bitcoin Spot ETF’s Hit All-Time-Highs 🔥
US spot Bitcoin ETF balances have hit a new all-time high of more than 900,636 BTC, worth over $16.59 Billion.
The current winning streak of 9 days of positive inflows continues, with a total of $1.96 Billion worth BTC scooped up by these ETFs over the past 2 weeks.
This buying pressure almost sets off the $3 billion selling pressure by the German government a few days ago.
In our opinion, if this buying pressure sustains over the short to mid term, it should be incredibly bullish for price, and we could see price action soon in the months to come.
📕 Educational
Top 5 Educational Reads of the Week on X 👇️
1/ Thor Hartvigsen prepares a report covering business models, revenues and profitability of various chains like Solana, Ethereum, Tron, etc. The write-up throws light on the fact that despite contrary beliefs, there are several crypto protocols generating substantial revenue in 2024.
2/ Micheal Nadeau explores on-chain data to compile Ethereum and L2's performance metrics, along with hidden trends in monthly active users, fees, revenues, transaction volumes, etc. This is a must read for anyone wanting a deep dive into the Ethereum ecosystem!
3/ Mark Cuban shares his views on why Bitcoin can go much higher in price due to the current geopolitical and inflationary concerns, and potentially also become the global reserve currency in the future as maxis envision!
4/ Justin Bons criticizes Bitcoin for it's security model, shedding light on some issues such as declines in miner revenue, centralization of core nodes using Bitcoin Core, and much more! This one is only for the open-minded, and we encourage you to #DYOR before drawing any conclusions
5. Sumit Kapoor briefly points out 5 external catalysts for Bitcoin and crypto in the short to mid-term future, which could fuel the next leg up for #Bitcoin!
Source : Asva Capital
📊 Resource
📈 Chart of the day
Banana/Usd - 4H - Long - Short to Mid Term
One of the strongest tokens technically with growing fundamentals.
Broke new all-time-highs after 60 days of consolidation.
Great volumes on breakout.
Held strong even in the entire market dip, showing relative strength.
A re-test of $60 could be a possible short to mid term swing trade.
Source : Cointraction
Note : None of the content here is Financial Advice. Everything in this newsletter is for Educational Purposes only.
🤣Meme of the day
Maxi’s on every dip 🤣
That concludes our update for today!
We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy Hodling, and see you next time!
Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.
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