Crypto markets in North America have gained momentum amid uncertainty from the Federal Reserve, with a recent hack attack on BNB Chain’s Four.meme launch platform exacerbating market volatility. Hackers drained liquidity by exploiting new meme tokens and bypassing listing restrictions.
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Hack Attack on BNB Chain‘s Four.meme Launch Platform
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Hackers attacked BNB Chain‘s ‘Four.meme’ launch platform, exploiting new meme tokens to drain liquidity by bypassing listing restrictions and creating unauthorized trading pairs on PancakeSwap.
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The attack resulted in the theft of around 87.90 BNB (approximately $1.3 million) from popular tokens like MubaraKing, ‘EDDY’ , and Cocoro.
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Four.meme suspended new token launches and promised compensation for affected users.
On May 29, 2023, BNB Chain, a popular blockchain network, suffered a major security incident.
The attack resulted in the theft of approximately $100 million worth of cryptocurrency.
The hack was attributed to a vulnerability in the network's smart contract system.
An investigation by the BNB Chain team revealed that the attackers exploited a weakness in the chain's cross-chain bridge, allowing them to drain funds from affected wallets.
The incident highlighted the importance of robust security measures and continuous monitoring in preventing such attacks.
Crypto hacking involves unauthorized access to cryptocurrency accounts, allowing hackers to steal funds.
This type of cybercrime is on the rise due to the increasing value and popularity of 'cryptocurrencies.'
Hackers often use phishing scams, malware, and other tactics to gain access to wallets and exchanges.
According to a report by Chainalysis, over $7 billion was stolen in cryptocurrency hacks between 2011 and 2020.
To protect against crypto hacking, users should enable two-factor authentication, keep software up-to-date, and be cautious of suspicious emails and links.
Market Movements
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Bitcoin is down 1.62% from Monday’s close at $82,676.40 (24hrs: -0.81%)
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Ethereum is down 2.29% at $1,892.55 (24hrs: -1.1%)
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CoinDesk 20 is down 2.25% at 2,582.56 (24hrs: -1.46%)
Derivatives Positioning
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Open interest in ETH, LTC, XRP, and SOL perpetual futures increased in the past 24 hours alongside a flat-to-negative cumulative volume delta (CVD), indicating net selling in the market.
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SOL, ADA, and DOGE have also seen negative funding rates.
Crypto derivatives are financial contracts that derive their value from an underlying asset, such as a cryptocurrency.
They allow investors to speculate on price movements without directly holding the underlying asset.
Common types of crypto derivatives include futures, options, and swaps.
These instruments enable traders to hedge against potential losses or amplify potential gains.
However, they also come with inherent risks, including liquidity issues and counterparty risk.
Crypto Equities
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‘Strategy’ (MSTR) closed on Monday at $294.27 (-1.08%), down 1.54% at $289.75 in pre-market
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‘Coinbase Global’ (COIN) closed at $188.96 (+3.19%), down 1.55% at $186.21
ETF Flows
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Daily net flow for spot BTC ETFs: $274.6 million
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Cumulative net flows for spot BTC ETFs: $35.67 billion
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Total BTC holdings ~ 1,120 million.
Overall, the article highlights the impact of the recent hack attack on BNB Chain‘s Four.meme launch platform and provides an update on market movements, derivatives positioning, crypto equities, and ETF flows.
