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Chayanika Deka



Articles by Chayanika Deka

Bitcoin’s $63,000 Target Still Achievable in March Amid Recent Setback: Matrixport

1 day ago

Bitcoin might seem to have encountered a hurdle after reaching $52,000, but the recent downturn is expected to be short-lived. Matrixport’s latest report suggests that Bitcoin’s target of reaching $63,000 by March 2024 remains feasible.
Catalysts supporting this projection include the approval of a Bitcoin spot ETF, the upcoming Bitcoin halving, expectations of an interest rate cut following the Federal Reserve’s FOMC meeting, and the US presidential election.
Fueling Bitcoin’s March 2024 Goal
Following the SEC’s approval of spot Bitcoin ETFs on January 10, there has been an increasing demand for these offerings. Over the past week, spot Bitcoin ETFs have experienced consistent increases in funds, outpacing all other exchange-traded products (ETPs) among the 3,400

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FTX Cleared to Sell Shares in Artificial Intelligence Startup Anthropic

1 day ago

A US judge has authorized FTX to offload its ownership in Anthropic, an AI startup potentially. The decision came after the failed exchange settled a dispute with a faction of its customers who objected to the sale.
Court records show FTX’s intent to sell these shares as part of its supervised asset liquidation to reimburse customers affected by its 2022 downfall.
Anthropic Stake Sale Approved
FTX and its affiliated company, Alameda, injected $500 million into Anthropic in 2021. As of December 2023, Anthropic’s reported valuation reached as high as $18 billion, potentially valuing FTX’s stake at approximately $1.4 billion. An initial effort to unload the stake commenced in June 2023 but was halted as potential buyers conducted extensive due diligence for several months.
By

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Fairshake Super PAC Receives $4.9 Million Funding from Winklevoss Twins

3 days ago

Fairshake, a Super PAC supporting candidates favorable to cryptocurrency and blockchain technology, has garnered $4.9 million in funding, with contributions from billionaire brothers Cameron and Tyler Winklevoss.
The Winklevoss twins, known for co-founding the Gemini exchange and their significant Bitcoin investments, were early backers of Fairshake. The initial investment dates back to December 18, 2023.
As per the latest federal filings, the duo donated $2.45 million each.
The two execs join a cadre of prominent crypto backers such as Ripple, Andreessen Horowitz (a16z), Circle    ARK Invest, and Coinbase.
In total, Fairshake has amassed over $85 million, aiming to bolster leaders embracing crypto and blockchain technologies, as per data from OpenSecrets.org.
Super PACs

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Long-Term Bitcoin Holders Shed 200k BTC: Here’s What It Means

3 days ago

After reaching $52,000 within a span of two years, Bitcoin seems to have encountered a barrier. It’s currently trading below this significant psychological threshold, but overall, the sentiment remains optimistic.
Recent data indicates a characteristic pattern of behavior seen in bullish market holders.
‘Typical Hodler Behavior’
Long-term holders of Bitcoin have collectively sold about 200,000 BTC from their stash since the start of the year. This selling trend has persisted for nearly three months, with their balances consistently decreasing during this period.
According to IntoTheBlock’s latest analysis, this is “typical hodler activity” during bull runs since such behavior is considered typical among “hodlers,” or long-term holders, in similar market conditions.

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Spot Bitcoin ETFs Take Center Stage in South Korean Election Campaign: Report

4 days ago

With spot Bitcoin ETFs being all the rage, South Korea’s opposing party has a new trick in hand to garner support from the masses ahead of the general election on April 10.
According to reports from local news media on Tuesday, the Democratic Party of South Korea is advocating for allowing local citizens to invest in spot Bitcoin ETFs and for financial institutions to launch such investment vehicles.
South Korea’s Opposition Champions Spot Bitcoin ETFs
The party aims to legalize investors to purchase spot Bitcoin ETFs using their individual savings accounts (ISAs), which are comprehensive accounts for various investments in funds or equity-linked securities, offering tax exemptions for financial profits of up to two million Korean won (worth nearly $1,497).
The latest

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Grayscale’s GBTC Outflows Hit $7B Amidst Recovery, But ‘Bleeding’ to Continue

5 days ago

Grayscale GBTC’s outflows have been experiencing outflows. Data shows that as of February 16th, the total funds withdrawn from GBTC since its conversion to a spot Bitcoin ETF have amounted to $7 billion.
While the figure appears to be slowing down considerably, the once-premier fund is seeing stiff competition from ETFs by BlackRock and Fidelity, which have grown their asset bases with inflows.
GBTC Outflows Hit $7B
The bulk of the exodus happened in January, with $5.64 billion departing GBTC by month’s end, whereas February has only witnessed $1.37 billion in outflows so far. This essentially depicted that the rate of outflows has slowed down.
In the latest tweet, ETF Store President Nate Geraci, however, said he believes GBTC is expected to bleed more. Although the pace

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FCA Sounds Alarm on Crypto Promotions: 450 Alerts Issued in 3 Months

6 days ago

The Financial Conduct Authority (FCA) has issued 450 warnings to companies unlawfully promoting cryptocurrency assets from October 8, 2023, to December 31, 2023.
The regulatory agency is currently collaborating with technology firms to eliminate and block unauthorized advertisements across various platforms like websites, mobile apps, and social media accounts. This effort led to the removal of 35 apps from App Stores by the end of December 2023.
FCA Battles Illegal Crypto Promotions
In a recent announcement, the FCA disclosed about reviewing 44 crypto firms, both registered for anti-money laundering purposes and unregistered ones with promotions approved by an FCA-authorized individual.
These evaluations covered scrutiny of websites, mobile apps, social media, and

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South Korean Crypto Exchanges Report Nearly 50% Surge in Suspicious Transactions in 2023

6 days ago

South Korea has witnessed a surge in crypto trading, particularly following a market recovery. Correspondingly, authorities in the country received almost 49% more alerts of potentially suspicious transactions from crypto service providers in 2023 compared to the previous year.
A paper from the Financial Intelligence Unit (FIU) revealed that South Korea logged 16,076 instances of reported crypto transactions suspected of links to activities like money laundering, market manipulation, or illicit drug trading in 2023.
Suspicious Crypto Transactions Soar in South Korea
In a recent press release, the FIU attributed this rise to improved communication with domestic companies, urging them to report such activities.
It also mentioned that the volume of reports linked to suspected

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Angel Drainer Strikes Again: $400,000 Stolen from 128 Crypto Wallets with New Attack Vector

6 days ago

The Angel Drainer phishing group reportedly pilfered over $400,000 from 128 crypto wallets using a new tactic. A recent analysis suggests that the notorious entity exploited Etherscan’s verification tool to mask the malicious nature of a smart contract.
Blockaid, a popular blockchain security company, disclosed on X (formerly Twitter) that the attack kicked off at 6:40 am on February 12, 2024.
Angel Drainer Targets Safe Vault Contract
Angel Drainer deployed a malicious Safe vault contract, leading users to inadvertently authorize a ‘Permit2’ transaction on the compromised contract, resulting in the theft of $403,000.
Specifically targeting a Safe vault contract, Angel Drainer aimed to lull users into a false sense of security, a typical ploy in crypto phishing schemes, as

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This Is How Much You Would Need to Spend to Execute 51% Attacks on Bitcoin and Ethereum

8 days ago

A 51% attack occurs when a single network miner or group of miners controls more than half of a blockchain network’s hash rate. Theoretically, this would enable the attacker to block transactions from taking place in the blockchain, alter the sequence of new transactions, and potentially revert past transactions (referred to as “double spending”) by tampering with blockchain data.
However, a recent study indicates that executing such attacks is financially unviable within the current security setups of Bitcoin and Ethereum.
Attacking Bitcoin and Ethereum Not Worthwhile
With reference to December 31, 2023, and considering an Ethereum price of $2,279, a total staked ETH amounting to 28.8 million ETH, and a validator count of 899,840 validators, CoinMetrics’ calculations

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Bithumb Rockets to All-Time High in Korea: Claims 72% Market Share Over Upbit

8 days ago

South Korea’s crypto landscape was dominated by Upbit for the longest time. However, there seems to be a shift underway as Bithumb gains momentum, gradually capturing Upbit’s market dominance.
The latest development surfaces amid intensifying crypto trading activity in South Korea, particularly with the surge in Bitcoin trading.
Bithumb’s Market Share Peaks at 72%
Crypto trading activity in South Korea has seen a notable increase, particularly in light of the broader market rebound. Upbit and Bithumb, the top exchanges in the country, both saw their trading volumes peak during the first week of January 2024. These exchanges have been locked in intense competition with each other.
Recent findings from Kaiko suggest that Bithumb briefly reached an all-time high market share

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Grayscale Bitcoin Trust’s (GBTC) Market Share Drops to 30%: Kaiko

9 days ago

Since the introduction of spot Bitcoin ETFs earlier this year, GBTC has experienced substantial outflows, resulting in its AUM (Assets Under Management) decreasing to $23.7 billion as of Thursday.
While Grayscale has maintained its leading position among its competitors, its market share appears to be dwindling.
Receding GBTC Outflows
Between January 11-21, the Grayscale Bitcoin Trust (GBTC) dominated the spot ETF market, commanding over 50% of trade volumes. However, recent data by Kaiko revealed a significant decline in its share, dropping to approximately 30% last week.

📌While GBTC accounted for more than 50% share of overall spot #ETF trade volumes between January 11-21, its share has dropped to around 30% last week.📊 pic.twitter.com/BcBiuK56rQ
— Kaiko (@KaikoData)

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Bitcoin (BTC) Price Clinches New ATH Record Against Japanese Yen

9 days ago

Bitcoin climbed by nearly 20% this week, surpassing the $1 trillion market cap for the first time since November 2021, owing to the continued inflows to the newly launched spot ETFs earlier this year.
Following this milestone, BTC hit an all-time high against a few depreciating fiat currencies, including the Japanese Yen. In fact, Bitcoin surged to a fresh peak of 7.9 million Yen on the Tokyo-based cryptocurrency exchange bitFLYER. In comparison, its price in USD remained above $52,000, which was still down by more than 30% from its previously established record high of $69,000.
Despite a minor retracement, the BTC/JPY trading pair is currently valued at 7.809 million Yen – worth around $51,860 – exceeding its prior record peak of 7.79 million yen recorded in November

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Chainalysis: YoMix Emerges as Top Bitcoin Mixer After Tornado Cash, Sinbad Shutdowns

10 days ago

After sanctions were imposed on Tornado Cash and Sinbad was shut down following similar actions against the platform, Chainalysis revealed that YoMix, a Bitcoin mixer, has stepped in as an alternative.
Recent discoveries by the blockchain analysis firm show that a wallet linked to North Korean hacking operations received funds from YoMix, whereas it used to receive funds from Sinbad.
Lazarus Group Shifts Mixer Tactics
Sophisticated cybercriminal groups like Lazarus Group have adapted their mixer usage. Following the sanctioning of Tornado Cash, Sinbad emerged as the mixer of choice for North Korea-linked hackers in 2022. However, with Sinbad no longer accessible, YoMix, a Bitcoin-based mixer, has stepped in as a substitute.
YoMix experienced significant growth in 2023,

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Pandora’s Trading Frenzy: $190 Million Volume Sweeps DEXs and NFT Platforms

10 days ago

Pandora, an unofficial ERC-404 standard, has become the latest sensation since its launch on February 2nd. In just a week, this new Ethereum token’s fully diluted valuation surged above $320 million while its total trading volume climbed 73,024 ETH, which is worth around $190 million.
Currently, Pandora’s price stands at above $21,000, marking a 32% decline from its all-time high. According to the latest Nansen report shared with CryptoPotato, 1,420 distinct owner wallets are holding at least one complete token.
Pandora’s Diamond Hands Dominate
Despite the soaring price, Pandora holders do not appear to be offloading their tokens any time soon.
Out of the 5,681 NFTs or complete tokens available, half are securely held by “diamond hands” wallets – those that have retained

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Bitcoin (BTC) Crowd Flashes Greed Sign, Here’s What it Means

10 days ago

Bitcoin’s meteoric rise continues as its total market value surpasses $1 trillion, fueled by a surge in price to over $51,000 on February 14th. This increase follows rising interest from not just individual but also institutional investors, propelling Bitcoin to sustainable price appreciation despite significant challenges.
Despite the latest milestone, data suggests an ongoing battle among traders revolving around the asset’s $50,000 market value. At such psychological support levels, the dynamics of crowd sentiment, characterized by either Fear of Missing Out (FOMO) or Fear, Uncertainty, and Doubt (FUD), significantly influence the long-term trajectory of the price.
Bitcoin Primed For More Gains
Interestingly, as Bitcoin crossed $50,000 for the first time on Monday,

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Peter Thiel’s Fund Back into Bitcoin and Ether, Sparking Silicon Valley’s Crypto Interest: Report

11 days ago

Founders Fund, the venture capital enterprise founded by billionaire Peter Thiel, is reportedly reinvesting in Bitcoin and Ether, as per reports.
This move by the San Francisco-based venture capital firm, which has roughly $12 billion in total assets under management as of 2023, marks a resurgence of Silicon Valley’s interest in the crypto market.
Silicon Valley’s Crypto Comeback
According to sources familiar to Reuters, Founders Fund dedicated $200 million in the past year to purchase crypto assets, dividing the amount equally between the two largest ones – Bitcoin and Ether. The latest move highlighted the comeback of institutional investors in crypto investments, a strategy that took a severe hit during the downturn in the market in 2022.
Founders Fund was one of the

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Bitcoin (BTC) Inches Closer to $50,000 with Key Resistance Level Ahead

12 days ago

Still far short of its 2021 peak of almost $69,000, Bitcoin has been steadily climbing higher despite the ETF-induced correction. This week, it surpassed $48,000 and $49,000, a level not seen in nearly two years, with the $50,000 target now in focus.
However, data suggest that there’s a crucial hurdle that Bitcoin needs to overcome before eventually claiming the target.
According to the popular on-chain intelligence platform Intotheblock, Bitcoin is eyeing the $50,000 mark but faces a crucial obstacle.
With over 800,000 addresses having accumulated approximately 270,000 BTC at an average cost of $48,491, these holders were at a minor loss earlier today. However, as BTC broke above $49,000 for the first time in about two years, they have gone into green territory.

Bitcoin

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UK Authorities Strike Back: 43 Fraudulent Web Domains Blocked in Cybercrime Crackdown

14 days ago

Phishing attacks have wreaked havoc in the crypto industry. In a recent move to combat cyber fraud, the National Fraud Intelligence Bureau (NFIB) in the United Kingdom announced the blocking of 43 web domains associated with fraudulent activities.
Spearheaded by the City of London Police, this crackdown follows the discovery of a spoof email address masquerading as the legitimate crypto site blockchain.com.
43 Suspicious Web Domains Blocked
According to Pete O’Doherty, the temporary commissioner of the City of London Police, 42 additional suspicious web domains, such as “actionfraud.info” and “department-fraud.com,” were blocked upon detection.
The NFIB highlighted the importance of promptly reporting cybercrimes through their official channels and hotline, urging victims

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Bitcoin (BTC) Is Approaching a Turning Point After Extending Rally Beyond $47k

15 days ago

Bitcoin witnessed significant developments in recent weeks that have helped it extend its rally, surging past $47,000 for the first time in nearly a month. The uptick has brought a sense of relief for its investors, who recently endured a brief plunge to 38,500 and now find themselves comfortably in the profit zone amidst market recovery.
Interestingly, the latest data by a CryptoQuant analyst suggests that the market is approaching a “turning point.”
Where Is Bitcoin Heading?
Net Unrealized Profit/Loss (NUPL) is an important metric for assessing the overall sentiment of Bitcoin investors and whether the market is overvalued or undervalued. As of February 8, 2024, with a NUPL value of 0.48, investors are evidently still in profit, although indications signal a transition

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Former BitMEX CEO Arthur Hayes Champions ‘Points’ Over ICOs in Crypto Fundraising

15 days ago

In a recent blog post titled ‘Points Guard,’ former BitMEX CEO Arthur Hayes made a compelling case for the emergence of “points” as a superior alternative to traditional initial coin offerings (ICOs) and yield farming with regard to crypto fundraising and user engagement.
Hayes argued that points combine the best aspects of ICOs and yield farming while addressing their respective limitations. ICOs, he noted, allow retail investors to purchase a stake in a new protocol but often face regulatory scrutiny due to their sale to the masses.
On the other hand, yield farming rewards users for interacting with the protocol but can lead to rapid inflation of token supply and a subsequent loss of user incentives.
Is ‘Points’ the Game-Changer Crypto Needs?
Points are essentially a

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BlockFi and 3AC Resolve Counterclaims in Bankruptcy Settlement, but There’s a Catch

17 days ago

A settlement between defunct crypto lending company BlockFi and the collapsed hedge fund Three Arrows Capital (3AC) was approved by a US bankruptcy court on February 7. The specific terms of the settlement, though, remain confidential.
According to the official document, the approval effectively resolved any counterclaims between the parties. Judge Kaplan of the New Jersey Bankruptcy Court, in the Tuesday hearing, expressed that it doesn’t make sense to demand disclosure of settlement details.
Prior to the latest development, the US Trustee urged the judge to reveal the details, arguing that the debtors had not provided sufficient reasons to keep the information undisclosed.
BlockFi had previously requested to seal the information in January, citing its sensitive nature

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South Korean Prosecutors Arrest Haru Invest Executives Over Embezzlement Allegations (Report)

18 days ago

South Korean prosecutors revealed on Monday that they had apprehended and placed under custody three executives, including its two co-chief executive officers, from the crypto yield platform Haru Invest.
The trio is facing accusations from Seoul prosecutors of embezzling about 1.1 trillion Korean won, which translates to roughly $826 million in crypto, from around 16,000 users.
Haru Invest Executives Arrested in South Korea
According to a report by local news agency Yonhap, it’s claimed that Haru Invest primarily entrusted most of its clients’ deposits to a single individual while misleadingly advertising that these funds were managed using “risk-free distributed investment techniques.”
The platform lured users with promises of up to 12% yield through its Earn Plus

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DCG Slams Genesis’ Bankruptcy Plan as ‘Act of Bad Faith’

18 days ago

Digital Currency Group (DCG) has filed a motion objecting to the bankruptcy plan proposed by Genesis Global Capital, its subsidiary, citing violations of the Bankruptcy Code.
The objection – lodged on February 5th – asserts that Genesis’ plan exceeds the legal entitlements of its customers, potentially favoring a select group of creditors while stripping DCG of its rights. Instead of adhering to US bankruptcy laws, the venture capital firm said that Genesis has suggested offering its customers extra payouts to compensate for the increasing value of cryptocurrencies.
“Epitome of Bad Faith”
In the official filing, DCG argued that while it would support a plan to pay creditors their full claims, Genesis’ proposal falls short of this standard. DCG maintained that Genesis

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Dogecoin Stalls at $0.08 Barrier, Could This Metric Suggest Upcoming Rally?

18 days ago

Dogecoin’s price has found significant resistance from the $0.08 level despite a brief upward breakout. The OG meme coin’s trajectory hasn’t been in tandem with the rest of the crypto market.
This, however, has not stopped the network from witnessing growth across various metrics.
Dogecoin Sees Increased Network Activity
Dogecoin’s value has declined by 23% since its local peak on December 9th. Despite this, the number of wallets holding >0 DOGE is growing at a record pace of 7.3% – the fastest in the network’s decade-long history.
According to the latest analysis by on-chain intelligence platform Santiment, nearly 414k new wallets, predominantly containing 0.001-1 DOGE, have been added over the past two weeks alone.

🐶 #Dogecoin‘s value is -23% since its top on Dec. 9th.

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Solana Investors Flock Back With $13M Inflows Beating Ethereum, Avalanche

19 days ago

Investment products for digital assets received significant influxes of $708 million last week, contributing to year-to-date inflows of $1.6 billion and increasing the total global assets under management to $53 billion.
However, trading volumes in ETPs dropped to $8.2 billion from the previous week’s total of $10.6 billion, though they still surpass the 2023 weekly average of $1.5 billion. According to CoinShares’ latest report, these volumes represent 29% of Bitcoin’s overall trading activity on trusted exchanges.
Solana Signal Strong Comeback
Following a period of lackluster performance in recent weeks, investment products focused on Solana are showing renewed strength amid a broader market rebound.
In the latest edition of ‘Digital Asset Fund Flows Weekly Report,’

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If History Repeats, Here’s How High Bitcoin (BTC) Price Can Go Post Halving (Analysis)

19 days ago

With the fourth halving event scheduled for April this year, speculation about Bitcoin’s future trajectory is rampant.
One notable voice in this conversation is Charles Edwards, the founder of hedge fund Capriole Investments, who has made a striking prediction – if Bitcoin’s post-halving returns mimic those of 2020, the market could be witnessing a staggering $280,000 valuation within the next year.
2020: “Worst Bitcoin Bull Market”
Matching the exceptional performance seen in 2020 could be viewed as an overly optimistic forecast for Bitcoin. However, Edwards dismissed 2020 as an outlier, labeling it as the worst Bitcoin bull market in history.
He further attributed this underwhelming performance to two significant factors: the substantial decline in the mining network,

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80% of Comments on Major Project Tweets Revealed as Phishing Scams: SlowMist

20 days ago

The SlowMist Security team revealed receiving numerous reports of theft. Upon investigation, they found that a significant portion of these thefts were facilitated by deceptive comments under tweets from well-known projects.
As such, approximately 80% of comments under tweets from such projects were identified as phishing scam accounts.
SlowMist Exposes Phishing Tactics
SlowMist also observed multiple Telegram groups engaged in the sale of Twitter accounts, offering some with varying follower counts, post numbers, and registration dates to cater to different buyer preferences. Most of the accounts sold in these groups were related to the crypto industry or belonged to influencers.
Additionally, dedicated websites specializing in the sale of Twitter accounts were

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Sophisticated Attacks on the Rise: Cryptocurrency Market Faces $1.9 Billion Loss in 2023

20 days ago

The cryptocurrency market experienced losses of $1.9 billion in 2023 due to hacks, marking a substantial 93.6% decrease from the previous year.
While this appears to be a positive trend, further examination reveals a bleaker outlook, with the frequency and sophistication of attacks on the rise, according to blockchain security auditor Hacken.
2023 Sees Onslaught of ‘Sophisticated Attacks’
Hacken’s 2023 security report shared with CryptoPotato revealed that the total amount lost due to hacks and scams decreased to $1.9 billion. The largest theft of the year involved Multichain, which saw $231 million drained from its bridge.
This is significantly lower than the Terra Luna incident of 2022, which wiped out over $40 billion in value, causing widespread collapses in the

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Next Bull Market Predictions: Bitget Study Forecasts Bitcoin Prices Exceeding $150,000

21 days ago

A recently released study by Bitget focusing on the upcoming Bitcoin halving event indicated a positive outlook as market conditions continue to recover. With the Bitcoin halving scheduled for April 2024, investors across the world are carefully analyzing its potential impact on their investment decisions.
The research involved a diverse array of contributors hailing from West Europe, East Europe, South East Asia, East Asia, MENA, and Latin America, comprising a total of 9,748 individuals.
High Price Expectations for Bitcoin
84% of the study participants conducted by Bitget foresee Bitcoin surpassing the previous bull market’s all-time high of $69,000, signaling rising confidence in the leading crypto asset’s potential. While optimism runs high across most regions, East

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