Bitcoin Whales Spook Crypto Twitter With Sudden Wallet Movements

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New zkSync-based decentralized exchange Merlin was exploited for over $1.8 million during a public sale of its mage (MAGE) tokens. The attack occurred despite Merlin touting an audit conducted by blockchain security firm CertiK. On-chain data reveals that $1.82 million in total had been stolen, with the funds being bridged back to the Ethereum network before being converted to ether. The project garnered hype among Crypto Twitter users for its attractive yield offered on deposits. Merlin developers did not issue any statement regarding the funds drain on Wednesday at press time. CertiK's Twitter response to the loss of funds included plans for compensation, but the company has since deleted the tweet. The exploit was not a complex or sophisticated one, as blockchain data suggested that an entity with control of the liquidity pool was able to drain the funds easily. The total amount raised during the public sale will determine the final price of tokens for all users, developers said Tuesday. Arkham Intelligence provided on-chain data that revealed the funds were bridged back to the Ethereum network before being converted to ether.Tron (TRX) founder and Huobi stakeholder Justin Sun has accused Li Wei, the brother of Huobi founder Li Lin, of acquiring Huobi's native token (HT) at zero cost and selling it for 'huge amounts of cash.' The token has lost 43% of its value over the past seven days but has recovered by 3.16% following Sun's tweets. Sun told CoinDesk that Li Wei 'received millions of HT tokens for free' when the token was initially distributed and that he believes in rewarding those who 'genuinely contribute to the growth and development of HT DAO.' HT is currently trading at $2.80 with a market cap of $450 million. CoinDesk did not immediately receive a response from New Huo Tech, the company that Li Lin is now chairman of. Over the past few months, Justin Sun has taken on a leadership role at Huobi, with plans to attain a license in Hong Kong and roll out a new exchange called Huobi Hong Kong.Hector Network's community is debating whether to adopt a more centralized structure, HIP 40, which would include a management board, directors, and supervisors. The proposal is met with skepticism from some HEC token holders who fear it would dilute their influence over the DAO. The lawyer behind the proposal, Dali, argues that a professional organization with expertise in specific areas is needed for the DAO to succeed. However, some critics view the plan as antithetical to the decentralized, democratic principles of DAOs. The debate highlights the challenges DAOs face in balancing decentralization with the need for professionalism and expertise to compete with centralized corporations.Meme coins have outperformed the broader crypto markets in recent days, but some say profit-taking could reverse the rally. Tokens fashioned after the Shiba Inu dog breed may see imminent selling ahead after days of outperforming the broader crypto market. On Monday, Twitter, a social-media company owned by billionaire and crypto proponent Elon Musk, replaced its popular blue bird logo with that of Dogecoin’s Shiba Inu mascot. Dogecoin (DOGE) prices surged almost immediately – with its futures markets setting a record – as some bet on the increased use of dogecoin on Twitter's platform. That rise caused several other Shiba Inu-themed meme coins to jump multifold, with the sector rising 14% on average. Tokens with larger market caps such as shiba inu (SHIB) rose up to 10%, while smaller-cap coins such as floki (FLOKI), kishu inu (KISHU) and baby dogecoin (BABYDOGE) surged as much as 25%. Meme coins on newer blockchains had their moment, as well. Some dog-themed tokens, such as zkDoge and zkShib on the zkSync blockchain, which went live in March, registered gains of as much as 100%. However, some traders warn that such moves don't indicate a broader trend. 'We do not believe that it is indicative of a long-term bull run. Quite the opposite', Guilhem Chaumont, CEO of crypto trading firm Flowdesk, said in a Telegram message. 'There is a regular pattern of crypto market uptrends with first, bitcoin going through a bull run, then major altcoins pumping, and finally, tokens with small market caps.' Since bitcoin has been experiencing a relatively stable upward trend, meme coins’ rise would indicate the third phase, the end of the cycle. But there is no need to over-interpret such momentary price changes. The sentiment for meme coins is not a new one, and this means there is a high potential that the growth will fade off as usual in a few days, Bonnie Cheung, head of strategy at crypto developer Sending Labs, said. However, there could still be long-term growth for these tokens if fundamental features strengthen in the coming months. Shiba Inu, for instance, is gaining additional traction through the launch of Shibarium, its layer-2 protocol built on the Ethereum blockchain. Dogecoin’s recognition by Twitter and the payment world is also growing, and these trends can help record more sustained growth over the long term. A testnet for Shiba Inu’s upcoming Shibarium platform has seen brisk adoption. Elsewhere, projects like Floki are actively developing games and decentralized-finance tools to cut free from the 'meme coin' tag – at least as far as developer efforts go. Meanwhile, some opine that Twitter’s move could pave the way for mainstream crypto adoption. 'Musk’s supportive tweets and the recent decision to add the Dogecoin logo to Twitter help keep both DOGE and SHIB in the public conversation', Kadan Stadelmann, the chief technology officer of blockchain network Komodo, said in an email to CoinDesk. 'Regardless of whether or not one supports meme coins, it's impossible to deny that Musk is driving mainstream adoption of crypto and creating media attention that wouldn't otherwise exist. This is certainly a net positive for the crypto space as a whole.'Bitcoin prices briefly spiked to $138,000 on crypto exchange Binance.US earlier today before immediately reverting to normal levels. The sudden price wick was likely due to low liquidity for bitcoin against tether on the exchange, according to market depth data. The move was unlikely to have been caused by a trader wanting to pay a nearly 450% premium for bitcoin, which currently exchanges hands for just over $29,000 in European morning hours on Wednesday. Market depth data shows a $400,000 bitcoin buy on this trading pair can increase prices by 2%, compared to a minimum of $842,000 for the same impact on a bitcoin/USD trade pair. Binance.US's market depth has dropped 76% compared to May, suggesting market makers and traders have fled from the exchange. The bizarre wick is a reminder of the volatility and unpredictability of cryptocurrency markets.

Decentralized-finance protocol 0VIX has lost roughly $2 million in a flash-loan exploit, according to on-chain data on Polygon's block explorer. A total of 1.45 million USDC, along with other tokens, was stolen before being bridged to the Ethereum mainnet on Stargate Finance, where it was eventually swapped for ether (ETH). The protocol had $6.4 million in total value locked before the exploit, which has now slumped to $1.7 million as investors rapidly withdrew their capital. This is the latest in a series of crypto exploits, with ZkSync-based decentralized exchange Merlin suffering a $2 million rug pull on Wednesday. 0VIX confirmed the attack on Twitter, stating that it is 'working with its security partners to look into the current situation.' Only POS has been currently affected, but zkEVM has been paused as a precaution and will likely be enabled shortly again. Read more: DEX Merlin and CertiK Plan to Compensate $2M to Users Impacted in Rug Pull.The highly anticipated release of the SUI token, the native token of layer1 blockchain Sui, will take place once the mainnet goes live on May 3 following token sales on crypto exchanges Bybit, OKX, and Kucoin. Each exchange offered 225 million tokens with a maximum allocation of 10,000 per user. Tokens were sold for $0.10 each and U.S. residents were forbidden from taking part. Despite consistently telling its community that Sui had no plans to issue an airdrop, users expressed their disappointment on Twitter after token distribution plans were released. One of the first projects that will go live on the Sui mainnet will be Suiswap, a decentralized exchange and liquidity staking protocol that acts in a similar way to Uniswap on Ethereum. Sui Network developer Mysten Labs signed an agreement with Alibaba Cloud last month in a deal under which Alibaba Group will offer its node services and cloud infrastructure to improve user experience for Sui blockchain validators. Mysten labs also entered into an agreement with FTX's bankruptcy estate to buy back the failed exchange's equity and token warrants worth $96.3 million in cash after FTX Ventures led Mysten Labs' $300 million Series B raise last August.Developers behind the Optimism-based lending platform Kokomo Finance have been accused of conducting an exit scam after manipulating tokens on the protocol to steal $4 million in user funds. The project, which launched on Saturday and quickly gained favor among users, allowed for the trading, borrowing, and lending of wrapped bitcoin (WBTC), ether (ETH), tether (USDT), USD coin (USDC), and dai (DAI). However, on Sunday night, the developers deployed an attack contract cBTC from the main address of KOKO, Kokomo's native token, and set the reward speed, paused a borrow feature, and created a malicious contract to interact with the rest of the protocol. This ultimately tricked the protocol into falsely believing it had more liquidity when there was none. Another developer address was then used to maliciously approve a transfer of spending more than 7,000 sonne wrapped bitcoins, which were then used to swap all user-supplied liquidity to Kokomo, amounting to over $4 million. Social-media accounts and the Kokomo website were quickly deleted, and the tokens fell 97%, wiping nearly all value for holders. The exit scam is the latest in a series of growing attacks and exploits in the crypto market, following an earlier $200 million exploit of Euler Finance, another lending platform.Crypto traders have found a novel way to generate returns as bitcoin (BTC) remains flat and the decentralized finance (DeFi) sector fails to fully shake off the bear market lull. Actual hamsters – the living, breathing, and oft-cute rodents – have been put to the races on the blockchain-based platform Hamsters.gg. 'The hamsters are real and the bets are real. The hamsters are running on a track and the first hamster to cross the finish line wins,' the site explains. Star hamster racers like 'Rocky' and 'Buster' are already drawing bets of up to $500 per race. Others like 'CK' aren't so lucky – losing 326 races; winning just 8. These races seem to occur every few hours, during which a chatbox lights up, drawing at least 1,000 viewers and complete with virtual beer and hotdog emojis. 'Sipping wine, betting on hamster racing...does it get any better than this?,' a recent message on the Hamsters chatbox reads. Some others are trying to mathematically win: 'Who's got some stats on these hamsters? do we have weight classes?' Crypto traders have a knack for jumping on gambling platforms and memecoins, mainly after the rise of tokens such as dogecoin (DOGE) and shiba inu (SHIB) – which jumped to tens of billions in market capitalization in the previous bull market. Anyone can call a smart contract and issue tokens on Ethereum (or other blockchains) for a few cents, and the presence of decentralized exchanges means tokens can instantly be issued, supplied with liquidity and traded soon after. Most of these do not last beyond a few weeks. Last year saw hopefuls bet on articles from the English language to McDonald’s branded Grimacecoins, both of which fell to nearly zero after a few weeks of trading. But some, like Pepecoin (PEPE), jump to billions in market capitalization and seem to become big-name projects. Data shows HamstersGG went live earlier in July and live-streamed a series of races through Twitch on Thursday. Bets could be placed via U.S. dollar-pegged binance USD (BUSD) by depositing tokens from either Ethereum or BNB Chain. Racer 'Teddy' won a race in Asian morning hours - raking in thousands of dollars for those who bet on its victory. (Hamsters.gg) And – to little surprise – there’s a HAMS token as well. A whitepaper on the Hamsters.gg site explains the platform takes a 5% cut of all bets, of which 4% is distributed to HAMS token holders. The Ethereum-based HAMS has zooted to over $6 million capitalization nearly overnight. On-chain data shows each HAMS exchanged hands for 60 cents at the time of writing time, a nearly 1,000% increase compared to Thursday. A Uniswap pool holds $450,000 in liquidity and has garnered $9 million in trading volumes over the past 24 hours. Meanwhile, Hamsters.gg developers say this is just the start of the novel hamster betting platform. 'Our vision is for long-term development and scalability. We've been working on this project for over three months, and we're committed to building a sustainable and thriving ecosystem,' they said in a tweet last week. Ridiculous or not. It's fun. Just as the wild west of crypto should be.Aerodrome, a product by Velodrome in collaboration with Base developers, has attracted over $150 million from users just a day after going live on Base. The platform hopes to act as a 'business development protocol' for the Base ecosystem, supporting projects as they launch, onboarding new projects and tokens, and generating liquidity for the ecosystem. Aerodrome rewards its AERO tokens to platform users who provide liquidity, conduct swaps, or participate in governance. The platform's creators hope to emulate the apparent success of Velodrome, one of Optimism network's most used platforms which holds over $288 million in locked value. The approach seems to be working so far, with Velodrome generating platform revenues of over $3 million in the past month. Aerodrome's features create a flywheel of liquidity, as users are attracted to rewards, purchase more AERO, and keep the platform running by continually voting on which project's tokens to support, add, and further reward. The platform's locked veAERO are represented as NFTs, which can then be traded on different NFT marketplaces. Users can use the veAERO tokens to take part in platform governance and help set the reward levels of trading pools offered on the platform. In return, these voters receive 100% of all fees and bribes received by the specific pools that they voted for.

deBridge, a cross-chain bridging service, has launched DLN Trade, a cross-chain exchange offering capital-efficient and fast native trading across various blockchains. The app supports Ethereum, Arbitrum, Polygon, Fantom, BNB Chain, and Avalanche, and uses a global liquidity engine to create a decentralized order book, enabling any asset on one chain to be traded directly to any asset on another without the bottlenecks and risks of liquidity pools. This allows for unprecedented speed, capital-efficiency, and control for users, with trades protected from slippage, MEV, and the possibility of reversion, and guaranteed rates as low as 4bps. Users can also set cross-chain limit orders and cancel at any time before fulfillment. The app makes it possible for users to trade across chains without exposure to wrapped assets or liquidity pools, unlike other services on the market. Edited by Oliver Knight.Solana-based decentralized exchange Raydium is proposing the creation of a bug bounty program worth 10 million RAY tokens (about $2.3 million) to squash bugs affecting the protocol's core smart contracts. The program would target Raydium's Concentrated Liquidity Market Maker smart contracts and would be managed through bug bounty platform Immunefi. The proposal is part of a broader effort to boost community participation in protocol governance. Raydium's liquidity pools held over $37 million in total value locked, with its native token RAY worth 23 cents Thursday, according to CoinGecko. The proposal is part of a wider effort to boost community engagement on Solana, which is not as strong as on other blockchain platforms. The program would reward white hat hackers as much as $505,000 or as little as $5,000 in RAY tokens depending on the severity of the detected bug.Two major Ethereum network upgrades expected to occur simultaneously on April 12 will allow investors to withdraw their ether staked on the Ethereum blockchain. Analysts from traditional banks remain mixed on the market impact of ether (ETH) after the much-awaited Shanghai upgrade later Wednesday. An on-chain report from Glassnode estimates at least $300 million worth of selling pressure. The estimate was made based on a 50% withdrawal credential update, segmentation of depositors, and assumptions regarding investor conviction and profitability. Bulls may have little reason to fear as the selling pressure is likely to be absorbed quickly and have a smaller overall impact on ether prices. Even in the extreme case where the maximum amount of rewards and stake are withdrawn and sold, the sell-side volume still falls within the range of the average weekly exchange inflow volume. If you add potential additional selling from staked ether balances that belong to troubled entities, then the selling pressure may be larger in the coming weeks. Glassnode noted as many as 1,229 validators have already signed a voluntary exit message to signal their wish to unstake tokens after the Shapella upgrade. Banks such as JPMorgan (JPM) say ether will likely face some selling pressure from the upgrade as more than one million ether staking rewards become instantly available this week. The bank expects ether to underperform bitcoin (BTC) over the next few weeks.The total value of all assets locked on decentralized finance (DeFi) protocols has surged to a three-month high of $42 billion after being at its lowest point since February 2021 just two weeks ago, according to DefiLlama data. The resurgence of the DeFi market is based on two factors: rising asset prices and fresh inflows from participants that aim to generate a yield through staking and lending. nnEther (ETH), the asset that underpins the majority of the DeFi market, has rallied from $1,590 to $1,810 over the past two weeks, while the likes of lido (LDO) and aave (AAVE) have posted 25% and 34% moves to the upside respectively. Transactional volume across DeFi protocols rose to its highest point since March, with $4.4 billion recorded on Oct. 24, according to DefiLlama. nnSolana's most extensive lending protocol, Marinade, experienced a 120% jump in total value locked (TVL) this month following the release of its native staking product, which offers yields of 8.15% APY to complement its 7.7% rate on liquid staking. Marinade's rival protocol, Jito, has risen by 190% to $168 million in TVL in the same period. On Ethereum, meanwhile, the amount of capital on Enzyme Finance, Spark and Stader have all risen by between 37% and 55%, outpacing the rise in asset prices to illustrate fresh inflows. nnRecently released layer one blockchains Sui and Aptos have also experienced positive growth this month, TVL on Sui has jumped from $34 million to $75 million. Aptos has been spurred by increased activity on lending platform Thala, with its overall TVL also hitting the $75 million mark this month. nnDespite a fruitful month, risks remain across the DeFi sector, as even the slightest slide in the price of ETH would trigger notable on-chain liquidations. Currently, there is a $76.2 million position on Aave that will be liquidated if ETH crosses $1,777, with over $100 million set to be liquidated if the price falls by 20%.The often-controversial tether (USDT) stablecoin emerged as the best bet for traders looking for a stable haven earlier this month following a series of banking troubles in the U.S. Stablecoin USD coin (USDC) fell under 90 cents on March 11 after the collapse of Silicon Valley Bank (SVB) revealed some of the industry’s major players had exposure to the bank. These players included U.S.-based stablecoin issuer Circle, which held a part of its USDC stablecoin’s cash reserves at Silicon Valley Bank as of Jan. 17, according to the firm's latest attestation. Decentralized stablecoins took a hit too, with frax and dai – both backed by a basket of tokens – falling by cents on their intended dollar pegs. Who is the boss? USDT held its fort, however, even trading at a premium in the following days. This came despite a long-held notion among some market participants about the token’s opaque asset backing and concerns about parent company Tether Global. Data further shows at least $5 billion of inflows into USDT in the past weeks, bringing its market capitalization to over $77 billion as of Wednesday. Part of that could likely be due to its supposedly low exposure to the U.S. banking system, some say. 'Tether has no exposure to SVB as its popularity lies more in the Asian region, meaning USDT doesn't rely on dollars being held in American banks, making it one of the safest stablecoins to pivot to currently,' said François Cluzeau, head of trading at Flowdesk, in a message to CoinDesk. 'We have seen a lot of USDC and DAI being traded for USDT, which has kept USDT liquid.' The systematic risks of USDC affected dai stablecoins, which further strengthens Tether’s thesis of holding a variety of assets to back its stablecoins, said Mitya Argunov, chief product officer at P2P.org. 'Tether’s performance during the crisis is largely due to its lack of direct exposure to SVB – it just didn’t have deposits there. Other major stablecoins like DAI were also indirectly exposed and depegged because they are actually largely collateralized by USDC,' Argunov said. 'However, the flight to [USDT] as a safe haven should also be seen as confidence in Tether’s portfolio risk management strategy – which minimizes duration risk, i.e., how SVB should have operated.' Still a need for caution Meanwhile, some developers continue to remain cautious for the long term. 'Looking at Tether's history, it has experienced FUD and redemption issues in the past and has been stable amidst current market turmoil,' said Danny Chong, co-founder of Tranchess, in a note to CoinDesk. '[USDT's] ability to maintain stability amid recent challenges suggests that it may have a chance at long-term success,' Chong said, adding that further stress tests would show if it remained 'resilient in the long run.' USDC also demonstrated the effectiveness and resilience of its hedging strategy through collaboration with its banking partners as it recovered its peg swiftly the following week, Chong said. Demand for stablecoins is undented, however. 'The swiftness of Circle’s USDC recovering its peg after their announcement of a recovery plan is further confirmation of how the market values the potential for stablecoin businesses,' Chong noted.

Reddit's Fortnite Token BRICK (BRICK) has surged 110% in the past 24 hours, bucking the wider cryptocurrency trend that saw bitcoin (BTC) fall back below $27,000 on Wednesday. The token, which was distributed to active members of the Fortnite subreddit, had lost over 80% of its value in the past two months before this recent rally. nnThe majority of trading volume occurred on Kraken, with the figure across all exchanges nearing $750,000, an 800% rise from the previous 24-hour period, according to CoinMarketCap. However, liquidity remains relatively thin across all exchanges, with 2% market depth on Kraken equating to around $2,500 on both the bid and ask side. nnThe sudden price increase has been attributed to a lack of clear catalyst, although it has been speculated that the recent rule change proposals on Reddit may have contributed to the rally. The token's performance has been closely watched by investors, with some speculating that it could be a sign of a potential revival of the Fortnite community. nnDespite the recent surge, the token's market capitalization is still relatively low, and the lack of liquidity in an asset that has experienced significant upside presents a risk to traders as price could cascade back down with minimal effort, potentially trapping those that bought the recent high. nnOverall, the sudden and unexplained rally in BRICK has caught the attention of investors and Reddit community members alike, and it remains to be seen if the token's performance will continue to defy the wider cryptocurrency trend.Gitcoin, a crowdfunding platform for open-source software, has voted to seed initial liquidity for its Staked ETH Index (gtcETH). The move aims to provide a steady stream of income for the organization to fund grants for digital public goods. The index is composed of three tokens from top liquid staking protocols on Ethereum: Lido, Rocket Pool, and StakeWise. Token holders of gtcETH will incur an annualized streaming fee of 2%, with 1.75% allocated to the Gitcoin decentralized autonomous organization (DAO) and the remaining amount to Index Coop. The move comes as Gitcoin shifts its grants program to exclusively run on 'Grant Stacks,' a decentralized, customizable, smart contract-enabled solution that connects grants program managers, project owners, and community members. The decision was announced in January and is expected to provide a consistent revenue stream to help fund grants. According to the governance forum discussion on funding gtcETH, the index could provide Gitcoin with a reliable source of income to support digital public goods, which often lack a clear profit motive and can be difficult to fund. The gtcETH vote received almost unanimous support from the Gitcoin community, with 98.5% of voters in favor of the proposal. The move is seen as a positive development for the open-source software community, as it provides a new way for supporters to contribute to the funding of digital public goods while earning rewards from a diversified set of liquid staking tokens.The highly anticipated release of the SUI token, the native token of layer1 blockchain Sui, will take place once the mainnet goes live on May 3 following token sales on crypto exchanges Bybit, OKX, and Kucoin. Each exchange offered 225 million tokens with a maximum allocation of 10,000 per user. Tokens were sold for $0.10 each and U.S. residents were forbidden from taking part. Despite consistently telling its community that Sui had no plans to issue an airdrop, users expressed their disappointment on Twitter after token distribution plans were released. One of the first projects that will go live on the Sui mainnet will be Suiswap, a decentralized exchange and liquidity staking protocol that acts in a similar way to Uniswap on Ethereum. Sui Network developer Mysten Labs signed an agreement with Alibaba Cloud last month in a deal under which Alibaba Group will offer its node services and cloud infrastructure to improve user experience for Sui blockchain validators. Mysten labs also entered into an agreement with FTX's bankruptcy estate to buy back the failed exchange's equity and token warrants worth $96.3 million in cash after FTX Ventures led Mysten Labs' $300 million Series B raise last August.A white hat hacker who targeted decentralized-finance (DeFi) platform Tender.fi has returned $1.6 million that was stolen on Tuesday, receiving a 62.15 ether (ETH) bug bounty worth $850,000 instead. The attack occurred after Tender.fi upgraded its price feed to relay data from a Chainlink pricing oracle as opposed to a time-weighted average price (TWAP). Tender.fi's code, which was audited by PeckShield, contained an error and returned a number with too many zeros behind it, allowing the attacker to deposit one GMX token, worth around $70, effectively tricking the system into allowing infinite borrows. The hacker left an on-chain message, 'It looks like your oracle was misconfigured. Contact me to sort this out.' Tender.fi reached out and agreed to pay the white hat hacker the bug bounty. The protocol plans to deploy a new rewritten oracle contract before unpausing borrowing and has vowed to repay any unpaid debt left behind by the hacker. The TND token, which plunged by 34% on Tuesday, was recently trading at $1.87 and has increased by 2.4% in the past 24-hours against its ethereum pair but remains down by 7.6% against its U.S. dollar pair following a crypto market rout.A new report by on-chain analytics firm Santiment suggests that pepecoin (PEPE) may face challenges in its rise to the top of meme coins due to the absence of retail investors. Despite its stellar rise to a $1.5 billion market cap in a few weeks, pepecoin's trading volume of $2 billion is significantly lower than that of shiba inu (SHIB) and dogecoin (DOGE) during their peak. The report notes that retail participation in the market for PEPE is far less than what DOGE and SHIB experienced in previous years, which could result in dwindling volumes for meme coin projects among retail traders. However, PEPE's social volume within the crypto media is on par with DOGE and SHIB during their peak periods. Some pepecoin holders remain bullish on the token's potential, citing its popularity among influential Crypto Twitter users and the general populace. Despite the challenges, the report suggests that PEPE has untapped potential for growth when overall market conditions are better.

Klaytn Foundation Proposes Burning 5.28B KLAY Tokens, Cutting Token Supply by Nearly 50%

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Dogecoin's daily transaction volume has reached lifetime highs after the introduction of the DRC-20 token standard, which allows developers to issue tokens that take network fees in the form of dogecoin (DOGE). According to data from BitInfoCharts, the network saw over 645,000 transactions on Sunday, briefly crossing both Bitcoin and Litecoin transactions that day. This is a significant increase from the average daily transaction volume of around 20,000. The introduction of DRC-20 has added value to dogecoin and laid the path for potential decentralized finance (DeFi) services built on the blockchain. However, the token deployment has also attracted criticism, with some pointing out that it may lead to network congestion and that it moves away from dogecoin's aim of being used as an everyday currency. High fees and network congestion are valid concerns for any blockchain, as they may lead to the network becoming expensive and slow for everyday users, potentially damping adoption plans. Bitcoin's own 'Bitcoin Request for Comment' (BRC-20) standard went live in March, opening the floodgates to two-year high fees as a Bitcoin-based meme coin trading frenzy gained notoriety on the network.After a week of bickering, cooler heads began to prevail in the Aragon Association's governance crisis. The market responded with gusto, with the ANT token rallying to its highest levels for May. Luis Cuende, co-founder of Aragon, proposed $30 million in ANT buybacks using a smart contract to buy all tokens trading higher than the 30-day moving average. He also called for Aragon's $200 million treasury to gradually transfer to the Aragon DAO over a period of five years. The proposal extended a banner rally for the ANT token, which climbed from its Wednesday low of $2.75 to $2.98 immediately prior to his post and shot up to $3.25 and higher afterwards. The proposal seemed to cool a volatile situation that exploded with the Aragon Association's decision to throw its DAO into lockdown to protect against a “51% attack.” The barbarians at its gates were the so-called RFV Raiders, a loose collective of activist crypto traders including the crypto hedge fund Arca who had called for buybacks of the ANT token to bring its value in line with the treasury. The Aragon Association reversed a community-approved plan to move its $200 million treasury to ANT holders’ control, out of fear that the RFV Raiders would plunder it. One member of the activist collective told CoinDesk that between all of them they have enough voting power to win any vote over the team’s objections, including the ability to block grant allocations. There was no guarantee that Cuende’s proposal would be implemented, and the Aragon Association did not immediately respond to CoinDesk. However, there were signs Wednesday that after days of bickering, banning, conspiratorial allegations, open letters, and accusations of “decentralization theater,” cooler heads were prevailing. Three activist investors that CoinDesk spoke to said the proposal was a good start.

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Cross-chain router protocol Multichain has been exploited for nearly $130 million after an attacker siphoned capital out of numerous token bridges. The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally, with the team not sure what happened and currently investigating. It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain. The unexpected outflows stripped Multichain’s Fantom bridge of nearly its entire holdings in wBTC, USDC, USDT and a handful of altcoins, worth over $130 million. On-chain sleuths described the activity as highly unusual, with Fantom Foundation CEO Michael Kong looking into it. Multichain has been under pressure for over a month due to failing tech and its AWOL CEO. The trio of unexplained outflows from Multichain’s Fantom, Moonriver and Dogecoin bridge contracts sparked fears on crypto Twitter that a hack could be afoot. Binance CEO Changpeng 'CZ' Zhao said that the exploit does not affect users on Binance itself, with assets swapped out and deposits closed a while back. Assets transferred out of the Multichain Fantom bridge include at least $20 million of altcoins going to 0x9d57, with other transfers seeing outbound moves of 1,023 wBTC ($30.9 million), 7,214 wETH ($13.6 million), and $57 million USDC between two separate addresses. Multichain’s Moonriver bridge contract has seen $6.8 million in token outflows with nearly all its wBTC, USDT, USDC and DAI going to 0x48BeAD. An address identified as Mulitchain’s Dogecoin bridge has seen over $600,000 in outflows of USDC. UPDATE (July 7, 2023, 09:17 UTC): Updates headline and adds context on the exploit throughout.Hector Network, a Fantom-based protocol and OlympusDAO fork, is considering a legal wrapper to shield its decentralized autonomous organization (DAO) from regulatory scrutiny. The proposal, known as Hector Improvement Proposal 40 (HIP 40), would establish a new legal structure for the DAO, rooted in the Cayman Islands, to administer treasury and voting, and own DAO assets. However, this move has sparked criticism from the community, as it would allegedly undercut their powers and give broad powers to employees of Hector Network. The future of Hector Network is in flux, as leaders hold a vote on the plan, which ends on May 20. Other DAOs, such as SushiSwap, have also endeavored to change their legal formation in response to growing regulatory scrutiny of decentralized crypto projects. The proposal has ignited a heated debate within the Hector Network community, with some arguing that it would dilute their powers over the entity and give too much control to employees. The setup would ensure Hector’s own employees would have final say over all proposals considered by the DAO. The only non-employee, the pseudonymous Sonoro, is currently the chief of a group of “oracles,” community members who currently have the power to write HIPs but under the new setup have the right to review and comment on proposals. Lazer, a pseudonymous member of Hector’s oracle committee, said HIP 40 would give Hector “team complete power over the composition of their so-called ‘oracle group’ and therefore unilateral power to propose HIPs and further distance the community from governance.” Zeus, the pseudonymous operational lead of Hector, did not immediately comment on the setup of the steering committee. In a private message on Discord, he said “nothing will change to the token holders’ governance btw, it's just more legal protection in corporations, taxes, and possible regulatories.” Zeus said a community AMA will occur in the coming days. The proposal has sparked a heated debate within the Hector Network community, with some arguing that it would dilute their powers over the entity and give too much control to employees. The future of Hector Network is uncertain, as leaders hold a vote on the plan, which ends on May 20. Other DAOs, such as SushiSwap, have also endeavored to change their legal formation in response to growing regulatory scrutiny of decentralized crypto projects.

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Ether and other alternative cryptocurrencies have surged in the past 24 hours, driven by positive sentiment around Ethereum staking-based protocols. The successful Shapella rollout on Ethereum has powered ether to 11-month highs above $2,120, heating up the 'alt season' narrative on Crypto Twitter.Governance tokens of liquid staking protocols such as Lido and Rocket Pool have seen outsized gains, with Lido's LDO and Rocket Pool's RPL surging as much as 14%. Lido's staked ether tokens (STETH) have climbed into the top ten cryptocurrencies by market capitalization of $12 billion.Meanwhile, dogecoin (DOGE) gained for the second straight day, driven by speculations of potential adoption for use as payments on the Elon Musk-owned social media platform Twitter.Cardano's ADA also surged nearly 9% on fundamental growth in the network, such as wider support for decentralized application development.Some market observers expect the rally to continue over the next few weeks, driven by positive sentiment and deferred demand.However, some analysts warn that selling pressure is likely to increase in the coming weeks due to unlocking liquidity.Some scammers are trying to defraud unsuspecting users by issuing fake PayPal USD (PYUSD) tokens on various blockchains, capitalizing on PayPal's recently launched dollar-pegged stablecoin. Over 66 fake tokens have propped up on networks such as Ethereum, BNB Chain, Base, and others as of Asian noon hours on Tuesday, according to DEXTools data. The majority of these have been floated on Ethereum, where the original PYUSD exists. The scammers are issuing these tokens, naming them 'PYUSD,' adding liquidity with ether or another token, and offering them to users on decentralized exchanges. This is possible as anyone can call a smart contract and issue tokens on Ethereum (or other blockchains) for a few cents, and the presence of decentralized exchanges means tokens can instantly be issued, supplied with liquidity, and traded soon after. Most of the supply of these tokens are likely purchased by their creators after issuance, giving the illusion of a trendy token while being a honeypot in reality. The hustle may yield a few thousand dollars in a few hours for such developers, making it a profitable, albeit wholly unethical, venture. However, some developers may pull all liquidity from the fake tokens hours after issuance, causing prices to drop 100% and leaving speculators holding digital dust. It's important for users to be cautious and not fall for these scams, as they can result in financial losses and damage to one's reputation.