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Last updated: April 16, 2024 05:37 EDT | 2 min read

Ethereum has emerged as the leading victim of blockchain hacks in 2024, with 33 reported incidents, according to a recent study.

Smart Betting Guides data reveals that, following Ethereum, BNB Chain has been impacted by the most hacking incidents (14) in 2024. Arbitrum and Solana have each experienced 6 incidents, while Bitcoin has seen only two.

Notably, the Decentralized Finance (DeFi) sector has been the most susceptible to these attacks, accounting for all reported incidents thus far this year.

The top 10 largest losses so far this year are:

Orbit Bridge: $81,680,000 Munchables: $62,800,000 PlayDapp: $32,350,000 FixedFloat: $26,100,000 GMEE: $15,000,000 WOOFi: $8,750,000 Coinspaid: $7,500,000 Abracadabra Money: $6,500,000 Seneca: $6,500,000 Gamma Strategies: $6,200,000

The report additionally revealed that crypto users have incurred significant losses exceeding $437m through scams and hacks in 2024. Fraudulent activities, including rug pulls, also contributed to the total losses, albeit to a lesser extent, amounting to $14m.

Additionally, a recent CertiK report indicates a significant decline in crypto theft during March. The report detailed that malicious actors stole about $79m from DeFi projects, reflecting a substantial 48% decrease compared to the $160m stolen in February.

In March, one of the most significant crypto thefts involved a MakerDAO-based smart contract deployed by Curio on Ethereum. While initial estimates placed the loss around $16m, PeckShield later revised the figure, suggesting the actual amount stolen could be closer to $40m.

Prisma Finance suffered the second-largest loss in March, with a flash loan attack leading to the misappropriation of about $12.4m. The attacker, who self-identified as a white-hat hacker, initially promised to return the stolen funds following an online conference held by the projects team.

However, during the event, the attackers demands shifted, requiring the team members to publicly disclose their identities and issue an apology.

According to CertiK, security breaches were found to extend beyond DeFi protocols. The Binance-backed platform NFPrompt experienced a cyber intrusion, resulting in misappropriated funds of about $10m. Additionally, the WooFi decentralized exchange reported losses of roughly $8.5m following a hacking incident.

According to Smart Betting Guide, securing crypto involves keeping passwords and seed phrases off cloud storage. Seed phrases, acting as recovery keys, are vulnerable to theft by hackers attempting to steal cryptocurrency.

For further protection, the report recommended using a hardware wallet. This device, resembling a USB drive, securely stores a users private keys offline (cold storage). When needed, the keys can be connected online to complete transactions.

Further, users should implement critical security measures. These include refraining from clicking links in dubious emails, implementing Two-Factor Authentication (2FA) for logins, and avoiding interaction with online pop-ups or links. Additionally, vigilance against messages promising rapid financial gains is advised, as these often originate from fraudulent accounts, a prevalent social media scam.

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Ethereum Suffers Most Hacks Among Blockchains in 2024 - Cryptonews

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New York, NY, April 15, 2024 (GLOBE NEWSWIRE) -- As the cryptocurrency community approaches the 2024 Bitcoin(BTC) halving, excitement builds not just for the potential effects on Bitcoin's price, but also for the broader implications for the market, including Ethereum(ETH) and emerging assets like Furrever Token(FURR). This particular halving event, set for April 2024, coincides with significant market developments, notably the rise of Bitcoin Exchange-Traded Funds (ETFs), which could reshape investment strategies and market liquidity. Bitcoin's upcoming halving will reduce the reward for mining transactions by half, potentially constricting supply and influencing prices in a market that has already seen Bitcoin, Ethereum, and others like Furrever Token, make substantial gains. The interplay between these factors and the new dynamic introduced by ETFs could lead to unprecedented outcomes in the crypto space.

Bitcoin (BTC) Halving: A New Chapter in Crypto With the Rise of ETFs

The Bitcoin (BTC) community is poised on the brink of the 2024 Bitcoin halving, an event that could catalyze the cryptocurrency landscape. Scheduled for April 2024, this halving is not just another cycle in Bitcoin's existence but may mark a significant turning point for broader crypto adoption. Unlike previous halvings, the upcoming event coincides with the emergence of Bitcoin Exchange-Traded Funds (ETFs), introducing a dynamic that could reshape market reactions post-halving.

Bitcoin's supply is finite, capped at 21 million coins. Every four years, the Bitcoin network undergoes a 'halving' where the block rewards given to miners are reduced by half. This mechanism decreases the rate at which new bitcoins are created, aiming to prevent inflation and preserve scarcity. Historically, each halving event has led to considerable bullish trends in Bitcoins price. For example, after the 2012 halving, Bitcoins price escalated from around $12 to over $1,000 within a year. Similar patterns followed the 2016 and 2020 halvings, with prices peaking at around $20,000 and over $60,000, respectively.

While past performance due to halving is notable, it's crucial to recognize that these price surges also aligned with significant global economic events, such as the European debt crisis, the ICO boom, and the COVID-19 pandemic. These events underscore the influence of broader economic contexts on Bitcoins market behavior, indicating that halving impacts are intertwined with global economic health and investor sentiment.

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The 2024 halving introduces a novel factor that could significantly influence Bitcoin's market dynamicsthe approval and operation of spot Bitcoin ETFs in the United States. These financial products allow a wider range of investors to engage with Bitcoin without the complexities of direct cryptocurrency handling, potentially enhancing mainstream adoption. The first quarter following the introduction of these ETFs saw about $12.1 billion in total inflows, suggesting a strong demand for Bitcoin through this new investment avenue.

The presence of Bitcoin ETFs could potentially absorb some of the post-halving sell pressure typically expected from miners reducing their holdings due to lower block rewards. By offering a new route for capital inflow into the Bitcoin market, ETFs provide a buffer against the volatility usually associated with reduced miner income.

As the 2024 halving approaches, the interplay between reduced miner rewards and the influx of funds via ETFs could mirror yet another halving effect, softening potential price drops and supporting gradual price increases. This synergy between ETF adoption and evolving market structures lays a robust foundation for Bitcoin's sustained rise, potentially influencing the entire cryptocurrency ecosystem.

As the cryptocurrency market matures, the 2024 Bitcoin halving emerges as a pivotal event, augmented by the integration of ETFs into the market structure. For investors and market participants, understanding these shifts is crucial. Staying informed and adaptable will be key in navigating the intricacies of this halving event, enabling stakeholders to capitalize on emerging opportunities and mitigate potential challenges. In this evolving narrative, Bitcoin not only retains its status as the leading cryptocurrency but also demonstrates its resilience and adaptability in an ever-changing financial landscape.

Ethereum (ETH) Dips Below the $3,200 Mark as Whales and Institutions Offload Holdings

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is currently experiencing significant selling pressure, exacerbated by large-scale dispositions from whales and key institutional players. As the broader cryptocurrency market faces a downturn, with over $900 million in liquidations recorded in the last 24 hours, Ethereum has not been spared, seeing its price struggle to maintain support levels.

Recently, Ethereum's price momentarily dipped below the $3,200 mark to reach $3,161 before recovering slightly to hover around the $3,280 level, marking a 5.62% decrease within a single day. This volatility has been partly attributed to substantial sales by major Ethereum holders. According to data from Lookonchain, four significant entities offloaded a total of 31,683 ETH, worth approximately $106 million, contributing to the downward pressure on prices.

The transactions involved well-known entities in the crypto space:

- Cumberland deposited 17,206 ETH onto exchanges, valued at around $57.3 million.

- Wallet address 0xC3f8 moved 7,976 ETH to Binance, totaling about $26.6 million.

- Wallet 0x1717 transferred 4,000 ETH, worth approximately $13.32 million, to various trading platforms.

- Alameda/FTX was reported to have moved 2,500 ETH to Binance, which amounts to roughly $8.33 million.

These moves reflect a broader trend of large-scale Ethereum sales, which can significantly impact the market due to the substantial volumes involved.

The continuous flow of ETH to exchanges suggests that the selling pressure may not abate soon. Another report from Whale Alert highlighted an additional transfer of $158 million worth of Ethereum to Binance by an unknown wallet, indicating the potential for further sell-offs in the open market.

Aside from market actions, Ethereum is grappling with several ecosystem challenges that may be influencing investor sentiment negatively. Recent developments have cast doubt on the prospects for an Ethereum ETF, as regulatory and market hurdles continue to loom large. This uncertainty, combined with the active shedding of assets by major stakeholders like Alameda/FTX, suggests a tough road ahead for Ethereum.

As Ethereum navigates through these turbulent market conditions, the community and potential investors are closely monitoring these developments. The influx of large volumes of ETH onto exchanges and the accompanying sell-off activities by prominent institutional players are crucial factors that market participants will need to consider. These dynamics are pivotal in shaping Ethereum's short-term price movements and broader market standing amidst an already volatile financial landscape.

Furrever Token (FURR) Priced at $0.00048 as Presale Exceeds $780,000

Furrever Token (FURR) is swiftly making its mark as a distinguished investment in the vibrant cryptocurrency market, drawing significant interest for its robust growth potential and appealing investor opportunities. Demonstrating outstanding success through its presale events, FURR has consistently attracted substantial investments. Presently in its sixth presale phase, the token has successfully raised over $780,000, illustrating its escalating popularity and the strong endorsement it enjoys from the cryptocurrency community.

FURR positions itself as an exceptionally attractive investment by offering the potential for investors to achieve up to 15X returns from each presale stage. Currently priced at $0.00048, the token presents an opportune entry point for investors looking to leverage its projected growth.

The token's appeal is further reinforced by the robust community support it commands. With more than 4,300 active participants on its official Telegram channel, FURR is at the center of dynamic discussions, collaborative initiatives, and regular updates, all of which enrich the investment experience for its community members.

Looking to the future, FURR's strategic roadmap and development plans signal a strong commitment to carving out a significant presence in the meme coin market. The team behind FURR is focused on rolling out innovative features, forging strategic partnerships, and launching targeted marketing efforts, all aimed at boosting the token's adoption and enhancing its market value.

Overall, Furrever Token stands as a highly compelling investment proposition, supported by solid fundamentals, an active and enthusiastic community, and a promising outlook for expansive growth. As FURR advances toward achieving its strategic goals, it is well-equipped to provide significant returns to early investors who tap into its potential.

Secure the Most Exclusive Presale Opportunity of 2024 Today!

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Disclaimer:The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

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Halving 2024: How Bitcoin (BTC), Ethereum (ETH), and Furrever Token (FURR)'s are Poised to Transform in the New ... - Yahoo Finance

With momentum carried over from the relatively smooth hard fork upgrades Shapella (Shanghai+Capella) and Dencun (Deneb+Cancun), Ethereums next hard fork was supposed to be a breeze. Nevertheless, several analysts are waving red flags about one of its code changes, EIP-3074.

Through EIP-3074, Pectra will introduce codes that permit users to delegate all of their Ethereum assets to so-called Invokers externally owned accounts (EOA) that users must trust to not steal their money.

Following the naming convention of star + city portmanteau, the upcoming hard fork Pectra (Electra+Prague) will introduce two new operation codes: AUTH and AUTHCALL. Together, these codes make up Ethereum Improvement Proposal number 3074 (EIP-3074).

The two codes are easy to understand. AUTH delegates power to an Invoker to conduct transactions while AUTHCALL calls that prior authorization to conduct subsequent transactions using that authorization.

Incredibly and for the first time in Ethereums history these two codes allow a third-party entity to send or transact Ethereum assets, including NFTs and ERC-20 tokens like USDC, inside your wallet forever. Unless developers modify the EIP before Ethereum hard forks later this year, the delegated powers remain with the Invoker permanently.

Read more: Ethereum Foundation ditches warrant canary

Although further details of the AUTH and AUTHCALL codes are quite technical, a final item of general importance to most crypto participants is EIP-3074s entrusting of unprecedented powers to wallet makers.

Because Ethereum developers realize the expansive and permanent power of AUTH instructions to the Ethereum Virtual Machine (EVM), they have decided to limit the EOAs to which users may delegate their assets. Specifically, they have proposed limiting EOAs to a whitelist maintained by pre-approved wallet providers like MetaMask.

The solution to this blockchain problem? Trusted third-parties.

ChainArgos CEO Jonathan Reiter explained Invokers newfound powers in EIP-3074 even more explicitly, saying, I delegate authority over my account to an Invoker something that can now call code over my assets and that thing now has the ability to do stuff with my assets. And theres no way to revoke that delegation The problem here is, because you cant revoke it, if I delegate to a contract even if I think that contract is okay today if its upgradeable, they can steal my tokens in the future.

Security researchers and auditors have raised similar concerns. Indeed, its not enough for the user to simply ensure that they delegate only to presently trustworthy EOAs. If those EOAs are upgradeable smart contracts, the owner of those EOAs private keys could swap honest code for malicious code in the future.

Worse, even if an EOA is immutable, if that EOA interacts with additional smart contracts and those third-party smart contracts are upgradeable, EIP-3074 could expose users assets to theft via malicious, third-party code upgrades in the future.

Read more: Blast L2 hack prompts debate over centralization of Ethereum rollups

Given all of these risks, what exactly is the point of EIP-3074 in the first place? Mostly, in the opinion of co-author Matt Garnett, the code will save users time and money assuming Invokers stay honest. Consider a first-timers experience using Uniswap. First they must manually sign to authorize Uniswap. Then they need to pay to activate ETH on Uniswap before signing up and paying gas to activate USDC. Then they sign and pay gas to swap ETH for USDC and if more assets are involved, each one must also be activated with a separate signature and gas fee.

In the post-Pectra hard fork world, many of these signatures and gas payments could consolidate. For the user, they would only sign once to AUTH an Invoker with permission to perpetually trade their ETH or USDC on their behalf without subsequent signatures.

In summary, EIP-3074 adds more trust and power with centralized and already quite powerful corporations like MetaMask by Consensys. Unless developers rethink this software change, the upgrade will entice users to entrust perpetual authority with third-party Invokers. These entities may now control users wallets and might, by way of their own or third-party smart contract upgrades, change the rules of the game in the future to simply steal users money.

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Ethereum's EIP-3074 'upgrade' could let wallet makers steal your money - Protos

Hong Kong is expected to approve Bitcoin and Ethereum exchange-traded funds (ETFs) as early as Monday, according to Bloomberg.

According to sources familiar with the matter, the issuers expected to receive approval for spot-crypto ETFs are an international arm of Chinese asset manager Harvest Fund Management Co. and a collaboration between Bosera Asset Management (International) Co. and HashKey Capital.

These firms intend to launch their respective ETFs by the end of the month, following final approval from the Securities and Futures Commission (SFC) and completion of listing details with Hong Kong Exchanges & Clearing Ltd. (HKEX).

JUST IN: Hong Kong set to approve spot #Bitcoin & Ethereum ETFs by Monday, Bloomberg reports.

Also read: Shiba Inu: AI Forecasts SHIB Price For April 15, 2024

The expected approvals follow reports earlier this week that Harvest was on the verge of receiving permission to launch a spot-Bitcoin ETF in Hong Kong. The SFC had previously granted Harvest and China Asset Management clearance to provide virtual-asset related fund management services on April 9.

The introduction of spot Bitcoin ETFs in the United States on January 11 has contributed to a resurgence in cryptocurrency markets this year.

Also read: Cryptocurrency: Top 3 Ethereum ERC20 Coins To Watch This Week

Hong Kong has been actively working to position itself as a hub for digital asset firms. The city has also implemented a regulatory regime for virtual asset service providers in June 2023.

Thus far, the city has approved platforms operated by HashKey Group and OSL Digital Securities. Prior to the anticipated approval of spot-crypto ETFs, Hong Kong had already permitted the launch of futures-based crypto ETFs. The three products, CSOP Bitcoin Futures, CSOP Ether Futures, and Samsung Bitcoin Futures, collectively hold assets of around $170 million.

The report comes at a time when the industry as a whole is anticipating Bitcoin Halving. With only seven days to go for the halving, Hong Kong is bringing good news to Bitcoin enthusiasts.

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Hong Kong To Approve Spot Bitcoin & Ethereum ETFs By Monday - Watcher Guru

Ethereum price surged to $3,663 on March 26, up 20% from the monthly low recorded on March 19: market data shows investors have taken on a more optimistic outlook ahead of the Bitcoin halving.

Ethereum came within whiskers of dipping below $3,000 last week after the post Dencun Upgrade sell-off. But with the Bitcoin (BTC) halving drawing nearer, on-chain data shows a significant change ETH investors disposition.

After the wholesale sell-offs that heralded the Dencun upgrade, delays around the widely anticipated Ethereum ETFs, ETH price is now back in recovery phase with 20% gains on the weekly chart.

On-chain data trends suggest that the positive shift in ETH market momentum can be attributed to investors making strategic moves to front-run possible impacts of the Bitcoin halving scheduled for April 20.

Notably, since the Bitcoin halving countdown hit the 30-day mark on March 19, Ethereum investors have switched into a more conservative trading approach.

Cryptoquants exchange reserves metric tracks the number of coins currently deposited in crypto exchange hosted wallets and trading platforms. It serves as a proxy for tracking investors tendency to sell or seek profit-taking opportunities in the short term or otherwise.

As of March 19, investors held a total of 14.2 million ETH coins across various exchanges and trading platforms. But that figure has now declined by 200,000 ETH over the past week.

Persistent declines in exchange reserves can be a prime indicator that traders are looking to hold out and may be reluctant to sell, conditional on timeframe and/or market conditions.

The correlation between this shift in the 30-day Bitcoin halving countdown suggests that the landmark network event could be a key driver behind this shift in Ethereum investors disposition.

However, regardless of the catalyst, a decline in exchange reserves often impacts the underlying assets price positively.

Firstly, valued at the current prices, it essentially means that within the past week over $740 million worth of ETH coins have been transferred out of the immediate market supply into long-term cold storage options or staking contracts.

If demand remains steady and supply keeps shrinking, it puts upward pressure on prices. And unsurprisingly, ETH price has already surged 20% since the exchange outflows began on March 19.

Hence, if more existing ETH investors keep up the conservative outlook, the Ethereum price recovery phase could further accelerate in the days ahead.

Drawing insights from the $730 million decline in ETH market supply, Ethereum price appears poised for a breakout towards $4,000 ahead of the Bitcoin halving.

IntoTheBlocks In/Out of the Money chart also affirms this positive stance. ETH currently faces a major resistance cluster from 854,150 addresses that acquired 981,710 ETH at the maximum price of $3,758.

But the IOMAP chart below shows that 76.9% of all investors that bought ETH within the 20% boundaries of the current prices are in profitable positions.

Without any major macro pressures, the majority of them could be reluctant to sell, leaving the door open to a $4,000 rebound as predicted.

However, in the event of another market downturn, the bulls will likely set-up to defend the $3,500 psychological support.

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Ethereum Price Forecast: $4k Rebound before Bitcoin Halving? - crypto.news