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XLM $0.1988 -1.30%
ZEC $455.85 -1.30%
BTC $63,846.12 +0.53%
ETH $1,793.37 +0.50%
BNB $583.04 -0.90%
XRP $1.12 -0.89%
SOL $81.99 +0.48%
TRX $0.3293 -0.08%
DOGE $0.0761 -1.96%
ADA $0.1838 -3.06%
BCH $241.36 -0.19%
LINK $7.99 -0.99%
HYPE $71.36 -0.56%
AAVE $93.15 +5.14%
SUI $0.7455 -1.11%
XLM $0.1988 -1.30%
ZEC $455.85 -1.30%

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first_img CryptoQuant Founder: The strategy should suspend buying BTC, as current purchases resemble a liquidity black hole rather than a price catalyst

CryptoQuant founder Ki Young Ju stated that the current Bitcoin purchasing behavior of Strategy resembles a "liquidity absorber" rather than an effective price catalyst.He pointed out that in the past two years, Bitcoin's market capitalization has increased by $467 billion, yet the price has actually dropped by 1%, indicating that the influx of large amounts of capital has merely resulted in a transfer of chips without driving up the price. In the current environment with obvious selling pressure, continuous buying by Strategy may only serve to maintain the range rather than truly drive an increase.Ki Young Ju suggested that Strategy pause Bitcoin purchases until cash reserves and dividend coverage capabilities are restored; establish a systematic, model-driven buying framework to avoid the market impression of "always buying at local highs"; and create a disciplined selling mechanism in the next bull market to reduce leverage and realize shareholder value by partially taking profits at highs, while accumulating reserves of "dry powder" for future lows.He believes that this cycle is different from previous ones, as Bitcoin has been in a sideways trend for nearly two years, neither forming a strong bull market nor experiencing sufficient panic selling and weak hands clearing out. The market may need a more thorough clearing to initiate a healthier rebound.

The four major law enforcement organizations in the U.S. jointly wrote to the DOJ and the White House, stating that Section 604 of the Clarity Act may create loopholes for cryptocurrency crime investigations

The National Association of Attorneys General, the National Association of Assistant U.S. Attorneys, the International Association of Chiefs of Police, and the National Sheriffs' Association jointly sent a letter to the Department of Justice and the White House on Tuesday, warning that Section 604 of the Digital Asset Market Structure Clarity Act contains serious enforcement loopholes that could make it difficult for law enforcement agencies to investigate and prosecute crypto-related criminal activities. The letter pointed out that Section 604 includes broad exemption clauses that may allow individuals or entities assisting in the circulation of crypto assets to evade regulatory accountability, disrupting the investigative and enforcement powers that have long been relied upon.The four organizations emphasized that their concerns are not aimed at developers who simply write or publish software code, but rather at the broad exemptions that may provide a shield for illegal activities. The core of the controversy lies in Section 604—the "Blockchain Regulatory Clarity Act" (BRCA) provision, which was originally a standalone bill but was later incorporated into the Clarity Act, aimed at providing a safe harbor for non-custodial developers, clarifying that they do not fall under money transmission entities. Law enforcement organizations believe this move will create obstacles for investigations into crypto crimes.Additionally, the letter pointed out that several other provisions of the bill would "reduce transparency, weaken accountability mechanisms, and create loopholes in the anti-money laundering framework." On the same day, nearly a hundred Catholic leaders representing parishes across the country also issued a warning, stating that the bill could weaken protections against human trafficking. In response, White House cryptocurrency advisor Patrick Harker insisted that the Clarity Act is a bill that "supports regulation and supports law enforcement," emphasizing that the U.S. must proactively set standards or risk passively accepting the rules of other countries.

Axelar Network was hacked, and approximately 4.67 million dollars worth of tokens were stolen

Axelar Network stated on platform X that an event affecting assets bridged from the Axelar chain to the Secret Network via IBC has been discovered, with approximately $4.67 million worth of tokens stolen.According to the information currently available, the issue is limited to the ICS-20 smart contract on the Secret side, which is part of the Cosmos IBC connection between Secret and Axelar, used to bridge assets from Axelar to Secret. The Axelar Emergency Committee immediately disabled the Secret and Secret-SNIP connections upon discovering the incident. The team is contacting relevant exchanges and law enforcement agencies. The incident is limited to assets bridged from Axelar to Secret via IBC. Other IBC connections or Secret tokens do not appear to be affected. Other Axelar integrations are unaffected. The core protocol of Axelar is not impacted.Additionally, according to Common Prefix's analysis of the Secret Network incident, an attacker exploited an infinite minting vulnerability in a modified CW20-ICS20 token contract on Secret, stealing approximately $4.67 million. The attacker minted arbitrary Secret-wrapped Axelar assets on Secret by launching a new Cosmos chain (with only one validator) and self-relaying IBC packets to it. The contract did not verify which IBC channel the inbound tokens came from. The attacker exited through the Axelar bridge. The Axelar protocol was not compromised and prevented the spread of contagion to other chains.

Raydium core contributors: will fully compensate for stolen assets, the current mainnet program has not been affected

Raydium core contributor InfraRAY posted on platform X, stating that the team has confirmed that the old version of the AMM V3 program, which was previously discontinued in 2021, has been attacked. The attacker unauthorizedly removed part of the liquidity, but this incident does not affect current Raydium users, and the related liquidity pools have been unable to interact through the official Raydium UI since being disabled. The Raydium SDK and DApp also do not support operations on the mainnet old version AMM V3 liquidity pools.The five affected liquidity pools include: Sollet USDT-RAY, Sollet ETH-RAY, SRM-RAY, USDC-RAY, and RAY-SOL. Preliminary statistics show that the stolen assets include approximately 150,177 RAY, 5,603 SOL, and 893,700 USDC, with a total value of about $1.34 million. The related losses will be fully compensated by the treasury.Investigations reveal that the vulnerability originated from insufficient verification of the LP token minting address. The attacker created new LP tokens and impersonated legitimate LP tokens, bypassing the protocol's ratio verification mechanism to extract funds. However, this incident is classified as an independent logical vulnerability and is not due to private key leakage or permission intrusion, and there is no risk of spread. Currently, all existing Raydium mainnet programs have not been affected.
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