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On-Chain Investigator Drops Ethereum Bombshell, Vitalik Buterin Involved In $500M Gatecoin Hack?

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New reports reveal that an on-chain investigator has raised allegations connecting Vitalik Buterin, the founder of Ethereum, to the $500 million Gatecoin hack in 2016. According to the crypto sleuth, Buterin’s Ethereum Foundation was allegedly transferring funds to the Gatecoin hackers’ primary wallet.  

Buterin Accused Of Contributing To Gatecoin Hack

TruthLabs, a popular crypto investigator and sleuth on X (formerly Twitter), has accused Buterin of being directly involved in Ethereum’s first hack in 2016, which led to the loss of tokens worth over $500 million today. The crypto analyst disclosed that the wallet funding the Gatecoin hacker had received ETH from only three wallet sources.

The Gatecoin hacker’s original crypto wallet was allegedly funded by a wallet owned by the Ethereum Foundation, a non-profit organization that supports the ETH blockchain. The second funding wallet originated from Ethereum’s Genesis Block 0 account. This wallet interacted with two primary addresses—a user-controlled Poloniex wallet and a contract set up by Buterin. 

TruthLabs also revealed that the third and final wallet that funded the Gatecoin hackers was similarly generated from a Genesis 0 block. The crypto investigator alleged that the anonymous third wallet was directly linked to the core Ethereum developer, Vlad Zamfir.

Based on these newfound developments, TruthLabs disclosed that an immutable ledger currently indicates that Buterin and members of the Ethereum Foundation were allegedly involved in the $0.5 billion Gatecoin hack. He declared that the Gatecoin exploit most likely occurred 30 days before the Foundation was scheduled to run out of money. Moreover, this timeline precedes the DAO exploit, which saw millions of dollars lost just a few weeks after the Gatecoin hack. 

As of now, there has been no official response from Buterin or the Ethereum Foundation regarding the allegations made by TruthLabs. The crypto community also awaits further clarification and confirmation of Buterin’s involvement as the story unfolds. 

Silk Road Bitcoin Put In The Spotlight 

While he accuses Buterin of being connected to the 2016 Gatecoin hack, TruthLabs also shared insights into the recent developments involving Silk Road founder Ross Ulbricht. According to the crypto investigators’ claims, the Bitcoin seized from Silk Road’s wallet helped fund Ethereum’s 2014 ICO project and BTC wallets.

The analyst alleged that Ross’s incarceration had funded the creation of the Ethereum foundation, as the BTC from Silk Road and Mt. Gox had aided in developing the foundation. TruthLabs also called out Buterin for failing to show support for Ulbricht’s release after he was sentenced to life imprisonment without possibility of parole in 2015. 

Criticizing the Founder, TruthLabs described him as a “stain on the word integrity”, accusing Buterin of shirking his moral responsibilities. The on-chain investigator claimes that Buterin built the Ethereum foundation using Silk Road’s Bitcoin but failed to publicly advocate for Ulbritch’s release — a cause widely championed within the crypto community.

Ethereum
ETH trading at $3,289 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from Medium, chart from Tradingview.com



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Ethereum May Have To Undo This Death Cross For Bull’s Return

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A quant has revealed how Ethereum (ETH) saw a death cross in this indicator shortly before bearish momentum took the asset in full force.

Ethereum Formed A Death Cross In Funding Rates Earlier

In a CryptoQuant Quicktake post, an analyst has shared a chart for the Funding Rates of Ethereum. The “Funding Rates” refers to a metric that keeps track of the amount of periodic fee that traders on the derivatives market are exchanging between each other right now.

When the value of this indicator is positive, it means the long contract holders are paying a premium to the short investors in order to hold onto their positions. Such a trend suggests a bullish sentiment is shared by the majority of the derivatives traders.

On the other hand, the metric being under the zero mark implies a bearish mentality is dominant in the sector, as short holders are overwhelming the long ones.

Now, here is the chart for the Ethereum Funding Rates posted by the quant, which shows the trend in the 50-day and 200-day simple moving averages (SMAs) of the indicator over the last couple of years:

Ethereum Funding Rates

Looks like these two lines saw a crossover earlier in the year | Source: CryptoQuant

As displayed in the above graph, the 50-day SMA of the Ethereum Funding Rates crossed under the 200-day SMA in January of this year. This suggests that the optimism in the market witnessed a shift.

From the graph, it’s visible that since the crossover in the two SMAs of the indicator has emerged, the ETH price has been sharply moving down. The trend isn’t unique to the asset, as the wider cryptocurrency sector has also seen a similar pattern, with investors becoming risk-averse.

In the first half of last year, the Funding Rates observed the same type of crossover, and then, the Ethereum price followed up with a period of bearish action.

It wasn’t until the reverse crossover happened, with the 50-day SMA finding a break above the 200-day SMA, that bullish momentum returned in the cryptocurrency market. The same pattern was also seen back in 2023.

It’s possible that for constructive price action to return for Ethereum and other assets, a bullish crossover in the Funding Rates may once again have to take place. “When the speculators return and start using their greedy leverage, the crypto bull market will begin,” notes the analyst.

When this would happen, however, is anyone’s guess, as the 50-day and 200-day SMAs of the indicator are currently quite far apart. In 2024, the lines took many months before they crossed back, so it’s possible that it will take some time for the crossover to occur now as well.

ETH Price

Ethereum is moving to end the month of March on a red note as its price has fallen to the $1,800 level, after seeing a decline of almost 14% in the past week.

Ethereum Price Chart

The trend in the ETH price over the last five days | Source: ETHUSDT on TradingView

Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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Ethereum’s Price Dips, But Investors Seize The Opportunity To Stack Up More ETH

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Comparing current price action with past performances, Ethereum, the second-largest crypto asset, seems to have witnessed its worst-ever first quarter as it draws closer to its end. However, many investors are expressing interest in ETH’s prospects again, purchasing the asset in huge chunks.

Investors Buying The Ethereum’s Price Dip

Ethereum has continued to struggle to undergo a major upward move even as other digital assets make history in the ongoing market cycle. Despite the recent pullback in ETH’s price, Ali Martinez, a seasoned crypto analyst and trader, has highlighted a renewed bullish sentiment among investors.

Specifically, investors are seizing the opportunity to stack up on ETH in light of ongoing price correction, signaling interest and confidence in the asset’s long-term potential. This buying activity suggests that seasoned traders are considering the current drop as a strategic entry or buying point.

According to Ali Martinez, the development was spotted as Ethereum encountered a significant resistance wall between the $2,200 and $2,580 price mark. Examining the data from IntoTheBlock, the expert reported that over 12.43 million investors purchased a massive portion of 66.18 million ETH within the $2,200 and $2,580 price zones. 

These kinds of accumulation show that both retail and institutional investors are hopeful about the market. Should this substantial buying activity extend, Ali Martinez is confident that bullish momentum might build up for ETH, leading to a break above the zone. 

Ethereum
A rising interest in ETH | Source: Ali Martinez on X

Market analyst and trader CryptoELITES predicts a robust upswing for ETH to new all-time highs in the upcoming weeks. CryptoELITES prediction is based on past price trends in which ETH witnessed a massive rally after a lengthy period of downward movements.

Delving into the recent price action, the expert believes ETH’s correction has reached a bottom similar to the 2017 and 2021 bull market cycles. With the altcoin potentially reaching a bottom, CryptoELITES anticipates an over 700% upsurge in 2025.

A 700% surge will bring the altcoin’s price to the $15,000 milestone before the ongoing bull market cycle completes. Given that Ethereum is mirroring past trends, a possible price reversal could be on the horizon.

ETH Eyeing A Breakout From Key Chart Pattern

While ETH is facing volatility, it is presently at a critical junction that might determine its next move. Jonathan Carter, a crypto and technical analyst, reveals that Ethereum is holding above the lower boundary of a Descending Triangle formation after navigating its price in the 4-hour time frame.

At this zone, the asset might muster enough momentum for a rebound. Carter expects a bounce from the current support zone to push ETH toward key resistance levels at $1,950, $2,080, $2,230, and $2,320. However, if the altcoin falls below the support, the price may drop further to the downside.

Ethereum
ETH trading at $1,804 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from Pexels, chart from Tradingview.com

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Ethereum Price Confirms Breakout From Ascending Triangle, Target Set At $7,800

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The Ethereum price has finally broken out of a months-long consolidation pattern, signaling the possible start of a significant bullish move. The recent breakout of an Ascending Triangle formation suggests that ETH is set for more gains, with a crypto analyst suggesting a price target of $7,800 in the coming months.

Ethereum Price Targets $7,700 ATH

The Ethereum price is believed to be targeting a new all-time high of $7,800 after its recent breakout from an Ascending Triangle. For months now, the cryptocurrency has been trading within this classic bullish chart pattern, where prices make higher lows while facing strong resistance at a fixed level.

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This consolidation pattern has been active since late 2024, establishing strong resistance at $4,000. TradingView analyst Sohaibfx has predicted that if Ethereum can surpass this resistance level, it would confirm a bullish trend, leading to a strong upward continuation in its price. 

Looking at the analyst’s price chart, Ethereum spent several months navigating between $2,000 and $4,000 in Q1 2025. This region represented an accumulation phase where buyers had quietly built their positions in anticipation of a potential rally. 

Ethereum
Source: Sohaibfx on Tradingview

A descending channel marked in orange in the price chart also shows that Ethereum had experienced a significant pullback mid-to-late 2024 before breaking out. This was likely the final shakeout before it regained its bullish momentum. 

According to Sohaibfx, a measured move of the Ascending Triangle suggests that Ethereum is poised for an explosive 333% surge to $7,800. This bullish target is calculated by determining the height of the triangle, which is the difference between its base at $2,000 and resistance level at $4,000. 

When the price breaks above the resistance, the common method for estimating the possible next move is to add the triangle’s height to the breakout point, which gives a technical target of $6,000. However, based on past price behaviour and strong buying momentum, the Ethereum price could push even higher, with $7,800 being a key psychological level. 

Support Levels And Momentum Indicators To Watch

In his price analysis, Sohaibfx has pinpointed the $4,000 and $3,000 price levels as support levels for Ethereum. This support should act as a safety net, where buyers are likely to step in to prevent further decline after Ethereum reaches its projected $7,800 target. 

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Moving forward, the analyst highlights key momentum indicators that should be monitored. While the analyst’s chart does not specify indicators like Moving Average Convergence Divergence (MACD) or Relative Strength Index (RSI), Ethereum’s sharp upward move suggests that strong momentum will be a major contributor to its rise to a new ATH.

Sohaibfx has advised traders to watch out for RSI levels above 70, as overbought conditions could signal a potential pullback while Ethereum approaches higher levels.

Ethereum
ETH trading at $1,791 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com



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