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BingX Hack, HMSTR Airdrop Drama, and More

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This week brought turmoil and development across the crypto space. A $42 million hack at BingX rattled the market, raising questions about security vulnerabilities in major exchanges. Meanwhile, Hamster Kombat’s controversial airdrop sparked outrage after millions of players were disqualified from receiving tokens.

These developments highlight the industry’s promise and perils as it continues to evolve and capture the attention of regulators and innovators.

BingX Restores Services After $42 Million Crypto Hack

On September 20, crypto exchange BingX suffered a hack. This incident resulted in an over $42 million loss in digital assets.

The breach initially revealed suspicious transactions totaling $13.6 million. As further investigation unfolded, the losses escalated to over $26 million, eventually totaling $42 million.

Read more: Crypto Project Security: A Guide to Early Threat Detection

The stolen assets included a wide range of cryptocurrencies, notably 4.44 million USDT ($4.4 million), 1 million WUSD ($1 million), 608,660 USDC ($608,660), and 9.38 BTCB ($590,000). PeckShield and other security experts confirmed that the attackers transferred the funds to a wallet address identified as ‘0xF7e8.’ On-chain data also revealed that these bad actors quickly exchanged the stolen assets for Ethereum (ETH) and BNB.

Despite the heavy losses, BingX Chief Product Officer Vivien Lin assured users that the firm would cover the full amount with its capital reserves.

“Our technical team detected abnormal network access, suspecting a hacker attack on BingX’s hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdraw suspension. There has been minor asset loss, but the amount is small and still being calculated,” Lin wrote on X (Twitter).

Following this incident, BingX has resumed its service. Withdrawals for major assets like Bitcoin (BTC) and USDT resumed on September 21, with full deposit services restored by September 22.

Hamster Kombat’s HMSTR Airdrop: Controversy Unfolds

Hamster Kombat, a popular tap-to-earn game on Telegram, faced a massive backlash this week after disqualifying over 63% of its players from the highly anticipated HMSTR token airdrop. Set to launch on September 26, the airdrop aimed to distribute 60 billion tokens to 131 million qualified players from the game’s first season.

However, the controversy began when Hamster Kombat implemented last-minute anti-cheat measures. This new approach resulted in the ban of 2.3 million accounts for allegedly exploiting the game’s reward system.

Many players who had invested significant time to accumulate Points Per Hour (PPH) were suddenly disqualified. The decision led to outrage on social media.

The controversy deepened as the HMSTR token’s price faced significant volatility after trading began on major exchanges. It started trading at $0.014 but quickly fell by 20% to $0.011 within hours. As market sentiment declined further, the price continued its downward trend, reaching approximately $0.0068506.

HMSTR Price Performance.
HMSTR Price Performance. Source: BeInCrypto

Regardless of the backlash, Hamster Kombat developers remain confident that their anti-cheat system will ensure a fair distribution of rewards. While the token’s value has dropped significantly, developers remain optimistic about its long-term prospects.

Kamala Harris Supports Crypto and AI in Campaign Speech

Vice President Kamala Harris shook up the tech and crypto industries this week with her first direct endorsement of cryptocurrencies as part of her presidential campaign. Speaking at a fundraising event in New York, Harris emphasized the importance of fostering innovation in AI and digital assets, positioning them as crucial to maintaining America’s global competitiveness.

“We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors,” she stated.

This statement marks a significant shift in Harris’ policy platform, aligning her with key figures in the crypto industry, such as Ripple co-founder Chris Larsen, who has publicly endorsed her campaign. Larsen, a proponent of blockchain regulation, believes Harris’ stance could help push forward much-needed regulatory clarity in the digital assets space.

Binance Denies Alleged Data Breach Involving 13 Million Users

This week, rumors swirled around Binance, one of the largest global crypto exchanges, regarding a potential data breach affecting 13 million users. Reports surfaced on dark web forums claiming a group of cybercriminals, known as “Greavys,” has access to sensitive user information. This information includes names, email addresses, phone numbers, and residential details.

The alleged data was offered for sale via Telegram channels, fueling concern within the Binance community. However, Binance swiftly responded to these claims, denying any data breach.

“Our security team has thoroughly investigated the matter, and there is no evidence of a data leak. We remain committed to protecting our users’ information,” a Binance spokesperson explained in a statement to BeInCrypto.

Changpeng Zhao (CZ), co-founder and former CEO of Binance, is scheduled for early release from federal custody after serving a four-month sentence. CZ was imprisoned for violating the Bank Secrecy Act, with charges stemming from Binance’s failure to enforce adequate know-your-customer (KYC) measures.

Originally, CZ’s release was scheduled for September 29. However, due to federal rules that allow for early release when the official date falls on a weekend, recent reports suggest he will be released earlier, on September 27.

CZ initially faced a possible 36-month sentence. Yet, his sentence was significantly reduced through a settlement with the US Department of Justice (DOJ).

Despite his legal troubles, CZ remains a highly influential figure in the crypto industry. Many within the industry anticipate that he will return to focus on new ventures in blockchain, artificial intelligence, and biotech.

Read more: Who Is Changpeng Zhao? A Deep Dive Into the Ex-CEO of Binance

While marred by legal issues, his legacy at Binance is still widely regarded as pivotal to the growth of global crypto liquidity. Ki Young Ju, CEO of CryptoQuant, commented on CZ’s impact.

“Don’t underestimate CZ. He deserves respect for his contributions. While Binance faced challenges, CZ’s achievements far outweigh his mistakes,” Ju said.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Will Bittensor Surpass Bitcoin as a Store of Value? Expert Predicts

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Barry Silbert, CEO of Digital Currency Group, has stated that Bittensor (TAO) has the potential to outperform Bitcoin (BTC) as a global store of value.

His comments come amid notable growth in the Bittensor network, with its subnet ecosystem market capitalization and the TAO token’s price on the rise.

Will Bittensor’s Decentralized AI Model Outperform Bitcoin’s Legacy? 

In a recent interview with Raoul Pal, Silbert highlighted the growing influence of artificial intelligence (AI) in the crypto sector. According to him, Bittensor is at the forefront of this revolution, representing the “next big era for crypto.”

“You had the Bitcoin and the Ethereum and the NFTs, and you had the layer 2s and DeFi. I think this is the next big investment theme for crypto,” Silbert stated.

He went on to explain that Bittensor shares the same pioneering spirit as early Bitcoin. Still, its purpose extends beyond financial sovereignty.

“The boldest prediction that I could make for Bittensor is it could be a better version of Bitcoin as a global store of value,” he claimed.

He argued that instead of the $10 to $12 billion spent annually to secure the Bitcoin network, that same amount could be redirected toward incentivizing a global network of individuals working to solve major world problems. He envisions this money fostering innovation on a massive scale, with the potential to grow into a multi-billion-dollar ecosystem. 

While acknowledging the value of securing the Bitcoin network, Silbert emphasized that Bittensor’s potential lies in its ability to harness this vast financial backing to address real-world challenges

He noted that Bittensor operates on a similar economic model to Bitcoin, with halving mechanisms and decentralization, positioning it as a powerful contender in the quest for a more impactful and value-driven global network.

Silbert also noted that while plenty of decentralized AI projects have emerged, Bittensor has set itself apart. He referred to it as having reached “escape velocity.” This term is used to convey a project’s rapid growth and increasing market influence.

“99.9% of crypto tokens that are out there have no reason to exist and are worthless,” he added.

Market data reflects the growing enthusiasm for Bittensor. Notably, amid the ongoing volatility, TAO has fared well in comparison to the broader market, rising 32.1% in the last week. At press time, the altcoin was trading at $328, up 7.2% over the past day.

TAO Price Performance
TAO Price Performance. Source: BeInCrypto

Additionally, TAO is currently the top trending cryptocurrency on CoinGecko, underlining its rising popularity among investors. Google Trends data further proves the growing interest in Bittensor. The search volume peaked at 100 at the time of writing. 

Meanwhile, the Bittensor ecosystem is also seeing notable progress. The latest data indicated that the market capitalization of Bittensor’s subnet tokens more than doubled in April 2025. 

Bittensor Subnet Market Cap
Bittensor Subnet Market Cap. Source: Backprop Finance

It increased by 166%, rising from $181 million at the beginning of April to $481 million at press time. As reported by BeInCrypto, this growth follows a tripling of active subnets over the past year. 

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Bulls Defend $2.00—Is a Fresh Price Surge Loading?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Vitalik Buterin Proposes to Replace EVM with RISC-V

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Ethereum (ETH) co-founder Vitalik Buterin has proposed overhauling the blockchain’s smart contract infrastructure by replacing the Ethereum Virtual Machine (EVM) with RISC-V, a widely adopted open-source instruction set architecture.

This shift aims to address one of Ethereum’s key scaling bottlenecks by dramatically improving the efficiency and simplicity of smart contract execution.

Buterin Proposes Ditching EVM for RISC-V

The proposal was detailed in a post on the Ethereum Magicians forum. In it, Buterin suggested that smart contracts could eventually be compiled to RISC-V rather than EVM bytecode. 

According to Buterin, this shift addresses long-term scalability challenges. This particularly includes keeping block production competitive and improving zero-knowledge (ZK) EVM-proof efficiency. 

“It aims to greatly improve the efficiency of the Ethereum execution layer, resolving one of the primary scaling bottlenecks, and can also greatly improve the execution layer’s simplicity – in fact, it is perhaps the only way to do so,” he wrote.

Current ZK-EVM implementations spend around half of their proving cycles on EVM execution. By switching to a native RISC-V VM, Ethereum could potentially achieve up to 100x efficiency gains.

Importantly, many fundamental aspects of Ethereum’s architecture would remain unchanged, preserving continuity for developers and users. Core abstractions such as accounts, smart contract storage, ETH balances, and cross-contract calls would function exactly as they do today. 

Developers would still write contracts in familiar languages like Solidity or Vyper. These would simply be compiled to RISC-V rather than EVM bytecode. Tooling and workflows would remain largely intact, ensuring a smooth transition. 

Crucially, the proposal ensures backward compatibility. Existing EVM contracts will remain fully operational and interoperable with new RISC-V contracts.

Buterin outlines several potential implementation paths forward. The first would support both EVM and RISC-V smart contracts natively. The second suggests wrapping EVM contracts to run via an interpreter written in RISC-V. Thus, it would enable a full transition without breaking compatibility.  

The third, more modular approach, builds on the second by formally enshrining interpreters as part of the Ethereum protocol. This would allow the EVM and the future virtual machines to be supported in a standardized way. 

Buterin stated that the idea is “equally as ambitious as the beam chain effort.” 

“The beam chain effort holds great promise for greatly simplifying the consensus layer of Ethereum. But for the execution layer to see similar gains, this kind of radical change may be the only viable path,” Buterin added.

For context, the Ethereum Beam Chain is a redesign of Ethereum’s consensus layer (Beacon Chain). It focuses on faster block times, faster finality, chain snarkification, and quantum resistance. The development will likely begin in 2026.

This proposal fits into Ethereum’s broader vision of modularity, simplicity, and long-term scalability. Previously, BeInCrypto reported on Buterin’s privacy-centric plans for the blockchain. 

The proposal focused on integrating privacy-preserving technologies. Moreover, the Pectra upgrade is also nearing, with the launch expected on May 7.

Meanwhile, ETH continues to face market headwinds, trading at March 2023 lows. This year has been quite hard for the altcoin, as it saw a decline of 50.8%. In fact, Ethereum dominance hit a 5-year low last week.

Ethereum Price Performance
Ethereum Price Performance. Source: BeInCrypto

Nonetheless, BeInCrypto data showed a slight recovery over the last 14 days. ETH rose by 6.1%. Over the past day alone, it saw modest gains of 1.7%. At the time of writing, ETH was trading at $1,639.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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