Giggle Academy, an educational initiative launched by Binance founder Changpeng Zhao, was a victim of a cyberattack that compromised its official X account (formerly Twitter). This resulted in the distribution of phishing links and false information.

This incident comes as the emerging industry deals with the scourge of phishing attacks, which have led to substantial losses for users.

Giggle Academy’s Hack Reinforces Growing Phishing Attack Threats

On November 16, Zhao confirmed a breach on Giggle Academy’s X account and cautioned the community against interacting with the compromised account. The attackers falsely claimed a “new CEO” had been appointed and shared phishing links to lure victims into verifying this fabricated announcement.

Giggle Academy provides free online courses covering grades 1 to 12, focusing on core subjects and additional topics such as emotional intelligence, finance, and blockchain. Its mission centers on supporting underserved communities with accessible education.

The Giggle Academy breach underscores the growing phishing problem in the blockchain industry. This year alone, phishing-related losses have surpassed $800 million. Blockchain security firm CertiK attributes this surge to increasingly sophisticated techniques like wallet draining and address poisoning.

CertiK’s data reveals 247 phishing incidents recorded in 2024. The first quarter saw the highest number of attacks, with 82 cases, while Q2 and Q3 recorded 67 and 65 incidents, respectively. Q4 has already logged 33 cases, despite only being midway through.

Although Q1 experienced the most attacks, Q2 led in total losses, with over $433 million stolen. Losses in Q3 reached $343 million, while Q1 accounted for $67 million. Despite fewer incidents in Q4 so far, the monetary impact is on track to surpass early-year figures.

CertiK highlights a shift in phishing methods, with hackers increasingly employing advanced tools. Wallet-draining techniques, originally popularized by Ice Phishing, are becoming more potent. In such scams, users are tricked into granting token-spending permissions to malicious actors.

Modern variants combine these methods with additional draining tools, such as Angel Drainer and Pink Drainer. Angel Drainer’s recent acquisition of Inferno Drainer highlights the growing prevalence of such tools in phishing campaigns.

Another rising threat is address poisoning, where scammers create fake wallet addresses resembling legitimate ones. They then send scam tokens to victims, hoping to manipulate transaction histories. When users attempt to interact with a familiar address, they may accidentally transact with a fake one instead.

The Bitcoin (BTC) Network Value to Transaction (NVT) golden cross suggests that the cryptocurrency’s recent surge past $93,000 might not mark the peak of this cycle. BeInCrypto observed this after analyzing the current state of the metric.

At press time, BTC trades at  $90,893. Here is why this slight drawdown may not last: instead, Bitcoin’s price could rally well above its all-time high.

Data Shows that Bitcoin Remains Undervalued

Bitcoin’s NVT golden cross is a metric that helps spot tops and buttons during a cycle. When the NVT golden cross surpasses 2.2 points (red region), it indicates a short-term trend of price overheating, potentially signaling a local top. 

Conversely, a drop below -1.6 points (green area) suggests the price is cooling excessively, pointing to a possible local bottom. According to CryptoQuant, the metric’s reading is -3.25 as of this writing, suggesting that Bitcoin’s price still has room to appreciate.

For instance, when the metric was -2.60 in January, BTC traded below $42,000. About two months later, the coin went on to hit $73,000. Therefore, considering historical data and the current position of the metric, it is likely for BTC to climb toward $100,000 before the year closes. 

This outlook also aligns with that of Crypto Kaleo, an analyst. According to Kaleo, Bitcoin’s potential rise to $100,000 could bring back retail investors and possibly push the price higher. 

“I think Bitcoin surprises everyone when it crosses $100K, sends straight past it and doesn’t look back. It’s been such a mental milestone for so long that it’ll bring retail FOMO back in full force when it happens,” the pseudonymous analyst wrote on X.

Furthermore, Glassnode data shows that Bitcoin is currently trading above the realized price of Short-Term Holders (STH) and Long-Term Holders (LTH). The realized price represents the supply-weighted average price that market participants paid for their coins. It serves as an on-chain indicator of potential support or resistance levels.

Typically, when the realized price is above BTC, the cryptocurrency faces resistance. Hence, the price might find it challenging to climb. However, as seen above, the STH realized price is below BTC’s value at 69,793, indicating that the price could continue to rise.

BTC Price Prediction: Could $104,000 Be Next?

On the 3-day chart, Bitcoin has formed a bullish flag. A bull flag is a bullish chart pattern characterized by two rallies separated by a short consolidation phase. The flagpole forms during a sharp upward price spike as buyers overpower sellers. 

This is followed by a retracement phase, during which price movement creates parallel upper and lower trendlines, forming the flag shape. Considering the current outlook, Bitcoin’s price could rally toward $104,228 as long as buying pressure increases. 

However, if the Bitcoin NVT golden cross hits an extremely high value, that could mark a local top for BTC. In that case, the coin’s price could face a notable correction.

Cardano (ADA) rally may be poised to continue following its impressive 65% price surge over the past week. This outlook stems from its historical performance and anticipated investor behavior.

Currently trading at $0.72 — its highest level since March — ADA could see further gains. This on-chain analysis reveals why this might happen, even though some analysts have called for a significant correction. 

History Suggests Cardano Breakout May Be Just Beginning

One key indicator suggesting this outlook is the Market Value to Realized Value (MVRV) ratio. The MVRV is a metric that compares the market value of a crypto asset to its realized value. This ratio identifies potential market tops and bottoms and offers insights into investors’ behaviors.

Typically, the higher the MVRV ratio, the higher the profitability of holders and their willingness to sell. However, when the ratio decreases, it means unrealized gains have reduced, and investors might not be inclined to liquidate their assets.

For ADA, the 30-day MVRV ratio is -7.27%, indicating that if all Cardano holders sell, the average return on investment could be a loss. Historically, when the ratio is at this level, it means that ADA’s price could continue to climb.

As seen below, it took an MVRV ratio of 55.56% for ADA to experience a correction in March. Therefore, if history repeats itself, Cardano’s price might rise much higher than $0.72 in the short term.

Furthermore, Robinhood’s relisting of the cryptocurrency suggests that demand for ADA might surge — particularly from the US. If that is the case, then the prediction of a higher value could become reality.

Also, the Historical In/Out of the Money (HIOM) metric, which assesses the difference in profitable addresses to gauge market momentum, supports this outlook. A decline in the metric indicates that more holders are out of the money, often discouraging new investments.

However, in Cardano’s case, the percentage of addresses in profit has risen, potentially encouraging sidelined investors to buy ADA in the short term. If this buying pressure materializes, it could drive the cryptocurrency’s value even higher.

ADA Price Prediction: 500% Hike in View?

On the weekly chart, the Cardano rally appears to be mirroring a trend from 2020–2021, during which ADA soared by 3,653%. This previous surge was triggered by a bullish crossover of the 20-week Exponential Moving Average (EMA) above the 50-week EMA.

During that period, ADA climbed from $0.061 to $2.29. Currently, the 20 EMA (blue) has just crossed above the 50 EMA (yellow), signaling renewed bullish momentum for the token. While a similar percentage rally may be unlikely, ADA could still see a substantial gain of up to 500% over the coming months if past performances influence future trends.

If that happens, ADA could rise to $2.03. This could also be accelerated by the rise in Bitcoin’s (BTC) price, especially as Cardano seems to have a strong correlation with it. However, if selling pressure intensifies, this might not happen. Instead, ADA could drop to $0.33.