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Home»ADOPTION NEWS»The Daily: BingX Hack, Frankendancer Solana Launch, Catizen Token Launch, and More
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The Daily: BingX Hack, Frankendancer Solana Launch, Catizen Token Launch, and More

By Crypto FlexsSeptember 21, 20245 Mins Read
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The Daily: BingX Hack, Frankendancer Solana Launch, Catizen Token Launch, and More
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It’s Friday! In today’s newsletter, we cover the hack of crypto exchange BingX, Jump Crypto’s Frankendancer client launching on Solana, Catizen’s TON-based token launch, and more.

Meanwhile, an “intimate” documentary about Vitalik Buterin and Ethereum has started streaming on-chain.

Let’s get started.

Cryptocurrency Exchange BingX Faces $43 Million Security Exploit

Singapore-based cryptocurrency exchange BingX suffered a hot wallet security breach on Friday morning, resulting in significant losses of funds.

  • Analysts at blockchain security firm PeckShield estimated that $43 million worth of cryptocurrency was stolen in the attack, but the exchange described the losses as “minor” and manageable.
  • Vivian Lin, BingX’s chief product officer, said the incident occurred around 4am Singapore time when the tech team detected “unusual network access suspected to be a hacker attack” on the hot wallet.
  • Withdrawals have been put on hold as part of the cryptocurrency exchange’s “contingency plan” to prevent further damage.
  • “So far, we have only had minor losses, which we have dealt with. Most of the assets are safe in cold wallets, with only a small amount impacted in hot wallets,” BingX said in an update to X.
  • The exchange said withdrawals would resume within 24 hours and promised a compensation plan for affected users.

Jump Crypto’s Frankendancer Client Launches on Solana Mainnet; Firedancer Launches on Testnet

Frankendancer, a validator client and prototype of the much-anticipated Firedancer software, has launched on Solana’s mainnet.

  • Kevin Bowers, chief scientific officer at developer Jump Crypto, announced the news at Solana Breakpoint in Singapore on Friday.
  • Frankendancer’s launch follows the introduction of Agave, another validator client built by separate development company Anza, on Solana’s mainnet in August.
  • Bowers said having a second independent validator for Solana would provide performance benefits, help reduce costs and increase capacity.
  • Bowers announced that Frankendancer’s full validator client, Firedancer, is currently running on testnet, with a mainnet launch date not yet confirmed.

Bitcoin is supported by increased risk appetite as the yen weakens against the dollar

Bitcoin Bitcoin

-1.07%
Prices have risen more than 6% since the U.S. Federal Reserve cut interest rates by 50 basis points earlier this week.

  • According to derivatives trader Gordon Grant, the weakness of the Japanese yen against the U.S. dollar also provided additional support for the Bitcoin price rally.
  • Grant explained that a stronger dollar versus the yen makes riskier trades more attractive, which helps Bitcoin to appreciate alongside assets like gold and silver.
  • He added that bitcoin can act as a “short-term dollar proxy,” meaning it appreciates when the dollar is weak. But bitcoin also acts as a high-beta asset, meaning its price tends to appreciate when overall market risk sentiment improves.
  • Grant said the Bank of Japan’s decision to keep interest rates at 0.25% on Friday strengthened the overall macroeconomic environment that supports Bitcoin’s upside momentum.

MicroStrategy Buys More Bitcoin

MicroStrategy, a business intelligence firm and corporate Bitcoin holding company, announced that it acquired an additional 7,420 BTC for $458.2 million between September 13 and September 19, which equates to an average price of $61,750 per Bitcoin.

  • According to founder Michael Saylor, the company currently holds 252,220 BTC worth approximately $15.8 billion, buying each Bitcoin at an average of $39,266, for a total cost of approximately $9.9 billion.
  • This is MicroStrategy’s second purchase of 7,420 BTC, following its acquisition of 18,300 BTC for $1.1 billion between August 6 and September 12.
  • The latest acquisition comes as MicroStrategy completed its $1.01 billion expanded convertible bond offering, which it announced on Friday.

Telegram Game Katizn Tokens Start Trading on Exchanges with Community Airdrop

Catizen’s TON blockchain-based CATI token finally began trading on centralized exchanges Binance, Bybit, and Bitget on Friday after a two-month delay.

  • As part of the Season 1 distribution, Telegram Clicker Game airdropped 150 million CATI tokens, equivalent to 15% of the total supply, to eligible players based on their game activity.
  • 9% of the total supply went to Binance Launchpool, 19% was set aside for additional quarterly airdrop campaigns, 5% was allocated to liquidity provision, 15% to the treasury, 20% to the team, 10% to investors, and 7% to advisors.

Looking forward to next week

  • U.S. GDP and jobless claims numbers are due out Thursday. U.S. PCE data is due out Friday.
  • ECB President Christine Lagarde, U.S. Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen are scheduled to speak on Thursday.
  • Solana Breakpoint 2024 wraps up in Singapore on Saturday. The European Blockchain Convention kicks off in Barcelona on Wednesday.

Don’t miss a beat with The Block’s daily roundup of the most impactful events happening across the digital asset ecosystem.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

James Hunt is a journalist at The Block and author of The Daily newsletter, bringing you the latest crypto news every weekday. Prior to joining The Block in 2022, James worked as a freelance writer in the industry for four years, contributing content to publications and crypto projects. James’s coverage ranges from Bitcoin and Ethereum to layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals, and the latest market updates. Reach James on Telegram or 𝕏 on @humanjets or email him at (email protected).
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