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
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- 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.
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