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Top Cryptocurrency News of the Day - 24/09/2024



Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.


Ether.fi thwarts domain account takeover attempt, confirms user funds safe


Ether.fi, a decentralized finance (DeFi) staking platform, recently experienced an attempted domain takeover attack but confirmed no user funds were affected.


On September 24, the attack targeted Ether.fi’s domain registrar, Gandi.net. However, the team was able to prevent significant damage before it could occur. The internal security team at Ether.fi assured users that the attackers could not deploy a malicious decentralized application (DApp) on any of its domains.


The incident began when Ether.fi received a recovery notification email from Gandi.net at 4:38 pm UTC. Verifying the email through security protocols like SPF, DKIM, and DMARC authentication made it clear that an attacker sent the email.


In a detailed post on Gitbook, Ether.fi explained that the attacker tried to use Gandi’s legitimate account recovery process to gain access to Ether.fi’s account. The team immediately contacted Gandi through various channels, and by 7:30 pm UTC, the account was secured to prevent further tampering.


More China stimulus may fuel bullish sentiment in crypto and risk assets: QCP Capital


Analysts at QCP Capital predict that upcoming stimulus measures from China will create a more favourable environment for risk assets, including cryptocurrencies.


"We expect further easing from the People's Bank of China (PBoC), as they've indicated, and with the U.S. Federal Reserve joining other central banks in cutting rates, all major central banks except the Bank of Japan are prepared to inject more liquidity into the market. This paints an increasingly bullish picture for risk assets, including crypto," the analysts said.


They believe a combination of favourable factors could drive a significant rise in cryptocurrency prices, potentially catching investors off guard. "Crypto prices can move explosively, and with so many positive catalysts in play, we think the next upward move will surprise many and leave them on the sidelines," they added.


On Tuesday, China’s central bank introduced a set of policies aimed at revitalizing the country's struggling housing and equity markets. These efforts seem to work, with the SSE Composite Index climbing 1.16%, closing at 2,896.31, up by 33.18 points.


European stocks also rallied for a second day, particularly in sectors tied to the Chinese economy, as China’s stimulus fueled broader risk-taking in the market. The FTSE 100 rose by 0.35% in London, while the STOXX Europe 600 gained 0.11%. On the same day, U.S. markets saw the S&P 500 close up by 0.25%, the Dow Jones increase by 0.20%, and the Nasdaq rise by 0.56%.


Dogecoin Cofounder Breaks Silence on Satoshi Bitcoin Speculations


In recent tweets, Dogecoin co-founder Billy Markus, known as "Shibetoshi Nakamoto" on X, addressed rumours about his involvement with Bitcoin and other cryptocurrencies.


Markus made it clear that, apart from Dogecoin and an earlier "Bells" project, he has not been involved in creating or working on any other cryptocurrency. He emphasized that he hasn’t worked on any crypto projects since 2014 and has no intention of doing so in the future. "Anything claiming I am affiliated is lying," Markus added, dismissing any speculation about his involvement in other blockchain projects.


In a humorous exchange, influencer Ian Miles Cheong joked, "But you created Bitcoin." Markus, in his signature playful style, replied, "Yes, and I created the internet and oxygen," poking fun at the absurdity of the claim.


This conversation arises amidst ongoing theories linking various figures in the crypto world to Satoshi Nakamoto, the mysterious creator of Bitcoin. Markus’s humorous yet firm denial aims to settle the speculation and clarify his limited role in cryptocurrency.


Dogecoin (DOGEUSD) was launched in 2013 as a fun alternative to cryptocurrencies like Bitcoin, which debuted in 2009. Satoshi Nakamoto disappeared from the scene in 2011, making it highly unlikely that Markus was behind the creation of Bitcoin.


The mystery of Satoshi Nakamoto’s identity continues to puzzle the crypto community. Despite numerous investigations, no one has definitively uncovered who Satoshi is, leading to endless speculation.


Some suggest that Satoshi may not be an individual but a group of developers who worked on Bitcoin’s complex code. Given the sophistication of the project, many believe it would have required multiple coders. To this day, Satoshi Nakamoto's true identity remains unsolved.


WazirX Hacker Is Almost Done Laundering $230M Stolen Funds


According to blockchain data, the culprit behind India’s largest cryptocurrency hack has nearly finished laundering over $230 million in stolen tokens.


A wallet containing funds stolen from WazirX, formerly one of India’s biggest crypto exchanges, now holds only $6 million worth of Ethereum (ETH). Blockchain tracking platform Arkham shows that the stolen funds were regularly transferred to new wallets before being funnelled through Tornado Cash, a privacy tool.


In August, the hacker moved over $50 million in tokens to Tornado Cash and has increased activity throughout September. The most recent transaction was the transfer of 3,792 ETH (approximately $10 million) to a wallet on Wednesday.


Tornado Cash allows users to exchange tokens while hiding their wallet addresses on various blockchains. While the service itself isn't inherently illegal, criminals often use it to obscure their tracks and conceal their identity when moving stolen assets. In May, Alexey Pertsev, a Tornado Cash developer, was convicted of money laundering by a Dutch court and sentenced to 64 months in prison.


The WazirX hack occurred in July when the exchange suffered a security breach in one of its multi-signature wallets. Over $100 million in Shiba Inu (SHIB) tokens and $52 million in Ethereum, among other assets, were stolen during the attack. These stolen funds represented over 45% of the exchange's total reserves, as cited in a June 2024 report.


Following the breach, WazirX filed for restructuring in Singapore to address its liabilities. The exchange has struggled to recover the stolen assets, facing widespread criticism over its response, particularly regarding communication with users and efforts to reclaim the lost funds.


Binance, which has had a strained relationship with WazirX, clarified last week that it had no involvement in the security breach, stressing that it neither controls nor operates WazirX. This contradicts claims made by WazirX founder Nischal Shetty in an August statement on X (formerly Twitter).


U.S. M2 Money Supply Approaches New Highs as Financial Assets Reach Record Levels


On September 24, financial markets hit record highs, with the S&P 500 reaching a new peak of 5,735 and gold climbing to $2,670 per ounce. Gold has surged by 30% so far this year, making 2024 the best year for the metal in this century, according to Zerohedge.


But what's behind these continued market rallies? A closer analysis points to liquidity and money supply as the key drivers.


Central banks have played a significant role in boosting liquidity in the global economy. As of September 25, the combined balance sheets of the top 15 central banks worldwide surpassed $31 trillion, a level last seen in April 2024. This increase has been ongoing since July and primarily driven by monetary stimulus in response to economic challenges, which has been critical in supporting financial markets.


China's commitment to significant monetary easing and the U.S. Federal Reserve's 50 basis point rate cut have further fueled market momentum. Cryptocurrencies have emerged as the best-performing asset class since the Federal Open Market Committee (FOMC) meeting on September 18. The CME FedWatch Tool predicts a 60% chance of another 50 basis point rate cut at the next meeting on November 7, bringing the federal funds rate range down to 4.25%-4.50%.


A key measure of liquidity is the M2 money supply, which includes cash, savings deposits, and money market funds. Data from Trading Economics shows that the M2 money supply has been consistently increasing month after month, a trend that began in February 2024. In August alone, the M2 supply grew by nearly 1% compared to the previous month, highlighting the ongoing expansion of the money supply, which has been vital in supporting rising asset prices.

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