Crypto News- HERE’S WHAT HAPPENED IN CRYPTO MARKETS THIS WEEK?: Crypto Data Space is here again, crypto enthusiasts! This week’s news filled with both thrilling opportunities and stark reminders of the industry’s vulnerabilities. We’ll delve into a $400 million SIM swap attack targeting FTX, Binance freezing millions from a Ripple co-founder’s wallet hack, and the record-breaking surge in Ether options trading. But don’t worry, there’s good news too, as Fidelity’s Bitcoin ETF rakes in millions, signaling mainstream adoption. Stay informed and make informed decisions – stay tuned for our weekly crypto wrap-up!
HERE’S WHAT HAPPENED IN CRYPTO MARKETS THIS WEEK? ALL IN ONE!
THE Breakıng One:
Three implicated in FTX SIM swap attack that stole $400M in crypto
5 Key Points:
- Three Individuals Indicted: US prosecutors charge Robert Powell, Carter Rohn, and Emily Hernandez with SIM-swap attacks targeting 50 victims, including a major crypto exchange.
- FTX Hack Link: The indictment suggests the stolen $400 million in crypto could be linked to the November 2022 hack of FTX, which happened shortly after the exchange filed for bankruptcy.
- SIM Swap Scheme: The trio allegedly impersonated victims, gained control of their phone numbers, and accessed crypto wallets, leading to the theft.
- Connecting the Dots: Blockchain security firm Elliptic and Bloomberg sources link the Victim Company-1 in the indictment to FTX, based on the timing and amount stolen.
- Investigation Ongoing: This indictment represents a significant step in the investigation into the FTX hack, but the full scope and potential involvement of other parties remain under investigation.
Binance froze $4.2M of XRP from hack on Ripple co-founder’s wallet
5 Key Points:
- $4.2M Frozen: Binance froze $4.2M in stolen XRP from the $112M hack targeting Ripple co-founder Chris Larsen.
- Hacker Tracked: Binance CEO Richard Teng credited sleuth ZachXBT and Ripple for aiding in tracking the hacker.
- No Mixing Services: Unlike recent exploits, the hacker didn’t use mixers or DEXs, allowing easier tracing.
- Larsen Accounts Hit: Larsen confirmed personal XRP accounts were compromised, with 213 million XRP stolen.
- Centralized Exchanges Wary: The exploit highlights increased vigilance by centralized exchanges like Binance against illicit funds.
Fidelity Bitcoin ETF Rakes 208M Dollars
Fidelity’s FBTC ETF saw $208 million inflows on Jan 29th, exceeding GBTC’s $192 million outflows. This marks the first time ever FBTC inflows surpassed GBTC outflows.
GBTC outflows have slowed down significantly, reaching their second-lowest daily outflow on Jan 29th. This suggests investors may be taking advantage of underwater positions.
New US spot Bitcoin ETFs collectively saw $994.1 million volume, double GBTC’s $570 million. This indicates growing interest in these new ETFs.
BlackRock’s IBIT and Fidelity’s FBTC had the highest volume share among new ETFs, capturing 78% of the total. These two ETFs are gaining traction alongside GBTC.
Analysts believe GBTC outflows’ negative impact on Bitcoin price is mostly over. This could signal a positive trend for Bitcoin and the broader crypto market.
Ether Options Market Sets New Records With Trading Volume Peaking At 2,300 Dollars
- All-Time High ETH Volume: Ether options trading hit a record $20 billion in January, with Deribit contributing $15 billion.
- Bullish Bets on Ether: Most outstanding options on Deribit are calls at $2,500 expiring on February 23rd, suggesting bullish sentiment.
- Slight Price Dip: Despite optimism, Ether price dipped 1% to $2,294 in the last 24 hours.
- Soaring Blockchain Activity: Ethereum transaction volume reached $102.9 billion in January, a 5% increase from December and significantly higher than 2023 levels.
- Intriguing Landscape: Rising options trading and blockchain activity suggest evolving market sentiment and expectations for Ether in 2024.
OTHER MUST READ CRYPTO NEWS AND TOP READS:
US Government To Auction Seized Silk Road Bitcoin Holdings Worth $130 Million
Google To Allow Advertising Of Spot Bitcoin ETFs And Cryptocurrency Trusts With Updated Policies
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