Sunday, Aug 14, 2022
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Hackers Steal $4.3 Million Worth of Cryptos During Wormhole Transfer; Shiba Inu Rallies By 26%

Global crypto market rallies; Shiba Inu was up by 26 per cent, BTC by 3 per cent, Ethereum by 1 per cent and Cardano rose 3 per cent.

Bitcoin
Bitcoin

Approximately 1,391.24 Ethereum and 2.74 Bitcoins worth $4.3 million were stolen by hackers during a wrapped transfer via Meter.io, a California-based blockchain infrastructure provider, according to Peckshield Incorporation, a blockchain security, and data analytics company. Meanwhile, according to a UN report, cyber-attacks in North Korea stole cryptocurrencies worth millions of dollars which was used to fund the country’s missile programmes, BBC reported.

Amid all this, the global crypto market cap increased by 1.67 per cent at $1.94 trillion, while the trading volume decreased by 9.52 per cent at $64.94 billion at 8.30 am, as per Coinmarketcap.com data.

The world’s oldest cryptocurrency, Bitcoin (BTC), saw its prices increase by 2.42 per cent at $42,508.63.

"Bitcoin surged 3% after last week's  rally, trading at $42,756.45 at the moment. Ether has rebound by nearly 2%, trading above $3,000," says Gaurav Dahake, CEO and founder, Bitbns.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, saw its price increase by 1.01 per cent at $3,050.30.

Among other major coins, Cardano (ADA) was up by 3 per cent at $1.16. Algorand (ALGO), which is known as the Ethereum killer, was up by 0.54 per cent at1.03; its market cap now stands at $6,746,848,529. Binance Coin (BNB) was up by 1.27 per cent at $422.67, while Solana (SOL) was up by 0.81 per cent at $115.47 and Polkadot (DOT) rose by 1.34 per cent at $21.90.

Today’s top gainer was First Eleven (F11), which is up by 646.87 per cent at $0.00000000203. The top loser was Galatic Kitty Fighters (GKF), which is down by 96.08 per cent at $0.00000000009394.

Meme Coins And DeFi

Dogecoin (DOGE) was up by 7.72 per cent at $0.1593. Its volume to market cap ratio stands at 0.04709. Rival Shiba Inu (SHIB) was also up by a massive 26.48 per cent at $0.00002891.

Dogelon Mars (ELON) was trading with a gain of 15.07 per cent at $0.000001073. Floki Inu (FLOKI) was also up by 8.84 per cent at $0.00004710, while Samoyed Coin (SAMO) was up by 1.29 per cent at $0.02343.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 2.94 per cent at $24,366.13. Terra (LUNA) was down by 0.10 per cent at $55.83, Avalanche (AVAX) was up by 1.47 per cent at $79.52, Uniswap (UNI) was up by 1.09 per cent at $11.59, while Aave (AAVE) rose by 2.51 per cent at $174.30.

Latest Update

Peckshield Incorporation, a blockchain security, and data analytics company, reported that approximately 1,391.24 Ethereum and 2.74 Bitcoins worth $4.3 million were stolen by hackers during a wrapped transfer via Meter.io, a California-based blockchain infrastructure provider.

Cryptocurrencies are not like fiat money which can be easily exchanged for other fiat currencies at banks or financial institutions. If any crypto trader or investor wants to convert some of his cryptos (say Coin A) to another crypto (say Coin B), then a wormhole address and a wrapping bridge transfer protocol are needed to do this transaction. Banks also do this but since they are centralised institutions, they are not easily hacked. Meter.io was that bridge that was facilitating the transfer, and hackers exploited a coding flaw that allowed them to send the cryptos (ETH and BTC) to themselves instead of the original recipient.

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