Monthly Archives: Januar 2023

Exploit Targets Bored Ape Yacht Club, ApeCoin Value Drops 1.3%

• An exploit happened on January 20th targeting the Bored Ape Yacht Club NFT collection.
• The exploit allowed the attacker to sell a marked Bored Ape, which was marked as “under review for suspicious activity”, and was locked from being sold.
• As a result of the exploit, ApeCoin, the native token of the Bored Ape Yacht Club ecosystem, has fallen 1.3% in value in the past 24 hours.

On January 20th, an exploit targeting the Bored Ape Yacht Club (BAYC) Non-Fungible Tokens (NFTs) was discovered. FranklinIsbored, one of the largest holders of BAYC NFTs, was the target of the exploit, which was able to sell a marked Bored Ape. The Bored Ape was marked as „under review for suspicious activity“, meaning it was locked from being sold.

The exploit was made possible by OpenSea’s stolen ApeCoin policy, which allowed the attacker to use the „Match Advance Order“ system to „Mint“ and sell the marked Bored Ape to Franklin. The attacker was able to take advantage of this policy, and sell the Bored Ape to Franklin, collecting 1.625 WETH in fees. Unfortunately, Franklin was unable to resell the ape due to it being marked as suspicious.

This was the second exploit targeting FranklinIsbored this week, the first one occurring on January 20th. In response to the exploit, ApeCoin, the native token of the Bored Ape Yacht Club ecosystem, has seen a 1.3% fall in value in the past 24 hours. According to Coingecko, APE is currently trading at $5.80, up 16.6% in the last seven days.

The total amount of Bored Ape and Mutant Ape NFTs being stolen has now reached nearly $20 million. With the increase in exploits and thefts, the Bored Ape Yacht Club is urging its users to be vigilant and to ensure their NFTs are properly secured. To help protect users from these exploits, OpenSea is currently working on strengthening its stolen item policy, by introducing new security measures.

It is clear that the Bored Ape Yacht Club is doing everything they can to ensure their NFTs are safe, and that users are well protected. With OpenSea’s new security measures, users can be sure that their NFTs will be safe and secure.

DeFi TVL Surges 20% in 2021: Liquid Staking Protocols Lead the Way

• DeFi TVL has surged nearly 20% since the beginning of 2021.
• Major DeFi protocols such as Lido Finance and MakerDAOhave significantly contributed to the DeFi ecosystem.
• Liquid staking protocols such as Lido Finance are the accelerators of the DeFi surge, with 14.75% dominance in the DeFi market.

The Decentralized Finance (DeFi) ecosystem has been one of the most active and consistently growing areas of the Web3 space for the past few years. Despite a bear market in 2020, DeFi TVL (Total Value Locked) continues to grow, and recently surpassed its highest point in the past two months. This surge in DeFi TVL has been driven by major protocols such as Lido Finance and MakerDAO, which have contributed significantly to the growth of the ecosystem.

Lido Finance is leading the charge in the DeFi surge, and has added $8.4 billion to the DeFi ecosystem since its lower low late last year. This is due in large part to the Ethereum Merge, which has triggered the popularity of liquid staking protocols such as Lido Finance. As a result, Lido Finance now has a 14.75% dominance in the DeFi market, leaving MakerDAO behind with a 13.25% share.

The mini bull run of 2021 has been a major catalyst for the DeFi surge, as most of the underlying DeFi tokens have followed suit. However, despite the surge, DeFi TVL is still far from its all-time high seen in 2021. In order to continue to grow, DeFi protocols need to focus on providing better user experiences, as well as building trust in the protocol.

The DeFi ecosystem has come a long way since its inception, and its growth is set to continue in 2021. With more protocols launching, and more investors entering the space, DeFi is sure to continue to gain traction and TVL. Ultimately, DeFi is a powerful tool that has the potential to revolutionize the way we interact with money and financial services, and this surge in TVL is just the beginning.

Polkadot (DOT) Nears $5 Price Level, Market Structure Remains Bullish

• Polkadot (DOT) posted significant gains over the last week following Bitcoin’s recovery.
• At the moment, DOT has been trying to breach the immediate resistance of $5.
• The market structure for DOT remains bullish as the coin managed to flip a few resistance marks into support levels in the past week.

Polkadot (DOT) has been experiencing a surge in prices in recent days, following the recovery of Bitcoin in the market. The altcoin has been trading at around $4.90 at press time and is trying to breach the immediate resistance level of $5. This has been a tough resistance mark for the altcoin in the past and a push from buyers would help strengthen the bulls’ efforts to cross it.

In the last week, the Polkadot price posted significant gains as Bitcoin showed a recovery on its chart. Other altcoins have also moved in the same direction, but DOT has been unable to breach the $5 level. The past 24 hours have seen a slight decline of 2%, which could be attributed to a decrease in demand for the altcoin.

Despite this, the technical outlook for Polkadot remains bullish. Accumulation has been growing over the last week as buyers have exceeded sellers. It is important that DOT is able to surpass the $5 mark in order to retain investor interest and trade at higher levels near the $6 mark.

The market structure for DOT has also been bullish as the coin managed to flip a few resistance marks into support levels. This has been an encouraging sign for investors and a further push from buyers will help DOT reach the $5 price level.

At the moment, the Polkadot price is trading 91% below its all-time high, which was recorded in 2021. This has been a difficult period for DOT but the altcoin has been steadily recovering and is now trading close to the $5 mark. If buyers can push the price above this level, then it could open up the possibility of further gains for DOT.

Ethereum Price Rallies 10% on Loosening Fed Policy, Positive Futures Outlook

• The Ethereum price has been trending to the upside over the past week as market sentiment improves.
• This positive sentiment is driven by expectations of an economic recession and the US Federal Reserve (Fed) loosening its monetary policy.
• Positive developments in the futures and options sectors have also been observed, indicating a shift in sentiment for Q1, 2023.

The cryptocurrency market has had a volatile start to 2021, but in the past few weeks, the Ethereum price has been trending to the upside. The second crypto by market capitalization has recorded a 10% profit over the previous week and stands as one of the best performers in the top 10 by market cap.

This positive movement is largely attributed to the improving market sentiment. Reports of an economic recession have caused investors to expect the US Federal Reserve (Fed) to loosen its monetary policy. Currently, the Fed has been hiking interest rates to combat the highest inflation recorded in decades. If conditions deteriorate too much, the market believes the Fed will backtrack, allowing Ethereum and other risk assets to rally. The Fed will be providing light on its next steps today, and if it slows down, the Ethereum price could continue its positive trajectory.

In addition to the macroeconomic conditions, the positive sentiment is also spilling over to other crypto financial sectors. Analysis firm Blofin reported that there have been positive developments in the futures and options sectors, indicating a shift in sentiment for Q1, 2023.

Overall, the Ethereum price is on the upswing, and if macroeconomic conditions and the crypto financial sectors continue to support the rally, the second crypto by market capitalization could extend its gains. Investors will be watching the Fed’s monetary policy decisions today for further insight into the market’s direction.