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Today's Top Crypto Headlines:
Radiant Capital Hacker Moves Stolen Funds | Trump Victory Could Push Bitcoin | Ripple Endorses John Deaton | Cosmos Allegations and more...
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Radiant Capital Hacker Moves Stolen Funds: The hacker behind the $52 million Radiant Capital exploit has moved the stolen assets from layer-2 networks to Ethereum, likely to obscure the trail.
Trump Victory Could Push Bitcoin to $92K: Jeff Park of Bitwise predicts Bitcoin could reach $92,000 if Donald Trump wins the 2024 U.S. presidential election, based on probabilities derived from Polymarket odds.
📈Technical Analysis Masterclass - Dogecoin is showing signs of a potential breakout! Watch UseTheBitcoin’s latest Youtube video “This is the BEST Time to Buy Dogecoin! (DOGE)” to know why it might be a strategic time to consider buying or join our Official Telegram Channel for more alpha!
Ripple CEO Endorses John Deaton: Ripple CEO Brad Garlinghouse has endorsed John Deaton's campaign to unseat Senator Elizabeth Warren in Massachusetts.
Cosmos Allegations: Allegations surfaced that part of Cosmos' Liquid Staking Module (LSM) may have been developed by North Korean agents, raising concerns about vulnerabilities within the system.
💡Feature of the Day
All this and more in today’s headlines!
📰 News Highlights:
The hacker responsible for the Radiant Capital exploit has moved nearly all of the stolen $52 million from layer-2 protocols to Ethereum, signaling a possible attempt to obscure the funds’ trail.
#PeckShieldAlert#RadiantCapital Exploiter -labeled addresses have bridged nearly all stolen funds from #Arbitrum and #BNBChain to #Ethereum, totaling ~20.5K $ETH (worth ~$52M).
— PeckShieldAlert (@PeckShieldAlert)
2:43 AM • Oct 24, 2024
On October 24, blockchain security firm PeckShield reported that the hacker had bridged approximately 20,500 Ether from Arbitrum and Binance BNB Chain to Ethereum.
The move raises concerns, as Ethereum is often used by hackers to further complicate recovery efforts by mixing the stolen assets through platforms like Tornado Cash.
🚨~$58,000,000 Exploit Alert🚨
Radiant Capital contracts were exploited on BSC & ARB chains with the 'transferFrom' function, which allowed to drain users' funds, namely $USDC $WBNB $ETH and others
⚠️Revoke approvals ASAP👇
0xd50cf00b6e600dd036ba8ef475677d816d6c4281— De.Fi Antivirus Web3 🛡️ (@De_FiSecurity)
6:51 PM • Oct 16, 2024
Radiant Capital, a cross-chain DeFi lending platform, was exploited in mid-October through a sophisticated cyberattack that compromised the devices of key developers.
We are aware of an issue with the Radiant Lending markets on Binance Chain and Arbitrum. We are working with SEAL911, Hypernative, ZeroShadow & Chainalysis and will provide an update as soon as possible. Markets on Base and Mainnet are paused until further notice.
— Radiant Capital (@RDNTCapital)
7:27 PM • Oct 16, 2024
In response to the breach, the platform halted lending markets and advised users to revoke permissions to affected smart contracts to prevent further losses.
Despite these efforts, the platform's total value locked (TVL) has plummeted by 66% to around $24 million since the attack.
According to Jeff Park, head of alpha strategies at Bitwise, Bitcoin could soar to $92,000 if Donald Trump wins the U.S. presidential election in November.
Charting $BTC price against Trump’s odds (via @Polymarket) from 8/15 to 10/20 reveals some wild swings—particularly when Harris and Trump took turns leading. By applying merger arb-style probability math, I project a Trump victory could push BTC to ~$92,000
Take that as you will x.com/i/web/status/1…
— Jeff Park (@dgt10011)
12:39 PM • Oct 22, 2024
In a recent post on X, Park applied "merger arb-style probability math" by charting Bitcoin’s price against Trump’s odds on Polymarket, predicting a major rally for the leading cryptocurrency following a Trump victory.
Trump’s 2024 campaign has been heavily focused on promoting cryptocurrency, with promises to transform the U.S. into a global crypto hub and to remove SEC Chair Gary Gensler from office.
📈Technical Analysis Masterclass:
Key Market Insights:
Current Price: Dogecoin is trading at $0.14 after a brief dip to $0.13, which filled a Fair Value Gap (FVG).
Fair Value Gaps (FVGs): FVGs are price imbalances that act like magnets for price movement. The $0.13 gap has been filled, and the next target is at $0.15, signaling potential upward movement.
Entry Strategy:
Good Entry Point: With the recent dip behind, the path toward $0.15 looks promising for new positions.
Stop-Loss: Set a stop-loss around $0.12 to manage risk in case of a market reversal.
Take-Profit Levels: Aim for profits between $0.15 and $0.16, aligning with the next FVG target.
Bullish Indicators:
MACD: Positive signals on both daily and weekly timeframes suggest strong short-term and long-term bullish momentum.
RSI: Currently above 50, indicating bullish momentum may continue to build.
Caution:
Dogecoin’s Nature: Remember, Dogecoin is still largely considered a meme coin, with limited real-world adoption compared to Bitcoin or Ethereum. Always weigh the risks carefully in this volatile market.
Ripple CEO Brad Garlinghouse has publicly endorsed John Deaton in his campaign to unseat Senator Elizabeth Warren in Massachusetts.
has been a relentless advocate for the XRP Army (aka XRP Family!) and the entire crypto industry. Meanwhile, his opponent, @SenWarren spreads misinformation and lies about crypto.
I endorse John enthusiastically and wholeheartedly in his run for Senate.
For those… x.com/i/web/status/1…— Brad Garlinghouse (@bgarlinghouse)
10:24 PM • Oct 22, 2024
Deaton, a vocal advocate for XRP holders and the broader crypto industry, has received significant financial backing from Garlinghouse, Ripple co-founder Chris Larsen, and other key figures in the crypto space.
We have got to get back to a place where we can take our politicians for their word. It's a sad state that @SenWarren thinks I can stand on the debate stage and lie to the American people to get elected, but then change my mind as soon as I get to DC. She's part of the broken… x.com/i/web/status/1…
— John Deaton (@DeatonforSenate)
5:55 PM • Oct 22, 2024
Ripple has also supported the Commonwealth Unity Fund, a political action committee (PAC) that opposes Warren and promotes Deaton’s candidacy.
Although @ewarren was granted FOUR televised debates as challenger, she’s REFUSED to agree to a third debate against me. That’s ok, because Marines always do more with less.
MARK YOUR CALENDARS:
October 15 & 17 are the two scheduled debates.
The October 15 Debate will be… x.com/i/web/status/1…
— John E Deaton (@JohnEDeaton1)
5:27 PM • Sep 24, 2024
During recent debates, Senator Warren criticized Deaton for prioritizing the interests of the crypto industry, claiming that his loyalty lies entirely with cryptocurrency.
💡 Feature of the Day:
Allegations that part of the Cosmos ecosystem’s Liquid Staking Module (LSM) may have been developed by North Korean agents have sent shockwaves through the community.
Hey everyone remember atomic wallet?
Yeah, rekt by the same group that built the liquidity staking module.
It isn't about their geography or ethnicity. The people who built the lsm are the world's most skilled and prolific crypto thieves.
So now we remove the lsm.
— Jacob Gadikian 🦄x⚗️ (@gadikian)
5:44 PM • Oct 16, 2024
The revelation, first brought to light by developer Jacob Gadikian, has raised concerns about possible vulnerabilities within the system, as North Korean-affiliated cybercrime groups like the infamous Lazarus Group have been linked to some of the largest crypto hacks in recent years.
Props to the teams coming together to line up these audits quickly. We’re also looking at ways to remove dependence on LSM completely.
None of us were aware of the NK work on LSM, but working together to deal with it
— Ethan Buchman (🐝,🦇) (@buchmanster)
1:19 PM • Oct 18, 2024
While Cosmos co-founder Ethan Buchman and other core contributors were unaware of the North Korean involvement, they are now working to address the potential risks by organizing audits and considering a phased removal of the LSM.
Two comprehensive audits of the Liquid Staking Module have been lined up.
The first audit will be conducted by @osec_io, facilitated by @binary_builders.
We want to extend an enormous amount of gratitude to Binary & Ottersec for their help in securing a booking so swiftly.… x.com/i/web/status/1…
— Informal Systems 🌱 (@informalinc)
12:56 PM • Oct 18, 2024
OtterSec and Binary Builders have been tasked with conducting a security review, while additional audits by Zellic will begin in November.
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😂 Crypto Meme of the Day:
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See you all tomorrow’s edition!
Jonathan Gibson
UseTheBitcoin.com