Some of the biggest news in the Cryptoverse on Oct. 24 include the recent spike in Bitcoin mining difficulty leading to a new ATH, FTX agreeing to compensate users for losses due to phishing attacks, Binance and Bittrex including on-chain data revealing that was also attacked.
Bitcoin Mining Difficulty Increases By 3.4%, Reaching New ATH
Another spike in mining difficulty was recorded on October 24th. It increased by 3.4% to reach 36.84 trillion, marking a new ATH. This zips the mining difficulty ribbon to the bottom, historically indicating a good buying opportunity for Bitcoin.
FTX will compensate users who lost $6 million to phishing attacks “once and for all,” SBF said.
3Commas is a platform that allows users to build automated trading bots, and its FTC users were targeted by phishing attackers using the fake 3Commas website.
12) Either way, not only was FTX not being phished, it wasn’t the FTX site either.
Also, in general, we cannot compensate that our users are being phished by fake versions of other companies in this space! This is not FTX and is basically out of our control.
—SBF (@SBF_FTX) October 23, 2022
FTX CEO Sam Bankman-Fried acknowledged the duration of the attack and said FTX will compensate users for the loss “on a one-off basis.”
On-chain data reveals Binance US, Bittrex also targeted in API attacks used by FTX
According to a joint report by X-explore and WuBlockchain, Binance US and Bittrex were also hit by the same phishing scam that hit FTX.
The report states:
“X-explore discovered that the FTX&3commas API theft attackers were also attacking. binance usa When Bittrex exchange, steal 1053ETH When 301ETH Respectively. at present, The attack on Bittrex is still ongoing.“
Crypto Staking Platform Freeway Suspends Withdrawals, FatManTerra Claims Ponzi Scheme
Crypto staking platform Freeway has suspended withdrawals and deposits, citing market volatility as the reason. The announcement cited that the company “decided to diversify its asset base” to avoid future market volatility.
Two hours ago, Freeway stopped withdrawals on all platforms. Also removed all team his member’s name from the website. It’s about to end. Another $100 million plus rug. https://t.co/CUHZRygRGM pic.twitter.com/BJE4QMtkPy
— Fat Man (@FatManTerra) October 23, 2022
Citing the news, cryptocurrency influencer FatManTerra noted that the Freeway team had removed all names from their website, saying the Freeway protocol could be another lag pull. rice field.
FTX Sam Bankman-Fried Hints at Listing of Cardano
FTX CEO Sam Bankman-Fried has hinted that the exchange may soon list Cardano ADA for spot trading.
SBF responded to Cardano investors saying that FTX refused to list ADA because they saw it as a “threat to everything they wanted to control.” is created.
Mango Market Hacker Rug Pulls Mango Inu After Investors Warn They Will ‘Definitely Lose All Their Money’
Mango Markets hacker Avraham Eisenberg tweeted about the creation of Mango Inu, a meme coin based on Eisenberg’s Mango Markets exploit.
The other day, we launched a shitcoin called Mangoinu without any promotion. I invested/gambled over 250,000 in about 30 minutes.
Still far from the bottom.
(If you buy this you will definitely lose all your money)
— Abraham Eisenberg (@avi_eisen) October 23, 2022
On October 24, Eisenberg admitted to pulling the threshold of the Mango Inu project, claiming it was done legally because he warned investors about “definitely” losing money.
Kathy Wood’s $100,000 Bitcoin Investment Reportedly Made Over $7 Million in Profit
Ark Invest founder Cathie Wood has revealed that he invested $100,000 in Bitcoin when the price was $250. Today, her investment equates to her over $7 million in profits.
Former OpenSea exec fends off insider trading charges, wire fraud trial continues
In early June, the US Department of Justice (DOJ) indicted former OpenSea employee Nate Chastain for wire fraud and insider trading. DOJ had alleged that Chastain misused insider information from his OpenSea.
On October 24, Jesse Furman ruled that insider trading charges must involve securities or commodities. Neither was involved in his Chastain case, so the use of the term “insider trading” in his case is misleading. Chastain’s trial for wire fraud remains intact.
US DOJ indicts two Chinese agents for bribing FBI agents with BTC
The US Department of Justice (DOJ) has indicted two Chinese intelligence agents for paying $61,000 worth of Bitcoin to an FBI double agent.
Chinese agents Guochun He and Zheng Wang allegedly bribed FBI agents to steal documents revealing the government’s investigative strategy against Chinese telecommunications companies.
Quickswap Closes Lending Market After $220K Exploit
Decentralized exchange QuickSwap has announced that it will close its lending pool due to a Market XYZ exploit. The XYZ market was used in the October 24th flash loan attack.
Wintermute CEO Claims Crypto Twitter Is “Not As Important” As “U.S. Regulators, Politicians” In Response To SBF Statement
FTX CEO Sam Bankman-Fried shared his thoughts on crypto regulation on October 19th. Wintermute CEO Evgeny Gaevoy tweeted on Oct. 23 asking for community comments on the SBF framework.
Gaevoy said encrypted Twitter is “a small part of the world” and “not a problem.” Instead, he added, “U.S. regulators and politicians, as well as a broader user base, are important.”
News around Cryptoverse
Hong Kong Sticks to Crypto Regulation
Hong Kong’s Securities and Futures Commission has confirmed that it is considering allowing retail investors to trade crypto assets, according to a local news source.
To implement this change, Hong Kong will introduce a comprehensive cryptographic framework, including a digital Hong Kong dollar and appropriate licensing and regulatory frameworks.
crypto market
Over the past 24 hours, Bitcoin (BTC) has fallen -0.64% to trade at $19,347, while Ethereum (ETH) has risen +1.42% to trade at $1,349.
