#7.4m

Ethereum Whale Resurfaces After 2 Years, Stakes $7.4M in ETH

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Ethereum (ETH) recently witnessed a remarkable event that sent ripples of excitement through the crypto community. An Ethereum whale emerged from a prolonged slumber, making a substantial return to the scene after remaining inactive for more than two years. 

A “whale” is a term used to describe individuals or entities holding significant amounts of cryptocurrency. 

The identity of this prominent investor has been revealed as an early participant in Ethereum’s groundbreaking initial coin offering (ICO), which played a pivotal role in the platform’s inception.

Ethereum Whale Resurfaces With 4,032 ETH Stake

The Ethereum whale, who played a significant role in Ethereum’s early days, recently made headlines by staking an impressive 4,032 ETH, valued at approximately $7.4 million, according to Lookonchain, a reputable blockchain analytics platform.

A whale that had been dormant for 2.4 years created a contract 3 hrs ago and staked 4,032 $ETH ($7.4M).

The whale is an Ethereum ICO participant and received 60K $ETH at Genesis.https://t.co/qmVlopOXke pic.twitter.com/eUVWJHyXAJ

— Lookonchain (@lookonchain) May 18, 2023

The whale’s resurgence, occurring just hours ago, marks its first visible activity in a span of approximately two and a half years. This sudden reentry into the Ethereum ecosystem has ignited a surge of excitement and conjecture among crypto enthusiasts. 

The whale’s Ethereum address was even shared on Lookonchain’s Twitter page, further fueling the intrigue surrounding this event.

Source: Lookonchain

ETH Current Price And Whale’s ICO Participation

The current price of ETH, according to CoinGecko, stands at $1,824, experiencing a 1.7% rally in the past 24 hours and a very modest 0.1% climb over the course of the last seven days.

Source: Coingecko

The history of this whale dates back to Ethereum’s Genesis phase, specifically during the platform’s ICO, when it first took shape. Participating in the ICO, this investor was granted an astounding 60,000 ETH, a testament to its early belief and support for the Ethereum network. 

The ICO, held in July and August of 2014, involved a public crowdsale where individuals could purchase ETH by exchanging Bitcoin for the cryptocurrency, playing a crucial role in Ethereum’s growth and development.

ETHUSD still working its way up to the crucial $1,900 level. Chart: TradingView.com

Whale’s Recent Transaction And ETH Balance

As the news of the Ethereum whale’s reentry into the crypto scene captivates the community, details regarding its recent transaction and Ethereum balance have surfaced. 

At the time of the tweet, the whale possessed a remaining Ethereum balance of 6.751 ETH, which held an approximate value of $12,288, determined by Ethereum’s current market value.

These transactional insights offer a glimpse into the ongoing activities of the Ethereum whale, providing a deeper understanding of their engagement and highlighting their notable involvement within the Ethereum ecosystem.

-Featured image from iStock

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DeFi lending protocol, Hundred Finance, hacked for $7.4m

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Multichain lending protocol, Hundred Finance, was hacked on Ethereum’s layer-2 scaling answer, Optimism, ensuing in a loss of close to $7.4m.

Hundred Finance hacked

On April 15, the DeFi system introduced that it had contacted the hacker and collaborated with several safety teams. The protocol also requested anybody with information and facts to get in contact.

Estimated present-day loss is ~7m USD.

Once all over again we hope the hacker will reach out back to us and we will be ready to find a joint solution to solve this issue. 🙏

Thank you everybody for your support and aid throughout these challenging times. ❤️ https://t.co/wLGAl4AAGA

— Hundred Finance (@HundredFinance) April 15, 2023

This is not the to start with time Hundred Finance is currently being hacked.

In 2022, a reentrancy assault on Gnosis chain utilized Hundred Finance and Agave as equipment. The two platforms at the time shed $11m.

The well-acknowledged Compound protocol’s fork, Hundred, has been carried out on several blockchains.

Peckshield promises that the hacker donated 200 WBTC, a stablecoin pegged to bitcoin to maximize the the protocol’s derivative, hWBTC. This authorized the bank loan swimming pools to be drained employing only a tiny quantity of hWBTC, ensuing in losses.

Peckshield and CertiK, one more blockchain safety enterprise, supported the outcomes.

According to CertiK, the attacker modified the price at which ERC-20 tokens and htokens are exchanged. The hacker raised the trade charge by contributing a sizeable sum of WBTC to the htoken contract. 

Later on, the attacker took gain of that price to borrow important money at the new trade price and then redeemed their preliminary investment. Hundred suffered a reduction of $7.4m due to the hack.

In the meantime, Numen Cyber claimed to get rid of 1,030 ethereum (ETH) really worth about $2m.

https://twitter.com/NumenAlert/standing/1647256283890761732?s=20

The Hundred Finance team told its associates earlier nowadays to cease guessing about how the attack took position. According to the technique, its key purpose is to get in contact with the attacker and come to an knowledge.

We advise not to speculate on how the attack was executed, staff is making ready a publish mortem.

Most important focus is establish coms with hacker, reach an settlement.

In parallel we are collecting all data available in get to have that handy for possible even further ways.

Thank you

— Hundred Finance (@HundredFinance) April 16, 2023

2023 DeFi Hacks

This incident provides to the mounting whole of damages from hacking in 2023 and serves as a reminder of the hazards of decentralized finance (DeFi). There have been numerous hacks in the past few weeks pursuing the exploit of Euler Finance assault in March.

https://www.youtube.com/observe?v=GT84C_rAhtc

In the to start with two months of April, vulnerabilities in DeFi protocols these as Allbridge, Sentiment, and Yearn Finance had been exploited. Extra than $20m was dropped due to these hacks, in accordance to exploration conducted by DeFiLlama.

April hacks | Supply: DeFi lama 

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Coinbase insiders sold $7.4M stocks in the last 30 days

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Coinbase insiders — including its chief executive officer Brian Armstrong and other executives — have sold $7.4 million worth of the company’s stocks in the last 30 days, according to Dataroma data.

Coinbase CEO sold $5.8 million stocks

Brian Armstrong sold $5.8 million in COIN stocks during the period — almost 50% were sold in the last 24 hours. According to the data, Armstrong sold around 30,000 shares on March 21 for $2.24 million.

His other sales occurred on March 3 and 15, when he sold roughly 60,000 shares for $3.56 million. According to the data, Armstong sold his stocks when they traded between $51 and $76.

In October 2022, Armstrong pledged to sell 2% of his stake in the U.S.-based crypto exchange. He said the sales would fund scientific research and development through two startups NewLimit and Research Hub.

Meanwhile, other Coinbase executives — including its chief people officer Brock Lawrence, chief accounting officer Jones Jennifer, and chief legal officer Grewal Paul — cumulatively sold stocks worth $1.68 million.

Coinbase insiders have made over $5 billion from stock sales

Dataroma data showed that Coinbase insiders and early investors have cumulatively made $5.8 billion from their sales of the exchange’s stocks.

Per the data, $5 billion of these trades were made on Coinbase’s first day of going public. At the time, Armstrong sold 749,999 shares for $291.8 million and has not sold until after his October 2022 announcement.

Meanwhile, Coinbase insiders have only bought $86.9 million worth of the company stocks. The purchase was made by the exchange’s board member Tobias Lütke and its co-founder Fred Ehrsam.

Investment funds like Cathie Wood’s Ark Invest is one of the heavy traders of the company’s stock. For context, the company bought more than 350,000 shares for $22 million in early March. The firm sold some of its holdings — $13.5 million — for the first time in this year on March 21.

Coinbase stock price performance

After peaking at around $350 when the company went public in 2021, COIN’s value declined by more than 86% in 2022 following the crypto winter that negatively affected the market.

However, with the crypto market recovering in the current year, COIN’s value has risen by nearly 150% on the year-to-date metric but is still down 54% over the past 12 months, according to TradingView data.

Source: TradingView

Coinbase stock today is down 0.57% to $83.51. The cryptocurrency exchange announced its expansion to Brazil and also revealed that it tested OpenAI’s ChatGPT tool for its blockchain security process.

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