© Stocksak. Crypto Flipsider News – Cryptos Recover; 3Commas API Exploit; Dogechain Gains 250%; Freeway Halts Services; Ripple Developer Resigns
You can read the Digest here:
- , & make recoveries – Klaytn (KLAY) tops gainers.
- 3Commas API exploit costs FTX customers crypto worth millions of Dollars.
- Dogechain (DC), Layer-2 Project, pumps 250% within a week
- “Unprecedented volatility” sees staking platform Freeway halt withdrawals.
- Ripple’s engineering director resigns after more than a decade at the firm.
Bitcoin, Ethereum & Solana Make Recoveries – Klaytn (KLAY) Tops Gainers
After a turbulent weekend, cryptocurrency are showing signs of recovery. Bitcoin (BTC), the world’s leading crypto, gained 1.5% in value over the last 24 hours to trade at a weekly high of $19,646.
The 24 hour price graph for Bitcoin (BTC). Source: CoinMarketCap
Ethereum (ETH) had a better week than Bitcoin’s, with a gain of as high as 4.1% over the last 24 hours. The ETH price pump saw the Altcoin leader hit an inter-day trading high of $1,368–its highest price since the opening week of October.
The 24 hour price chart of Ethereum (ETH) Source: CoinMarketCap
Solana (SOL), which is the highest ranked crypto, is also rallying. SOL traded as high as $29.41 after its price jumped by as much as 4.7%. SOL was trading at $28.95 at time of writing.
The 24 hour price graph for Solana (SOL). Source: CoinMarketCap
While the crypto market leaders turned in strong performances, they were outdone by today’s highest earner—Klaytn (KLAY). KLAY’s price has risen by 24.5% over the past 24 hours to trade as $0.1887
The 24 hour price chart of Klaytn (KLAY). Source: CoinMarketCap
- Bitcoin’s price is not the only metric by which it has gained strength; bitcoin mining difficulty has jumped By 3.44%, we have reached a new record of 36.84 trillion.
Why You Should Care
The crypto community is hopeful that assets will find a bottom in the bearish market for the past year.
3Commas API Exploit Prices FTX Users Crypto Worth Millions
The attacks on crypto industry continue. On October 22nd, at least four FTX customers were victim to hackers who siphoned millions of crypto from the exchange using an API that was linked to their trading accounts.
An investigation by trading-bot platform 3Commas, and crypto exchange FTX found that hackers had used new, fraudulent 3Commas accounts in order to phish users using API keys linked to their FTX account.
The FTX API key was then used to trade DMG tokens unauthorisedly. 3Commas suspects that users’ API keys were stolen via 3rd party browser extensions or malware, and affirms that the attack did not originate from its services.
The firms were able together to disable the APIs of accounts that had been registering suspicious activity. To ensure that active trades are not disrupted, it is expected that they won’t create new API keys for FTX and link them with the affected 3Commas account.
- 3Commas denied any responsibility, stating that the users affected were not their customers and that there were no breaches in 3Commas account security databases or API keys.
Why You Should Care
While the incident extends the events of “hacktober”, FTX CEO Sam Bankman-Fried has agreed to provide a one-off $6 million compensation injection to replenish the losses incurred by exploited victims.
Layer-2 Dogecoin Network Dogechain DC Pumps 250% in a Week
Dogechain, a project that adds smart contract functionality to Dogecoin’s ecosystem and is marketed as its Layer-2 Network, has seen its native DC token price rise by more than 250% in the past week.
The 7-day price chart for Dogechain (DC). Source: CoinMarketCap
Dogechain was launched in August 2021. It was originally valued at $0.00049 but is now trading at $0.00162323 as of this writing. After recording gains of 27.5% over the last 24 hours, the Dogechain rally reached a new monthly high at $0.00183.
The 24 hour price chart of Dogechain (DC). Source: CoinMarketCap
The jump in price is being attributed to the Dogechain Foundation’s proposal to burn between 50 – 80% of the total supply of DC, a measure that seeks to further increase the valuation of the DC token.
The Dogechain community is also considering a dramatic reduction in the vesting period for an airdrop for the chain’s earliest supporters.
- The rally is a significant moment for Dogechain. However, this news comes after DC’s price plummeted by over 90% between August and September. Many are now comparing DC’s high volatility with a pump-and dump scheme.
Why You Should Care
Dogecoin and Dogechain’s price movements do not seem to be in correlation, as DOGE, the crypto community favorite, traded sideways during the same period, losing only 0.11%.
Unprecedented Volatility Seeks Staking Platform Freeway Halt Withdrawals
On Sunday, October 23rd, Freeway, a cryptocurrency staking platform promising annual returns on investment of up to 43%, halted withdrawals after what it described as “unprecedented volatility” in the Forex and crypto markets.
Freeway has stopped all its services as of Monday 24th. According to the announcement, the company is working to “diversify its asset base to manage exposure to future market fluctuations and volatility.”
Since disclosing this plan, Freeway has not provided any further information on how it intends to diversify, only stating that the process will ensure “long-term sustainability and profitability of the Freeway ecosystem.”
Following the suspension of withdrawal operations, the value of Freeway’s native token FWT tanked by more than 75%, and is now 96% down from its peak price, recorded in May 2021.
- Popular crypto influencer “FatManTerra” has Labeled Freeway is a Ponzi scheme. This means that the project has removed its team biographies.
Why you should care
Investors’ quest to utilize one of the biggest APYs ever announced could result in more than $100 million being rug pulled by Freeway.
Ripple’s Engineering Director Resigns After More Than a Decade at the Firm
On october 21st, Labs’ Director of Engineering, Nik Bougalis, announced that his decade-long stay at the firm will soon come to an end amid the introduction of NFTs to the network.
The cryptographer and software engineering, who had previously worked at Samsung (KS), assured that his departure would not impact the open-source code projects for the payments-focused XRP Ledger, (XRPL), in a Twitter thread.
Bougalis oversees the XLS-20 Amendment project that will introduce non-fungible tokens (NFTs), to XRPL. It is scheduled to go live in November. Ripple is currently testing an XRP sidechain that will work with Ethereum-based smart contract.
- Although Bougalis is yet to reveal where he’ll be heading next, he has already ruled out joining a rival blockchain project, or getting involved in DeFi and NFTs.
Why You Should Care
Bougalis, despite leaving Ripple is positive that the company will be successful thanks to the many talented people who contributed and participated in its development.