Just when we were all excitedly talking about crypto's mainstream adoption and acceptance, a brutal reality hit the market. A couple of hacks reminded us that for every stride forward in crypto, there are still plenty of obstacles waiting for us. This week, two exchanges found themselves being targeted by hackers, losing millions of dollars and halting their operations. So, let's discuss this event in detail along with other big stories that happened in crypto in the past 24 hours. Here is a quick rundown of the top headlines: |
- GME memecoin surges 300% as Roaring Kitty makes a comeback 🚀 But why is his crypto portfolio considered significant by memecoiners?
- Over $3 billion in Ether exit exchanges, signaling an incoming supply squeeze. Does this move signal a bull run?
- President Biden vetoed Congress' bid to nullify the SEC's crypto accounting guidelines. But how does it affect crypto?
- Japanese exchange DMM Bitcoin lost $300 million in a major hack. Are there plans in place to reimburse customers?
- A $2.6 million ETH hack on Linea Network's Velocore DEX led to a pause in operations. Have they managed to track the stolen funds?
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And with that, let's dive into the details behind each of today's top stories! |
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| | GLOBAL MARKET CAP | | $2.56T | | ▲1.74% (24h) | | | 24H MARKET VOLUME | | $74.13B | | ▲53.26% (24h) | | |
| | BITCOIN'S DOMINANCE | | 52.95% | | ▲0.22% (24h) | | | FEAR & GREED INDEX | | 60 | | Greed | | |
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 | Bitcoin | | | $68,933.41 | | ▲2.2% (24h) | |
|  | Ethereum | | | $3,810.05 | | ▲0.9% (24h) | |
|  | BNB | | | $631.82 | | ▲5.75% (24h) | |
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Data as of: 03 Jun 2024 11:00 UTC |
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Keith "Roaring Kitty" Gill, the Reddit legend who helped spark the 2021 meme stock chaos is back in action. The cat's dramatic re-entry? Dropping a casual $181.4 million bomb by flexing his gigantic stake in GME shares and call options. And just like that, the GameStop memecoin on Solana started surging. We're talking a mind-boggling 300% surge that sent its market cap rocketing past $100 million in a matter of hours. But why do people care about his stash? And why do GME stocks impact crypto? Read the full story! |
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Ethereum's Supply Squeeze |
Over $3 billion Ethers were withdrawn from centralized exchanges. This sudden exit could be setting the stage for an epic supply squeeze in the months ahead. The great ETH withdrawal of 2024 kicked off right after the SEC gave Ether ETFs the green light last month. Since May 23rd, 797,000 ETHs (valued at over $3 billion) have been drained from major crypto trading platforms. But where did all those coins go? If the data is any indication, it seems ETH holders are moving their coins into cold self-custody solutions. So does this move signal a bull run? Read the full story! |
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| | Join CMC's Research Lead, Alice, as she shares crucial insights for the upcoming week ahead. |
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President Biden vetoed Congress' bipartisan effort to nix the SEC's controversial crypto accounting guidelines known as SAB 121. Biden defended his decision by claiming a veto was necessary to protect the SEC's "broader authorities" over accounting practices. He warned that rolling back staff guidance could "undermine" the commission's consumer protection powers. But what does this mean? How does it affect crypto? Read the full story! |
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Crypto's Hack Nightmare Returns |
Just when you thought the industry had turned a corner on security, crypto's hack pandemic rears its ugly head again. This time, it's Japanese exchange DMM Bitcoin taking a $300 million Bitcoin hit in one of the largest breaches in recent memory. DMM revealed the nightmare scenario in an announcement on Friday - over 4,500 BTC, worth around $308 million at the time, had been "illegally leaked" from the exchange's primary hot wallet in a matter of hours. Of course, DMM is trying to keep a calm face amid the market-shaking chaos. They've assured customers that all BTC deposits are guaranteed while temporarily slamming the brakes on trading, withdrawals, and new signups. But have they introduced any plans to reimburse customers? Read the full story! |
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Linea Network's $2.6M Velocore Hack |
A hacker managed to steal over $2.6 million in ETH from the Velocore decentralized exchange operating on Linea's network. Linea's emergency response? Bringing the entire block production process to a halt as a "last resort" to protect user funds from further exploitation. According to Linea, the temporary pause gave them time to work with white hat allies like Hexagate to trace the stolen ETH and identify the hacker's addresses and vulnerabilities. Have they managed to track these assets? Will users be compensated for the loss? Read the full story! |
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And that's a wrap. We will be back with more updates tomorrow! |
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