The Ethereum testnet successfully moved to PoS, Tether launched USDT on Tezos, LUNA 2.0 now drops over 70%, OtherSide Discord of Yuga Labs mined over 145 ETH was stolen, Elrond in free fall on Maiar DEX, DeFi also suffered an equal loss when Optimism lost 20 million tokens and Binance’s BNB was being “concerned” by the SEC. Let’s recap with CoinCu the notable market events of the past week from June 4th to 10th.
Market figures for the week
The capitalization of the crypto market has been sideways for almost a week, the 7-day median market capitalіation is $1.26 trillion, and the figures have not changed too much from last week was $1.24 trillion.
The average trading volume stood at $64 billion for the last seven days. From 04th to 10th June, the trading volume fell to $449 billion, which is 17% lower than in the previous period.
The Cryptocurrency Fear & Greed Index has been below 20 points since 08th May. The median value of the index is 13 points for the week.
Bitcoin’s volatility fell by 0.5% to 3.5% over the week, returning to mid-May levels.
Interesting news of the week
The Ropsten Proof-of-Stake ‘Test Merge’ on Ethereum has gone live
Developers have activated the merging on the Ropsten test network in anticipation of the Ethereum merge later this year.
The Ethereum mainnet merging, which has yet to be scheduled, will follow a similar pattern later this year. In fact, today’s event was meant to be a significant warm-up for the mainnet merging, which will see Ethereum switch from Proof-of-Work to Proof-of-Stake consensus.
Tether has launched the USDT stablecoin on the Tezos blockchain
Tether has added the USDT stablecoin to Tezos, making it the 12th blockchain to support the popular stablecoin.
Tether’s implementation across many blockchains has enabled USDT to reach a market worth of $72.5 billion. Naturally, USDT will be employed in the Tezos blockchain’s decentralized finance (DeFi) ecosystem. On Ethereum, USDT is extensively utilized for the same purpose, and it might help Tezos grow its DeFi offers as well. This focus on DeFi appears to be one of the most important issues in Tezos stakeholders’ minds.
LUNA 2.0 now drops over 70% when Do Kwon’s Twitter account went private
Terra’s ecosystem was relaunched two weeks ago with the LUNA 2.0 airdrop, but the token’s value has plummeted to new lows, with its price decreasing over 70%, the token is now trading at $3 for the week.
Because of rumors regarding Do Kwon’s participation in the creation of the new Terra network, trust in the new ecosystem is low.
The rumors surfaced after FatMan, a self-proclaimed Terra insider, claimed that Kwon and Terraform Labs lied about the new network being community-owned.
BAYC, OtherSide Discord of Yuga Labs mined over 145 ETH was stolen
OKHotshot, a blockchain detective and member of the Crypto Twitter community, has warned crypto investors about the intrusion of two official Discord groups affiliated with BAYC and OtherSide NFT.
Yuga Labs, the creators of two of the most popular ape-themed non-fungible token offerings (NFTs) – Bored Ape Yacht Club (BAYC) and OtherSide – witnessed a rally another staged phishing attack with investors losing over 145 Ether (ETH) or nearly $260,000 for the week.
The price of Elrond is in free fall on Maiar DEX
Most recently, a rare incident or rather a protocol attack happened with Elrond, causing the token price to have a flash dump of more than 92%. The price of EGLD on Maiar DEX suddenly dropped from $75 to $5 before this DEX had to suspend operations. According to the report obtained, 1.6 million EGLD tokens were “evaporated” in this attack.
Optimism lost 20 million tokens for sending the wrong wallet address
Optimism reported that it transferred 20 million OP tokens to the incorrect blockchain address while preparing to launch a native OP token for the Optimism Collective DAO. A hacker stole all 20 million OP tokens as a result of the mistake. The next action is related to Vitalik Buterin when 1 million tokens are transferred to his wallet.
According to recently received information, the hacker returned 17 million OP tokens, what a “funny” person.
Synthetix founder “wrongly burned” 10 million DAI
After the news that Optimism mistakenly transferred 20 million OP and was robbed by hackers, some events in the Defi world also happened. Including that Founder Kain Warwick of Synthetix, the leading liquidity protocol on Ethereum and one of the OP-allocated projects by Optimism, has defended “wrongly burned” 10 million DAI and FireStake profits from the Osmosis crash.
SEC investigates Binance’s BNB Token
The SEC has opened an investigation into the BNB token. The US Securities and Exchange Commission is investigating whether the sale of the exchange’s BNB token during a 2017 initial coin offering constituted an unregistered sale of securities.
The market in the past week is also waiting for the upcoming activities of the Fed, so there has not been much change, please follow the next issues of CoinCu’s weekly crypto market update reports to grasp market information.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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