Yoshi.Exchange Weekly Crypto News Digest — 28/11–04/12
ANKR Faces Exploitation
ANKR, a provider of decentralized node infrastructure, was hacked with its aBNBc pool after an attacker exploited an infinite mint bug in the token’s code. This vulnerability allowed the hacker to create 6 quadrillion aBNBc tokens, which were eventually exchanged for approximately $5 million in USDC. When the attacker attempted to off-ramp some of the tokens via Binance, the exchange froze the US$ 3 million sent to Binance. ANKR announced that it will reimburse all victims for any losses and then reissue the staked BNB tokens.
Animoca Brands Plans To Invest In Metaverse
Animoca Brands has announced the launch of a $2 billion fund to invest in metaverse companies. The Animoca Capital metaverse fund will focus on improving the ecosystem and providing developers with more incentives to build in the bear market through additional financing. The first investment by Animoca Capital is expected in 2023, and it will most likely be in a mid-to-late-stage company. DYDX Plans To Move to Cosmos Ecosystem dYdX, a decentralized derivatives system, stated earlier this year that it would be transitioning to Cosmos for the V4 launch of its platform with its own blockchain. Using Cosmos’ IBC and SDKs, dYdX will be able to swiftly build out a new, interconnected app-specific blockchain with a variety of particular features important to trading derivatives on-chain. Last Monday, the official dYdX Twitter account reported that the chain is 87% complete, meaning that the blockchain would likely go online in early 2023.
Apple Delays Release of Coinbase Wallet App Update
Apple has strengthened its opposition to NFTs by delaying the release of Coinbase Wallet’s most recent version of the software until NFT sending has been stopped. Apple now deducts 30% of all income made by apps that bring in more than US$ 1 million annually. Apple asserts that gas expenses for NFT transfers must go through their In-App Purchase system, according to Coinbase Wallet. This is not achievable at the blockchain level. Apple has been staunch in its 30% app store reduction and its disapproval of NFTs, despite criticism.
Opensea Will Incorporate Another Blockchain
In order to expand its NFT capabilities, OpenSea has announced that it will incorporate yet another blockchain, with BNB Chain-based NFTs going live on the leading exchange. By the end of the year, the chain will be operational on OpenSea, bringing its total number of supported blockchains to 8. When Binance first opened its own NFT market, BNB-based NFTs did not find much momentum; it would be fascinating to watch if this changes now that OpenSea users can buy these NFTs.
— Crypto Price Weekly Recap —
BTC Price Recap
BTC began last week’s action by immediately retesting the 16,000 level. The level was well guarded. An influx of bid volumes pushed the price higher after some seller exhaustion. Price accelerated higher, breaking through the 16,720 resistance level and reaching weekly highs of 17,250. Later in the week, spot volumes fell, and the price consolidated around 17,000, with the 16,875-level finding bids and establishing itself as a form of downside support. BTC finished up +4.23%.
ETH Price Recap
Despite a rough start to the week, ether quickly found a support base above 1,150 and went on to gain 13.79% in just over 48 hours thanks to an aggressive increase in futures market bids. The asset struggled against the 1,300 resistance level for the rest of the week before falling to close at 1,279.4 on Sunday. With the dust settling and a more optimistic outlook for global markets heading into the end of the year, the potential for mean reversion is palpable..ETH yielded 7.16% by the end of the week.
BNB Price Recap
Following the completion of the Hook launchpad on Binance, BNB saw an increase in sellers this week. As more people tried to sell the BNB staked for the Hook launchpad, the price of BNB dropped from its week high of $309 to the week opening price of $307, which it was unable to hold. BNB was able to conclude the week at $296 after hitting the week’s low of $285. BNB had a decrease of 5.14%.
FTM Price Recap
After Andre Conje said that the FTM Foundation had enough liquidity that could last 30 years without the Foundation touching FTM, Fantom had a great week. Because of Andre’s enthusiasm for FTM, Fantom entered the week at $0.1857, and purchasers drove the price up. FTM reached a peak for the week of $0.26 and managed to conclude the week at $0.24, up 30%.
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