Bitcoin Network Activity Drops to Yearly Low. What Has Changed

Attacker takes over multisig minutes after creation, drains up to $40M slowly

A crypto attacker took control of a multisig wallet just minutes after its creation 44 days ago, ultimately draining up to an estimated $40 million. Blockchain analysis reveals the wallet was created by the victim on November 4th, but ownership was transferred to the attacker only six minutes later. The attacker then patiently drained and laundered the funds in stages, using Tornado Cash over several weeks. Security experts note the wallet was configured as a "1-of-1" multisig, requiring only one signature, which defeats its purpose. Possible attack vectors include malware, phishing, or poor security practices like storing keys in plaintext. The incident highlights growing security concerns, especially as new research shows AI models are already capable of autonomously finding and exploiting smart contract vulnerabilities.

cointelegraph2m ago

Hyperliquid at a Crossroads: Following Robinhood or Continuing the Nasdaq Economic Paradigm?

Hyperliquid, a decentralized exchange, processes perpetual contract volumes comparable to Nasdaq ($617 billion annualized) but generates significantly lower fee revenue—just 3.9 basis points—compared to retail platforms like Coinbase (35.5 bps) and Robinhood (33.5 bps). This reflects a structural divide: Hyperliquid operates at the low-margin "market layer" (exchange execution), while retail brokers capture higher profits through diversified revenue streams like net interest, subscriptions, and order flow. Hyperliquid’s architecture encourages permissionless third-party frontends (Builder Codes) and product listings (HIP-3), fostering ecosystem growth but risking "commoditization" if external interfaces gain routing power and compress fees. Recent strategic shifts suggest a move to defend its official frontend’s competitiveness and expand beyond trading fees. Initiatives like the native stablecoin USDH (capturing 50% of reserve yields) and portfolio margin lending (10% fee on borrower interest) aim to introduce broker-like revenue pools. The platform now faces a key challenge: balancing its open, modular design with the need to capture higher-margin brokerage economics—potentially requiring tighter integration and control over distribution and user balances to avoid long-term margin compression.

marsbit9m ago

Crypto losses near $3.4B as hackers went ‘big game hunting’

cointelegraph14m ago

TRON’s growing network vs. TRX’s flat demand: The disconnect explained

TRON's network activity and stablecoin settlement volumes have shown significant growth, with active addresses and USDT transfers trending higher over recent months. Despite this strong adoption and a positive Total Value Locked (TVL) delta, the price of TRX has been in a sustained retracement phase since late August. Key moving averages have turned bearish, and the price has slipped below the 365-day average. The divergence suggests that rising network usage has not translated into increased demand for TRX, which continues to face selling pressure and may decline toward the $0.245 support level.

ambcrypto15m ago

Five Meme Coins Soar Against the Market Trend, Which Is the Next Potential Star?

Despite a generally bearish crypto market, five tokens have recently surged against the trend. PIPPIN, an AI concept token, saw a 1000% rise driven by insider accumulation and coordinated buying, with internal addresses controlling up to 80% of supply. FOLKS, a DeFi protocol token, surged nearly 24x from its low following an incentive announcement but later dropped 80%. BEAT, a Web3 AI entertainment token on BNB Chain, rapidly grew from a $25M to $440M market cap. AIA, a decentralized AI agent token, plummeted 90% after Binance delisted its futures but rebounded 160% post-contract migration. RAVE, a music and culture DAO, gained over 410% after support from Donald Trump Jr. and CZ, alongside listings on major exchanges. These tokens share traits like low initial market caps, hype-driven pumps, and significant volatility, often influenced by insider activity or major announcements.

marsbit27m ago