Look Back Crypto Market (Week of Sep 4-10) - Look at the most important moves and news in crypto over the last week.

    Binance delists 20 spot trading pairs

    • On September 8 at 11:00 AM: ADA/BIDR, MATIC/BIDR, UTK/BUSD, ZIL/BIDR

    FTX plans to sell cryptocurrencies

    According to Arkham, FTX recently transferred $10 million worth of tokens from Solana to Ethereum using the Wormhole bridge. Tokens transferred include: LINK, SUSHI, LUNA, and YFI. These large scale transfers made the crypto community worried and raised questions about market liquidity and possible impacts on the tokens’ respective ecosystems.

    FTX is planning to sell billions of dollars in cryptocurrencies in order to return funds to creditors. FTX is rumored to receive approval to liquidate its assets on September 13th.

    Crypto casino Stake was hacked, suffering a huge damage

    Peckshield, on Sep 4, discovered and warned of suspicious transactions occurring on the Stake platform. The first transaction occurred at 12:48 pm UTC, transferring approximately $3.9 million worth of stablecoin Tether USDT from Stake to the attacker’s account. The next two transactions removed over 6,000 Ether, worth approximately $9.8 million at that time. The attacker continued to remove tokens over the next few minutes, including about $1 million in USDC, $900,000 worth of DAI and 333 Stake Classic (STAKE), which is understood to have made up the first $15.7 million on Ethereum.

    After that, the hacker continued to attack the platform. (S)he drained $25.6 million on BNB Chain and Polygon, bringing the total loss to $41.3 million. The cause of the hack is still unknown, but there is a sign that Stake revealed the private key, leading to loss of control of the wallet.

    Nima Capital dumps SYN

    Some members of the crypto community on Twitter X suddenly discovered two transactions selling 9 million Synapse (SYN) through SushiSwap, worth $2.3 million. These transactions caused SYN to drop sharply from $0.41 to $0.3 on Binance.

    After investigation, the community believes that the one who is behind these transactions may be the investment fund Nima Capital, a large liquidity provider of Synapse.

    CTK and CFX rise after Binance’s announcement

    Binance supported the Shentu (CTK) and Conflux Network (CFX) network upgrades and hard forks. The Shentu (CTK) network upgrade and hard fork will take place at the Shentu block height of 14,875,800, or approximately at 2023-09-06 13:30 (UTC). Deposits and withdrawals of CTK will be suspended approximately starting from 2023-09-06 12:30 (UTC).

    The Conflux Network (CFX) network upgrade and hard fork will take place at the Conflux epoch of 79,050,000. Deposits and withdrawals of CFX will be suspended approximately starting from 2023-09-07 16:00 (UTC).

    Metamask launches feature to sell crypto for fiat

    Metamask launched a new “Sell” feature on MetaMask Portfolio on September 5, 2023, which allows users to purchase cryptocurrencies using fiat from bank accounts, PayPal, and debit and credit cards. Previously, in April 2023, Metamask introduced the “Buy Crypto” feature with fiat currency, allowing payments by credit card, PayPal, bank transfer and ACH. The new “Sell” feature helps users to cash out your crypto for fiat currency easily.

    Coinbase layer-2 suffers first major outage since its launch

    No new blocks were produced on the Base chain for nearly an hour on September 5. Base then confirmed  the outage on Twitter X: “We identified a delay in block production due to part of our internal infrastructure requiring a refresh. We’ve implemented a fix and are seeing widespread recovery”.

    CEO of a crypto exchange has been sentenced to 11,196 years in prison

    Faruk Fatih Özer, the founder of Turkey crypto exchange Thodex, along with his sister Serap Özer and brother Güven Özer, was sentenced to 11,196 years, 10 months and 15 days in prison. They were also fined 135 million lira (about $5 million).

    Thodex was previously one of the largest crypto exchanges in Turkey before suddenly shutting down in April 2021 and Özer went missing. More than 400,000 users were left in the dark without access to deposits of $2 billion in cryptocurrencies. Özer fled to Albania but was arrested in August 2022 after Interpol issued a red wanted notice.

    Ride-hailing app integrates crypto wallet

    According to 0xjaypeg, Grab integrated Web3 service into their app. Users are able to connect their crypto wallet to Grab and view their account balance as well as NFTs they own. It is currently unclear whether users can pay on Grab via crypto wallet or not. This feature has only been discovered by users in Singapore and only Polygon wallet is supported.

    ETH whale lost $24 million in phishing attack

    As Scam Sniffer reported, a crypto whale with the wallet address 0x13e3 lost 4,850 rETH ($8.5 million) and 9,579 stETH  ($15.6 million) in a phishing attack. This amount of stETH and rETH was first transferred directly to the attacker’s wallet 0x693b, then converted to ETH and transferred to 3 different addresses.

    To find out the cause of the attack, they examined the two transactions involving the whale wallet and found that both of these transactions are somehow related to 0x4c10 – the wallet has been labeled as Fake_Phishing by Etherscan. Before transferring $24 million worth of rETH and stETH, whale wallet 0x13e3 has granted permission through the “increaseAllowance” method, which gave the scammer permission to increase withdrawal limits for these tokens. 

    The wallet 0x4c10 has previously been linked to many other crypto scam websites. The evaluation tool rated wallet 0x4c10 with a “severe” score of 100.

    FTX sued LayerZero

    FTX filed a lawsuit against LayerZero Labs. LayerZero allegedly withdrew $21 million from the FTX exchange shortly before the exchange collapsed and suspended withdrawals. The exchange believes that LayerZero utilized inside information, or in other words, they conducted insider trading.

    FTX also accused LayerZero founder Ari Litan of also withdrawing $19.5 million. FTX is seeking to recover $21 million in funds that were allegedly illegally withdrawn prior to FTX’s shutdown in November.

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