A Week of Hacks, ZKsync Airdrop Controversy, and Bitcoin Volatility
“Should Have Bought” is a news podcast featuring the ForkLog editorial team and friends, discussing the week’s major industry events and the hottest tokens.
This episode covers: a new high for TON, the decline of Terraform Labs, a series of new hacks, and the controversial ZKsync airdrop.
Special guest: Dmitry Machikhin, founder and CEO of BitOK.
Participants: ForkLog authors Lena Jess, Alex K., Vasily Smirnov.
Bitcoin’s Decline Despite Positive Fed Signals
Starting the week at $70,000, Bitcoin’s price slipped to around $65,000 by June 14.
Meanwhile, the Fed maintained its key interest rate at 5.25-5.5% per annum, and the consumer price index was below forecast at 3.3% versus 3.4%.
Analysts at 10x Research anticipate Bitcoin’s return to a growth trajectory amid easing inflation in the US. Experts also predict an acceleration in the growth of the BTC-ETF segment.
However, Glassnode specialists believe that arbitrage strategies between spot and derivatives markets are restraining buyer pressure, despite an impressive inflow of funds into digital gold-based exchange-traded funds.
Toncoin Reaches New High
On the night of June 14, Toncoin (TON) reached another ATH above the $8 level.
The total value of assets locked in The Open Network exceeded $560 million. The blockchain ranked 15th among the largest DeFi ecosystems, according to DeFi Llama.
The growth is attributed to active investor interest in ecosystem projects, as evidenced by the surge in the number of active TON wallets.
Double Attack on UwU Lend
On June 13, the DeFi liquidity protocol UwU Lend was hacked for the second time in a week by the same hacker. The damage amounted to $3.72 million in various assets.
UwU Lend was created by Michael Patryn, co-founder of the defunct crypto exchange QuadrigaCX, known under the pseudonym 0xSifu. Neither he nor the protocol team has commented on the new incident.
On June 10, UwU Lend was hacked for $19.3 million. The protocol’s operations were suspended a few hours after the attack.
Additionally, following a $22 million hack, the UK-based cryptocurrency exchange Lykke halted operations. Users of the trading platform are unable to withdraw assets, with some reporting zero balances.
Airdrop Hunters’ Discontent
The ZKsync (ZK) token distribution faced criticism within the community due to only 13% of the 6 million wallets being eligible, many of which are “sybils” or “multi-accounters”.
Many note that the conditions for receiving tokens are easily met using scripts and bots, making the distribution highly accessible to unscrupulous airdrop hunters.
Despite warnings from analytical firms, ZKsync developers initially refused to implement protection against “sybil” attacks.
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