{"id":14374,"date":"2024-06-15T15:30:00","date_gmt":"2024-06-15T12:30:00","guid":{"rendered":"https:\/\/forklog.com\/en\/a-week-of-hacks-zksync-airdrop-controversy-and-bitcoin-volatility\/"},"modified":"2024-06-15T15:30:00","modified_gmt":"2024-06-15T12:30:00","slug":"a-week-of-hacks-zksync-airdrop-controversy-and-bitcoin-volatility","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/a-week-of-hacks-zksync-airdrop-controversy-and-bitcoin-volatility\/","title":{"rendered":"A Week of Hacks, ZKsync Airdrop Controversy, and Bitcoin Volatility"},"content":{"rendered":"

\u201cShould Have Bought\u201d is a news podcast featuring the ForkLog editorial team and friends, discussing the week’s major industry events and the hottest tokens.\u00a0<\/em><\/p>\n

This episode covers: a new high for TON, the decline of Terraform Labs, a series of new hacks, and the controversial ZKsync airdrop.\u00a0<\/em><\/p>\n

Special guest: Dmitry Machikhin, founder and CEO of BitOK.<\/em><\/p>\n

Participants: ForkLog authors <\/em>Lena Jess<\/em>, <\/em>Alex K.<\/em><\/a>, <\/em>Vasily Smirnov<\/em>.<\/em><\/p>\n

Bitcoin’s Decline Despite Positive Fed Signals<\/h2>\n

Starting the week at $70,000, Bitcoin’s price slipped to around $65,000<\/a> by June 14.\u00a0<\/p>\n

Meanwhile, the Fed<\/span> 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%.<\/p>\n

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.<\/p>\n

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.\u00a0<\/p>\n

Toncoin Reaches New High<\/h2>\n

On the night of June 14, Toncoin (TON) reached another ATH<\/span> above the $8 level.<\/p>\n

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<\/a>.\u00a0<\/p>\n

The growth is attributed to active investor interest in ecosystem projects, as evidenced by the surge in the number of active TON wallets<\/a>.\u00a0<\/p>\n

Double Attack on UwU Lend<\/h2>\n

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.<\/p>\n

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.\u00a0<\/p>\n

On June 10, UwU Lend was hacked for $19.3 million. The protocol’s operations were suspended a few hours after the attack.<\/p>\n

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.\u00a0<\/p>\n

Airdrop Hunters’ Discontent<\/h2>\n

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 \u201csybils\u201d or \u201cmulti-accounters\u201d<\/span>.<\/p>\n