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Hackers Have Been Trying To Crack Bitcoin Wallet Worth $750 Million But Here’s The Catch

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A bitcoin wallet containing a little over 69,000 BTC is doing the rounds in hacking communities all over the internet. The reason? It’s obvious.

Everyone (read seasoned hackers and self-professed bitcoin wallet crackers) wants to break it open and take it all. Or at least, a slice of the almost $750 million pie. For the last two years, however, no one has been able to ‘strike it lucky.’

Hackers Tried Cracking The 7th Largest Bitcoin Wallet In The World

According to cybersecurity expert Alon Gal, who goes by the handle ‘UnderTheBreach on Twitter, hackers have been trying to break open a bitcoin wallet holding around $720 million worth of BTC (considering today’s rates). However, Gal reported that no one has posted any success regarding the same.

As it so happens, the bitcoin wallet in the discussion has the 7th largest BTC stash in the world.

It Is Now Available Online For Everyone To Try

While some folks have tried breaking in themselves, most of them admitting failure has advertised the wallet on online hacking forums for somebody else to do the job.

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Alon revealed this to Vice in a one-on-one chat regarding the matter:

Stealing Bitcoin wallets from victims worldwide is a common goal among cybercriminals. Wallets tend to be protected by strong passwords and in the event that a cybercriminal manages to obtain a wallet and cannot crack the password he might sell it to opportunistic hash crackers who are individuals with a large amount of GPU power

Gal noticed one such advertisement on a popular hacking forum RaidForums. And not just hacking portals, the wallet showed up on BitcoinTalk on June 29 last year. After that, on All Private Keys and then Wallet-dat(dot)net.

But Does It Contain The 69,370 BTC Though?

The bitcoin wallet seems like a tough nut to crack. But the important question to ask is – Does it contain the BTC? Although it has an alphanumeric address, it is quite possible that the ‘wallet.dat’ file is ‘doctored.’ There is a public key available but not the private key.

The founder of Wallet Recovery Services, Dave Bitcoin, said that:

It’s possible to doctor a Bitcoin wallet.dat file to make it seem like it contains a high balance. The wallet file contains pairs of public key & encrypted private key of the addresses it controls. So one could modify the file in a binary editor and change the public key of one of the address pairs to that of a high value BTC address.

It may be a bait to beguile folks into making bitcoin payments for a shot at cracking a wallet that doesn’t actually have any BTC.

Breaking In Could Be Impossible

According to another assumption, cracking open this bitcoin wallet may be outright impossible. But why?

Quite possibly, the wallet is protected by a long, unique, and difficult to crack the password. Apart from this, the wallet.dat file may be encrypted using a combination of AES-256-CBC and SHA-512 algorithms. These are super slow to process, making it all the more difficult to ‘brute force’ them open.

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Source: https://cryptopotato.com/hackers-have-been-trying-to-crack-bitcoin-wallet-worth-750-million-but-heres-the-catch/

Blockchain

Data shows parabolic-style growth in layer-2-based DeFi and DEX platforms

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In the increasingly competitive landscape of blockchain technology and cryptocurrencies, protocol innovation and the ability to solve the biggest problems facing the crypto community are necessary for any project that looks to have long-term success in the ecosystem. 

Recently, the emergence of layer-2 technology like Arbitrum, Optimism and a bridge to the Avalanche ecosystem is revolutionizing the way investors, builders and developers interact with various protocols because each facilitates fast, low-cost transactions that improve the fundamentals of the decentralized finance (DeFi) ecosystem while also making it easier for retail-sized investors to capitalize on opportunities.

According to data from Token Terminal, DeFi continues to be one of the fastest-growing sectors of the crypto economy as evidenced by increases in the total value locked (TVL) on protocols. Some of the biggest gains from last week occurred on cross-chain compatible networks and layer-two protocols that offer a lower fee environment.

Top-6 weekly gainers in total value locked. Source: Token Terminal

Two of the top-6 projects on the list above, Trader Joe and Pangolin, are found in the Avalanche network which has seen significant inflows and an increase in TVL since the launch of an upgraded cross-chain bridge that allows Ethereum-based tokens and applications to migrate to the Avalanche ecosystem. 

Total value locked on Avalanche. Source: Defi Llama

Governance features have also been a positive factor in helping spark new growth for projects as both Alchemix Finance and Rari Capital have ongoing, or recently completed votes designed to improve their ecosystems and increase community involvement.

Related: Bitcoin is great, but real crypto innovation has moved elsewhere

Layer-1 projects and decentralized leveraged exchanges thrive

Another emerging trend shown in the data from Token Terminal is the growing strength of derivatives and options trading protocols as regulators increasingly crack down on centralized exchanges that offer derivatives services and have loose KYC and AML requirements.

Top-6 weekly gainers in protocol revenue. Source: Token Terminal

As shown on the chart above, two of the biggest gainers in terms of protocol revenue over the past week were dYdX and Hegic, a pair of protocols that offer decentralized derivatives and on-chain options trading to investors.

Global regulators have increased their scrutiny on leveraged and derivatives trading platforms in recent months, while at the same time, established exchanges like Coinbase have applied to offer futures trading services, indicating that this is one sector poised for continued growth as cryptocurrencies become more mainstream.

dYdX has also benefited from the fact that it operates on a layer-two solution developed in conjunction with StarkWare that enables cross-margined perpetual’s with zero gas costs and minimal trading fees.

Data shows that Ethereum-competitors such as Tezos (XTZ) and Cosmos (ATOM) have al seen an increase in revenue over the past week, suggesting that the layer-1 battle is heating up as high fees on the Ethereum network continue to motivate users to explore other options.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


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Source: https://cointelegraph.com/news/data-shows-parabolic-style-growth-in-layer-2-based-defi-and-dex-platforms

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Blockchain

Data shows parabolic-style growth in layer-2-based DeFi and DEX platforms

Published

on

In the increasingly competitive landscape of blockchain technology and cryptocurrencies, protocol innovation and the ability to solve the biggest problems facing the crypto community are necessary for any project that looks to have long-term success in the ecosystem. 

Recently, the emergence of layer-2 technology like Arbitrum, Optimism and a bridge to the Avalanche ecosystem is revolutionizing the way investors, builders and developers interact with various protocols because each facilitates fast, low-cost transactions that improve the fundamentals of the decentralized finance (DeFi) ecosystem while also making it easier for retail-sized investors to capitalize on opportunities.

According to data from Token Terminal, DeFi continues to be one of the fastest-growing sectors of the crypto economy as evidenced by increases in the total value locked (TVL) on protocols. Some of the biggest gains from last week occurred on cross-chain compatible networks and layer-two protocols that offer a lower fee environment.

Top-6 weekly gainers in total value locked. Source: Token Terminal

Two of the top-6 projects on the list above, Trader Joe and Pangolin, are found in the Avalanche network which has seen significant inflows and an increase in TVL since the launch of an upgraded cross-chain bridge that allows Ethereum-based tokens and applications to migrate to the Avalanche ecosystem. 

Total value locked on Avalanche. Source: Defi Llama

Governance features have also been a positive factor in helping spark new growth for projects as both Alchemix Finance and Rari Capital have ongoing, or recently completed votes designed to improve their ecosystems and increase community involvement.

Related: Bitcoin is great, but real crypto innovation has moved elsewhere

Layer-1 projects and decentralized leveraged exchanges thrive

Another emerging trend shown in the data from Token Terminal is the growing strength of derivatives and options trading protocols as regulators increasingly crack down on centralized exchanges that offer derivatives services and have loose KYC and AML requirements.

Top-6 weekly gainers in protocol revenue. Source: Token Terminal

As shown on the chart above, two of the biggest gainers in terms of protocol revenue over the past week were dYdX and Hegic, a pair of protocols that offer decentralized derivatives and on-chain options trading to investors.

Global regulators have increased their scrutiny on leveraged and derivatives trading platforms in recent months, while at the same time, established exchanges like Coinbase have applied to offer futures trading services, indicating that this is one sector poised for continued growth as cryptocurrencies become more mainstream.

dYdX has also benefited from the fact that it operates on a layer-two solution developed in conjunction with StarkWare that enables cross-margined perpetual’s with zero gas costs and minimal trading fees.

Data shows that Ethereum-competitors such as Tezos (XTZ) and Cosmos (ATOM) have al seen an increase in revenue over the past week, suggesting that the layer-1 battle is heating up as high fees on the Ethereum network continue to motivate users to explore other options.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://cointelegraph.com/news/data-shows-parabolic-style-growth-in-layer-2-based-defi-and-dex-platforms

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Blockchain

Traders buy the Bitcoin dip even as Evergrande’s implosion rocks stock markets

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Bitcoin (BTC) investors seem concerned about the increasing speculation that China’s second-largest property developer, Evergrande Group, will default on its $300 billion in debts. These fears manifest in global equities markets which saw a 1.5% to 3% drop at this morning’s market open. 

Despite the price move, the BTC outflow (net withdrawals) from exchanges has continued a multi-month trend, particularly on Coinbase Pro.

Traders also know that every exchange has a different user profile. For example, liquidations on Bybit tend to be more extreme when compared to FTX, which is known for having more conservative clients.

Take, for example, today’s drop below $43,000, which caused a $1 billion long contracts liquidation led by Bybit even though there was $2.34 billion in futures open interest. This number is lower than Binance’s $3.66 billion and FTX’s $2.51 billion liquidations.

Bitcoin futures liquidations past 24 hours, Sept. 20. Source: Bybt.com

The data above shows that Bybit traders are more risk-takers, typically using higher leverage. Meanwhile, Binance and FTX derivatives investors were proportionately less impacted by the 11% daily negative move.

Pro traders remain neutral-to-bullish

To understand how bullish or bearish professional traders are leaning, one should analyze the futures premium (or basis rate). This indicator measures the difference between longer-term futures contracts and the current spot market levels.

In healthy markets, a 5% to 15% annualized premium is expected, which is a situation known as contango. This price gap is caused by sellers demanding more money to withhold settlement longer.

A red alert would emerge whenever this indicator fades or turns negative, known as “backwardation.”

Bitcoin 3-month futures annualized basis. Source: Laevitas.ch

As depicted above, the current 7% annualized premium is neutral but in line with the previous month’s average. Had pro traders become worried or bearish, this indicator would have flipped below 5%.

Top traders long-to-short ratio shows buying activity

Investors should monitor the top traders’ long-to-short ratio at leading crypto exchanges to precisely measure how professional traders are positioned. This metric provides a complete view of the traders’ effective net position by gathering data from multiple futures and margin markets.

OKEx and Binance top traders Bitcoin long-to-short ratio. Source: Bybt.com

It is worth highlighting that each exchange gathers data on top traders differently because there are multiple ways to measure a clients’ net exposure. Therefore, any comparison between multiple providers should be made on percentage changes instead of absolute numbers.

OKEx top traders long-to-short ratio hiked from an 8% position favoring longs to the current 54%, the highest level in ten days. Binance derivatives traders, on the other hand, held a consistently 10% ratio favoring longs despite the Bitcoin price correction.

Both data confirm that retail traders were likely the ones more impacted due to high-leverage bullish positions. Meanwhile, pro traders either kept their positions or took advantage of the discounted price to add long positions.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://cointelegraph.com/news/traders-buy-the-bitcoin-dip-even-as-evergrande-s-implosion-rocks-stock-markets

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