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Shiba Inu (SHIB) $4.1M Bridge Hack Fades Next to Taurox (TAUX), Experts Shift After $300K Inflow openPR.com
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- Funds were split between two wallets holding $3.3 million and $880,000.
- The exploit involved MEV-linked addresses and preemptive transaction timing.
- MakinaFi has not released a technical statement or mitigation plan.
A major crypto breach has struck MakinaFi, draining millions in Ethereum from the decentralised finance platform.
The incident resulted in the loss of 1,299 ETH, valued at roughly $4.13 million at the time of the attack.
PeckShieldAlert flagged the theft on X, where it traced the movement of the stolen assets across Ethereum wallets.
The breach quickly gained traction online as blockchain analysts and on-chain trackers pieced together the flow of funds.
It became evident that the attacker moved fast, using tools and tactics that suggest a high level of technical precision.
Makinafi loses millions in ether
The exploit saw a sudden outflow of Ethereum from MakinaFi, although the platform has not yet issued a public explanation or technical breakdown.
Users and observers are left to rely on data from Etherscan and posts from security firms to understand what happened.
The total 1,299 ETH was siphoned off through a set of carefully timed transactions.
While MakinaFi has yet to share how the vulnerability was exploited, the timing and transaction order suggest that the attack wasn’t random.
There was no immediate freeze or recovery attempt reported from MakinaFi’s side.
Two wallets hold the stolen funds
On-chain data shows the stolen ETH was split between two addresses.
The first wallet, marked as 0xbed2…dE25, currently holds an estimated $3.3 million. The second, 0xE573…f905, contains around $880,000.
These wallets have not yet moved the funds further, but blockchain analysts are keeping a close eye on them.
The attacker has so far avoided sending the ETH to known mixing services or exchanges, but watchers remain alert to any shift in movement patterns.
Builder activity reveals exploit timing
Further investigation revealed links to an MEV Builder address (0xa6c2…).
This detail points to a transaction ordering strategy often used to exploit timing advantages within the blockchain.
PeckShieldAlert noted that some of the activity involved preemptive execution, a hallmark of MEV exploitation.
The use of builder-side execution implies a high degree of automation and planning.
The attacker likely used MEV tools to front-run or reorder transactions, increasing their chances of success and reducing the likelihood of detection during the transfer.
Community tracks next steps
MakinaFi has not issued any official response or update since the incident was flagged.
Without a public statement or action plan, it’s unclear whether the platform is investigating, attempting to recover the funds, or planning to compensate users.
Meanwhile, the blockchain community continues to track the stolen ETH.
Any attempt to combine the funds or offload them through exchanges could offer a chance for intervention.
Analysts are watching for token mixing, wallet consolidations, or transfers to centralised platforms, which may trigger alerts or freezes.
The lack of communication from MakinaFi leaves open questions around security readiness and risk management.
Until a full breakdown is shared, the technical details behind the breach remain largely speculative.
For now, the stolen ETH sits idle but visible — and the crypto world watches to see what happens next.
Shiba Inu Coin Price Eyes $0.00002 Amid 41M SHIB Token Burn The Crypto Times
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Shiba Inu Coin Price Eyes $0.00002 Amid 41M SHIB Token Burn
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Dogecoin’s Potential U.S. Crypto Reserve Status, Shiba Inu’s Bold Predictions, and MAGACOIN’s Explosive Presale (Surged Past $4.1M) MSN
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The cryptocurrency community is abuzz with speculation after a series of large Ethereum (ETH) purchases attributed to a wallet potentially linked to Justin Sun, founder of the TRON blockchain and CEO of BitTorrent.
Justin Sun On An Alleged Massive Buying Spree
According to a tweet by blockchain analytics firm Lookonchain, the suspected wallet recently acquired another 13,780 ETH, valued at approximately $41.24 million. This latest purchase adds to a total of 168,369 ETH, worth roughly $487 million, accumulated in just two weeks from both centralized exchanges like Binance and decentralized exchanges (DEXs).
The buying spree began accelerating this week, with significant purchases almost daily. The largest single transaction, recorded on February 19th, saw the suspected Sun wallet acquire a staggering 54,721 ETH, amounting to $154.4 million.
The suspected #JustinSun wallet bought 13,780 $ETH($41.24M) from #Binance again 12 hours ago.
He bought 168,369 $ETH($487M) at $2,894 from #Binance and #DEX in less than 13 days!
— Lookonchain (@lookonchain) February 25, 2024
Motives And Market Impact Remain Unclear
While Justin Sun has not confirmed ownership of the wallet, the size and frequency of the transactions point towards a high-profile investor. However, Sun’s intentions and the potential impact on the market remain open to interpretation.
The suspected #JustinSun wallet bought 13,780 $ETH($41.24M) from #Binance again 12 hours ago.
He bought 168,369 $ETH($487M) at $2,894 from #Binance and #DEX in less than 13 days!
— Lookonchain (@lookonchain) February 25, 2024
Analysts Offer Speculative Explanations For Sun’s Actions
Some analysts suggest these large-scale purchases could be a bullish signal for Ethereum, indicating a strong belief in the platform’s long-term potential. This interpretation aligns with Ethereum’s recent price surge – reaching a high of $3,000 before dipping slightly on the day the news broke.
Ethereum trading at $3,060 today. Chart: TradingView.com
Others speculate that Sun’s actions may be part of a broader strategy, potentially linked to the ongoing discussions surrounding an Ethereum ETF (exchange-traded fund). The possibility of an ETF approval has already been seen to positively influence the price of Bitcoin, and similar effects could be anticipated for Ethereum.
Maintaining A Critical Perspective Essential in Volatile Market
It is crucial to remember that the cryptocurrency market is inherently volatile. While Sun’s buying spree has undoubtedly generated significant interest, it is important to maintain a critical perspective and consider the limitations of the available information.
Reports emphasize that the wallet is only suspected to belong to Sun. The connection between these alleged purchases and Ethereum’s recent price movements remains unconfirmed. Additionally, motivations behind such large-scale acquisitions are often unclear, leaving room for various interpretations and speculations.
Featured image from Pixabay, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Bitcoin, Dogecoin, Ethereum Funding Hamas Terror? $41M Of … Nasdaq
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Analysts at KeyBanc downgraded Apple shares from ‘Overweight’ to ‘sector-weight’ citing a weaker sales growth outlook.
Apple Inc (NASDAQ: AAPL) top executives led by Chief Executive Officer (CEO) Tim Cook, senior vice presidents Deirdre O’Brien and Katherine Adams offloaded part of their shareholdings according to filings with the United States Securities and Exchange Commission (SEC). Notably, Apple CEO Cook sold about 511,000 shares worth approximately $87.8 million. However, after tax deductions Cook received a total of about $41.5 million. As a result, Cook now owns about 3.28 million shares in the California-based company. On the other hand, Katherine and O’Brien sold about 11.3 million shares.
The Apple share sell spree coincides with a general drop in the value of tech stocks. Furthermore, Apple shares have declined about 12 percent since hitting ATH in July to trade around $173.66 on Thursday. Nonetheless, Apple shares have added approximately 34 percent YTD fueled by the latest product launch including the Vision Pro headset and the new iPhone 15.
Nonetheless, the company’s products remained at lower prices in a bid to compete with other smartphone manufacturers like Huawei and Samsung. Additionally, there has been a general smartphone slump in shipments this year compared to last year. According to a report compiled by research firm Canalys, North American smartphone shipments are expected to drop by about 12 percent in 2023.
As a result, analysts at KeyBanc downgraded Apple shares from ‘Overweight’ to ‘sector-weight’ citing a weaker sales growth outlook.
Apple Market Outlook
The last time Apple CEO Cook sold major stock holdings was back in August 2021, when he offloaded shares worth more than $750 million – but received about $355 million after-tax deductions – after completing a decade as the top executive. Earlier this year, Cook took a pay cut of about 40 percent to receive $49 million per annum. However, Cook saw his stock compensation increase from 50 percent to about 75 percent.
The $2.7 trillion valued company reported a sales decline of about 1.4 percent for the fiscal quarter that ended on July 01. Notably, the company reported a revenue of about $81.8 billion with its earnings per share (EPS) having grown by about 5 percent to $1.26.
In the near future, Apple anticipates an increase in smartphone shipments after adding USB-C charger support for its latest products to comply with the European market. Moreover, other smartphone companies have been releasing their devices with support of the USB-C charger type and sold seamlessly across more jurisdictions.
Meanwhile, the company is optimistic about better fourth fiscal quarter results bolstered by over 1 billion in paid subscriptions to its services.
Blockchain.info: Move $ 41M in Shiba Inu coin The Cryptonomist
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Thanks to an analysis of on-chain data on Blockchain.info this week, a crazy amount of Shiba Inu coin was moved from one address to another, both unknown.
The Whale Alert platform, which tracks large cryptocurrency movements, noticed the movement of this huge amount of the meme coin.
3,368,267,529,701 #SHIB (41,730,561 USD) transferred from unknown wallet to unknown wallethttps://t.co/Yi7Cp0PonF
— Whale Alert (@whale_alert) November 4, 2022
Blockchain.info: the $41 million move of the Shiba Inu coin
Analysts say it is the largest Shiba Inu move in history.
The sending address now appears to be empty, while the new unknown wallet where the tokens were moved displays Shiba Inu worth $41,730,561.
However, the burning rate of Shiba Inu decreases dramatically. The Shibburn platform explained that in less than 24 hours only 500 million Shiba Inu were burned or transferred to dead-end addresses, showing that the speed of the burning mechanism has definitely deteriorated.
Nonetheless, the cost of Shiba Inu has increased by 5% in the last 24 hours. At the time of publication, SHIB is trading at an average price of $0.000010.
Its market capitalization is over $5.7 billion, and its trading volume of $344.4 million has increased 215% since the recent moves.
Shiba Inu’s price prediction in 2023
Despite the entertainment that meme coins provide, they are losing their credibility in the world of crypto investors. Investors are looking for more concreteness, projects that have real uses and can guarantee huge profits.
Shiba Inu Coin (SHIB) is a decentralized cryptocurrency with the purpose of promoting community interaction. The bear market period has not been very good with the cryptocurrency, decreasing the value by a good portion.
The US is experiencing inflation at 40-year highs, and rising interest rates are affecting currencies such as SHIB.
To date, the price of the Shiba Inu meme coin is still in a sideways movement fluctuating in an average price of 0.000010 and a capitalization that travels from $5 billion to $7 billion.
Analysts at Crypto Advertising, predict that the Shiba Inu meme coin (SHIB) will experience a further decline of about 80% by early 2023 if the macroeconomic environment worsens.
Novice and experienced investors are looking for promising new projects to invest in that can generate huge profits in this long crypto winter.
Shib Eternity is the most downloaded game in its category
One piece of news for SHIB, this time positive, is the success of the Shib Eternity game launched on 6 October. Obviously, it is an initiative that leverages the huge amount of fans that have been accompanying the canine crypto since 2020, probably aiming to provide new life to the increasingly dry crypto, which is unable to offer exciting experiences for users.
This is a first because the Shiba Inu project, since its inception in 2020, has never offered practical use cases and utility for investors.
This is a first. Shiba Inu has launched a mobile game that is reaping unexpected success because it has emerged as the most downloaded card game on Android and iOS and 13th overall.
Shiba Eternity features the classic turn-based card game in which challengers must bring their opponent’s points down to zero to win.