This weekend, KelpDAO, a platform for liquid restaking, lost over $290 million worth of rsETH due to a hack. Attackers took advantage of a flaw in the protocol’s connection to LayerZero, a bridging technology.
Some, with their noses buried in ledgers and charts, insist these are the hallmarks of illicit dealings, a shadowy cabal trading on secrets. Others, perhaps more charitable-or naive-suggest it is merely the acumen of traders, honed to a fine edge, anticipating the tempest before the first gust. Yet, one cannot help but wonder: is it genius, or merely guilt cloaked in spreadsheets?
Apparently, this happened on April 15, which, let’s be honest, is just adding insult to injury after tax day. These former partners, tied to some third-party service provider, got into an external server and went full chaos mode. Not a hack, though-just good old-fashioned insider stupidity. Classic.
TAO appears to be recovering, showing positive signs as it maintains support after a significant drop from its peak price.
With this latest purchase, Bitmine’s total ETH stash has swelled to an impressive 4.976 million tokens. Their combined crypto and cash position now sits at a staggering $12.9 billion, according to the announcement made on April 20. It’s like a game of Monopoly, except they forgot to pass go and just decided to collect all the properties instead.
Key Takeaways:
During this period, trading in Ethereum futures and options has largely favored sellers. The amount of buying pressure, measured by net taker volume, has consistently been lower than selling pressure.
But wait! An Arab Chain report throws a wrench into this fairytale, posing the all-important question: Is anyone actually buying this recovery, or are we just riding a really wobbly bicycle?
As a crypto investor, I’ve been following the news about Kash Patel, and it’s pretty wild. The FBI director is actually suing The Atlantic for $250 million over an article they published. Apparently, Democrats are demanding the director’s resignation because of it. From what I understand, the suit claims the article was a deliberate attack on Patel’s reputation, designed to get him removed from his position. It’s a big legal battle and definitely something to keep an eye on, especially considering the potential impact on public trust and how these things can influence markets – even crypto.
