Crypto Highlights Week #49 – El Salvador stacks 150 Bitcoin after BTC price crashes below $50k

Crypto Highlights: Bitcoin massive selloff, Solana library bug, BadgerDAO exploited, El Salvador 150 BTC purchase: these and more in this weeks’ Crypto Highlights. 

Top Headlines Of The Week

• Amidst rising cases of Covid19 new variant, Omicron, Bitcoin tumbles to levels not seen since October. 
• A library bug has seen several million being whisked away from several Solana-based projects including Tulip Protocol and Solend.
• Bitcoin-based DeFi protocol BadgerDAO exploited for $120 million in a front-end attack.

Top Stories Of The Week

Solana library bug could have seen attackers stealing $27 million an hour

According to security experts at Neodyme, a defect in the Solana Protocol Library (SPL) — a series of reference materials for Solana projects — may have allowed attackers to steal money from several Solana projects at a pace of $27 million per hour.

Tulip Protocol, a yield aggregator, and the loan protocols Solend and Larix were among the projects impacted. These initiatives presently manage $1.7 billion in assets (although this figure was much greater before today’s market fall).

The flaw was originally publicly exposed by one of Neodyme’s auditors, identified as Simon, on file-sharing site GitHub in June, according to a blog post. Their security researchers didn’t know if it could be exploited or how great of an impact it may have at the time. This issue was undiscovered for a long time.

Simon noticed that the bug had not been resolved and that the issue was still open on December 1. Because of his fears, security researchers at Neodyme began testing to determine if the problem could be exploited and how dangerous it was. According to Neodyme, the bug was a “seemingly benign rounding mistake,” but they soon discovered that it had the ability to steal a fortune — in millions of little bits.

DeFi protocol BadgerDAO exploited for $120 million in front-end attack

BadgerDAO, a DeFi protocol, has been hacked on a big scale. Users of the protocol were robbed of $120.3 million, according to security researchers PeckShield.

BadgerDAO is a DeFi technology that aims to increase bitcoin yield. The concept is that you wrap your bitcoin and send it to a smart contract platform like Ethereum, where it may be used in DeFi apps. BadgerDAO offers a number of vaults where users may store their wrapped bitcoin and receive returns based on the vaults’ yield generating algorithms.

“Badger has received reports of unauthorized withdrawals of user funds. As Badger engineers investigate this, all smart contracts have been paused to prevent further withdrawals,” BadgerDAO tweeted today, confirming the exploit.

Wrapped Bitcoin (WBTC) and convex financing (CVX) tokens, as well as more intricate tokens like “ibbtc/sbtcCRV-f,” were among the assets taken in the incident, according to PeckShield. Many of the tokens represent assets housed in a vault, which means they may be exchanged for various tokens of varied value, making it difficult to calculate the entire amount of money taken.

According to remarks on the project’s Discord channel, the front end of the BadgerDAO website was purportedly accessed and utilized to intercept transactions. It looks like a Cloudflare API key has been hacked, according to one administrator.

Mainstream Adoption Of The Week

El Salvador stacks 150 Bitcoin after BTC price crashes below $50k

El Salvador takes the spotlight in this week’s crypto highlights. The Bitcoin powered economy has purchased 150 Bitcoin (BTC) in the midst of the most severe bear market since Bitcoin hit an all-time high of about $68,000 in the first week of November. Salvadoran President Nayib Bukele announced the acquisition of 150 bitcoins when the market price fell below $50,000 after losing more than 15% of its worth.

While Bukele’s government was able to acquire the coins for $48,670 each, the bear market momentarily pushed the Bitcoin price down to roughly $42,000, after it fell over 37% from its all-time high. Bukele also admitted to losing out on buying Bitcoin when it was at its lowest point, tweeting:

“Missed the f***ing bottom by 7 minutes.”

El Salvador’s Bitcoin reserve has increased to 1,270 BTC, which is now valued at about $60.3 million at the time of writing. Previously, on Oct. 28, the president declared that he had purchased 420 Bitcoins during a temporary bear market.The Salvadoran government’s strategy involves extracting unrealized BTC profits in US dollars to support different development initiatives while keeping the central reserve’s total value stable.

This Week’s Market Sentiment

This Week’s Market Sentiment

Bitcoin could ‘consolidate until 2022’ after mass wipeout sends BTC price to $41K

In a major sell-off, $2.5 billion was liquidated across cryptocurrencies, sending Bitcoin’s price back to the end of September. On Dec. 4, Bitcoin (BTC) was trading at $47,000 after a stunning plunge verified bulls’ worst fears, with daily losses of 22%.

BTC/USD hit a local low of $41,960 on Bitstamp, according to TradingView data, its lowest since September 30. As panic set in, traders capitulated and leveraged positions unwound, resulting in $2.5 billion in 24-hour cross-crypto liquidations.

After the move, filbfilb, co-founder of trading platform Decentrader, highlighted in a new synopsis, “$50k is likely to be resistance for a decent amount of time now unless stonks to incredible things.” The magnitude of the drop obliterated certain key support levels, including Bitcoin’s $1 trillion asset valuation, which was once a popular long bet.

Concerns about traders’ conduct were there as late as Friday, according to Cointelegraph, as statistics suggested that the market could easily be overleveraged at prior levels approaching $60,000. With that advantage all but gone, familiar names remained optimistic, with Cointelegraph writer Michal van de Poppe hailing the sub-$42,000 surge as a “low.”

He went on to say, “We’re still in a bull market.”

Meanwhile, Bitcoin recently averted an attempt on $40,000 support, which would be a reason to “turn negative” if it became weekly resistance, according to analyst TechDev.

“Wait. Relax. Market will reveal,” he told Twitter followers.

Exclusive From SaTT

ICYMI: SaTT Has Gone Live On The Bittrex Exchange

The SaTT (SATT) market opened trading on the Bittrex exchange on 4th November 2021, with the trading of the USDT-SATT pair on the Bittrex Global website. This listing is part of SaTT 360’s program to list a significant number of the world’s leading exchanges. The pre-ICO launch of the token took place in 2018, and since then, it has come a long way and is all set to reach a vast audience on a global level through its listing on Bittrex Global exchange.

“Our listing on Bittrex Global is a tremendous honor, considering its highly selective process; it represents a clear step-up in our listing options, and we are waiting for many more to come,” says Atayen’s CEO Gauthier Bros”

As SaTT enables anyone to monetize their social media presence and get paid for social media posts on a performance-based remuneration. To showcase proof-of-concept for the technology, Atayen is currently offering the first Ad Pools exclusively on Twitter for interested early adopters. 

Throughout the process, you can discover the advantages of SaTT firsthand and earn cryptocurrencies by farming your Twitter account (posts). You can gauge the project’s success by the fact that the first Twitter Ad Pool collected over 5 million SaTT in around five days!. 

This Week’s Crypto Meme

We hope you enjoyed this week’s edition of crypto highlights. For a peek at our last edition of crypto highlights & blockchain news, click here.