| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin's realized cap hits 30-day high, signaling strong on-chain support |  | Glassnode's report reveals that Bitcoin's realized cap has reached $395.65 billion On-chain analysis shows BTC's 12-18 months UTXO realized price at $26,950, suggesting potential support beyond the level
On 1 October, Glassnode reported that Bitcoin's realized cap hit a 30-day high at $395.65 billion, offering a macroeconomic perspective on BTC's price. This metric calculates the value of each Unspent Transaction Output based on its last movement price, indicating that most Bitcoin moved at lower prices. With the Bitcoin market cap exceeding the realized cap, it indicates an overall profit despite recent market fluctuations. Comparing Bitcoin's current price to the realized price reveals the average purchase price and serves as on-chain support or resistance.
Moreover, an on-chain analysis from CryptoQuant, on the same, has supported long-term holders' confidence. Furthermore, the analysis highlighted BTC's 12-18 months UTXO realized price at $26,950 and the 6-12 months cohort at $20,600. The former indicated breakeven, while the latter showed profitability.
Examining exchange inflow UTXO Age Bands, the 6-12 months UTXOs were actively profiting, but the 12-18 months group held despite unrealized losses. This suggests that $26,950 may be on-chain support rather than resistance, leaving room for Bitcoin to rise beyond this level. | | | Learn More | | Ethereum co-founder explores protocol enhancements for blockchain advancements |  | Vitalik Buterin's blog post delves into Ethereum's potential protocol enhancements, focusing on account abstraction and scaling ERC-4337 token standard resurfaces as a solution to improve censorship resistance, and Ethereum Virtual Machine support
Over the weekend, Ethereum co-founder Vitalik Buterin shared a blog post titled "Should Ethereum Embrace Protocol Enhancements?" In this article, Buterin discussed two key areas the Ethereum blockchain has been considering improving since 2015: account abstraction and scaling.
Account abstraction aims to simplify user interactions with the blockchain by customizing smart contract account elements, including fee payments and transaction approval mechanisms. Scaling, on the other hand, focuses on enhancing transaction speed and throughput while maintaining Ethereum's security and decentralization.
Buterin also mentioned the possibility of enshrining more features in the Ethereum protocol, which could involve reviving ERC-4337, a token standard authored by Buterin and five other developers. ERC-4337 introduced account abstraction and could enhance censorship resistance, gas efficiency, and support for Ethereum Virtual Machine (EVM) opcodes.
He discussed the challenges of fully implementing ERC-4337 wallets due to their size and touched on ZK-EVMs, emphasizing their potential for scaling Ethereum's multi-client approach by compressing data. However, data storage limitations on the Ethereum blockchain pose challenges to this implementation. | | Learn More | | Polkadot introduces 'Live' feature to enhance user experience and address development challenges |  | Polkadot Live offers real-time decentralized notifications to address issues with proactive web applications Funding sought to hire dedicated developers and tackle challenges in Polkadot's developer community
Polkadot's governance has introduced Polkadot Live to enhance the user experience and tackle key challenges. This initiative offers real-time decentralized notifications and enables users to respond promptly from their desktops. Funding is sought to hire dedicated developers for this project.
Polkadot Live addresses issues like the lack of proactive web applications, where users miss real-time alerts. Web notifications are inconsistent and often misused. They lack support for extrinsic functionality, causing a subpar experience. To promote growth, Polkadot Live calls for aggregation tools to unify user accounts and activities, ensuring a seamless experience across platforms. However, challenges in Polkadot's developer community have emerged, with a decline in core developers and code commits. This raises concerns about project progress and innovation.
Regarding Polkadot's market performance, its price has surged to $4.182, with increased social volume but declining sentiment. This may indicate doubts about the sustainability of the token's future direction. | | Learn More | | Lazarus group deploys advanced malware 'LightlessCan' in fake job scams |  | Lazarus Group employs sophisticated LightlessCan malware in fake job scams, mimicking native Windows commands for stealth The group is estimated to have stolen $3.5 billion from cryptocurrency projects since 2016
The Lazarus Group, a North Korean hacking group, has deployed a new, highly sophisticated malware called LightlessCan in their fake job scams. ESET's senior malware researcher, Peter Kálnai, revealed this discovery on 29 September while investigating an attack on a Spanish aerospace firm. Unlike its predecessor, BlindingCan, LightlessCan conceals its actions by mimicking native Windows commands, making it harder to detect by security systems. It also employs "execution guardrails" to prevent decryption by unintended parties.
One case involved an employee receiving a message from a fake Meta recruiter named Steve Dawson in 2022, followed by malicious coding challenges from the hackers. The Lazarus Group primarily engages in cyberespionage, as seen in their attack on the Spanish aerospace firm.
Since 2016, North Korean hackers have stolen an estimated $3.5 billion from cryptocurrency projects, according to a 14 September report by Chainalysis. In September 2022, SentinelOne warned of a fake job scam on LinkedIn known as "Operation Dream Job," targeting victims with offers of employment at Crypto.com. | | Judge rejects use of 'Advice of Counsel' defense in SBF trial, citing potential jury prejudice |  | Judge Kaplan denies initial use of the "advice of counsel" defense Federal prosecutors intend to present testimony from affected customers, investors as they build their case against SBF in the upcoming trias
In the upcoming criminal trial against FTX's Sam Bankman-Fried, the judge has ruled against using the "advice of counsel" defense initially. The trial begins on 2 October in a Manhattan federal court. Judge Lewis Kaplan's decision is based on the concern that introducing this argument at the outset could prejudice the jury. SBF may present this defense at a later stage of the trial.
SBF's legal team had previously intended to argue that he acted "in good faith" based on legal advice from FTX's counsel, Fenwick & West. However, federal prosecutors objected, stating that a clear connection between alleged wrongdoing and counsel's advice must first be established.
Prosecutors also plan to present testimony from customers, investors, and co-conspirators adversely affected by FTX's collapse. Witnesses will explain how the use of their assets at FTX differed from their expectations. Co-conspirators, including FTX co-founder Gary Wang, former head of engineering Nishad Singh, and former Alameda Research CEO Caroline Ellison, have entered guilty pleas. Testimony from non-U.S. citizens will be used, as FTX had a global clientele. | | Coinbase expands crypto services in Singapore with regulatory approval |  | Coinbase obtains Major Payment Institution license from the Monetary Authority of Singapore The company focuses on the Singaporean market with tailored products, partnerships, and collaborations
Cryptocurrency exchang, Coinbase has expanded its operations in Singapore after securing regulatory approval from the Monetary Authority of Singapore. The company obtained a Major Payment Institution license, allowing it to offer digital payment token services to individuals and institutions in the country. This license removes transaction limits and monthly transaction limits for authorized firms, enhancing Coinbase's services.
The acquisition of this license underscores Coinbase's commitment to the growing crypto and Web3 community in Singapore. They have been actively developing products tailored for the Singaporean market, including PayNow and FAST bank transfers, integration with SingPass digital identity service, and collaborations with local blockchain firms like Nansen.ai, Blockdaemon, and Infura.
Coinbase sees Singapore as a crucial market, with more than 30% of Singaporeans having a history of crypto ownership. The country is also home to over 700 Web3 companies, making it a key player in the crypto and Web3 economy. This move follows a trend of global cryptocurrency firms securing Singapore's MPI license, highlighting the country's growing importance in the crypto industry.
| | 2023 Report: Q3 marks costliest quarter of the year with $700M loss in cryptocurrency |  | | The third quarter of 2023 has been reported as the costliest of the year, with blockchain security firm CertiK's latest findings revealing losses of nearly $700 million due to various security incidents. In this quarter alone, 184 security breaches occurred, resulting in over $699 million in cryptocurrency losses, surpassing losses in the previous two quarters.
The most damaging incidents were related to compromised private keys, accounting for over $204 million across 14 cases. Notably, the Multichain incident, where the project's CEO had exclusive control of private keys, resulted in a $125 million loss and highlighted the vulnerability of centralized key control. Exit scams and oracle manipulation also played a significant role, with 93 exit scam incidents causing losses exceeding $55 million and 38 oracle manipulation incidents totaling more than $16 million in cryptocurrency losses.
September's crypto exploits were primarily driven by the Mixin Network's cross-chain protocol breach, which led to a suspension of withdrawals and deposits, ultimately draining $200 million from its mainnet. | | Top cryptos succumb to buying bias |
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