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Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 20, 2024

<h2>SEC Ends Investigation into Ethereum</h2>The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> 2.0, deciding not to pursue charges that&nbsp;<a href="https://coin360.com/coin/ethereum-eth">ETH</a> sales constitute securities transactions.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">ETHEREUM SURVIVES THE SEC. Today we’re happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0. This means that the SEC…— Consensys (@Consensys) <a href="https://twitter.com/Consensys/status/1803230653120659641?ref_src=twsrc%5Etfw">June 19, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>This decision follows a letter from ConsenSys on June 7, 2024, requesting confirmation that the SEC’s approval of spot Ethereum ETFs indicated ETH was considered a commodity, not a security. ConsenSys, the blockchain software firm behind&nbsp;<a href="https://coin360.com/review/metamask">MetaMask</a>, had filed a lawsuit against the SEC in April 2024, opposing the categorization of ETH as a security.&nbsp;<figure class="image"><img alt="Cubic robot celebrates atop Ethereum symbol in futuristic SEC courtroom_2_11zon.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Cubic_robot_celebrates_atop_Ethereum_symbol_in_futuristic_SEC_courtroom_2_11zon_72e4409a57.webp"></figure>The SEC's investigation had begun in March 2023 and included issuing a Wells Notice to ConsenSys in April 2024, signaling potential enforcement action. SEC Chair Gary Gensler had previously&nbsp;<a href="https://www.theblock.co/post/300786/u-s-sec-closes-investigation-in-ethereum-2-0-consensys">avoided</a> directly addressing whether ETH was a security, while Commodity&nbsp;<a href="https://coin360.com/glossary/futures-contract">Futures</a> Trading Commission (CFTC) Chair Rostin Behnam had classified ETH as a commodity.ConsenSys declared the end of the investigation as a significant victory for the blockchain industry, stating that it removed a major regulatory uncertainty for Ethereum developers and businesses. Ethereum’s price surged by 4.9% following the announcement, reflecting positive market sentiment. A significant whale transaction was reported, with 16,604 ETH (worth approximately $58.6 million) being withdrawn from&nbsp;<a href="https://coin360.com/review/binance">Binance</a> shortly after the SEC's decision was announced.<div class="raw-html-embed"><blockquote class="twitter-tweet">This big whale withdrew 16,604 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> (~$58.6M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> at an avg price of $3,600 in the past 19 days! The whale’s last actions were to accumulate 5,603 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> ($19.7M) ~ 1hr ago, after the <a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw">#SEC</a> permanently suspended their investigation into <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a>. Follow <a href="https://twitter.com/spotonchain?ref_src=twsrc%5Etfw">@spotonchain</a> and… <a href="https://t.co/TYeLwLsWns">pic.twitter.com/TYeLwLsWns</a>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1803251312609599998?ref_src=twsrc%5Etfw">June 19, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Despite this victory, ConsenSys emphasized that the fight for clear regulatory guidelines continues, particularly regarding services like MetaMask Swaps and&nbsp;<a href="https://coin360.com/glossary/DeFi-Staking">Staking</a>. The SEC's historical approach of regulation by enforcement, rather than through formal rulemaking, has been criticized by industry stakeholders, including&nbsp;<a href="https://coin360.com/review/coinbase">Coinbase</a>, which filed legal action against the SEC in April 2023 to compel formal rulemaking processes.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Ethereum ETF Developments</h2>Prospective Ethereum ETF issuers are working to address comments from the SEC on their S-1 forms, with a deadline for responses set for the upcoming Friday. The SEC had approved the initial 19b-4 forms in May 2024, but the S-1 forms must become effective before trading can commence. Bloomberg analyst Eric Balchunas predicts that the Ethereum ETFs could be approved by July 2, 2024, citing the SEC's recent feedback as "light" and "reasonable."&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">UPDATE: we are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they're pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next… <a href="https://t.co/XJZ8JLwEFF">https://t.co/XJZ8JLwEFF</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1801725292404261308?ref_src=twsrc%5Etfw">June 14, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>The conclusion of the investigation into Ethereum 2.0 signifies a favorable regulatory stance towards Ethereum, reducing concerns over its classification as a security. Applicants like Bitwise have amended their S-1 filings in response to SEC feedback, enhancing transparency and addressing regulatory concerns. Other major firms are expected to follow suit. SEC Chair Gary Gensler has indicated potential approvals for such products over the summer, suggesting a proactive regulatory stance.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Conclusion</h2>The investigation's end brings clarity to the market, enabling Ethereum to continue its growth and innovation without the looming threat of regulatory action. This development not only boosts confidence in Ethereum but also sets a precedent for how other cryptocurrencies might be treated under U.S. regulations.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2>1. What was the outcome of the SEC's Ethereum investigation?The SEC concluded its investigation without pursuing charges. This decision effectively classifies ETH as a commodity, not a security. It removes a major regulatory uncertainty for Ethereum developers and businesses.2. How did the market react to the SEC's decision?Ethereum's price surged by 4.9% following the announcement. A significant whale transaction of 16,604 ETH (worth approximately $58.6 million) was withdrawn from Binance shortly after. This reflects positive market sentiment towards the regulatory clarity.3. When are Ethereum ETFs expected to launch?Bloomberg analyst Eric Balchunas predicts Ethereum ETFs could be approved by July 2, 2024. Prospective issuers are currently addressing SEC comments on their S-1 forms. The SEC had already approved initial 19b-4 forms in May 2024.4. What was ConsenSys's role in this regulatory process?ConsenSys filed a lawsuit against the SEC in April 2024, opposing ETH's categorization as a security. They requested confirmation from the SEC that ETH was considered a commodity. ConsenSys declared the end of the investigation as a significant victory for the blockchain industry.5. How does this decision impact the broader cryptocurrency landscape?This decision sets a precedent for how other cryptocurrencies might be treated under U.S. regulations. It brings clarity to the market, enabling Ethereum to continue its growth and innovation without the threat of regulatory action. However, the fight for clear regulatory guidelines continues, particularly for services like MetaMask Swaps and Staking.This article has been refined and enhanced by ChatGPT.

Cubic robot surfs code wave with Ethereum symbols and crypto whales

Cubic robot surfs code wave with Ethereum symbols and crypto whales_1_11zon.webp

SEC Clears Ethereum Investigation Unlocking Massive $58.6M Whale Move

<h2>$3 Million Kraken Bug Bounty Turns Into Extortion Nightmare</h2><a href="https://coin360.com/exchange/kraken">Kraken</a>, a prominent US-based cryptocurrency exchange, uncovered a critical bug on June 9, 2024, that had allowed users to artificially inflate their account balances. The vulnerability was traced back to a user experience change made in January 2024, which prematurely credited accounts, enabling real-time trading before asset clearance. The issue was first reported by a security researcher and patched within hours, but not before $3 million was fraudulently withdrawn from Kraken’s reserves.<div class="raw-html-embed"><blockquote class="twitter-tweet">Instead, the ‘security researcher’ disclosed this bug to two other individuals who they work with who fraudulently generated much larger sums. They ultimately withdrew nearly $3 million from their Kraken accounts. This was from Kraken’s treasuries, not other client assets.— Nick Percoco (@c7five) <a href="https://twitter.com/c7five/status/1803403604667277520?ref_src=twsrc%5Etfw">June 19, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>The exploit allowed attackers to deposit and receive funds without completing the full deposit process, effectively "printing money" within their Kraken accounts. The security researcher who identified the flaw demonstrated it with a $4 transaction, then shared the exploit with two associates, leading to the significant theft. Although one of the involved accounts had completed KYC verification, the identities of the other parties remain undisclosed.<div class="raw-html-embed"><blockquote class="twitter-tweet">This individual discovered the bug in our funding system, and leveraged it to credit their account with $4 in crypto. This would have been sufficient to prove the flaw, file a bug bounty report with our team, and collect a very sizable reward under the terms of our program.— Nick Percoco (@c7five) <a href="https://twitter.com/c7five/status/1803403600376504398?ref_src=twsrc%5Etfw">June 19, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Nick Percoco, Kraken’s Chief Security Officer, stated that the researchers demanded a reward for their discovery and subsequent actions, which Kraken interpreted as extortion. The researchers withheld the stolen funds until Kraken provided an estimate of potential losses had the bug not been reported. Kraken is treating the incident as a criminal case and is working with law enforcement agencies to address the situation.<div class="raw-html-embed"><blockquote class="twitter-tweet">Instead, they demanded a call with their business development team (i.e. their sales reps) and have not agreed to return any funds until we provide a speculated $ amount that this bug could have caused if they had not disclosed it. This is not white-hat hacking, it is extortion!— Nick Percoco (@c7five) <a href="https://twitter.com/c7five/status/1803403617543888940?ref_src=twsrc%5Etfw">June 19, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>CertiK, a blockchain security firm, has been accused of extortion by Kraken after exploiting a bug in the exchange's system. CertiK claimed their actions were part of a white-hat hack, conducted to assess the scope of the vulnerability.&nbsp;Kraken, however, claimed CertiK leveraged the bug multiple times, resulting in a nearly $3 million loss. The dispute centers around the return of funds, with CertiK arguing they were given&nbsp;<a href="https://decrypt.co/236152/certik-kraken-extortion-white-hat-hack">insufficient time</a> and that Kraken's demanded amount was mismatched. Kraken considers the incident a criminal case and is working with law enforcement to recover the funds.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">CertiK recently identified a series of critical vulnerabilities in <a href="https://twitter.com/krakenfx?ref_src=twsrc%5Etfw">@krakenfx</a> exchange which could potentially lead to hundreds of millions of dollars in losses. Starting from a finding in <a href="https://twitter.com/krakenfx?ref_src=twsrc%5Etfw">@krakenfx</a>'s deposit system where it may fail to differentiate between different internal… <a href="https://t.co/JZkMXj2ZCD">pic.twitter.com/JZkMXj2ZCD</a>— CertiK (@CertiK) <a href="https://twitter.com/CertiK/status/1803450205389402215?ref_src=twsrc%5Etfw">June 19, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Taylor Monahan, former CEO of MyCrypto, expressed concerns about CertiK's reputation and potential internal turmoil following Kraken's legal action. Monahan highlights the possibility of CertiK facing legal repercussions, reputational damage, and internal culture disruption. She also points out that CertiK's past audits of projects that have been exploited have fueled speculation about potential inside jobs.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">ohhhh no conspiracy twitter has entered the chat smooth brain shitcoiners gunna run on this for a long time <a href="https://t.co/SAWuPxoHd4">https://t.co/SAWuPxoHd4</a>— Tay&nbsp; (@tayvano_) <a href="https://twitter.com/tayvano_/status/1803491427978191362?ref_src=twsrc%5Etfw">June 19, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Later, Kraken successfully recovered nearly $3 million in dig assets stolen during a bug bounty program with CertiK, bringing an end to the saga. The recovery, minus transaction fees, was confirmed by Kraken's Chief Security Officer, Nicholas Percoco, in a June 20 X post.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">Update: We can now confirm the funds have been returned (minus a small amount lost to fees). <a href="https://t.co/cHkjPt3m2A">https://t.co/cHkjPt3m2A</a>— Nick Percoco (@c7five) <a href="https://twitter.com/c7five/status/1803773589226995826?ref_src=twsrc%5Etfw">June 20, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>This incident is part of a growing trend of crypto hacks and exploits, with $542.7 million stolen in digital assets in the first quarter of 2024, a 42% increase from the same period in 2023. While private key leaks remain the leading cause,&nbsp;<a href="https://coin360.com/glossary/smart-contracts">smart contract</a>-related losses have significantly decreased. Kraken continues to enhance its bug bounty program, emphasizing the importance of ethical behavior in security research and aiming to recover the stolen assets while preventing future incidents.In other news, Kraken Ventures is launching a $100 million second fund, focused 80% on equity and 20% on tokens. This follows a predicted rebound in cryptocurrency and&nbsp;<a href="https://coin360.com/glossary/web3-companies-projects">Web3</a> startup valuations after recent declines. The fund is expected to launch later this year and will focus on ventures with the largest potential, leveraging strategic partnerships to drive growth and innovation.&nbsp;<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Conclusion</h2>As the cryptocurrency industry grapples with escalating security threats, the Kraken exploit serves as a stark reminder of the importance of rigorous testing, responsible disclosure practices, and fostering a culture of ethical collaboration between security researchers and companies to safeguard digital assets and maintain user trust.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2>1: How did the Kraken bug enable the $3 million theft?&nbsp;It allowed users to receive funds without completing the full deposit process, artificially inflating account balances. The flaw was introduced in a January 2024 user experience change.2: Who was behind the Kraken exploit?&nbsp;A security researcher discovered the bug, demonstrated it with a $4 transaction, and shared it with two associates who then stole the $3 million.3: What was Kraken's response to the exploit?&nbsp;Kraken interpreted the researchers' demand for a reward as extortion, treated it as a criminal case, and is working with law enforcement while enhancing its bug bounty program.4: What is CertiK's role in the Kraken incident?&nbsp;CertiK, a blockchain security firm, claims it discovered the vulnerability first and alleges Kraken delayed responding to their disclosure and later accused CertiK of theft.This article has been refined and enhanced by ChatGPT.

Cubic robot patches cracked crypto coin amid chaotic binary swirl 

Cubic robot patches cracked crypto coin amid chaotic binary swirl_11zon.webp

Kraken Reclaims $3 Million from CertiK in Bug Bounty Dispucitation

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 19, 2024

<h2>zkSync Token Launch</h2><a href="https://coin360.com/coin/zksync-zk">zkSync</a>'s token launch on June 17, 2024, marked a significant event in the cryptocurrency market, with initial listings on major exchanges like&nbsp;<a href="https://coin360.com/review/binance">Binance</a>,&nbsp;<a href="https://coin360.com/review/bybit">Bybit</a>,&nbsp;<a href="https://coin360.com/exchange/gateio">Gate.io</a>, and&nbsp;<a href="https://coin360.com/review/kucoin">KuCoin</a>. Trading volumes for zkSync tokens were robust, with global trading volume reaching approximately $485.42 million on launch day. Significant activity was observed in South Korea, particularly with the token’s listing on Bithumb.&nbsp;The token initially peaked at $0.32 but soon experienced a decline, currently trading at around $0.22. This represents a drop from its initial peak price, reflecting early trading activity where the token value stands 30% below its initial price. The current&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market capitalization</a> is approximately $809 million, with a total supply of 21 billion&nbsp;<a href="https://coin360.com/coin/zksync-zk">ZK</a> tokens.<figure class="image"><img alt="chart.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_a0a4cdb2cc.png"></figure>Binance supported the trading with pairs like ZK/<a href="https://coin360.com/coin/bitcoin-btc">BTC</a>, ZK/<a href="https://coin360.com/coin/tether-usdt">USDT</a>, ZK/FDUSD, and ZK/TRY, and&nbsp;<a href="https://www.binance.com/en/support/announcement/binance-will-list-zksync-zk-with-zk-token-distribution-program-d87a9b01d6634ad1a36d984cc54595ee">conducted</a> a token giveaway, distributing 10.5 million ZK tokens to 52,500 users. To be eligible, users needed to have initiated at least 50 zkSync Era transactions between February 2023 and March 2024, spread across seven months, without claiming any ZK tokens through the official airdrop.The network faced considerable technical challenges during the launch, particularly with remote procedure call (RPC) services, which are crucial for communication between nodes and for performing network operations such as sending transactions and querying data. High network load led to degraded performance in RPC services. The zkSync team responded by increasing RPC capacities and advising users to stay tuned for updates, highlighting their commitment to resolving these technical issues promptly.<div class="raw-html-embed"><blockquote class="twitter-tweet">(1/2) The network is currently under high load. Some RPC services may experience degraded performance. Teams are working to increase RPC capacities. Stay tuned for updates.— ZKsync (@zksync) <a href="https://twitter.com/zksync/status/1802623676983988619?ref_src=twsrc%5Etfw">June 17, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Amid the excitement of the token launch, eligibility for the airdrop extended to 695,000 wallets. However, this event also saw a rise in scams, with malicious&nbsp;<a href="https://coin360.com/glossary/decentralised-application">decentralized applications</a> (DApps) impersonating zkSync using "drainer SDKs" to evade detection. Scammers even used Twitter's verified accounts to distribute links to these harmful DApps. Ido Ben-Natan, CEO of Blockaid, underscored the sophisticated nature of these security threats and the importance of vigilance within the community.<div class="raw-html-embed"><blockquote class="twitter-tweet"> Are you excited about <a href="https://twitter.com/zksync?ref_src=twsrc%5Etfw">@zksync</a>'s <a href="https://twitter.com/search?q=%24ZK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ZK</a> airdrop? So are the scammers! Blockaid has observed a massive uptick in malicious dApps impersonating the ZkSync eligibility checker, with a 5X increase on the day the checker was released. <a href="https://t.co/tmW1xPHed0">pic.twitter.com/tmW1xPHed0</a>— Blockaid (@blockaid_) <a href="https://twitter.com/blockaid_/status/1801197605835227350?ref_src=twsrc%5Etfw">June 13, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>The token distribution program, running from June 17, 2024, to January 3, 2025, aims to distribute 3.675 billion ZK tokens to eligible users. ZK’s post-launch sell-off was notable, with approximately 73% of the top 10,000 addresses selling or transferring out their tokens, according to the latest data from&nbsp;<a href="https://query.nansen.ai/public/dashboards/uHhTXjQbXiR6OCB1BXlmOAujStIPCfJdPleAknZa">Nansen</a>. In total, 509 million ZK tokens were sold or transferred, with 4,041 addresses ("jeeters") liquidating their entire holdings, 3,264 addresses partially selling, and 2,695 addresses retaining their tokens.<figure class="image"><img alt="Screenshot_3-imageonline.co-merged.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_3_imageonline_co_merged_341c0e483c.png"><figcaption>Source: Nansen</figcaption></figure>Despite the excitement, the community raised concerns about the methodology used to filter out Sybil farms. A significant controversy involved ZeroLend, a major lending protocol excluded from the airdrop despite meeting the eligibility criteria. According to the team, ZeroLend holds over 10% of zkSync’s total value locked (<a href="https://coin360.com/glossary/understanding-tvl-defi">TVL</a>) and dominates on-chain lending activity with an 81% share.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">On June 11th, 2024, <a href="https://twitter.com/zksync?ref_src=twsrc%5Etfw">@zkSync</a> / <a href="https://twitter.com/TheZKNation?ref_src=twsrc%5Etfw">@TheZKNation</a> revealed the list of protocols eligible for developer incentives. ZeroLend, the largest lending protocol and the second-largest dApp at the time of the snapshot was omitted from this list. — ZeroLend’s contribution to zkSync Era from… <a href="https://t.co/GBESPMktgv">pic.twitter.com/GBESPMktgv</a>— ZeroLend (@zerolendxyz) <a href="https://twitter.com/zerolendxyz/status/1802781659294552121?ref_src=twsrc%5Etfw">June 17, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>zkSync clarified that&nbsp;<a href="https://x.com/TheZKNation/status/1802829449261351191">30%</a> of ZeroLend users received significant allocations, but the community response was mixed, with some calling the project “a scam.”<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_4_imageonline_co_merged_96d5fc7b46.png" alt="Screenshot_4-imageonline.co-merged.png"><figcaption>Source: X</figcaption></figure>The zkSync team defended their distribution strategy, suggesting that having more tokens in circulation could benefit genuine governance participants by increasing availability and market presence. Some investors are holding onto their ZK tokens in anticipation of potential price increases, drawing on historical data, though the future performance of ZK remains uncertain.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Conclusion</h2>zkSync's token launch witnessed a rollercoaster ride. High trading volume initially fueled excitement, but network issues and community concerns regarding airdrop fairness cast a shadow. The zkSync team is actively addressing technical challenges and refining airdrop distribution. While the token's future trajectory remains uncertain, some investors remain cautiously optimistic, drawing on historical airdrop trends. Only time will tell if zkSync can overcome these hurdles and establish itself as a major player in the cryptocurrency space.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2>1. What were the biggest challenges faced during the zkSync token launch?The launch was marred by network congestion due to overloaded remote procedure call (RPC) services. Additionally, the community raised concerns about the airdrop distribution process, particularly regarding Sybil attack prevention and the exclusion of major DeFi protocols like ZeroLend.2. How did zkSync respond to the technical issues and community concerns?The zkSync team acknowledged the RPC issues and increased capacities to improve performance. They also committed to refining their airdrop filtering process to ensure a fairer distribution and address community concerns head-on.3. What is the current state of the zkSync token?The ZK token experienced a post-launch sell-off, with a significant portion of holders selling or transferring their tokens. Despite the initial price drop, some investors are holding onto their ZK tokens, hoping for future price increases based on historical airdrop trends.This article has been refined and enhanced by ChatGPT.

Lively robot in a neon-lit futuristic digital marketplace during zkSync airdrop_11zon.webp

Zksync Token Debuts With Network Strain, Airdrop Controversy, and Sell-off

Amidst&nbsp;<a href="https://coin360.com/coin/curve-dao-token-crv">CRV</a>'s <a href="https://coin360.com/news/curve-founder-liquidation-crisis">significant dip</a>, the token has seen a remarkable influx of smart&nbsp;<a href="https://coin360.com/glossary/Decentralized-Crypto-Exchange-dex">DEX</a> traders, smart money, and&nbsp;<a href="https://coin360.com/glossary/whale">whales</a>. Let’s dive into the details of a noteworthy&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a> identified as&nbsp;<a href="https://etherscan.io/address/0xc8084f0227d4f857ec9d48c481abc040ec4a4f1f">stonefff.eth (0xc808)</a>, the largest buyer of CRV among these groups in the past 24 hours as per Nansen (excluding the MEV Bot address).<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_6_14e59faa8b.webp" alt="chart (6).webp"><h2>Strategic Moves of stonefff.eth</h2><figure class="image"><img alt="Screenshot_4.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_4_60724aa7c7.png"><figcaption>Source: Mest.io</figcaption></figure>Starting from 3 am UTC on June 13, this wallet made a series of calculated purchases:<ol><li>Initial Purchase: Acquired 436.28K CRV on&nbsp;<a href="https://coin360.com/coin/pancakeswap-cake">PancakeSwap</a> at $0.36, then sent to&nbsp;<a href="https://coin360.com/review/binance">Binance</a> at $0.252.</li><li>Second Round: Withdrew 266.52K&nbsp;<a href="https://coin360.com/coin/tether-usdt">USDT</a> from Binance and bought 1.31M CRV with $332.09K at an average price of $0.2529, then sent to Binance at $0.2492.</li><li>Third Round: Purchased 3.11M CRV with $720.65K at $0.2311, sent to Binance at $0.2115.</li><li>Fourth Round: Bought 89.07K CRV with $19.59K at $0.22, sent to Binance at $0.2049.</li><li>Fifth Round: Withdrew 1M USDT from Binance, bought 1.06M CRV with $227.9K on PancakeSwap and&nbsp;<a href="https://coin360.com/coin/uniswap-uni">Uniswap</a> at $0.2135, sent to Binance at $0.2143.</li><li>Final Round: Acquired 3.47M CRV with $729.52K on Uniswap at $0.2143, sent to Binance at $0.2405.</li></ol>In just 9 minutes, this wallet&nbsp;<a href="https://app.mest.io/wallets/0xc8084f0227d4f857ec9d48c481abc040ec4a4f1f?pnlType=all&amp;range=1Y">bought</a> a total of 9,475,350 CRV at an average cost of $0.2318, totaling $2.196M. With CRV’s price rebounding to $0.2922, this wallet’s potential profit stands at approximately $572K (up 26%).<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>The Wallet's Winning Strategy</h2><figure class="image"><img alt="Screenshot_5.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_5_b56c114128.png"><figcaption>Source: Cielo</figcaption></figure>This wallet has a 47.31% win rate across 93 tokens, with notable success in both&nbsp;<a href="https://coin360.com/glossary/decentralised-finance">DeFi</a> and memecoin trades. Key DeFi gains include wTAO (+25.26%), wPOKT (+81.64%),&nbsp;<a href="https://coin360.com/coin/stargate-finance-stg">STG</a> (+88.48%), VOID (+197.75%), and&nbsp;<a href="https://coin360.com/coin/axelar-axl">AXL</a> (+99.45%). Significant memecoin profits include SKOP (+154.39%), PEIPEI (+321.72%), and PEPEW (+82.89%).Despite the impressive potential gains from the CRV trades, we haven't seen significant fund withdrawals yet, suggesting that this wallet might be holding out for further price recovery. This strategy, combined with a history of strategic trading, showcases the adept maneuvers of this smart wallet in navigating the volatile crypto market.This article has been refined and enhanced by ChatGPT.

CRV Dip: Insights from a Smart Wallet

Strategic Moves of stonefff.eth

The Wallet's Winning Strategy

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Zksync Token Debuts With Network Strain, Airdrop Controversy, and Sell-off