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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 4, 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 4, 2023

Jun 4 2023

12 months ago2 minutes read

Crypto Market Update

Written by Van

Table of Contents:

Crypto Security and Scams

  • Crypto Assets Vanish from Atomic Wallet Amid Hacking Allegations
  • Scam Alert: BlockGPT Exposed for Stealing $256,000
  • Social Media Scam Targets 0x and MakerDAO Users
  • Pro-XRP Lawyer Victim of Cyberattack Promoting Fake Crypto Token

Crypto Market Dynamics

  • Ripple-SEC Legal Battle Fuels XRP's Market Capitalization Growth
  • ETH Holders Decline as Staking Surges; Price Hike Imminent?
  • COMBO's Market Surge Following Announcement of Web3 Game Fund
  • Mixed Feelings for Lido's LDO Despite Rising Price and Dominance

Developments in Decentralized Finance (DeFi)

  • Emergence of LSD Tokens May Revive DeFi Activity on Ethereum

Blockchain and AI Integration

  • Elliptic Leverages ChatGPT for Enhanced Crypto Risk Management

Traditional Banking vs. Crypto

  • BoA: Market Funds Thrive as Stock Market Experiences Outflows
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Crypto Assets Vanish from Atomic Wallet Amid Hacking Allegations

Users of the Atomic Wallet app have reported losses of their crypto assets, alleging that their funds have vanished. Atomic Wallet is a noncustodial decentralized wallet, leaving users responsible for their stored assets. The team at Atomic Wallet is investigating the situation, and the attack method is currently unknown. This incident adds to the increasing number of crypto hacks occurring regularly. In the past, the Atomic Wallet app has also faced reports of stolen funds. According to reports, crypto hackers stole around $3.8 billion in 2022. While the average hack size dropped in Q1 2023, experts warn that large-scale attacks could resume in the future.


Scam Alert: BlockGPT Exposed for Stealing $256,000

BlockGPT, a ChatGPT-style Web3 firm, has been exposed as a scam, stealing $256,000. Bloomberg faced criticism for publishing a paid press release of the scam project without a proper disclaimer. The rise in ChatGPT's popularity has attracted scammers, leading to a significant increase in malicious URLs and domain squatting.


Social Media Scam Targets 0x and MakerDAO Users

A phishing scam falsely claiming that 0x and MakerDAO's smart contracts have been exploited is circulating on social media. The scam prompts users to connect their wallets and visit a dubious website to revoke "malicious transactions." 0x developers have warned users that the scam is using screenshots from a previous exploit and clarified that their smart contracts are secure. The price of 0x has not been affected, but users are urged to stay vigilant and verify information from trusted sources.

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Pro-XRP Lawyer Victim of Cyberattack Promoting Fake Crypto Token

Pro-XRP lawyer John Deaton's phone was hacked during a cyberattack. The hackers tweeted false information promoting a cryptocurrency token called LAW. Deaton's daughter's account was used to notify followers, urging them to report the hack. The dissemination of false information poses a risk to the crypto market and regulators may become more cautious. Some XRP community members responded by reporting the hack.


Ripple-SEC Legal Battle Fuels XRP's Market Capitalization Growth

XRP has seen a surge in popularity and capital inflows amid the legal battle between Ripple and the SEC. Over $2.6 billion has flowed into the XRP market in the past week, leading to a 10% increase in market capitalization. The rise in XRP's price is attributed to the ongoing legal case and anticipation of the release of documents related to a 2018 speech by a former SEC official. The increased onchain activity and Ripple's lock-up of 900 million XRP tokens have also contributed to the cryptocurrency's positive trend.

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ETH Holders Decline as Staking Surges; Price Hike Imminent?

The number of Ethereum holders with more than 10,000 ETH has reached a two-year low, while ETH staking continues to rise. The outflow of ETH from exchanges suggests that these holders may be staking their coins rather than selling them. The total value staked has reached over 24 million ETH, with daily increases, indicating growing interest in staking. 

Ethereum's recent 5% price jump coincides with profit-taking transactions, leading some to view it as a bearish signal. However, factors such as decreasing trading volume and the price's resilience suggest a potential upward move, possibly towards the $2,000 mark.

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Source: Santiment

COMBO's Market Surge Following Announcement of Web3 Game Fund

Gaming-focused layer-2 crypto project COMBO saw a 92% increase at one point after announcing an $80 million ecosystem fund for web3 game development. The project is seeking developers who push the boundaries of what’s possible in web3 gaming. Despite the rally, COMBO is still down 67% from its all-time high.

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Mixed Feelings for Lido's LDO Despite Rising Price and Dominance

The sentiment around Lido Finance's native token, LDO, has been negative despite its price increase. Concerns about token concentration and governance have contributed to this sentiment. However, Lido's social dominance has increased, making it one of the most talked about tokens in the crypto community. 

Lido's liquid staking protocol remains popular, with increased Total Value Locked (TVL). Development activity for Lido Finance has decreased, indicating less commitment to network upgrades. The on-chain transaction volume in profit is higher than losses. The token may need increased participation to have a more positive impact.

Lido-DAO-Token-LDO-11.28.49-03-Jun-2023.webp
Source: Santiment

Emergence of LSD Tokens May Revive DeFi Activity on Ethereum

Decentralized finance (DeFi) activity on Ethereum has decreased in the bear market, facing competition from Ethereum's staking rewards. However, a new DeFi narrative is emerging around liquid staking derivative (LSD) tokens, which could revive network activity. Gas consumed by DeFi protocols has dropped, with NFTs taking a larger share. 

DeFi "blue chip" tokens have lost significant market capitalization. Staking has become popular, and LSD platforms represent a third of the market. LSDfi aims to use liquidity from LSD tokens in DeFi applications, potentially revitalizing DeFi. New protocols leveraging LSD tokens have gained popularity but carry smart contract risks.

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Source: Glassnode

Elliptic Leverages ChatGPT for Enhanced Crypto Risk Management

Cryptocurrency risk management firm Elliptic has integrated ChatGPT into its operations to improve efficiency in detecting crypto threats. The AI model will enhance risk assessments and allow researchers to identify new risks quickly. Other crypto firms have reported mixed results in implementing ChatGPT, with some experiencing inaccuracies in responses to complex queries.


BoA: Market Funds Thrive as Stock Market Experiences Outflows

Bank of America reports that money market funds have received $756 billion in investments this year due to the banking crisis and Federal Reserve rate hikes, with yields available on such funds increasing due to interest rate rises. However, this comes at the expense of the stock market, which has seen outflows of $3.9 billion over the past three weeks, leading to speculation of a sell-off event.


Top Altcoin Gainers and Losers

Gainers:

Terra Classic LUNC (+5.82%)

Maker MKR (+4.45%)

Render Token RNDR (+4.37%)

Losers:

TRON TRX (-4.06%)

Conflux CFX (-3.49%)

Pepe PEPE (-2.63%)


NFT Market Map

According to a report by Grand View Research, the global NFT gaming market on blockchain is projected to reach $301.53 billion by 2030. The growth will be driven by the advantages of asset ownership, transparency, and monetization in blockchain games, as well as the integration of metaverse features. 

The report emphasizes the role of innovation in blockchain implementation, the challenges of scalability and interoperability, and the dominance of the Asia-Pacific region in the market. Major gaming companies are embracing blockchain technology, further validating the potential and contributing to the expected growth. However, addressing scalability and interoperability challenges is crucial for the long-term success of the industry.

This article has been refined and enhanced by ChatGPT.

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