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Crypto Whale Data

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Crypto Whale Data

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  • Kanye West claims he'll launch 'Swasticoin' token next week in erratic crypto posts Ye, the artist formerly known as Kanye West, seemingly teased the launch of a token called "Swasticoin" next week in a series of erratic posts about cryptocurrency on Saturday. Ye plans to launch a token "next week," according to one post, a reversal of the artist's recently-stated opinion that such projects "prey on the fans with hype." The token will apparently be called "Swasticoin," according to Ye's posts, furthering a series of offensive posts about the Jewish community Ye has published over recent weeks. "I’m going to open the CA [contract address] for my Swasticoin to Jewish people and my friends and family first," Ye said in one post. "Let’s see if stereotypes exist for a reason." Ye also asked his following about blockchain networks like Ethereum, "Solona," BNB Chain, Hyperliquid, and others, while apparently trying to get in touch with Binance co-founder Changpeng "CZ" Zhao, according to one post with several offensive slurs. Ye had reposted one of CZ's posts complaining that decentralized exchanges are harder to use than their centralized counterparts, and currently follows only CZ and memecoin trader Tall on X. In response to a screenshot showing his post at the top of Ye's X feed, CZ said, in apparent mock surprise, "That one retweet got him to 33.2m followers? wow," adding a thinking face emoji. Three sources close to Ye reportedly told crypto news outlet Coindesk that Ye plans to launch a token next week, reserving 70% of the supply for himself, and that the token will be used to get around Shopify's censorship of his Yeezy store. However, the report says the token will be called YZY, which could indicate it's a different project than the "Swasticoin" he discussed on Saturday. This is not Ye's first attempt to monetize the symbol of Nazi Germany's fascist government. Ye recently began selling shirts on his website titled HH-01, apparently short for "Heil Hitler," featuring a Swastika on a plain white tee. A commercial aired during the Super Bowl directed viewers to the website, but did not mention the shirts. The website was later taken down. Though Ye said he would launch the token "next week," it's possible the erratic artist can still change course — or abandon the project entirely. "Time to launch my own blockchain," he said in his most recent post at publication time.
  • mETH Protocol announces $43 million recovery from Bybit hack, while Tether freezes $181,000 Mantle's liquid restaking protocol, mETH Protocol, announced on Saturday the recovery of 15,000 cmETH tokens, worth about $43 million at current prices, from the Lazarus Group attackers responsible for the $1.4 billion hack of centralized exchange Bybit on Friday. "The 8-hour withdrawal delay built into the protocol provided the team with critical response time to temporarily pause the contract, effectively stopping unauthorized withdrawals," the protocol said on X. "15,000 cmETH were recovered from the exploiter's address to a recovery address." Early reports mistakenly suggested that the 15,000 tokens were burned. The recovery was initiated by Mudit Gupta, chief information security officer at Polygon, and assisted by rapid-response security team SEAL, according to Gupta's post on X. "I saw the recovery possibility soon after the hack and SEAL connected me with Mantle/mETH team who made it happen," Gupta said. The recovery could be subject to a $4.3 million recovery bounty under the terms of Bybit's recently-announced program. Bybit was unable to be immediately reached for comment regarding the recovery. The $43 million recovery already surpasses the $30 million salvaged from the North Korean state-sponsored Lazarus Group's attack on the Ronin Bridge associated with crypto project Axie Infinity. That recovery, spearheaded by blockchain security firm Chainalysis and assisted by U.S. law enforcement, took nearly six months. Tether freezes $181,000 Tether CEO Paolo Ardoino likewise announced Saturday that 181,000 USDT tokens connected to the hack were frozen in another early recovery. "Might not be much but it's honest work," Ardoino said on X. "We keep monitoring." Tether was one of four stablecoin issuers to freeze $5 million worth of tokens in September 2024 from wallets linked to the Lazarus Group by pseudonymous security researcher ZachXBT, alongside Paxos, Techteryx, and Circle. The funds were stolen in 25 separate exploits on numerous different blockchains, and cashed out using peer-to-peer exchanges
  • North Korea's Lazarus Group responsible for ByBit hack resulting in losses of over $1.5 billion: Arkham Arkham Intelligence said Lazarus Group hacked ByBit for over $1.5 billion on Friday, citing information provided by online sleuth ZachXBT. "At 19:09 UTC today, ZachXBT submitted definitive proof that this attack on ByBit was performed by the LAZARUS GROUP," Arkham said in a post to X. "His submission included a detailed analysis of test transactions and connected wallets used ahead of the exploit, as well as multiple forensics graphs and timing analyses. The submission has been shared with the ByBit team in support of their investigation." Earlier in the day ByBit confirmed it had suffered a massive security breach that led to the loss of over $1.5 billion in crypto assets. The company's co-founder and CEO Ben Zhao later said that all client withdrawals will be processed, even if they are under review." The hack is being considered the largest single theft in crypto's history.
  • Bybit CEO says firm secured almost 80% of lost ETH as bridge loan from partners to ease liquidity crunch following $1.4 billion hack Bybit Co-Founder and CEO Ben Zhou responded to audience questions about how the firm will move forward with customer withdrawals following its $1.4 billion hack Friday morning. Zhao said in an X Space livestream that all client withdrawals will be processed, even if they are under review. The firm will not buy Ethereum but instead rely on a bridge loan, or a type of short-term loan to aid an entity's transition period, from its partners to facilitate the endeavor. "For immediate sake, we are currently reaching out to our partners to give us a bridge loan," Zhou said in a Friday livestream. "So, currently, we are not buying [Ethereum]. And even if we did want to buy, it is too big of amount to be moving around." "But we are getting help, support, from our partners," Zhou continued. "We actually already secured almost 80% of the Ethereum that's been stolen as a bridge loan to give us that liquidity, to help us with the liquidity crunch, so we can pass this crucial period." Bybit confirmed it lost $1.4 billion in funds after a hacker gained access to the firm's multisig cold wallet, which one expert called "the largest crypto theft of all time," The Block had previously reported. Bybit is a centralized exchange based in Singapore. The firm recorded $233.36 billion in spot market volume in January, The Block's Data Dashboard shows.
  • WalletConnect Foundation secures $10 million in oversubscribed token sales, including 11-second sellout on Echo The WalletConnect Foundation, steward of the communications protocol WalletConnect, has raised a total of $10 million from four consecutive oversubscribed public and private token sales. The fundraising took place this month on Bitget's LaunchX platform, CoinList, Echo and a further private sale, attracting tens of thousands of participants and generating significantly more interest than the target amounts. "The strong demand for the WalletConnect Token (WCT) underscores the growing need for seamless onchain connectivity and proven product market fit centric token with real fundamentals," the foundation said in a statement shared with The Block. The Bitget LaunchX community round reached its $4 million target within two hours. Some 40,000 investors committed over $170 million, way beyond the allocation. Token distribution took place on Friday. A further community round on CoinList was oversubscribed fourfold, attracting 18,000 participants from more than 100 countries. Investors pre-funded the sale with $15.5 million, far exceeding its $4 million target. Meanwhile, a private sale hosted on Echo, a platform founded by crypto trader Jordan Fish (aka Cobie), saw its $500,000 target sell out in just 11 seconds. That sale was led by a group known as the Tea Club, WalletConnect Foundation founder and director Pedro Gomes told The Block. An additional private sale conducted directly between the foundation and long-term supporters and strategic partners of WalletConnect raised a further $1.5 million. "It was a busy month to say the least," Gomes said. Nearly 90,000 users registered across the sales collectively, expanding the WalletConnect ecosystem following Season 1 of its airdrop in November. The airdrop distributed 50 million of the total 1 billion WCT supply to 160,000 early adopters, including builders, contributors and users. All WCT tokens are currently non-transferable, though users can stake them for periods ranging from one week to two years. No plans for further token sales "The response from the WalletConnect and broader crypto community has been incredible. Every round was oversubscribed, reaching its target in hours, if not seconds," Gomes said. "As the Network scales towards full permissionlessness, our community is growing alongside it. In a space crowded with vaporware, people are rallying behind real projects with true utility. We’re excited for the next chapter in the WalletConnect journey." Despite the oversubscribed demand, the WallectConnect Foundation currently has no plans for further token sales, Gomes confirmed. "The oversubscribed demand is a clear signal that the crypto community wants projects who prove they can truly deliver on their product roadmap and bring real value to the ecosystem," he said. "They are growing tired of the memecoin casino and vapourware, people want to support projects that they can firstly, actually use and secondly, that they can trust." The funds will enable the WalletConnect Foundation to expand operations, grow its team and support ecosystem initiatives — benefiting developers, node operators and strategic partners, Gomes explained. "As the network advances toward full permissionlessness, these resources will play a vital role in facilitating adoption and engagement, particularly as more of tradfi and the broader internet comes onchain," he said. WCT token transferability anticipated 'soon' Participants in the CoinList and Bitget LaunchX rounds acquired 1 WCT for $0.20, with a minimum purchase of $100 and a maximum of $10,000. There are no vesting periods, and the tokens will become liquid after a community vote on their transferability, the foundation explained. The date for the community vote is dependent on reaching five specific milestones, four of which have already been completed, Gomes told The Block. "The last milestone, which is currently underway, is open sourcing WalletConnect Network’s Service Node source code," Gomes said. "Once this is complete the community vote for transferability will be submitted. We’re expecting this to happen soon." Once the vote concludes and the WCT token becomes transferable, it can also be listed on exchanges, Gomes added. While a true fully diluted valuation cannot be calculated until transferability is enabled and the token is trading on exchanges, the $0.20 CoinList price implies an FDV of $200 million. What is WalletConnect? WalletConnect is an open-source protocol that allows users to connect their crypto wallets to decentralized applications using a QR code or deep link. Once the connection is established, the dApp can request approval for transactions or other actions from the user’s wallet. The main advantage is that it allows mobile users to connect their wallets to dApps on their desktops or other devices, eliminating the need to switch between devices or copy and paste addresses. The protocol claims to have facilitated over 220 million connections from more than 35 million global users since 2018. Last month, WalletConnect builder Reown, formerly WalletConnect, Inc., announced it had secured $13 million in a Series B funding round led by Union Square Ventures and 1kx, with participation from Shopify Ventures and Kraken Ventures, among others — bringing its total fundraising to $38 million. Reown intends to use the fresh capital to further develop its onchain UX platform through its SDKs — Reown AppKit and Reown WalletKit — with a rise in traditional financial services offering crypto payments increasing the demand for a better onchain user experience, the company said. It aims to abstract away blockchain complexities, removing barriers such as gas fees and seed phrases for mainstream participants. The WalletConnect Foundation introduced the WCT token in September, based on Optimism’s OP Mainnet Ethereum Layer 2 network, to facilitate governance and incentivize participation.
  • Ethereum transaction fees plummet 70%, hitting lowest levels since 2020 The 7-day moving average (7DMA) of transaction fees on the Ethereum network fell to $0.77 on Feb. 15. This figure stood at $2.57 just a week prior, marking a 70% week-over-week drop. This drop pushed transaction costs to their lowest levels in dollar terms in over four years, which means the last time it was this cheap to transact on Ethereum was July 2020. Meanwhile, Bitcoin network activity recently hit a 12-month low as transactions dropped 55% from their peak. The median gas price on Ethereum, measured in Gwei, further confirms this trend. Over the past week, the daily median gas price averaged 1.61 GWEI, with its lowest figure coming in at 1.19 GWEI on Saturday, Feb. 15, the lowest reading since The Block began tracking this metric in January 2020. Moreover, this is just one of two instances where this figure has stooped this low since January 2020, with the other occurring in September 2024. While falling fees typically encourage user activity, the extent of this drop, represented by a prolonged decline, suggests a broader lack of demand rather than improved network efficiency, as seen with a recent slowdown in Ethereum’s onchain activity. The 7DMA of Ethereum’s onchain volume fell to just $4.19 billion on Saturday, a 46% decline from the previous week. This represents Ethereum’s lowest daily volume since Nov. 7, right after the U.S. presidential election. We’ve talked about Ethereum’s woes extensively in recent weeks, and just when you thought things could not look any worse from the perspective of the blockchain’s activity, these unpleasant surprises continue to display themselves every week. This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
  • Fluent Labs raises $8 million in funding led by Polychain Capital to build blended execution network Blockchain developer Fluent Labs has raised $8 million in seed and seed extension rounds led by Polychain Capital to build out its Ethereum Layer 2 blended execution network. Primitive, dao5, Symbolic Capital, Builder Capital, Nomad Capital and Public Works also participated. The rounds included notable angel investors such as Balaji Srinivasan, Mustafa Al-Bassam, Jason Yanowitz, Santiago Santos, Dingaling, Cristian Manea and Will Price. The $8 million figure represents Fluent Labs' total fundraising to date, though it declined to disclose a valuation. The company intends to use the capital to grow its existing team of 17 core contributors — specifically on the engineering side — to support the Fluent ecosystem and deploy the necessary infrastructure for its testnet and beyond, Fluent's pseudonymous co-founder and CEO Dino told The Block. What is Fluent's blended execution network? Fluent Labs argues that current onchain execution environments are constrained by the virtual machines, programming languages and tooling they support — limiting what developers can build. Fluent's Ethereum Layer 2 aims to address this by "blending" WebAssembly (Wasm), Ethereum Virtual Machine (EVM) and Solana Virtual Machine (SVM) applications into a unified execution environment — enabling developers to create applications leveraging multiple blockchain ecosystems without compatibility concerns. Wasm is used by several blockchains, including Polkadot, Near Protocol and Cosmos. While it hasn't decided which virtual machine to add next, as it depends on market demand and developer needs, Fluent's extensible design allows it to add any VM, according to Dino. "Fluent is creating an expressive playground for developers by blending the best features of EVM, SVM and Wasm into one chain," Dino said. "The best web2 apps use the different programming languages and programming tools for different tasks, and Fluent brings this paradigm to web3." "Today's blockchain execution environments are constrained by the VMs they support and their limited functionalities," Polychain Capital General Partner Luke Pearson said. "Designed from the ground up to be maximally expressive, Fluent lets devs use the best tools for each task when building applications without worrying about compatibility." What does it mean for end users? Developers are already building a range of applications on Fluent, with over 60 projects being developed in its ecosystem, the firm claimed. This includes onchain quant protocol Thales, web3 Product Hunt-style platform Floodlight and Solidity-based DeFi projects incorporating Rust components to improve performance and efficiency. For users, Fluent will allow access to applications from different virtual machine ecosystems in the same place without switching wallets. Fluent Labs also plans to parallelize the blended environment, enabling high-performance and low-cost app usage across all its supported VMs. "What fundamentally transforms user experience is the enablement of true cross-VM composability," Dino explained. "Imagine a decentralized exchange, written in Solidity like Uniswap, that can support Solana SPL tokens, allowing users to swap ERC-20 tokens for SPL tokens. Or a user being able to do a flash loan requiring atomic composability between ERC-20s and SPL tokens. These two use cases, along with many others, can exist with blended execution." Dino argued that when developers are provided with more expressive design space, they use it, and most often, the result is higher-quality apps and unique experiences that weren't previously possible. "So, how does this impact the end user? They simply get better, more innovative applications. Blended execution realizes the original web3 vision." An app-led abstracted future Asked about the prospect of a future where applications dominate the crypto landscape with the complexities of various blockchain protocols abstracted away from the user experience under the hood, the Fluent co-founder agreed. "Absolutely. We aim to create an environment where blockchain's technical complexity becomes invisible to end-users," Dino said. "The ideal end state is a user experience so seamless that users simply interact with applications without considering the underlying blockchain infrastructure." Today's internet users don't think about TCP/IP or HTTP when browsing websites. Similarly, blockchain users should not focus on what VM an application is built on and how it's technically implemented, Dino noted. "We're working to make onchain interactions as intuitive as using a smartphone app — where sophisticated technology allows users to enjoy the service," Dino added. "This means creating applications that feel familiar, responsive and frictionless, regardless of the complex cross-chain, cross-VM mechanics happening behind the scenes."
  • Cardex exploit compromised $400,000 worth of ether across 9,000 wallets: Abstract Layer 2 chain Abstract released an initial post-mortem on a security incident affecting thousands of wallets that interacted with Cardex, a blockchain-based game operating on the network. The incident, which came to light on Tuesday, was described as a “session key hack,” in which a malicious actor gained access to wallets that had interacted with Cardex and drained funds. Abstract's pseudonymous contributor Cygaar noted in the report that the exploit involved a compromised session signer wallet shared by all Cardex users, facilitated by a leaked key in Cardex’s frontend code. The incident compromised $400,000 in users' funds, affecting 9,000 wallets, according to Abstract. This means the attacker could make transactions on behalf of the users — transferring and then selling shares to steal ETH. The exploit did not pose a risk to users’ ERC20s and NFTs. The post-mortem clarified that the issue was not a widespread problem with the Abstract Global Wallet (AGW) or the core network itself but rather an isolated incident caused by Cardex mishandling critical wallet credentials, such as session keys. AGW uses session keys to allow apps to create limited and scoped sessions for improved user experience. These keys delegate access to specific wallet functionalities to third parties. Session keys must be carefully managed to prevent permissions from being granted to malicious entities. The attack exploited vulnerabilities in Cardex's management of session keys, which are used to grant applications temporary access to wallet functions. The Abstract team had previously urged users to avoid interacting with Cardex and to revoke any active sessions with the app to mitigate further risk. All projects using session keys in the Abstract portal are expected to undergo auditing. Abstract is a consumer-focused Layer 2 blockchain developed by Igloo Inc., the parent company behind Pudgy Penguins.
  • SEC seeks public feedback on approving options trading for Grayscale, Bitwise Ethereum ETFs The U.S. Securities and Exchange Commission is asking the public to weigh in on whether the agency should approve options trading on a trio of spot Ethereum exchange-traded funds. The SEC asked for those comments on whether to allow the Cboe Exchange, Inc. to list and trade options on the Grayscale Ethereum Trust ETF, the Grayscale Ethereum Mini Trust ETF and the Bitwise Ethereum ETF, according to a regulatory filing posted on Tuesday. Comments are due in 21 days after being published in the Federal Register. Next, the SEC could decide to approve, disapprove or "institute proceedings." The agency has not yet approved options trading on spot Ethereum ETFs. Several spot Ethereum ETFs were approved in May 2024 by the SEC, and firms have since been vying for options trading to be allowed. The SEC also greenlit spot bitcoin ETFs over a year ago and later allowed options trading for those products later in 2024.

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