The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

The cryptocurrency market downturn seen over the weekend, which saw the price of bitcoin plunge from a near $57,000 high to under $43,000 overnight, may be tied to institutional selling. Bitcoin’s price has since recovered to trade at $48,250.

Centralized cryptocurrency exchange Bitmart lost $196 million in various cryptocurrencies in what the CEO confirmed was a “security breach.” One of Bitmart’s addresses shows outflows of entire token balances to an address labeled by Etherscan as the “Bitmart Hacker.”

Cryptocurrency lender Celsius Network has confirmed it lost funds in the recent hack of decentralized finance (DeFi) platform BadgerDAO. During an ‘Ask Me Anything’ (AMA) session, the firm’s CEO Alex Mashinsky acknowledged that the heist affected Celsius.

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Top stories in the Crypto Roundup today:

Institutions Took Crypto Profits Ahead of Market Downturn
Crypto Exchange Bitmart Hacked for Nearly $200 Million
Celsius Network Loses Millions in BadgerDAO Hack
Crypto Market Movers – LUNA, ROSE, STX
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Institutions Took Crypto Profits Ahead of Market Downturn

One trading executive reportedly said it appeared an institution sold more than $500 million worth of the flagship cryptocurrency on Friday, triggering “aggressive liquidations” in the crypto derivatives market.

Bitcoin’s sudden drop led to the liquidation of over $1.3 billion in long positions and saw open interest in the derivatives market plunged from $21.6 billion to $16.7 billion in less than an hour.

Over the last year, similar market drawdowns occurred in the crypto space partly over the overuse of leverage.

Crypto Exchange Bitmart Hacked for Nearly $200 Million

Security analysis firm Peckshield first called attention to the incident on social media, revealing that Bitmart’s losses amounted to over $100 million in various cryptocurrencies on the Ethereum blockchain and $96 million on the Binance Smart Chain.

The hacker has seemingly been using decentralized exchange aggregator 1inch to swap the stolen assets for ETH, while using a secondary address to deposit the ETH into privacy mixer Tornado Cash. The use of Tornado Cash is meant to make the funds harder to track on the blockchain.

Bitmart representatives, on the exchange’s Telegram channel, initially dismissed the incident saying outflows from its wallets were routine withdrawals. However, hours later, Bitmart CEO Sheldon Xia confirmed the outflows were the result of a “security breach.”

Celsius Network Loses Millions in BadgerDAO Hack

While Mashinsky did not confirm the amount of cryptocurrency Celsius Network lost in the incident, data from Ethereum blockchain explorer Etherscan suggests up to 594 BTC of the stolen funds were linked to the cryptocurrency lender. During the AMA session, Mashinky said:

"It wasn't a Celsius hack. It was a Badger hack. But some of the Celsius funds were there, so Celsius lost money. But none of the Celsius [customers] lost money. We're working with Badger to recover those funds.”

BadgerDAO, earlier this month, saw “unauthorized withdrawals of user funds.” The organization has alerted law enforcement in both the U.S. and Canada in addition to seeking help from blockchain forensics firm Chainalysis.

Decentralized DeFi insurance provider Nexus Mutual revealed that because the BadgerDAO hack appears to have been the result of a “frontend attack” and none of its smart contracts were impacted, it would “not be a covered event.”

Bitcoin Trading Volumes Tumble in November

Cryptocurrency prices diverged in November as bitcoin closed the month down 4% at $58,150 while Ethereum went up 10.1% since October to close at $4687. While crypto spot volumes increased 3.3% to $2.7 trillion in November, Bitcoin trading volumes continued to trend downward.

As described in CryptoCompare’s November 2021 Exchange Review, BTC trading volumes into USDT have dropped for a third month in a row to now stand at only $3.2 million, down 20.7% from October and 27.8% from a recent high in August.

Open interest in the space reached a record level in November with a daily average of $36.6 billion. It has, however, plunged after this week’s drawdown took the price of bitcoin below the $50,000 mark.

On CME, Bitcoin futures volumes fell in favor of ETH futures, with BTC futures contracts seeing their volume drop 30.5% to $48.8 billion, while ETH futures saw their volumes grow 11.6% to $23.4 billion.

Find out more with CryptoCompare’s full report.

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