Here is the top crypto news of the day curated by CoinChapter.com.
$20M Mysteriously Returns to ZKasino multisig
Around $21 million worth of bridged Ether has mysteriously been sent to the multisig wallet of the ZKasino gambling project. The transfer, which equals two-thirds of the funds allegedly misappropriated, has raised hopes of potential refunds for affected users.
ZKasino initially launched on April 20th, offering an airdrop of its native ZKAS token to users. It initially promised to return bridged ETH with assurance to return the bridged ETH. However, the project instead moved around $33 million worth of users’ bridged Ethereum to the staking protocol Lido Finance, leading to accusations of an exit scam or rug pull.
On April 29th, Dutch authorities arrested a 26-year-old suspect allegedly involved in the ZKasino scam. The authorities seized approximately $12.2 million worth of cryptocurrencies, real estate, and luxury cars.
3 Bored Apes NFTs Worth $167,500 Gone Phishing
A phishing attack has resulted in the theft of three rare-trait Bored Ape Yacht Club NFTs from an unsuspecting holder. The combined value of the pilfered NFTs is around 56 Ether, or approximately $167,500 at current prices. The pilfered NFTs boast rare traits like white fur (4%), small grin (3%), and “Bored Pizza” (0.5%).
On-chain investigator ZachXBT first noticed the transaction showing the three Bored Apes being moved from the wallet labeled “tatis.eth” to a known phishing wallet, likely associated with the wallet drainer-as-a-service called Pink Drainer.
The exact method of the attack is unclear. However, phishing scams often involve spoofing the identities of popular crypto projects, like Bored Ape creator Yuga Labs. Attackers lure users into connecting their wallets with promises of rewards or exclusive opportunities.
Another Crypto News of the Day: Crypto Enthusiasts Hungry for Next SocialFi Hit
Crypto users are eagerly seeking the next big breakthrough in the Social Finance (SocialFi) sector, according to analysts from K33 Research. However, the analysts also warn that the sector is plagued by “perverse incentives” that could undermine its long-term viability.
According to the analyst, following a recent airdrop by the SocialFi app Firend.tech, crypto enthusiasts have already set their sights on a new platform called Fantasy Top, built on the Ethereum layer-2 network Blast, as the potential next opportunity.
Fantasy Top is a SocialFi game that allows users to buy and sell virtual trading cards featuring crypto-affiliated social media accounts. Users can then compete in tournaments using these cards. They can earn rewards in the form of ETH, the GOLD token on Blast, native “fan points,” and additional trading card packs.
Yen’s Decline Could Boost Bitcoin as Safe Haven, Claims Analyst
Another crypto news is the declining value of the Japanese yen. It could potentially spell “disaster” for United States treasuries, according to Dante Cook, the head of business at Swan Bitcoin. However, this situation might ultimately prove bullish for Bitcoin as investors seek alternative stores of value.
Cook believes that unless the US government intervenes with swap lines or backdoor liquidity, Japan may be forced to sell off its US treasury holdings – the largest among foreign nations – in order to prop up its currency.
Such a sell-off could create uncertainty in traditional securities and lead to a “massive wall of liquidity” entering the market, potentially benefiting Bitcoin as investors seek safer alternatives.
Cook argues that Bitcoin is already receiving a “wave of liquidity” from institutional investor. Bitcoin has already seen $11.78 billion in inflows from newly approved US Bitcoin ETFs.
Optimism to Onboard Layer-3 Protocols
Ethereum scaling solution Optimism is taking its capabilities to new heights by onboarding layer-3 applications on its Superchain. Developers can now build layer-3 protocols on Optimism’s OP Stack, sharing revenue with the Optimism Collective. Key features like custom gas tokens and “Plasma Mode” aim to reduce costs and overhead for layer-3 projects.
As layer-3 solutions host application-specific dApps, Optimism’s move promises enhanced scaling, performance, and customization for blockchain developers. With benefits like funding and airdrops, Optimism is positioning itself as a hub for innovative layer-3 protocols.
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