Relief Rally As Cryptos Digest Powell’s Speech
Cryptos jumped more than 3 percent in the past 24 hours to a market cap of $992 billion amidst world markets that reconciled to a Fed that is ready to fight the until the job of inflation control is done.
The Dollar Index ranged between 108.29 and 108.90, a day after it touched a fresh 20-year high of 109.48.
Stock Markets in Asia finished mixed while those in Europe are mostly trading in the green zone.
Bitcoin rallied more than 2 percent overnight to touch a high of $20,542.64. It is currently trading at $20,358.30.
BTC’s dominance however edged down to 39.3 percent, versus 39.6 percent early on Monday.
Ethereum too added 6.3 percent in the past 24 hours to trade at $1,572.78. Ether had touched a high of $1,600.46 in the same period.
Ether’s dominance has however increased to 19.5 percent versus 18.8 percent early on Monday.
30th ranked Flow (FLOW) gained 16 percent overnight to top the price charts in the past 24 hours. 67th ranked Lido DAO (LDO) also added more than 15 percent in the past 24 hours.
23rd ranked Cosmos (ATOM), 16th ranked Avalanche (AVAX), 70th ranked PancakeSwap (CAKE) and 58th ranked Synthetix (SNX) have all gained more than 8 percent in the past 24 hours.
Among the top 100 cryptocurrencies, only 57th ranked Huobi Token (HT) that shed 5.6 percent and 59th ranked Helium (HNT) that lost 3.8 percent have lost more than a percent in the past 24 hours.
Meanwhile the Federal Bureau of Investigation has on Monday warned that cyber criminals are increasingly exploiting vulnerabilities in decentralized finance platform to obtain cryptocurrency, causing investors to lose money. In an alert issued on Monday the premier agency encourages investors who suspect cyber criminals have stolen their DeFi investments to contact the FBI via the Internet Crime Complaint Center or their local FBI field office.
The FBI has noted that cyber criminals are exploiting vulnerabilities in the smart contracts governing DeFi platforms to steal cryptocurrency, causing investors to lose money. They are also taking advantage of investors’ increased interest in cryptocurrencies, as well as the complexity of cross-chain functionality and open-source nature of DeFi platforms.
The FBI cites data from the US blockchain analysis firm Chainalysis which shows that between January and March 2022, cyber criminals stole $1.3 billion in cryptocurrencies, almost 97 percent of which was stolen from DeFi platforms.
According to the FBI, cyber criminals have defrauded the DeFi platforms by initiating flash loans that trigger an exploit in the DeFi platform’s smart contracts, causing investors and the project’s developers to lose cryptocurrency. Alternatively, they have exploited the signature verification vulnerability in the DeFi platform’s token bridge to withdraw the platform’s investments. The cyber criminals have also manipulated cryptocurrency price pairs by exploiting a series of vulnerabilities, including the DeFi platform’s use of a single price oracle, and then conducting leveraged trades that bypassed slippage checks and benefited from price calculation errors to steal cryptocurrencies.
In this backdrop, the FBI recommends investors to research DeFi platforms, protocols, and smart contracts before investing and to be aware of the specific risks involved in DeFi investments. It also advises investors to ensure that the DeFi investment platform has conducted one or more code audits performed by independent auditors. Investors are also required to be alert against DeFi investment pools with extremely limited timeframes to join and rapid deployment of smart contracts.
The FBI recommends DeFi platforms to institute real time analytics, monitoring, and rigorous testing of code in order to more quickly identify vulnerabilities and respond to indicators of suspicious activity. The platforms are also advised to develop and implement an incident response plan that includes alerting investors when smart contract exploitation, vulnerabilities, or other suspicious activity is detected.
For More Cryptocurrency News, visit rttnews.com
Source: Read Full Article