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Gala CEO points to “messed up” internal controls in $200 million exploit

Gala CEO says “we messed up our internal controls” after $200 million exploit. Attacker managed to sell 600 million tokens worth over $23 million; 4.4 billion GALA are effectively burned. GALA token nosedived 20% after the attack to hit lows of $0.038 before seeing a slight recovery. Gala Games CEO Eric Schiermeyer says “ messed up” internal controls led to the security breach that saw 5 billion tokens worth over $200 million minted on Monday. The attacker proceeded to sell at least 600 million GALA tokens worth about $23 million via the decentralized exchange Uniswap. In an update , Schiermeyer said the Gala team managed to secure and remove unauthorised access to its smart contract within 45 minutes of the incident. Measures taken post the exploit included the freezing of 4.4 billion of unsold GALA tokens, which the CEO described as an “effective burn,” Commenting on the exploit, Schiermeyer said: “We messed up our internal controls…This shouldn’t
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Crypto Analyst Predicts Ethereum Season, Says Solana Following in Footsteps of ETH’s 2021 Market Cycle

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A popular crypto analyst says that it’s likely Ethereum’s (ETH) time to shine and that its biggest rival is in for a parabolic run. Pseudonymous trader Inmortal tells his 213,900 followers on the social media platform X that Ethereum will rally and leave many traders on the sidelines. The analyst lays out an initial target of about $4,000 with a chart suggesting that ETH found support at around the $2,800 level. “ETH season about to start. Fueled by disbelief, as all the other times.” Source: Inmortal/X At time of writing, Ethereum is trading for $3,107. The analyst also has his eye on Ethereum rival Solana (SOL). According to Inmortal, Solana has so far resembled Ethereum’s 2021 market cycle, and if SOL were to continue, it could be trading well above the $360 mark later this year. “ETH 2021 vs SOL 2024” Source: Inmortal/X SOL is trading at $177.54 at time of writing. Looking at Bitcoin (BTC), Inmortal says that the crypto king is currently in a range be
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Bitcoin (BTC) Mirroring Pre-Parabolic Rally That Led to Over 1,200% Gains in 2017, According to Crypto Analyst

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Bitcoin’s (BTC) current market structure looks similar to 2017, just before its massive 1,200% rally to its previous record high of $20,000, according to widely followed crypto analyst TechDev. The pseudonymous analyst shares with his 450,000 followers on the social media platform X a chart that suggests the current market cycle has been strikingly reminiscent of the 2017 Bitcoin bull run. TechDev’s chart highlights that both bear markets bottomed out during the crash of two major crypto exchanges, followed by repeated rallies and consolidation phases. “The more things change, the more they stay the same.” Source: TechDev/X Looking at the trader’s chart, he seems to suggest that BTC is currently in a consolidation phase similar to 2017 when it was trading at around $1,500 before a parabolic run to a cycle high of $20,000. At time of writing, Bitcoin is worth $67,060. The analyst also looks at Bitcoin’s relative strength index (RSI), which aims to gauge the mo
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Top Selling NFTs This Week – Azuki And Mall Street SPL-404 NFTs Lead In Sales

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The non-fungible token market is suffering yet another bear season after defying its previous bear market that lasted more than ten months. Despite the challenges posed by the recent short bearish market, crypto investors show no signs of losing hope on NFT investments. Below, we have listed some of the top-selling NFT collections this week: 1. Azuki NFT Collection Takes The Top Spot Blue-chip Azuki, an NFT collection from the digital asset firm Chiru Labs featuring a limited set of 10,000 anime-themed NFTs hosted on the Ethereum blockchain network, is this week’s most-selling NFT collection. In the past 24 hours, Azuki Elemental has recorded a trading sales volume of 639 ETH. Azuki has a market cap of $160 million and a floor price of $16,073. 2. Mall Street SPL-404 NFT Collection Mall Street, the 1st Hybrid SPL-404 PFP collection on Solana to launch with Magic Eden and Mutant Labs, is this week’s second most-selling NFT collection. In the past 24 hours, the NFT collection has ama
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Crypto Trader Says One Large-Cap Memecoin Is ‘About To Rip,’ Updates Outlook on Bitcoin and Solana

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A widely followed analyst and trader is expressing bullish sentiment on a leading memecoin while updating his outlook on three other crypto assets. The analyst pseudonymously known as Kaleo tells his 638,400 followers on the social media platform X that Dogecoin (DOGE) is “about to rip”. On the largest memecoin by market cap, the widely followed analyst further says, “DOGE always has been and always will be the king of the memes. All of retail is still familiar with it, and all of crypto Twitter was raised on it. It was the initial meme that made it possible for us to believe that a dog and a community were enough to start a movement. Dogecoin isn’t dead. As soon as it starts to catch a bit of a bid, it will move vertical once again… It’s only a matter of time before it happens, and I refuse to be sidelined when it does.” Dogecoin is trading at $0.152 at time of writing. Turning to Bitcoin (BTC), Kaleo says he has a “feeling that it continues to do well from
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BRICS: China Dumps The Largest US Treasuries in History

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BRICS member China dumped a record number of US treasuries and agency debt bonds worth a staggering $53.3 billion. Historically, this is the largest sell-off initiated by China ever recorded and occurred during the first quarter of 2024. The sell-off data comes at a time when the US dollar fell to its one-month low at 104.20. Also Read: BRICS: IMF Confirms US Dollar Is in Jeopardy China and other BRICS countries have been offloading US treasuries worth billions since 2022. The Communist country has a record of dumping the highest in the last two years. The development indicates that BRICS and other developing countries want to move away from owning US assets in their reserves. The uncontrolled debt of $34.4 trillion is worrisome making  BRICS rely on local currencies and not the dollar. In addition, even a close ally of the US, Belgium dumped $22 billion worth of treasuries during the same period. This shows that even European nations are beginning to distance themsel
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ZK-EVM Upgrade Narrative to zkVM: Why Are These Five Core Projects Worth Attention?

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By 0XNATALIE, Researcher at @ChainFeedsxyz Source: ChainFeeds Research zkEVM 升级叙事 zkVM，这五个核心项目为何值得关注？ 在寻找区块链的可扩展性和计算效率的解决方案中，零知识证明（ZKP）技术尤为重要。zkVM（Zero-Knowledge Virtual Machine）是这一技术的具体应用之一。zkVM 作为一种基于 ZKP 的通用计算平台，能够在不泄露执行细节的前提下验证计算的正确性。并支持在链外处理计算量大的任务，仅将验证结果提交到区块链，极大地提升了区块链的扩展性。目前，市场上如 a16z、Taiko、ZKM 等多个项目正在开发 zkVM 解决方案。 zkVM 简介 zkVM 是一种基于零知识证明的通用计算平台… Read more 20 hours ago · 2 likes · 0xNatalie In the search for solutions to blockchain scalability and computational efficiency, zero-knowledge proof (ZKP) technology is particularly significant. The Zero-Knowledge Virtual Machine (zkVM) is one of the specific applications of this technology. As a general-purpose computing platform based on ZKP, zkVM can verify the correctness of computations without revealing execution details. It supports processing computationally intensive tasks off-chain, only submitting verification results to the blockchain, significantly enhancing blockchain scalability. Currently, several projects such as a16z
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Why is Solana meme coin Bonk (BONK) surging?

Bonk price rose sharply after South Korea exchange Bithumb announced listing of BONK in the KRW market. The Solana meme coin reached a two-week high as Bitcoin led the crypto market bounce. Bonk (BONK), the first dog-themed meme coin on Solana, has picked up significant upside in the past 24 hours. According to market data from CoinGecko, BONK price is up 9% and trading at $0.00002623 – the meme coin’s highest level in two weeks. Why did the BONK price spike today? Bonk’s performance in the past 24 hours aligns with an upward flip in Crypto prices. These came as markets reacted to the latest US inflation data that showed softer-than-expected CPI readings. As stocks jumped to weekly highs, Bitcoin surged past $66k to see analysts predict a potential bullish run to $74k. The positive sentiment buoyed most altcoins, with Ethereum breaking above $3,000 and Solana surging above $160. BONK price mirrored other meme coins, which saw slight gains as mega caps
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Andrew Tate Says He's Leaving Fiat, Investing $100M Into Bitcoin

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Andrew Tate has announced that he plans to abandon fiat currency and invest in Bitcoin. In a post to X, Tate says he plans to invest over $100M in Bitcoin. I know I’m not supposed to do this in chaotic times but I’m about to leave fiat completely and ape over 100M into btc . And I’ll even prove I did it. I’m done with the banks. I’m done with their money. Done with the scams. Then I’m going boating. — Andrew Tate (@Cobratate) May 15, 2024 “I’m done with the banks. I’m done with their money. Done with the scams,” Tate says in his post. The US dollar has been widely criticized over the past year for losing value, in part due to growing inflation and interest rate hikes. Tate’s decision would be big, as he has a substantial net worth in USD. Additionally, Tate mentioned in a follow-up post that he hasn’t finalized this decision yet because he has more cryptocurrency than fiat. However, he says that he might “leave fiat completely.” Source: LADBible After critici
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Algotech gains as Bitcoin spikes towards $64k on latest CPI report

Bitcoin price rose to near $64,000 as stock futures climbed. The upside came after US inflation data showed consumer prices rose less than expected in April. Algotech, a new crypto trading project, continued to attract investors as its presale crossed $4.8 million. As stock futures rose on Wednesday, Bitcoin price jumped more than 2% to break above $63,700. The benchmark cryptocurrency’s rise towards $64,000 saw altcoins flip green. Amid the gains for alts such as Ethereum, Toncoin and Avalanche, new Crypto project Algotech swelled in presale. Bitcoin surges as CPI rises less than expected On Wednesday, data on inflation showed that the consumer price index (CPI), the US Federal Reserve’s preferred inflation gauge, only rose 0.3% in April. That was lower than the expectation of 0.4% for the month-on-month increase, CNBC reported. While the inflation reading remains above 3%, its overall dip to 3.36% year-over-year in April from the 3.48% reported in Mar
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El Salvador Uses Volcano-Fuel To Mine 474 Bitcoin Worth $29 Million

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El Salvador, the leading Bitcoin-centric nation, has been steadily increasing its Bitcoin holdings. The nation has joined the Bitcoin mining spree and, till now, has mined nearly 474 bitcoins, per new records. El Salvador is also pioneering a green energy initiative for its BTC mining endeavors, using a volcano-powered geothermal plant as its energy resource.  Also Read: El Salvador Introduces Tokenized Hotel Project Through Bitfinex El Salvador Continues to Increase Its Bitcoin Holdings Source: BuyUcoin El Salvador, a nation that made Bitcoin its legal tender, is now inching towards establishing another crypto milestone. The country has gradually been working towards increasing its own BTC holdings, taking the levels to new highs.  JUST IN: El Salvador mines 474 #Bitcoin worth $29 million using its volcano-fueled geothermal power plant. — Watcher.Guru (@WatcherGuru) May 15, 2024 Recent reports revealed El Salvador ’s new initiative, in which the nation ha
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Former chief of the U.S. CFTC joins Paxos board of directors

Christopher Giancarlo, former CFTC chief has joined Paxos board. Giancarlo’s advocacy for blockchain innovation aligns with Paxos’ mission for regulated solutions. Paxos aims to drive financial sector innovation with Giancarlo’s guidance on board. J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), has been appointed to the board of directors for Paxos, the firm that issues PayPal’s (PYUSD) Stablecoin . Giancarlo’s extensive experience in regulatory matters and advocacy for blockchain technology is expected to significantly contribute to Paxos’ strategic initiatives and further strengthen its position in the rapidly evolving digital asset market. CryptoDad to help advance Paxos crypto advocacy and regulation The appointment of J. Christopher Giancarlo, widely known as “CryptoDad,” to the Paxos board underscores the growing convergence between traditional finance and the burgeoning cryptocurrency sector. Wit
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Economist Henrik Zeberg Says Extreme Rally Ahead for Crypto and Stocks – But There’s a Big Catch

Closely followed economist Henrik Zeberg is revealing his outlook for stocks and crypto for the coming months. The macro strategist tells his 139,600 followers on the social media platform X that he believes stocks and crypto are gearing up for big rallies that may endure until the end of the year. Zeberg points to two narratives that he says bulls will latch on to justify the ascent. “1. Blow off top is not over and done – yet! Extreme rally ahead in certain indices and crypto. 2. Sentiment will become extremely BULLISH. 3. I will be called ‘Perma Bear’ as I call US market top. Market top very close in outside US. 4. Bulls will point to AI (artificial intelligence) and Fed liquidity to explain why markets can only go UP.” But while Zeberg believes that more rallies are in sight for risk-on assets, he predicts that both stocks and crypto will implode once the top is in. “Top in US markets will be in Q3/Q4 2024. Recession sets in Q4 2024. Fast decline in ma
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GameStop Shockingly Surges 110% as Roaring Kitty Returns

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In what is a shocking development, GameStop has seen its shares skyrocket 110% during Monday’s trading session as Roaring Kitty, the father of the video game retailer’s short squeeze in 2021, has returned. Indeed, Keith Gill, the man behind the pseudonym, has posted a new video for the first time in years. Specifically, Gill has taken to X (formerly Twitter) to post a variety of clips and images for the first time since 2021. The posts include references to films and television series, hinting at the return of the trader that inspired the Gamestop stock surge that took place four years ago. JUST IN: GameStop $GME stock trading halted for a 5th time after surging 110% today. Short sellers have lost approximately $1 billion. pic.twitter.com/ojn4PZHP1u — Watcher.Guru (@WatcherGuru) May 13, 2024 Also Read: GameStop to Wind Down NFT Marketplace Amid Regulatory Uncertainty Roaring Kitty Makes Return as GameStop Skyrockets In an occurrence that was stranger than fiction
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