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Crypto News Digest by U.Today By U.Today
U.Today – U.Today has prepared the three main news stories of the last day.
Binance Users Lose Millions After Accounts Hacked
Wu Blockchain, an X account dedicated to crypto news coverage mainly in Asia, recently reported several cases of account hacking, the victims of which were Binance users. As a result of these attacks, users lost millions of dollars. The first case tells the story of a Chinese user, Nakamao, who downloaded a KOL-promoted Google (NASDAQ:) plugin titled Aggr; after doing so, his account fell below $1 million. The attack occurred on May 24 and was facilitated through cross-trading, a technique in which hackers leverage hijacked cookies to bypass password and two-factor authentication verification. Another Binance user was robbed of his funds on March 1, with hackers using the same method to hijack cookies. After the incident, Nakamao conducted an investigation with a security firm and discovered several alarming details that raised concerns about Binance’s security measures. Binance, for example, would have been aware of the hacker and the compromised plugin for weeks, but decided not to act immediately, causing further financial losses. The news attracted considerable attention from the crypto community, with many questioning Binance’s ability to safeguard its assets.
Billionaire investor Chamath Palihapitiya backs $500,000 claim
It’s been several weeks since Bitcoin’s fourth halving took place, but industry leaders haven’t stopped speculating on the asset’s potential future price trajectory. Among those who have decided to share his opinion on what the future holds for Bitcoin is billionaire investor Chamath Palihapitiya. In a video shared by Altcoin Daily, Palihapitiya drew attention to the fact that BTC usually sees major growth around 12-18 months after the halving event. The first halving cycle marked its first most significant increase after six months, with growth of more than 10.67 times. The second and third halving cycles also recorded growth, but in a more moderate manner, with peaks of 1.34x and 1.79x respectively. The growth trend of the first halving continued, but approximately 18 months after the event, the second and third halvings saw the largest increases, at 27.92x and 7.80x, respectively. Considering all this, according to Palihapitiya’s analysis (which, in his words, does not constitute financial advice), if the price of Bitcoin follows the pattern shown by cycles two and three, it could surpass $500,000 by October 2025.
SHIB burn rate skyrockets 348% as price tries to break out
As the SHIB army continues to incinerate meme tokens, the SHIB price continues to try to break out. According to data provided by the Shibburn platform, a total of 21,508,945 SHIBs were sent to dead-end wallets over the past day, which helped increase the burn rate by more than 348%. The largest amount of SHIB tokens was destroyed by an anonymous crypto whale; in a single transaction, he burned a whopping sum of 21,315,658 SHIB. The second largest transaction carried just 100,000 meme coins. As for the price of Shiba Inu, it managed to rise by 3.79% yesterday, from $0.00002430 to $0.00002511. However, at the time of writing, SHIB has lost most of its gains and is currently trading at $0.00002423, down 2.40% over the past 24 hours, according to CoinMarketCap.