Altcoins
Sharp Bitcoin Pullback Not Over, Predicts Crypto Analyst Michaël van de Poppe – Here’s How Low BTC May Go
Closely followed crypto analyst and trader Michaël van de Poppe is saying that the current Bitcoin correction is likely not yet over.
In a new strategy session, Van de Poppe tells his 136,000 YouTube subscribers that BTC could drop further before the leading crypto asset can show signs of recovery.
“So based on the Fibonacci extension tool, the previous high, previous low, key figure and key level to watch become the area around $57,000.
So this entire range ($57,000 -$59,000) that we’ve got here is actually the area that I want to see sustained in order to keep the momentum going.”
Although Van de Poppe expects Bitcoin to continue its pullback, the crypto trader believes the largest cryptocurrency to surge between 25%-50% once BTC regains its bullish momentum.
“Right now, based on the daily time frame, we could still run all the way towards $75,000, get a slight bearish divergence and then make a slight reversal, but overall, this is what I’m looking at based on a daily time frame.
I think the next impulse wave is most likely going to bring the prices all the way back towards $90,000, as that is the next run from here also based on the recent impulse move with Fibonacci.”
Looking at Ethereum against Bitcoin (ETH/BTC), Van de Poppe wants to see the pair move above 0.066 BTC ($4,012) before taking any entries.
“If we do have a reclaim above this level [0.066 BTC], I’m going to be interested in longs. If we drop all the way back down and we get a test around 0.061 BTC ($3,709), I’m looking at a higher low to take the entry.
If that is lost, then I’m going to look at lows that are going to be taken, and I’m going to look at the next level here [0.051 BTC] ($3,101).
So right now, I’m not really interested too much yet into altcoins…The chances will be there, but Bitcoin is first taking the actual spot at this point.”
I
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Decentralized finance protocols continue to be targeted by hackers, with Curve Finance becoming the latest platform to be compromised after a domain name system (DNS) hijacking incident.
The automated market maker warned users not to use the front end of its website on Tuesday after the incident was flagged online by a number of members of the wider cryptocurrency community.
While the exact attack mechanism is still under investigation, the consensus is that attackers managed to clone the Curve Finance website and rerouted the DNS server to the fake page. Users who attempted to make use of the platform then had their funds drained to a pool operated by the attackers.
Curve Finance managed to remedy the situation in a timely fashion, but attackers still managed to siphon what was originally estimated to be $537,000 worth of USD Coin (USDC) in the time it took to revert the hijacked domain. The platform believes its DNS server provider Iwantmyname was hacked, which allowed the subsequent events to unfold.
Cointelegraph reached out to blockchain analytics firm Elliptic to dissect how attackers managed to dupe unsuspecting Curve users. The team confirmed that a hacker had compromised Curve’s DNS, which led to malicious transactions being signed.
Related: Cross chains, beware: deBridge flags attempted phishing attack, suspects Lazarus Group
Elliptic estimates that 605,000 USDC and 6,500 Dai was stolen before Curve found and reverted the vulnerability. Utilizing its blockchain analytics tools, Elliptic then traced the stolen funds to a number of different exchanges, wallets and mixers.
The stolen funds were immediately converted to Ether (ETH) to avoid a potential USDC freeze, amounting to 363 ETH worth $615,000.
Interestingly, 27.7 ETH was laundered through the now United States Office of Foreign Assets Control-sanctioned Tornado Cash. 292 ETH was sent to the FixedFloat exchange and coin swap service. The platform managed to freeze 112 ETH and confirmed the movement of funds, according to an Elliptic spokesperson:
“We have been in contact with the exchange, which confirmed a further three addresses that the hacker withdrew funds into from the exchange (these were completed orders that FixedFloat were not able to freeze in time). These include 1 BTC address, 1 BSC Address and 1 LTC address.”
Elliptic is now monitoring these flagged addresses in addition to the original Ethereum-based addresses. A further 20 ETH was sent to a Binance hot wallet, and another 23 ETH was moved to an unknown exchange hot wallet.
Elliptic also cautioned the wider ecosystem of further incidents of this nature after identifying a listing on a darknet forum claiming to sell “fake landing pages” for hackers of compromised websites.
It is unclear whether this listing, which was discovered just a day before the Curve Finance DNS hijacking incident, was directly related, but Elliptic noted it highlights the methodologies used in these types of hacks.
F2Pool co-founder Chun Wang has responded to allegations that his mining pool has been manipulating Ethereum block timestamps to “obtain consistently higher mining rewards.”
The allegations came from an Aug. 5 paper from researchers at The Hebrew University, claiming the mining pool has been engaging in a “consensus-level” attack on Ethereum over the last two years to gain an edge over “honest” miners.
However, Wang on Twitter responded by saying that “we respect the *consensus* as is”, implying that intentionally exploiting the system’s rules doesn’t necessarily mean that rules have been broken.
We respect the *consensus* as is. If you don’t like the consensus, convince @TimBeiko to send me another Announcement and change it. https://t.co/Lmw2INzOzg
— Chun at 78°N (@satofishi) August 8, 2022
Earlier this week, the researchers shared what they claim has been the first proof of a “consensus-level attack” on Ethereum, in which miners such as F2Pool have found a way to manipulate block timestamps to consistently get higher mining rewards compared to mining “honestly.”
The research paper was penned by cryptocurrency lecturer Aviv Yaish, software algorithm developer Gilad Stern, and computer scientist Aviv Zohar, alleging that Ethereum mining pool F2Pool has been one of the miners that have been using this timestamp manipulation strategy.
“Although most mining pools produce relatively inconspicuous-looking blocks, F2Pool blatantly disregards the rules and uses false timestamps for its blocks,” said Yaish, adding that the mining pool has been executing the attack over the last two years.
Wang also appeared to own up to evidence presented by Yaish, suggestin that the timestamp manipulation was being done intentionally.
I can’t stop appreciate this elegant implementation of what we’ve done over the past two years.
I killed $TRC Terracoin as early as 2013 using a similar timestamp manipulation approach by lower the difficulty to virtually zero. A robust system must withstand all kind of tests. https://t.co/z8pLdLtAU0
— Chun at 78°N (@satofishi) August 8, 2022
F2Pool is a geographically distributed mining pool, which mostly mines blocks on the Bitcoin, Ethereum, and Litecoin networks.
How the ‘attack’ works
According to the researchers, Ethereum’s current proof-of-work (POW) consensus laws include a vulnerability that gives miners a “certain degree of freedom” when setting timestamps, which means that false timestamps can be created.
“For example, a miner can start mining a block now, but set the block’s timestamp to actually be 5 seconds in the past, or 10 seconds in the future. As long as this timestamp is within a certain reasonable bound, the block will still be considered valid, according to Ethereum’s consensus laws.”
The ability to create these false timestamps gives these miners an edge in a “tie-breaking” scenario as a miner can replace another miner’s blocks of the same block height by making the timestamp low enough to increase the block’s mining difficulty.
Related: Ethereum Merge: How will the PoS transition impact the ETH ecosystem?
However, the researchers also noted that the vulnerability may be solved after Ethereum transitions to proof-of-stake (POS) after the upcoming Merge on Sep. 19, which utilizes a different set of consensus rules.
“An obvious mitigation technique which will solve both this attack and any other PoW-related one, is to migrate Ethereum’s consensus mechanism to proof-of-stake (PoS).”
“Other solutions which might be smaller in scope and thus easier to implement are to adopt better fork-choosing rules, use reliable timestamps, or avoid using timestamps for difficulty adjustments altogether,” the researchers added.
One of the leading economies in Asia – Japan – will once again have cryptocurrency automated teller machines (ATMs). Despite being a financial hub, the country removed all such devices in 2018 following a hack against a local exchange.
The number of cryptocurrency ATMs across the globe has rapidly increased in the past few years. Currently, the undisputed leader is the USA, with nearly 34,000 machines.
Japan Takes a Step Toward the Crypto Universe
The Japanese authorities have not always been against crypto ATMs. Prior to the bear market in 2018, the country had plenty of such machines. However, a major hack against the digital asset platform Coincheck changed their stance. At the beginning of 2018, wrongdoers breached its security and drained nearly $500 million worth of its NEM tokens, which caused lawmakers to shut all cryptocurrency ATMs.
According to a press release, this trend will no longer continue since the local exchange Gaia will install ATMs in Tokyo and Osaka. Initially, the machines will support four of the largest digital assets by market capitalization: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
The company plans to deploy 50 crypto ATMs in the next 12 months, while their number should increase to 130 in the next three years.
The machines will enable Japanese consumers to withdraw a maximum of 100,000 yen ($747) per transaction, while the max cap for 24 hours will be 300,000 yen ($2,240). This is part of the anti-money-laundering guidance that Gaia wants to follow.
The President of Gaia – Motohiro Ogura – highlighted the move, saying this is the first time a domestic exchange installs cryptocurrency ATMs in the country.
“There is a sense of security that BTM can be converted into cash immediately. Virtual currency tends to attract attention only for investment, but it also has potential as a settlement currency. I want to expand,” he concluded.
Who Leads the Pack?
When speaking of the number of cryptocurrency ATMs, it is worth pointing out to the United States of America, which ranks as the global leader. The country has almost 34,000 machines, or around ten devices per 100,000 citizens. Canada takes the second spot with nearly 2,500 crypto ATMs.
Interestingly, due to its small area, the special administrative region of China – Hong Kong – has the biggest density of automated teller machines. Residents can find one in every 7 kilometers, while Switzerland is second with one ATM in every 260 kilometers.
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