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Forbes: XRP Set for Huge Jump Ahead of Biden-Trump Debate

Abdulkarim Abdulwahab
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Forbes: XRP Set for Huge Jump Ahead of Biden-Trump Debate

Forbes Senior Contributor Billy Bambrough predicts a massive XRP price surge ahead of the Biden-Trump debate.

In a recent publication, Bambrough mentioned that speculation is growing that President Joe Biden may discuss cryptocurrency policy during the upcoming presidential debate with Donald Trump on June 27.

Accordingly, he noted that Bitcoin, XRP, and other cryptocurrencies are bracing for what he described as a “Washington earthquake.” He added that the development could be further influenced by Trump’s recent declaration that he will be the “crypto president.”

However, analysts from Bitfinex argue that the presidential debate is unlikely to significantly impact crypto prices. They point out that Biden and Trump have well-established stances on cryptocurrencies already priced into the market. As a result, pro-crypto reiterations during the debate are unlikely to cause new volatility. 

Biden-Trump Crypto Stances

Notably, Trump has recently become more vocal about his support for crypto, having made millions of dollars from digital trading card NFTs. He accepts campaign donations in various cryptocurrencies, including Bitcoin, Solana, Ethereum, and even meme coins like Dogecoin and Shiba Inu. Moreover, Trump has disclosed intentions to make Bitcoin a means of exchange for Americans.

Pundits observe that his renewed endorsement of crypto makes him a favorable choice, considering the incumbent government’s anti-crypto stance. Meanwhile, the Biden campaign is taking steps to appeal to the crypto community.

Rumors previously emerged that his campaign considered accepting cryptocurrency donations through U.S. exchange Coinbase.

Furthermore, a leaked document from California congressman Ro Khanna’s office revealed that officials from the Biden government, the House, and the Senate are scheduled to meet in early July to discuss blockchain innovation. 

Biden proponents like billionaire Mark Cuban have warned that Trump’s pro-crypto stance could give him an edge in the 2024 election. Meanwhile, Anthony Scaramucci, a Trump critic and Biden supporter, has suggested that Biden’s opposition to crypto might end if he is re-elected.

XRP Poised for Impact

Considering these factors, the Forbes contributor expressed confidence that XRP is poised for a significant rally driven by these political developments. 

Bambrough highlighted how Bitcoin’s rise has notably impacted XRP and Ethereum, particularly citing the market’s recovery post-FTX collapse. 

He noted that XRP surged over 60% as Bitcoin climbed from about $15,000 after the FTX crash in late 2022 to a peak of $73,650 in March 2024. Bambrough anticipates that XRP could benefit from the next Bitcoin-induced rally.

Shiba Inu Issues Important Notice Regarding SHIB Listing on Binance 

Lele Jima
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Shiba Inu Issues Important Notice Regarding SHIB Listing on Binance 

Lucie, the Shiba Inu ecosystem marketing lead, addresses widespread misconceptions about the recent decision from Binance to remove a SHIB trading pair. 

For context, yesterday, Binance announced plans to delist seven spot crypto trading pairs, including SHIB/TUSD, on June 28 at 03:00 AM (UTC). 

The exchange claimed its latest review shows that the affected trading pairs have low liquidity and trading volume. As a result, it decided to remove them to protect users. 

Notably, some crypto media outlets reported the news as though Binance was delisting Shiba Inu from its platform.

Lucie Addresses Misconception 

Reacting, Lucie characterized these reports as ‘click-bait,’ clarifying that Binance is not entirely delisting Shiba Inu. She emphasized that the decision indicates that the top exchange is only removing the SHIB/TUSD trading pair. 

Furthermore, the marketing lead encouraged Shiba Inu community members to always verify information from reliable sources before forming conclusions.

Binance Still Offering 8 SHIB Spot Pairs 

The notice aligns with further statements issued by Binance. According to Binance, the removal of the SHIB/TUSD trading pair does not affect the token’s availability on the exchange.

It added that users can continue trading the quote and base assets of the delisted pairs via other supported pairs. 

With Binance declaring plans to remove SHIB/TUSD tomorrow at 03:00 (UTC), the exchange will be left with eight Shiba Inu spot trading pairs. They include SHIB/USDT, SHIB/FDUSD, SHIB/USDC, SHIB/EUR, SHIB/TRY, SHIB/DOGE, SHIB/BRL, and SHIB/JPY. 

Meanwhile, this is not the first time that Lucie has debunked rumors of Shiba Inu’s delisting from Binance. Recall that shortly after Binance announced the removal of SHIB/BUSD and 22 other cross-margin pairs, some media platforms claimed that Binance was delisting Shiba Inu. 

This malicious claim stirred reactions from Shiba Inu enthusiasts, including Lucie, who clarified that Binance is not delisting SHIB. 

In the meantime, Shiba Inu’s price is still on massive decline due to the ongoing bloodbath across the broader crypto market. The dog-themed token has witnessed a daily loss of 3.96%, with a unit priced at $0.00001691. 

Dormant Bitcoin Miner Wallet Awakens After 14 Years, Moves 50 BTC to Binance

Zabi
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Dormant Bitcoin Miner Wallet Awakens After 14 Years, Moves 50 BTC to Binance

A dormant Bitcoin miner wallet reawakens after 14 years, moving 50 BTC ($3 million) originally mined in July 2010 to Binance.

A miner wallet, inactive for 14 years, has re-entered the crypto scene, moving 50 BTC to Binance. Lookonchain, a smart money on-chain tracker, reported the event, noting that the BTC, valued at approximately $3.05 million, was originally mined on July 14, 2010. 

The wallet earned 50 BTC from mining block 67,254 on July 14, 2010. At that time, the Bitcoin ecosystem was still in its infancy. The block details include a difficulty of 45.38682234 and a transaction volume of 1,085.85 BTC across four transactions. 

The miner received a block reward of 50 BTC for successfully mining the block. This activity occurred when the network was far less congested, and the difficulty level was relatively low compared to today’s standards.

Recent Activity

After being dormant for over a decade, the miner’s wallet has moved the 50 BTC to Binance. Such movements of old BTC often draw attention due to potential implications for market dynamics. The sudden reactivation of this dormant wallet raises questions among the community on X.

One commenter questions if the miner had “diamond hands” or if they just found their seed phrase. Another remarks that the awakening of a 14-year dormant miner wallet reminds the community of Bitcoin’s infancy and its current legendary status, speculating that more early adopters might resurface.

Notably, the current price of Bitcoin is $60,697, with a 24-hour trading volume of $22,030,541,570.58. This represents a 1.55% price decline in the last 24 hours and a 7.17% decline in the past seven days. Bitcoin’s market cap stands at approximately $19.7 billion. 

Previous Whale Activity

In January, The Crypto Basic reported the reactivation of several whale addresses. These addresses moved about $2 billion on-chain. Arkham Intelligence, a renowned crypto analytics firm, first spotted this activity. 

They reported that five different wallets consolidated almost 50,000 BTC into four distinct wallet addresses. The reawakening of these addresses coincided with the crypto ecosystem preparing for a significant liquidity shift due to the emergence of spot Bitcoin Exchange Traded Fund (ETF) products.

Additionally, in May, a Bitcoin whale dormant for nearly nine years became active. This wallet, holding 1,000 BTC worth around $30.39 million, saw its value increase from $468,643 eight and a half years ago, representing a 6,301.46% increase.

Will Shib Go Up As Shiba Inu Enters Buy Zone, Targets $0.000085 Upon Flag Breakout

Sam Wisdom Raphael
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Will Shib Go Up As Shiba Inu Enters Buy Zone, Targets $0.000085 Upon Flag Breakout

Market analysts confirm Shiba Inu has entered a buy zone, predicting a looming rally to $0.000085 upon breakout of a prevailing flag pattern.

These commentaries come on the back of the ongoing market collapse, as SHIB records one of its largest short-term declines. 

The current market collapse has erased its May gains, with Shiba Inu now down 42.41% from the $0.00002945 peak. Interestingly, most seasoned investors regard periods of market downtrend like this as opportunities for accumulation. 

Shiba Inu Downtrend
Shiba Inu Downtrend

Shiba Inu Slips into Buy Zone

Market analyst SHIB Knight holds the same sentiment. The market watcher stressed in an analysis that SHIB has entered the buy zone on the weekly timeframe. The region aligns with the midpoint of the $0.000017 territory. Notably, The Crypto Basic previously confirmed that this zone represents a significant resistance area for SHIB.

With Shiba Inu now below the $0.000017 threshold, market participants looking to augment their holdings have an opportunity to procure the token at discounted levels. SHIB now trades for $0.00001696, looking to recover the $0.000017 level to hedge against any steeper declines. 

Notably, SHIB Knight stressed that Shiba Inu must defend this area to have a chance at an uptrend. If the bears manage to trigger further drop from this current level, Shiba Inu’s last defense point rests at the lower level of the $0.000016 region, specifically Fib. 0 at $0.00001626.

A $0.000085 Price Target

The Crypto Basic confirmed this support earlier in the week, with projections of a push toward $0.000024. However, despite identifying the buy zone, SHIB Knight failed to present any price targets for when a rebound occurs. Meanwhile, in a separate analysis, TradingView analyst Esmaei Baiki set an ambitious target range.

Shiba Inu Daily Chart Esmaeibaiki
Shiba Inu Daily Chart | Esmaeibaiki

Baiki showed that Shiba Inu currently trades within a bull flag on the daily timeframe. The pole of this pattern formed during the rally from late February to March. However, the flag itself has formed amid the ongoing retracement from the $0.000045 peak.

The analyst says SHIB retested the floor of the flag as it collapsed to $0.000017. He projects an upcoming bounce, expecting Shiba Inu to eventually break above the upper trendline of the flag. According to him, this breakout will eventually push SHIB by 400% to a range of $0.00008 to $0.000085. 

Shiba Inu Sees Increased Buying Pressure

Further, data from IntoTheBlock suggests that Shiba Inu boasts a bid volume of 28.78 billion tokens across 11 exchanges, including Binance, Coinbase and KuCoin. However, the ask volume on these platforms amounts to a lower 27.94 billion figure.

SHIB Market Depth
SHIB Market Depth

With a higher bid volume (28.78 billion) compared to the ask volume (27.94 billion), there is more buying interest than selling interest. This could indicate potential support for the price and a possibility of a price reversal or stabilization, even during the downtrend.

In addition, data confirms that yesterday, bulls procured 1.64 trillion SHIB tokens worth nearly $28 million. Conversely, bears sold about 1.6 trillion tokens, indicating lower sell volume than buy. As a result, demand exceeded sales by over 38 billion tokens. With Shiba Inu currently trading for $0.00001696, these metrics could bolster chances of a rebound.

Shiba Inu Bulls and Bears IntoTheBlock
Shiba Inu Bulls and Bears IntoTheBlock

Shiba Inu Unveils Exclusive Event with Special Rewards for Holders

Lele Jima
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0
Shiba Inu Unveils Exclusive Event with Special Rewards for Holders

The Shiba Inu ecosystem team partners with AIRian to introduce an exclusive airdrop for LEASH holders, allowing them to win a share of 20 AIR Bombs (NODEs) and 100,000 AIR tokens.

The team disclosed this in the 30th edition of The Shib magazine, emphasizing that the airdrop aims to reward Doge Killer (LEASH) holders and strengthen ties between the Shiba Inu and AIRian communities. Shibarium’s official X handle also announced the development.

According to the announcement, the recent collaboration represents a combination of community-driven growth and innovation, showcasing the capabilities of both ecosystems. 

Here’s Why Airdrop is Exclusive for LEASH Holders 

Notably, the airdrop was exclusively launched to reward LEASH users, granting them automatic eligibility for the sweepstakes. 

Commenting on the development, AIRian’s CMO ‘James’ says the airdrop event provides an opportunity for the company to engage with the vibrant Shiba Inu community. 

He pointed out that the rationale behind using LEASH as the distribution’s main criterion was to reward community members who actively participate in ecosystem activities. 

Airdrop Categories 

Meanwhile, the teams have structured the airdrop event into two categories: The Special Draw and the Galxe Quests. 

Special Draw 

For this category, the partners took a snapshot of all addresses holding LEASH on June 26 at 09:00 AM (UTC). Following the snapshot, they will select 20 lucky winners through a raffle draw, with each receiving 1 AIR Bomb token. It is noteworthy that the public sale price of AIR Bomb is around $555. 

Galxe Quest

The second category – Galxe Quests – features a gamified experience that requires interested participants to complete specific social media tasks on the Galxe platform. This includes liking, retweeting designated X posts, and providing Ethereum wallet addresses. 

In addition to entering wallet addresses, users are required to provide their email addresses or risk being excluded from the sweepstakes. Completing the social tasks helps users accumulate Galxe points, which increases their winning chances.

Notably, the teams will select 1,000 winners in this category, with each receiving 100 AIR tokens, totaling 100,000. According to the official announcement, the second quest commenced on June 19 and concluded with the final snapshot on June 26. 

However, information on Galxe platform revealed that the event will run from June 26 to July 3, 2024. The selection of eligible LEASH holders will start after the final snapshot on July 3 at 09:00 (UTC). 

Here’s How High XRP Can Go if Its Market Cap Hits Projected $1.7T

Sam Wisdom Raphael
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Here’s How High XRP Can Go if Its Market Cap Hits Projected $1.7T

XRP price could spike above the $30 threshold if the token’s market cap crosses $1.7 trillion as projected by crypto market analyst EGRAG.

The ongoing market turmoil has dealt a blow to XRP’s price, concurrently leading to a reduction in its market capitalization. Notably, XRP has lost $5.789 billion from its valuation since March, dropping 18% from $32.041 billion on March 1 to the current figure of $26.252 billion.

XRP Price Market Cap Monthly Chart
XRP Market Cap Monthly Chart

XRP’s market cap previously hit a yearly peak of $40.746 billion in March but has now shed off nearly $14.5 billion since this top. This is due to the prevalent market-wide collapse, which has triggered a drop in XRP price below the pivotal $0.50 territory.

XRP Price at the Projected $1.7T Market Cap

Amid the ongoing market uncertainty, analyst EGRAG identified a symmetrical triangle on an inverted monthly chart. In his latest analysis, the chartist emphasized that XRP’s market cap is on the verge of reaching a new all-time high at $1.7 trillion.

For context, Bitcoin (BTC), the largest crypto asset by valuation, currently boasts a market cap of $1.198 billion as it trades at $60,783. EGRAG’s projection suggests that XRP could surpass Bitcoin’s current market valuation, an event that would lead its price to unimaginable levels.

This predicted target would also surpass XRP’s all-time market cap peak of $128.49 billion in January 2018, attained when XRP reached an all-time high price above $3. At the current circulating supply of 55.6 billion tokens, the XRP price would surge to $30.5 at a valuation of $1.7 trillion.

XRP to 30$ if marketcap hits 17T$
XRP to 30$ if market cap hits 1.7T$

While the $30 price might appear ambitious, given XRP’s ongoing struggles underneath $0.50, several market watchers have projected it as a possible target. For instance, EGRAG predicted last October that the XRP price could mirror Ethereum’s (ETH) 58x historical growth. This rate puts XRP at a target of $30.2.

Also, earlier this month, crypto YouTuber and prominent analyst DustyBC drew the attention of market participants to a symmetrical triangle on the XRP monthly chart. According to him, a massive candle to break out of the triangle could trigger a 4,000x XRP price rise to $30.75.

XRP Market Cap Dominance

Meanwhile, in a recent separate analysis, EGRAG emphasized that XRP’s market cap dominance is currently looking to retest the upper trendline of an ascending channel on the inverted chart. Such a retest, which would hit Fib. 0 at 1.11%, could propel XRP’s market dominance from the current 1.19% to 31.54%.

XRP Market Cap Dominance | EGRAG
XRP Market Cap Dominance | EGRAG

Notably, a rise in XRP’s market dominance is a direct result of an increase in XRP’s market cap relative to the global crypto market cap. For instance, a 31.54% market dominance at the current global market cap of $2.26 trillion would result in a valuation of $700.6 billion. At the current market dominance of 1.19%, XRP currently trades for $0.4706.

Expert Predicts $500 XRP Will Be a Bargain in 5 Years

Abdulkarim Abdulwahab
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0
Expert Predicts $500 XRP Will Be a Bargain in 5 Years

Edoardo Farina, CEO of Alpha Lions Academy and Head of Social Adoption for XRP Healthcare, foresees a future in which the investing public considers buying XRP at $500 a bargain deal.

Farina voiced this sentiment in a recent post on X, highlighting his five-year projections for the XRP ecosystem. The community pundit anticipates that governments worldwide, bankers, and retail users will utilize XRP for various financial use cases in five years.

Furthermore, Farina is optimistic that gold will have been tokenized on the XRP Ledger by 2029. Regarding Ripple, the primary firm leveraging XRP for payments, Farina expects it would have evolved into a multi-trillion-dollar enterprise by then.

In January, Ripple was valued at around $11.3 billion following the reacquisition of $285 million shares from original investors and employees. Notably, the firm also boasted a crypto reserve of over $25 billion at the time.

XRP to be Considered Cheap at $500

Meanwhile, Farina hopes that within five years, XRP will garner more positive coverage from mainstream media outlets like Fortune, WSJ, and Forbes. 

Regarding the future price of XRP, Farina proposed that retail investors and enthusiasts would be bragging about buying XRP at $500 per coin. This suggests that he foresees XRP becoming much more valuable by 2029, so people could consider a $500 purchase a great deal.

 

Notably, XRP has a current market value of $0.4731. The $500 projection suggests that the asset could increase by over 105,585% by 2029, potentially putting the XRP market at approximately $50 trillion.

Other notable community members share Farina’s projection that XRP will be considered cheap at $500. Two months ago, ambitious XRP proponent BarriC argued that many in the crypto scene will see buying XRP from $100 to $500 as a bargain by 2033.

Moreover, Farina and BarriC have voiced even more audacious sentiments, predicting that XRP could reach $1,000 or even $10,000 someday.

However, market watchers outside the XRP community do not share this optimism. Analysts at the crypto exchange Changelly propose a more extended timeline of 2050 for XRP to attain $500, which they see as its maximum price rather than a bargain. 

Similarly, Telegaon pundits have a more conservative outlook, suggesting a maximum price of $105 for XRP by 2050.

This German City Is Poised To Become A European Crypto Hub

Esra Zuhal
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This German City Is Poised To Become A European Crypto Hub

An initiative is underway in the little-known German city of Mannheim. Its goal? To use Bitcoin and blockchain technology to transform the city’s retail infrastructure, turning it into a ‘Cryptocity’ that showcases everyday applications of crypto for retailers and consumers. 

The concept of ‘cryptocities’ has grown in prominence in recent years as forward-thinking developers seek to highlight the best of blockchain and crypto within existing business and retail frameworks.

Germany’s New Bitcoin-Based Cryptocity

Led by Layer-1 payment blockchain Nimiq, the cryptocity initiative has already seen 22 stores in Mannheim adopt cryptocurrency payments. These include various supermarkets, restaurants and shops, and they’re not just local businesses either: global brands like footwear giant Footlocker and fast-food titan Burger King are also on board.

In order to attract retailers to set up shop in the cryptocity, Nimiq lets merchants process payments made using digital currency, while still allowing them to receive euros in their bank accounts. This allows companies to more easily track their tax obligations, while also enabling them to avoid fluctuations in the price of digital assets.

At present, almost 6.9 million people in Germany own some form of cryptocurrency – over 8% of the population according to research conducted by Triple-A. With an estimated 20 to 30 million crypto owners in neighboring European countries, the hope for Nimiq is that Mannheim can attract the crypto-curious from miles around.

Merging with Existing Payment Infrastructure

The 22 stores currently integrated into Mannheim’s expanding cryptocity can process bitcoin payments instantly thanks to the integration of OPAGO’s point-of-sale app, which generates a QR code customers can scan to send a Bitcoin Lightning Network payment.

A primary goal of the developers behind CryptoCity Mannheim is to integrate cryptocurrency with existing payment infrastructure. To this end, the team is developing a blockchain payment scheme that allows existing retail payment terminals to recognise and accept digital currencies by default.

Clearly, Nimiq isn’t going it alone in its vision to build a futuristic cryptocity: partners in the venture include paytech firm Nexi, which boasts a large network of existing payment terminals, and Bluecode, a company that develops barcodes which can be used to process mobile-based payments at point of sale in a matter of seconds.

Cryptocities Around the World

The concept of the cryptocity has grown in prominence in recent years, with numerous such projects currently in development around the globe. 

From plans to erect a cryptocity in El Salvador, to one that seeks to turn an area of the Nevada desert into a Bitcoin-based ‘smart city’, the idea of the cryptocity is one that has firmly taken root in the public consciousness. 

Global music star and entrepreneur Akon is even developing a $6 billion cryptocity in Senegal that he envisions as a real-life, tech-empowered ‘Wakanda’, referencing the fictional location from the Black Panther film series. Talk about an unexpected career arc!

Thinking Ahead

Such ambitious goals aren’t as unusual as one might think. The potential for automated, tech-powered cities to drive business, innovation and, even better, living conditions is one recognized by many forward-thinking figures in blockchain and beyond.

Nimiq ultimately envisions the application of blockchain technology spreading far beyond retail stores and payment channels. The platform’s Ecosystem Development Lead Max Burger sees the potential for fully integrated ‘smart cities’ where even city administration is handled via a blockchain network.

“This is a bit more futuristic,” says Burger, adding: “For now we are focusing on retail, shopping and experiences where you can pay with cryptocurrency.”

For cryptocity advocates, the idea is to first showcase the applicability of blockchain and crypto payments – then attract merchants and customers to actually use the tech. The end goal, of course, imagines entire cities being sped up and optimized by blockchain tech, likely in concert with other bleeding-edge technologies like IoT devices and AI.

Will this vision come to pass? Who knows. We might even get hoverboards.

Disclaimer: This article is provided by the Client. The Client is solely responsible for this page’s content, quality, accuracy, products, advertising, or other materials. Readers should conduct their own research before taking any actions related to the material available on this page. The Crypto Basic is not responsible for the accuracy of info and any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods, or services mentioned in this article.

Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

Expert Sees Cardano Rally to $24 Despite Recent DDoS Attack

Zabi
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0
Expert Sees Cardano Rally to $24 Despite Recent DDoS Attack

FieryTrading analyzes Cardano’s bullish potential amid DDoS attack and upgrades, setting a target of $24 with a high risk/reward ratio of 116.

As Cardano (ADA) experiences a period of activity, FieryTrading, an analyst on TradingView, has shared insights about ADA’s potential upward movement within its parallel channel. FieryTrading suggests a possible top during the next bull cycle. 

Despite not being a highly probable outcome, the risk/reward ratio of 116 makes this an attractive opportunity for traders. According to the analyst, the suggested entry point is near the support of the channel, possibly lower on a wick. 

However, this analysis comes amidst an eventful period for Cardano, including a notable DDoS attack and upcoming network upgrades.

Technical Analysis and Potential Targets

FieryTrading’s chart reveals a detailed technical analysis of ADA against Tether (USDT) on a weekly timeframe. The chart highlights an upward trend channel, marked by parallel purple dotted lines, indicating a long-term bullish trend since mid-2020. 

Cardano 1W Chart FieryTrading
Cardano 1W Chart | FieryTrading

The potential bullish target is set at $24.5800, representing a massive increase of 5852.38% from the current price. Conversely, the stop-loss level is placed at $0.2110, a 50.24% decrease from the current price. This high risk/reward ratio of 116.49 suggests potential rewards outweighing the risks involved.

Indicators and Market Sentiment

Despite the bullish outlook from FieryTrading, other technical indicators present a mixed picture. The Relative Strength Index (RSI) is currently at 39.08, approaching oversold territory, which could indicate potential buying opportunities if the trend continues downward. 

ADA RSI and MACD
ADA RSI and MACD

Additionally, the Moving Average Convergence Divergence (MACD) line is slightly below the signal line at -0.024, indicating a bearish trend. However, the minimal difference suggests that momentum could shift soon.

Resilience Amidst DDoS Attack

Elsewhere, Cardano recently withstood a DDoS attack, maintaining full operational status due to its decentralized architecture and robust security measures. Analyst Dan Gambardello highlighted Cardano’s resilience, security, and community response as fundamental strengths. 

Moreover, Charles Hoskinson, the founder of Cardano, announced that June would be pivotal for the blockchain with the impending release of Cardano node 9.0, setting the stage for the much-anticipated Chang fork. This upgrade is seen as a milestone, reinforcing Cardano’s commitment to continuous improvement and resilience.

During this press, Cardano’s price is currently trading for $0.3914, with a 24-hour trading volume of $245,079,789.90. ADA has seen a 1.00% price increase in the past week. 

Hoskinson Reacts as Cardano DDoS Attack Backfires, Hacker Loses Funds

Abdulkarim Abdulwahab
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0
Hoskinson Reacts as Cardano DDoS Attack Backfires, Hacker Loses Funds

Cardano founder Charles Hoskinson expresses delight as the network successfully thwarts a DDoS attack, causing the hacker to lose funds.

Yesterday, the Cardano network was the target of a distributed denial of service (DDoS) attack designed to overwhelm the system with spam traffic.

Raul Antonio, CTO of Fluid Token, observed that the invasion began at block 10,487,530 on the Cardano network. Each transaction in this block triggered 194 smart contracts, with the attacker filling each block with multiple transactions to pressure the network. Notably, the hacker expended 0.9 ADA per transaction.

Meanwhile, during the exploit, Phillip Disarro, the CEO of Anastasia Labs, revealed a counter-strategy to the attack. He suggested that deregistering the stake credentials used by the attacker would allow anyone to claim their 400 ADA, effectively stopping the DDoS attack.

Disarro further explained that the attacker would need another 400 ADA to restart the attack. Yet, the funds could be siphoned from them again using the same method.

Cardano DDoS Hacker Loses Fund

In a follow-up update, Disarro disclosed that the hacker suspended their assault after reading his warning call, but it was too late, and their funds were already drained. He remarked on the irony of the incident, where an attacker who presumably aimed to harm the ecosystem ended up losing funds instead.

This remarkable twist of fate sparked widespread reactions within the community. It has given Cardano proponents more reason to laud the network’s resilience. One community member commented with a breakdown of the events, further lauding the network for its ability to navigate the issue.

Cardano founder Charles Hoskinson responded to this commentary with a cheerful GIF, sporting a wide smile and giving the commentator a thumb up.

 

Significantly, the funds drained from the attacker were donated to an open-source smart contract project Anastasia Labs is working on.

It is worth noting that the Cardano network functioned as intended during the exploit with no impact on liveliness. Moreover, validators handled the transactions with ease with no stress test. Interestingly, the price of ADA even rallied amid the news of the DDoS on Cardano.

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