The crypto market has been going through a rough latch for a long time and different types of crypto have had to endure the brunt of it. The bear market that the crypto is currently living through is one of the worst that it has ever experienced in its lifetime. As a result, various cryptocurrencies have hit a new low, reviving from which seems like a tough task to pull off.
It has also in turn affected this who have invested in it or are associated with it as their portfolios have also taken a major hit as a result of the downfall. Their search for new crypto coins that would help them get back their suffered financial losses, has also proved to be in vain.
Investors of Shiba Inu in search of an alternative
As mentioned above, the major Crashdown has left investors lurking in the dark about each of the savior crypto coins. The Ship, which is a native coin of the Shiba Inu, is quite similar to that of a Dogecoin, but it derives its name from the Japanese dog of the same name. Even though both of these coins have some similarities, Shiba Inu states that it is a better and improved version of Dogecoins.
The whole idea behind the Shiba Inu creators was to offer a place for dog-inspired creators, who can feel a sense of belongingness. It has often been referred to as the "artistic Shiba movement" by the creators. It also states that it is not devoid of value like Dogecoin and that it has a vision of making some serious developments in the crypto ecosystem shortly.
In the year 2021, the coin fell as low as 50% which was the lowest it had ever witnessed. However, it soon managed to get back to its former glory and achieved new heights that had never been achieved by any other crypto coin ever. It made a surprising recovery and touched new heights that left everyone surprised and in awe of the progress it had shown.
The game-changing VET project
The Vechain that works on a public blockchain that is referred to as VechainThor works in a similar fashion that any other public blockchain works. It is known for extending its support to smart contracts and can even be used as a great option for companies for the Toolchain feature it offers. It has numerous advantages as well because each transaction made on it can perform multiple tasks.
The VET can also be easily stored on the Vechain wallet and can even be simply downloaded on iOS as well s Android. It has proven to be an effective and efficient method. Its effectiveness and efficiency have also been tested and verified by different companies who have conducted studies on it and have used it.
The impact of Degrain (DGRN) on the NFT marketplace
Since its introduction, this new tool has brought about new waves of change in the crypto ecosystem. It has established a cross-chain MFT marketplace which would be a first of its kind. After the success that the NFT marketplace has been experiencing in recent times, investors have shown an eager interest in investing in the NFT marketplace.
Those users who access the platform for the buying or selling of NFT shall earn DGRN tokens. It has been said that the team hall also golds its liquidity for almost ten years. It also proposes to lock their team tokens and in the meanwhile get the smart contract audited. It is done so because the pass appears to be a safer investment for the holders.
The world is continuously going ahead to web3 and metaverse expertise. The Internet era has already been dominating mass society. The enhanced technology is now trying to get a more advanced ecosystem. Blockchain technology is anticipated as the future of internet technology. Where the other related field which is virtual is rapidly moving towards updated fields.
Who Are Animoca Brands?
Animoca Brands is a prominent company for improving virtual products such as games, open metaverse, blockchain, and NFTs. The company is a Deloitte Tech Fast Winner. Also, it ranked in the list of High Growth Companies Asia-Pacific 2021 in the Financial Times. Animoca is mainly connected with entertainment, blockchains, games, open metaverse, etc. It created REVV tokens and SAND tokens. Some of the original games of the company are Sandbox, Crazy Kings, Crazy Defense Heroes, and many more. The company includes products utilizing popular intellectual properties like Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, etc. It has more than 340 investor companies globally.
Behind The Fund Raising :
Hong Kong-based Animoca Brands is one of the prominent companies to enhance and upgrade these technical and virtual products. It was collecting funds to promote digital property rights and the company achieved $75 million in raising funds this year.
Animoca Brands is advancing the property rights of digital assets. They are focusing on gamification along with the metaverse. In January this year, the company announced its second tranche of investment. That got $75.32 in raising funds from the investors. The company's investors are Alpha Wave Ventures, Kingsway Capital, Liberty City Ventures, SG Spring Limited Partnership Fund, 10T, Generation Highway, and others.
The Animoca brand aimed to use the monetary fund for strategic acquisitions, investments, and product development, secure licenses for renowned intellectual properties, advance the open metaverse, and promote digital property rights for online users. This company is venturing to grow the virtual fields keeping in mind the future effects.
Animoca is using blockchain and NFTs to get the goal. Through these two main elements, the company is ensuring true ownership of users' virtual assets and data. It is also working on enabling various Defi along with GameFi that includes play and earn techniques. It is creating an open framework to equalize all users' comfort in the open metaverse. If the authentic property rights will be added to the platforms, more traffic will be there and the open metaverse will get successful. Users are always seeking some guarantee or authenticity. If it is provided to them then nothing will be much better than that.
Funding Strategy :
Animoca Brands gained its value at $5.9 billion this year. During the second fundraising phase, the company planned a subscription-based investment. Where a subscription price was A$4.50 per share. There were a total of 23,237,058 new shares. Now, the company will have 183 crores 61 lakh 42 thousand, and 3 hundred 34 fully paid ordinary shares on issue.
Yat Siu, the co-founder and executive chairman of Animoca shared his view regarding the open metaverse and gamification. According to him, the open metaverse and gamification are gradually taking place in the virtual world. The enhanced virtual world will be the identification of a society.
Other Investments :
This web3 gaming company is also investing in other web3 projects. It has invested in companies like Opensea, Axie Infinity, Dapper Labs, Star Allas, Yield Guild Games, Harmony, Colossus, Alien World, and many more. This company has helped the Soulbound metaverse company to raise its fund. Soulbound got up to $3.6 million raising funds in June this year.
The random crypto fall is still dominating the market. During this tough condition of the global crypto market, multiple exploits are taking place. Users tend to be drained anytime. Recently, Solana blockchain wallets Phantom and Slope users claimed that a suspected exploit has drained their tokens rapidly. Both wallets have lost a massive amount of toke due to this suspected exploit.
It is reported that from the Phantom wallet and Slope wallets millions of tokens are removed through the exploit. It is suspected that the exploit is either linked to the wallet itself or any trustworthy applications. According to several users, the exploit happened due to the Solana ecosystem or for its native wallets.
Overview Of The Exploit :
The exact details of the exploit are not revealed yet. But the users claimed that they were getting some notifications during this exploit. The notifications show that the user account is transferring their tokens to another suspected address's wallet. But the users were not doing it themselves. The whole process was taking place automatically.
After the spread of the information, Phantom wallet officially gave its statement. The team informed them that they started the investigation regarding the exploit. They are working with other expert teams to find out the weakness of the Solana ecosystem. But for now, they are not ready to believe that the exploit happened for Phantom’s specific issue.
Though the exact amount of the exploit is not known yet. But it is suspected that more than $6 million SOL was removed. Over 7,760 wallets have been victimized in this suspected exploit. Notably, the assumed amount is not verified yet. But it is claimed that million-dollar tokens were removed through this process.
Not only a Phantom wallet but web-based crypto wallet Slope users were also drained off through this exploit. Both wallets are exploited with the same tactics. Not only SOL but also the Solana Program Library (SPL) tokens were also removed at the same time. Both token users have faced a massive loss from their wallets.
Due to the exploit, users are worried about saving their assets. It was reported that the users expressed that they are depressed after the exploit. They were suggested to move their remaining coins to a ledger and disconnect all the connections from the trustworthy apps and websites like Magic Eden or lock up via staking.
Suspect Of The Exploit :
A user, named by its Twitter handle @Paladin, created new suspense in this exploit. Paladin pointed to two major wallets. He thinks that these wallets belong to the exploiters. The balance data is quite interrogative. The total amount of the two wallets is roughly 37,777 SOL. That means nearly $1.5 million. Another wallet is also a suspect. This third wallet has 2,402 SOL. That equals $95k.
This exploit has already created a sensation in the whole crypto market. This is not only impacting SOL, but all the Solana-based tokens are in trouble. It was recommended to the users to revoke the authentic trustworthy platforms and websites. These recommendations are followed rapidly. But the drained tokens are the main concern for now. Will it be recovered or will it be lost? That is the question.
Recent Another Exploit :
Recently another security exploit took place in the Nomad token bridge. Over $190 million has been removed by the exploiters. But luckily, the users cooperated with the Nomad team. The users intended to return the tokens that they received from the bridge directly. Though this exploit took place with a different technique. During the exploit, the community alert came across and the team came to know. Later, the white hat users aimed to return the fund to the Nomad team.
During this downfall of the crypto market, multiple scams, and phishing scam is taking place. The Nomad Token Bridge drained $190 million from its bridge during this crypto-winter. It was reported that hundreds of crypto exploiters and white hat individuals intended to return the funds they got from the security exploit. Within a matter of hours, $190 million was removed.
Overview of The Security Exploit :
This security exploit is now taking place in the headlines. It came to known that this security exploit allows hackers to steal the tokens systematically through a series of transactions. During the specific transaction, hackers removed the tokens like Wrapped Bitcoin, Wrapped Ethereum, and many more. After the drain, the data said that there remain nearly $651.54 tokens in the Nomad token wallet.
Later, the Nomad team was informed that some funds were withdrawn by some white hat friends. They made efforts to safeguard the Nomad Token Bridge. It was even considered a ’white hack’. Individuals intended to return the funds that they received from the bridge directly.
According to the reports, the whole chaos started through a remarkable transaction. That day, at 9.32 PM UTC, the first transaction happened. Exactly 100 Wrapped Bitcoin were removed during this transaction. The removed WBTC was worth around $2.3 million. Then the alarm in the community rang on and the team got to know about the incident. After that, at 11.35 pm UTC, the Nomad team confirmed that the incident took place and they have started the investigation.
Community Cooperation :
After the spread of this security exploits information, some individuals acted positively. Safeguarding the Nomad token bridge, users aimed to return the funds. A Twitter handle, named Notify Bot tweeted that it was a white hack and he wants to return the funds that they received. That user asked for an email from the Nomada team. So That he can contact the team and give back the tokens to the team in a secure way.
The report shows that the security exploit has removed the coins following WBTC, Wrapped Ether (ETH), IAGON (IAG), Dai (DAI), GeroWallet (GERO), USD Coin (USDC), Card Starter (CARDS), Saddle DAO (SDL) and Charli3 (C3), Frax (FRAX), Covalent Query Token (QCT), Hummingbird Governance Token (HBOT).
After the returning intention of the white hat users, the Nomad team showed gratitude to them officially. They stated that law enforcement has started to work and investigate with in-depth analysis. Along with this, the team is grateful to the individuals who cooperated with the team.
The analysis showed that the draining process was executed unusually. The transactions were made in nearly equivalent denominations. Where the token was transferred in a round-figure manner with a specific number of tokens.
What Is Nomad?
Nomad is a token bridge that offers token transfer services between several platforms. It allows transfers between EVmos, Ethereum, Avalanche, Milkomed c1, and Moonbeam. One of the prominent token bridges in the global crypto market is Nomad.
Present Scenario :
Though the security exploits are not a new thing for the crypto exchange fields. During this Nomad exploit, it was seen that more than 100 addresses received tokens directly from the bridge.
Meanwhile, the Polkadot network was targeted for the exploit. Where its native token, GLMR was targeted to drain off. During the exploit, multiple uneven activities are seen in the platforms. Nomad disabled its work during this chaos. It is reported that the Nomad is validating at $225 million.The Nomad’s security exploit has created a new sensation in the crypto market. Although the intention for refunding the tokens is appreciated all over the market.
In a report that was published by the electric car maker, Tesla, it reported the selling of 75% of its holdings which amounted to 936 million dollars worth of Bitcoin. Its earnings report shed light on this fact and brought out to scrutiny the market. Therefore, the market demanded clarification from the owner, Elon Musk, explaining this step and why it was felt as a necessity at this particular time.
What were the reasons?
As suggested by Elon Musk, the selling of Bitcoin worth millions was a step that was taken to keep the cash position of the company in check. This was a necessity at this particular time as the Covid situation all over China and the lockdowns that followed had its fate of it uncertain. He further added that this step should not be taken as anything less or more than the reasons stated as Tesla has a greater vision for the future of Bitcoin.
Shortly, Tesla plans to boost the exposure of Bitcoin on a more global platform. Hence, the step taken is restricted to certain needs that the company must fulfill to maintain its position. He also mentioned that the Dogecoins owned by Tesla have not yet been sold.
Take a look at Bitcoin and its features
After the comments made by Tesla, the price of Bitcoin fell to a certain level given the uncertainty of the cryptocurrency. However, after Tesla remarked about the vision he has for Bitcoin, it went back to its former position. The comments that he had made in his earnings call helped Bitcoin restore to its previous levels.
Bitcoin had portrayed a major downfall in the last quarter which became one of the major reasons for its being sold in the second quarter. In the first three-quarters, Tesla had ended up with almost 1.2 billion dollars which took a downward turn in the last quarter. In the last quarter, it fell to as low as 216 million dollars.
As the company owned as many as 42000 Bitcoin at the time of the sale and sold them at 936 million dollars, the average cost of each Bitcoin was made to be 29,000 dollars. As the price of each Bitcoin fell to as low as 18, 700 after Tesla had sold its holdings, the company managed to save a fortune. This, make the sale a smart step and helped save the company a good and profitable impairment charge on its holdings.
How did Tesla impact the price of Bitcoin?
In February 2021, Tesla purchased Bitcoin worth 1.26 billion dollars which helped Bitcoin gain a lot of value in the market. As Tesla declared its purchase, the price of Bitcoin went up dramatically. In the later part of the first quarter, the company sold as much as 10% of its holdings and it was this move that was able to boost the earnings of that particular quarter. The selling or buying of Bitcoin was paused until the recent announcement made by Tesla.
Conclusion
Last year, in March Tesla, took the initiative of accepting Bitcoin as a form of payment for their cars. However, six months after this initiative was taken Musk called it off. The main reason for him calling it off was the harmful impact that Bitcoin mining had on the environment and the consequences it can lead to. , various steps have been taken and are supposed to be taken to analyze the situation with a team of expert analysts and take necessary actions.
