Cryptocurrency News
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Here are the top cryptocurrency news of the day, handpicked by CoinChapter.com.
Solana Foundation Removes Validators Involved in Sandwich Attack
The Solana Foundation has taken action against a group of validator operators who participated in a malicious sandwich attack against Solana users. The team has removed these operators from the Foundation’s delegation program, which provides SOL tokens to validators to help them operate.
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A sandwich attack is when an attacker places transactions around a victim's transactions to manipulate prices and profits. The Solana Foundation has previously warned that they will not tolerate such activities. While these operators can still contribute to Solana's permissionless blockchain, they will no longer receive SOL token subsidies from the delegation program.
Spot Ethereum ETFs Could Account for 20% of Bitcoin ETF Inflows
According to Jag Kooner, head of derivatives at Bitfinex, spot Ethereum exchange-traded funds (ETFs) could potentially account for 10-20% of the current investment inflows into spot Bitcoin ETFs. This prediction depends on future SEC clarification on collateralization of spot Ethereum ETFs.
Kooner drew an analogy with the launch of gold and silver ETFs, which attracted a lot of investment and affected the inflow of existing related financial products. For example, when silver ETFs such as the iShares Silver Trust were launched in 2006, investors turned their money to these ETFs due to the industrial demand for silver.
Analysts suggest fund managers may reallocate resources to balance their exposure to Bitcoin and Ethereum to diversify their ETF portfolios, spread risk, and potentially increase returns, similar to what they have done in the past with related asset classes such as gold and silver.
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Other crypto news of the day: Friend.tech Token drops 22%
The $FRIEND token of social media platform Friend.tech dropped by 22%. This happened after the platform announced that it would migrate to the Base Ethereum L2 network developed by Coinbase.
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The platform announced plans to migrate to its own Friendchain network. It called on users to maintain their positions on the Friendchain testnet to qualify for the $FRIEND airdrop snapshot. However, some community members expressed skepticism about launching a new chain so quickly.
Singapore warns businesses about Bitcoin ransomware threat
Singapore authorities have issued an alert to warn local businesses of the growing threat of the Akira ransomware variant targeting organizations in the country. The alert was issued following several complaints from victims of Akira cyberattacks.
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The FBI investigation found that Akira ransomware has been targeting businesses and critical infrastructure entities. It demands payment in cryptocurrencies such as Bitcoin to restore control of tampered systems and data.
Authorities advise businesses not to pay the ransom because it does not guarantee data recovery and could encourage further attacks. They recommend implementing recovery plans, multi-factor authentication, network traffic filtering and system-wide encryption to mitigate the threat.
Crypto News: Base’s TVL surges, surpasses OP Mainnet
Ethereum’s second-layer scaling network Base’s total locked value (TVL) has surpassed $8 billion. Just a few days later, it surpassed Optimism’s OP Mainnet to become the largest chain. As of June 10, Base’s TVL reached $8.05 billion, including $2 billion in bridged value from Ethereum and $5.92 billion in native minted assets.
Base reached the $1 billion TVL milestone in just seven months after its launch in August 2023. It is now second only to Arbitrum One in TVL among Ethereum scalers. Base also leads all Ethereum second-layer networks in transactions per second over the past month, processing 64.86 million transactions.
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