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Do not tell me we gonna front run 99k and drop back to 97k?

Ethereum Layer 2 platform, Abstract, has released an initial post-mortem on a security incident that resulted in the compromise of approximately $400,000 worth of ETH across 9,000 wallets interacting with Cardex, a blockchain-based game on its network. The report clarified that the breach stemmed from vulnerabilities in Cardex’s frontend code rather than an issue with Abstract’s core infrastructure or session key validation contracts. Cardex Wallet Compromise The incident revolved around the misuse of session keys, a mechanism in the Abstract Global Wallet (AGW) that allows for temporary, scoped permissions to improve user experience. While session keys themselves are a well-audited security feature, Cardex made a critical error by using a shared session signer wallet for all users, a practice that is not recommended. This flaw was further amplified by the exposure of the session signer’s private key to Cardex’s frontend code, which ultimately led to the exploit. According to Abstract’s root cause analysis, attackers identified an open session from a victim, initiated a buyShares transaction on their behalf, and then used the compromised session key to transfer the shares to themselves before selling them on the Cardex bonding curve to extract ETH. Importantly, only the ETH used within Cardex was affected. Meanwhile, users’ ERC-20 tokens and NFTs remained secure due to session key permissions limitations. The timeline of events indicates that the first signs of suspicious activity were flagged at 6:07 AM EST on February 18th when a developer posted a transaction link showing an address draining funds. In less than 30 minutes, Cardex was suspected as the source of the exploit, and security teams quickly mobilized to investigate. Within hours, mitigation steps were taken. This included blocking access to Cardex, deploying a session revocation site, as well as upgrading the affected contract to prevent further transactions. Abstract has outlined several measures to prevent future incidents of this nature. Going forward, all applications listed in its portal must undergo a stricter security review, including front-end code audits to prevent the exposure of sensitive keys. Additionally, session key usage across listed apps will be reassessed to ensure proper scoping and storage practices. Documentation on session key implementation will be updated to reinforce best practices. What’s Ahead In response to this breach, Abstract is also integrating Blockaid’s transaction simulation tools into AGW, which will help users to see what permissions they are granting when creating session keys. Further collaborations with Privy and Blockaid are underway to improve session key security. A session key dashboard will also be introduced in The Portal, which is expected to give users a centralized interface to review and revoke their open sessions. The post Ethereum Layer 2 Platform Abstract Reports $400K Crypto Breach in Cardex Incident appeared first on CryptoPotato.

CryptoQuant, a blockchain analytics firm, just reported that over 28,000 BTC has been transferred into accumulation addresses – wallets typically associated with over-the-counter (OTC) trading desks, institutional investors, and long-term holders (whales). This is big news because accumulation addresses are usually not linked to exchanges, meaning the BTC is being taken off the market rather than readied for selling. What this scenario means is that large investors (whales, institutions, or funds) are accumulating Bitcoin for long-term holdings. Also, accumulation addresses are often connected to OTC deals, which means large trades are happening outside of public exchanges, avoiding direct market impact. This could have several implications for the market, one being a sign of a bullish market. Related: Bitcoin Whales HODLing: Are They Waiting for Retail Investors? When large amounts of Bitcoin are moved into these addresses, it typically indicates strong confidence in BTC’s future price. It suggests that institutional investors or high-net-worth individuals (HNWIs) are positioning for a price increase rather than short-term selling. Since these funds are not being sent to exchanges, where they could be easily liquidated, immediate selling pressure on the market is reduced. This could support Bitcoin’s price stability or upward momentum. In addition, if accumulation continues while demand remains strong, it could lead to a supply crunch, where fewer BTC are available for trading. Looking from a historical perspective, this has led to price rallies as demand outpaces supply. So, why are whales buying now? Bitcoin recently bounced back from a downturn, and whales often buy during price weakness to position themselves before the next upward trend. Plus, many analysts predict 2025 will be a strong year for crypto, and institutions might be front-running the next Bitcoin rally. With spot Bitcoin ETFs gaining traction, institutional demand continues to grow, further fueling accumulation. In the event that interest rates stabilize or decline, institutional investors could increase exposure to BTC as a hedge against inflation or a store of value. Related: Bitcoin Whales Drive Record $37.4B On-Chain Transaction Volume Whatever the reason, this turn of events suggests that big players are buying, likely in anticipation of higher prices in the coming months. If this trend continues, it could further support Bitcoin’s long-term bullish trajectory. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

#sol This is what I am expecting on SOL -> but I am ready to be front runned.

As investors show mixed signals, vast amounts of dormant Bitcoin (BTC) have moved after seven years at the earliest. The initial reaction from the market was neutral before hourly trading data showed bearish sentiments and a subsequent price fall. At the time of writing, Bitcoin trades at $95,692, a 1.3% decline in the last 24 hours, extending weekly outflows above 5%. This nosedive was reflected in the total digital asset market cap, now at $3.15 trillion. Whales Moved Dormant 14K BTC A CryptoQuant report shows the movement of dormant Bitcoin to new addresses. Over 14,000 BTC idle for seven to ten years were transferred, sending prices downward. On Feb 10, Bitcoin traded sideways but maintained its stance above $96k before subsequent movements from large-scale holders. However, as widely anticipated, the assets have not been transferred to centralized exchanges. Asset flows to centralized engagement point to a potential sale, leaving many investors in unstable positions. Even though the assets were not moved to exchanges, historically, these actions have led to heightened sell pressures. “Despite the large volume, these coins have not been transferred to any exchanges, suggesting that they are not intended for immediate sale. This kind of movement does not necessarily mean that Bitcoin’s price will drop. In the past, similar cases have occurred, but they did not always lead to a price decline. It would be wise to review historical data on Bitcoin’s price movements following such events.” Bitcoin Price Growth Fuels Profit-Taking This is due to price changes over the years as whales might look towards profit-taking. In the last decade, Bitcoin price has outpaced other top assets after soaring to a $2 trillion market cap. Most holders purchased the asset under $20k, and with the price above $94k, movements of ancient holdings often lead to sales. Another important reason this comes now is to prevent assets from plunging below the $90k before a sale. The drop in previous weeks from an all-time high above $107k to trading below $96k can spur ancient holders to sell now to maximize profits. However, prospects abound for the crypto market leader with the rising adoption of digital assets. On the institutional front, spot Bitcoin ETFs continue to attract investment, igniting positive sentiments.