Weekly Crypto Takeaways: August 21, 2022
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This week was a bearish week for the crypto market, as Bitcoin (BTC) moved back to below $22,000.
Let's look at the hottest news of this week in crypto.
Key Takeaways:1/ Ethereum (ETH) surged 100% since its bottom in June.
As of August 18, 2022, Ethereum (ETH), the world’s second-largest crypto, remains above $1.800, a 106% increase from its recent low on June 19 at $880. Meanwhile, the world’s largest crypto, Bitcoin (BTC), surges by 25% from a low of $17,601.This showed a massive outperformance of Ethereum against Bitcoin, owing to a major upgrade to the Ethereum blockchain that is expected to happen by next month.Ethereum upgrade, known as the Merge, was kickstarted in 2020 with the development of the PoS Beacon Chain. With the Merge, the blockchain will transform from Proof-of-Work to Proof-of-Stake, promising more scalability, security, and sustainability for the Ethereum network.Last week, the last dress rehearsal of the Merge, called Goerli testnet, went live, setting the launch of the mainnet Merge on September 15, 2022.2/ Celer Network suffered from a DNS attack.Another hack targeted the crypto market this week. The latest victim was Celer Network, the blockchain interoperability platform, which suffered from a DNS hijacking attack, resulting in the loss of around $240,000 worth of ETH.Specifically, on August 17, the team notified the crypto community about an abnormal DNS activity on the frontend for the cBridge, their multi-chain project, and advised them not to use the bridge at the moment.***1560022871564775424***
According to Celer’s preliminary investigation, the attackers hijacked the cBridge UI, then redirected users to malicious smart contracts. Right after spotting the problem, Celer turned off all operations on the cBridge and revealed all smart contract addresses used by the attackers, for which they advised users to revoke approvals.
Reportedly, thanks to Celer’s quick response, only a small portion of users fell victim to the attack, and the damage was estimated at about 128 ETH.The Celer breach appears to be similar to Curve Finance’s attack on August 9 which stole about 363 ETH, worth approximately $617,000 back then.3/ Do Kwon broke his silence three months after Terra's collapse.Three months after the devastating collapse of the Terra project, Do Kwon, Terra’s disgraced founder and CEO, has broken his silence, sharing about the Terra implosion for the first time.On August 15, 2022, in a taped interview with crypto media startup Coinage, the Terra creator took full responsibility for Terra’s failure. “I, and I alone, am responsible for any weaknesses that could have been presented for a short seller to start to take profit,” he said.Talking about Terra’s failure, he shared that his confidence at the time, which he now admitted to being “super irrational,” was due to the market success of his Terra ecosystem was “inching close to $100 billion (€98 billion)".Back in May, after the depeg of UST, an algorithmic stablecoin created by Terraform Labs, its sister token, LUNA, consequently crashed, leading to the loss of nearly $45 billion in value within two days.Explore more crypto insights and trending news with our Blogchain.
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