Euler Finance Hacker Rejects Bounty, SVB Financial Group Files for Bankruptcy

Name: FS Insight
Price range: $$$

Mar 17, 2023

Author

Walter Teng, CFA ^AC

BTC -2.44% CFX -10.59% ETH -5.96% QQQ N/A% SPX N/A% STX -6.77%

Market Update Markets have largely received news of the Fed's balance sheet expansion to $8.6T earlier this week to be favorable but concerns around the stability of regional banks still loom. $SPX (-1.3%)and $QQQ (-1.0%) have opened lower today after First Republic Bank received its $30b infusion from other banks. $BTC (+6.0%) briefly traded at $27k this morning before retracing to right below it, while $ETH (+3.6%) did not break its $17.8k high from earlier in the week. Across the Top 100, Conflux ($CFX) and Stack ($STX) have been the top gainers over the past week. The former benefitted from the 'China narrative,' ranking 7th in 24H volume in the top 100. We wrote about Stacks' potential for growth two weeks ago. The hacker behind the $200m hack of Euler Finance, a lending protocol, rejected the protocol's offer of $20m and instead used Tornado Cash to obfuscate 1k ETH (~$1.65m). Euler Finance had publicly offered the attacker 10% of the stolen funds if they returned the rest, but the attacker did not take the deal. However, the hacker did send 100 ETH to one of the victims. After being hidden for eight months, the vulnerability in the protocol's donation mechanism allowed the hacker to create an overlevered position that, when liquidated in the same block, artificially c

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Crypto subscription is required in order to access this content.

*Free trial available only on a monthly plan

Already a member?

Reports you may have missed

FSInsight Puts Ethereum At $12,000 EOY, Bullish Forecast For Bitcoin

Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities

Market Update

By Sean Farrell • Oct 4, 2024

CRYPTO MARKET UPDATE The crypto market is moving higher today, lifted by stronger-than-expected jobs numbers. The BLS reported 254k jobs added last month, far exceeding the market estimate of 140k, while August's figures were revised up from 142k to 159k. The unemployment rate also dropped to 4.1% from 4.2%. In response, rates rallied, the DXY spiked, and the futures market largely priced out the possibility of a 50 bps rate...

BTC -2.44% ETH -5.96% RENDER -10.88% SOL -8.44% STX -6.77% TAO -9.29% TIA 2.28% WIF -15.95% XMR 1.73% WULF

Bitcoin will hit $200,000 in the second half of 2022, predicts FSInsight

Visa Unveils Tokenization Platform, SEC Appeals XRP Decision

Market Update

By Tom Couture • Oct 3, 2024

MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -2.44% falling to $60k and ETH -5.96% approaching the low $2,300s. Aptos (APT -0.14% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE -13.14% is also showing slight gains following...

AAVE -13.14% APT -0.14% BTC -2.44% ETH -5.96% TOTAL XRP -5.28%

Invesco ditches its plan to launch a US bitcoin futures ETF any time soon, just before the first-ever makes its debut

Bitwise Files for XRP ETF, Crypto Prices Bounce as Oil and Gold Retrace

Market Update

By Sean Farrell • Oct 2, 2024

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -2.44% climbing back above $61,000 and SOL -8.44% moving above $145, while ETH -5.96% is lagging, trading around $2,400. Among today's outperformers is SUI -6.43% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...