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Cryptocurrency News Articles
This Week in Crypto: BingX Hack, Hamster Kombat Controversy, and Kamala Harris Supports Digital Assets
Sep 28, 2024 at 07:55 am
This week brought turmoil and development across the crypto space. A $42 million hack at BingX rattled the market, raising questions about security vulnerabilities
Key crypto events of the week: BingX hack, Hamster Kombat airdrop controversy and more
From a multi-million dollar crypto exchange hack to a massive airdrop and political developments, here are the top crypto stories that made headlines this week.
September 24, 2023
This week brought turmoil and development across the crypto space. A $42 million hack at BingX rattled the market, raising questions about security vulnerabilities in major exchanges. Meanwhile, Hamster Kombat’s controversial airdrop sparked outrage after millions of players were disqualified from receiving tokens.
These developments highlight the industry’s promise and perils as it continues to evolve and capture the attention of regulators and innovators.
BingX Restores Services After $42 Million Crypto Hack
On September 20, crypto exchange BingX suffered a hack, leading to over $42 million in losses.
The breach was initially detected in suspicious transactions totaling $13.6 million, but further investigation revealed that the losses had escalated to over $26 million, eventually reaching a total of $42 million.
The stolen assets included a wide range of cryptocurrencies, notably 4.44 million USDT ($4.4 million), 1 million WUSD ($1 million), 608,660 USDC ($608,660), and 9.38 BTCB ($590,000). Security experts, including PeckShield, confirmed that the attackers transferred the funds to a wallet address identified as ‘0xF7e8.’ On-chain data also revealed that these bad actors quickly exchanged the stolen assets for Ethereum (ETH) and BNB.
Despite the heavy losses, BingX Chief Product Officer Vivien Lin assured users that the firm would cover the full amount with its capital reserves.
“Our technical team detected abnormal network access, suspecting a hacker attack on BingX’s hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdraw suspension. There has been minor asset loss, but the amount is small and still being calculated,” Lin wrote on X (Twitter).
Following this incident, BingX has resumed its service. Withdrawals for major assets like Bitcoin (BTC) and USDT resumed on September 21, with full deposit services restored by September 22.
Hamster Kombat’s HMSTR Airdrop: Controversy Unfolds
Hamster, a popular tap-to-earn game on Telegram, faced a massive backlash this week after disqualifying over 63% of its players from the highly anticipated HMSTR token airdrop. Set to launch on September 26, the airdrop aimed to distribute 60 billion tokens to 131 million qualified players from the game’s first season.
However, the controversy began when Hamster implemented last-minute anti-cheat measures, leading to the ban of 2.3 million accounts for allegedly exploiting the game’s reward system. Many players who had invested significant time to accumulate Points Per Hour (PPH) were suddenly disqualified. The decision led to widespread outrage on social media.
The controversy deepened as the HMSTR token’s price faced significant volatility after trading began on major exchanges. It started trading at $0.014 but quickly fell by 20% to $0.011 within hours. As market sentiment declined further, the price continued its downward trend, reaching approximately $0.0068506.
Regardless of the backlash, Hamster developers remain confident that their anti-cheat system will ensure a fair distribution of rewards. While the token’s value has dropped significantly, developers remain optimistic about its long-term prospects.
Kamala Harris Supports Crypto and AI in Campaign Speech
Vice President Kamala Harris shook up the tech and crypto industries this week with her first direct endorsement of cryptocurrencies as part of her presidential campaign. Speaking at a fundraising event in New York, Harris emphasized the importance of fostering innovation in AI and digital assets, positioning them as crucial to maintaining America’s global competitiveness.
“We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors,” she stated.
This statement marks a significant shift in Harris’ policy platform, aligning her with key figures in the crypto industry, such as Ripple co-founder Chris Larsen, who has publicly endorsed her campaign. Larsen, a proponent of blockchain regulation, believes Harris’ stance could help push forward much-needed regulatory clarity in the digital assets space.
Binance Denies Alleged Data Breach Involving 13 Million Users
This week, rumors swirled around Binance, one of the largest global crypto exchanges, regarding a potential data breach affecting 13 million users. Reports surfaced on dark web forums claiming a group of cybercriminals, known as “Greavys,” has access to sensitive user information. This information includes names, email addresses, phone numbers, and residential details
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