Weekly Top Crypto News (Feb 20 – Feb 26)

The crypto market’s bullish momentum this week seems to have stalled as Bitcoin failed to trade above $25.00 as expected. It seems that the community is waiting for a price reaction to find a signal of the bulls. Here, let’s review this week’s top crypto news with Coincu!

The Number Of Bitcoin Whales Has Dropped To 2027, The Lowest Level Since 2019

The number of Bitcoin wallets containing more than 1,000 BTC peaked in February 2021, yet there are already 2,027 whales. The so-called mega whales, or individuals that have more than 10,000 BTC, don’t exhibit the same tendency.

Coinbase Utilized Optimism’s Assistance In The Development Of Their Layer-2 Basic Solution

The open-source code of OP Stack, which is a toolkit to facilitate the building of super chains and was initially presented by Optimism, will be used as the foundation upon which Coinbase’s Base will be constructed. It has been decided that Optimism’s Treasury would get a portion of the income that is generated by the transaction fees on Base.

Jump Crypto Attack “Reverse” Hacker To Recover 120,000 Stolen ETH

The 120,000 ETH stolen by the cross-chain Wormhole bridge in February of last year has been recovered. Oasis is an investment fund in Jump Crypto that took advantage of that error to “trick” the hacker’s wallet to transfer assets outside and get all the money back. After reviewing the DAI return for collateral, the net profit from counter-mining is around $140 million. However, through getting the money back, Jump Crypto and Oasis also received disagreement from the community about hacking themselves.

Solana Network Continues To Have Serious Chain Split Problem

According to validator Stakewiz, the Solana network is experiencing a severe chain split. The cause has not yet been determined. Transactions on Solana may not be possible. This is also an incident that had precedent for Solana.

Helium Has Confirmed Its Plan Related To The Migration To Solana On March 27

Helium has scheduled the move for March 27, and Helium anticipates that the integration procedure will take 24 hours. All of Helium’s data, including all of its accounts, wallets, tokens, hot pots, etc., will be integrated into Solana.

LayerZero Revolutionizes ETH To Goerli-ETH Exchange With Testnet Bridge

The Testnet Bridge by LayerZero enables users to purchase Goerli-ETH with $ETH through a liquidity pool deployed on the main and Goerli test networks. The product has received mixed reactions from the Ethereum community. Some developers expressed frustration with the faucet process for obtaining Goerli-ETH; others criticized the Testnet Bridge’s potential negative impact on the public good.

Eclipse Launches Game-Changing Layer 2 Blockchain For Polygon Network

Eclipse has revealed plans to release a new blockchain called Polygon SVM that is built for the Polygon network and is Solana-compatible. The Polygon network’s Avail data availability protocol will serve as the base layer for its Rollup, and the blockchain will communicate with both Polygon’s main network and Ethereum through cross-chain bridges. Eclipse received $15 million in a pre-seed funding round in September and is a portfolio company of Polygon Ventures. It is also a grant recipient of the Solana Foundation.

Factor On Arbitrum Booms With $7.6 Million Through Public Token Sale

Factor, an on-chain asset management platform based on Arbitrum, has raised approximately $7.6 million from over 4,000 wallets through a four-day token sale (FCTR). FactorDAO reduces the initial circulating supply from 32.5 million to 18 million tokens, or 18% of the total supply.

Hope Finance Appears Rug Pull, Scammers Transferred $1.86 Million ETH To Tornado Cash

A hacker who made off with everything from the genesis protocol cost Hope Finance almost $2 million in cryptocurrency holdings. The abused smart contract was different from the one that Cognitos reviewed for Hope, according to a Cognitos spokeswoman. Some crypto community members have claimed that the protocol was a rug pull.

Dapper Labs Announces New Round Of Layoffs Amid Restructuring Efforts

After letting go of more than 20% of its workforce in less than four months, Dapper Labs made the decision to fire another full-time employee. According to a message to employees from founder and CEO Roham Gharegozlou, Dapper Labs is firing 20% of its full-time employees as part of a fresh effort to reorganize the company. Gharegozlou said that the company has no outstanding debt and is in a healthy cash position.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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