Kyber Network Crystal Dips As KyberSwap DeFi Platform Drained $46,500,000 in Ethereum, Arbitrum and Other Assets

Decentralized finance (DeFi) platform KyberSwap has been hacked to the tune of tens of millions of dollars worth of virtual currencies, causing its native asset to dip. Data from blockchain tracker Lookonchain reveals that $46.5 million worth of digital assets were stolen from KyberSwap, including $20.78 million worth of Wrapped Ethereum (wETH), $9.

Timeline of Arbitrum, Ethereum, Kyber-network-crystal-v2

A top crypto analytics firm says that the 200 largest Ethereum (ETH) holders went on a massive buying spree in the past year, picking up over $2.9 billion worth of the leading altcoin. According to Santiment, the top 200 ETH whales are now holding more than 62 million ETH valued at about $124.

From two popular exchanges losing millions to a Netflix director making millions from memecoins, here is a 2-minute breakdown of everything important that happened in crypto today.

Ethereum (ETH) has been a focal point for crypto enthusiasts and investors alike, and its latest chart is a pivotal moment for the second-largest cryptocurrency by market capitalization. As ETH approaches a well-known resistance level that has stymied its progress multiple times in the past, the crypto community is watching with bated breath to see if this test will result in a definitive breakthrough.

Decentralized finance (DeFi) activity on Ethereum is picking up momentum based mainly on how gas fees have been trending in the first three weeks of November, data from Kaiko shows. Even so, despite Uniswap (UNI) spearheading the revival, looking at the gas attributed to its activities over this period, UNI prices remain stagnant below $5.6, with bulls failing to edge higher, breaking to new 2023 highs.

As Ethereum passes the milestone of a quarter of a billion unique addresses, daily gas used has remained over 100 million for more than a year, the number of ENS names registered approaches 2.6 million and market cap once again flirts with $250 billion, its worth taking a step back to look at the numerous scaling solutions that are enabling this growth without also triggering the sky-high transaction fees the network has seen during several periods of high blockspace demand.

Ethereum's recent price surge, surpassing the $2,000 mark, has captured the attention of the cryptocurrency market. This remarkable ascent, reflecting a 26.2% increase in 30 days and a 69.5% year-to-date gain, is attributed to a confluence of factors, including growing institutional interest and potential regulatory developments.

Taiwanese trading firm Kronos Research reported unauthorized access to some of its API keys, leading to an estimated loss of over $25 million. The breach, which occurred over the weekend, prompted a temporary halt in trading activities as the firm conducted a thorough investigation.

As Ethereum (ETH) approaches the pivotal $2,000 mark, investors are closely monitoring its potential to sustain or reverse the current momentum. The significance of the $2,000 level lies not just in its psychological impact but also as a technical indicator that has historically acted as both support and resistance.

In a recent development that has sent ripples through the cryptocurrency community, Steven Nerayoff, a former Ethereum consultant and attorney, has come forward with allegations of fraud against the early architects of Ethereum. This claim emerges amid a turbulent period for Ethereum, raising questions about its foundational ethics and decentralization.

Crypto whales sold off millions of dollars worth of yearn.finance on Saturday prior to YFI sharply correcting by over 40%, according to on-chain data. Spotted by blockchain-tracking firm Lookonchain, one wallet deposited the better part of $5.8 million worth of YFI to crypto exchanges, likely to be sold off on the open market.