The third week of October, Coinlive invites readers to view significant developments concerning Upbit’s LOOM token exchange and Coinbase’s whale wallets.
Outstanding on-chain occasions final week (October sixteen – October 21)
one. Trade Price Boost and Profit from LOOM by Upbit and Whales
In current days a lot of tokens have enhanced in cost, most of which are connected to the Korean exchange Upbit this kind of as CYBER tokens, HIFI and previously in the week 39 on-chain evaluation report I wrote details about this exchange that manipulates IMX, triggering the symbolic cost to boost by additional than thirty%.
In today’s report, readers are invited to assessment the system of raising and raising the cost of LOOM and wallets that advantage from this token.
one.one. Upbit’s actions
In just three weeks, the cost of LOOM enhanced by 550%. Upbit constantly withdraws LOOM across several wallets and generally transfers to wallets 0xce7 from five months in the past. As of October 13th the portfolio contained approx LOOM 642.9 million ($170 million) occupy near 50% of the complete provide.
Amount of LOOM in Upbit wallet on October 13th. Source: Scopescan
The substantially-talked about time period of LOOM started on October 13, at which stage the 24-hour trading volume reached around 650 million bucks High two instances the market place capitalization, this generates a wealthy supply of liquidity so that Upbit and whale wallets can conveniently unload previously accumulated assets. When LOOM reached $.42, all around-the-clock volume reached more than $one billion.
LOOM cost enhanced and 24-hour volume doubled the capitalization. Source: Coinmarketcap
When on-chain accounts are energetic Upbit commenced sending seven.15 million LOOM ($two.06 million) Go to Binance by way of wallet 0x07F on October 13th.
The transaction transfers LOOM to Binance. Source: Arkham Intelligence
After peaking at $.42 on October 15, LOOM cost started to decline steadily until eventually now, falling additional than 70% and is at the moment at $.eleven. The motive is that Upbit and wallets that held substantial quantities of LOOM started depositing tokens into exchanges like Binance, Coinbase, and Bithumb. As of October 17, Upbit has produced additional than 120 transactions to transfer LOOM to the exchange, for a complete of around 19 million LOOM ($six.76 million).
Upbit LOOM transfer transaction. Source: Arkham Intelligence
one.two. Whale movements
According to Scopescan, whales 0x11a has constantly withdrawn LOOM from Coinbase given that seven months in the past. The wallet then sent the whole quantity twelve.six million LOOM ($two.44 million) to Coinbase at the cost $.193 on October 10th. Estimates of this whale’s harvest are minimum $one.67 million for this investment.
LOOM withdrawal transaction from Coinbase of wallet 0x11a. Source: Arkham Intelligence
LOOM product sales transaction. Source: Scopescan
Another wallet labeled “Smart Whale” 0xA20 identified sent by Scopescan twelve.63 million LOOM (around $three.43 million) Go to Coinbase. According to the trading background, this whale accumulated LOOM from late March to mid-August.
LOOM withdrawal transaction from Coinbase of wallet 0xA20. Source: Arkham Intelligence
At the similar time, Upbit transferred the tokens to the exchange, this whale wallet also transferred all LOOM to Coinbase. Estimated revenue approx 300%. According to Scopescan, this wallet handle could belong to Coinbase.
LOOM product sales transaction. Source: Arkham Intelligence
Another whale wallet with comparable habits 0xA20 delivered twelve.62 million LOOM ($three.eight million) on Coinbase on October 16th. This whale accumulated LOOM in the similar time period from late March to mid-August at an typical cost of approx $.07. The time when the wallet transfers tokens at the minimal cost of LOOM is .three USDthen the estimated revenue is earned three million bucks, about 600%.
LOOM withdrawal transaction from Coinbase of wallet 0x46f. Source: Arkham Intelligence
LOOM wallet sale transaction 0x46f. Source: Arkham Intelligence
To conclude:
It can be witnessed that Upbit is really a well known title lately when a lot of tokens accumulated by the exchange will have a cost boost. In addition to LOOM, Upbit is also accumulating a amount of other tokens this kind of as ORBS, STORJ, MASK, BLUR,…
When a token exhibits indications of an uncommon cost boost, you will normally see participation from whale wallets. Almost their primary action when charges rise is to make earnings soon after a time period of accumulation.
This is not investment guidance, but commonly these portfolios transfer assets to the stock market place in advance and wait for the Fomo wave to start off distribution. Retail traders can check and catch this wave (the possibility is large, so you need to have to be cautious).
two. Hope.cash has been hacked
On October 18, the HopeLend protocol was the victim of a hacker assault. However, the hacker (wallet 0xa8b) who triggered this assault took no benefit of it.
Hope.cash assault transaction. Source: Cyver Alerts
The assault triggered a reduction of around 528 ETH, of which 263.91 ETH was collected by one more frontline hacker. (e.g. 0x16a) bribe a Validator (managed by the Lido).
The undertaking celebration stated that all protocols implemented on Hope.cash are independent and will not have an impact on other goods and protocols working on this platform. The undertaking is also committed to safeguarding the rights of impacted consumers and the corresponding money stay harmless.
The Hope.cash assault system is explained by BlockSec as follows:
- First, the attacker opens a place in HopeLend, borrowing two,000 WBTC by way of a Flashloan transaction from Aave. The Flashloan perform in the Pool sensible contract adds flashloan costs to the reserve liquidity ratio.
- The attacker manipulated the liquidityIndex of the hEthWBTC contract, adjusting it from 1e27 to seven,560,000,001e27, triggering losses and affecting precision reduction.
- The attacker then borrowed a substantial quantity of assets from elsewhere to shell out WBTC’s previously promised quantity thanks to a violation of the accuracy of the liquidity ratio.
Coinlive compiled
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