Connect with us

Featured

Trading ETHPoW tokens could open users to risk of losing Mainnet $ETH

Published

on

Trading ETHPoW tokens could open users to risk of losing Mainnet $ETH

Trading ETHPoW tokens could open users to risk of losing Mainnet $ETH Liam ‘Akiba’ Wright · 4 hours ago · 2 min read

Selling ETHPoW tokens could lead to losing Mainnet ETH if the ChainID of ETHPoW is not updated as planned

2 min read

Updated: September 9, 2022 at 4:12 pm

Advertisement

Cover art/illustration via CryptoSlate

Warning: There is a risk of relay attacks on individual users’ wallets if the ETHPoW ChainID is not updated as planned. Such attacks will cause users to lose $ETH equivalent to the ETHPoW sold.

Recent concerns over The Merge were exacerbated after discovering that the Ethereum proof-of-work chain had not updated its ChainID to a unique number. The team behind ETHPoW updated its GitHub on Friday morning to state that it would use the ChainID ‘10001’ after the Merge.

However, the team asserted that the ChainID would remain at ‘1’ (the same as Ethereum Mainnet) until the day of The Merge in response to Coinbase requesting it be updated.

“The code you mentioned in the above comments has to keep because chainID 1 is needed to validate chain data for blocks before the merge, and all chain data after the merge will be chainID 10001.”

Should ETHPoW retain the same ChainID and nonce as Mainnet, users could risk losing funds when they try to trade any ETHPoW tokens they may receive.

Advertisement

CryptoSlate spoke to Temoc Webber and Igor Mandrigin, CEO and CTO of Gateway.fm respectively about the potential for relay attacks through the ETHPoW chain. Gateway.fm is a web3 infrastructure company focused on building decentralized RPC solutions that do not rely on centralized services such as AWS.

During the conversation, Mandrigin stated that there is “no reason” for the ETHPoW team not to update the code before The Merge. “They could fork it today,” he asserted before suggesting a simple solution:

“You could simply add some code that allows ETHPoW to use ChainID until the TTD of The Merge is reached and then automatically revert to a ChainID of ‘10001.’”

Adding a few simple lines of code would allow the Ethereum community to relax, knowing that ETHPoW is not preparing to create chaos on Mainnet post-merge. However, the opposite appears to be confirmed as a core Ethereum developer, Lefteris Karapetsas, was blocked by EthereumPoW’s Twitter account after pointing out the issues with not changing the ChainID in good time.

Pointing out that ETHPoW are incompetent and will cause people to lose funds gets you blocked.

All you need to know about that chain. Use them at your peril. https://t.co/E1SBpSb5ux pic.twitter.com/CYUZL5Ye1Y

— Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) September 9, 2022

Advertisement

If the ChainID and nonce of ETHPoW are not updated, then any trades that occur on the ETHPoW chain could be replicated on Mainnet. Here is an example of how this could be exploited.

  1. A malicious actor sets up an empty upgradeable proxy smart contract on Ethereum Mainnet prior to The Merge.
  2. After The Merge, the malicious actor upgrades the ETHPoW smart contract to allow users to sell their ETHPoW at a premium of $500 per ETHPoW.
  3. On Ethereum Mainnet, the malicious actor upgrades the smart contract to send any ETH it receives to Tornado Cash.
  4. The ETHPoW smart contract is marketed as the best DEX to trade ETHPoW, and users sell their ETHPoW for USDT for $500 per ETHPoW.
  5. The trade also goes through on the Ethereum Mainnet, given that the same ChainID, nonce, and private keys are identical. However, the Mainnet contract has been updated to send the ETH to Tornado Cash and not return any USDT.
  6. The user now has USDT on ETHPoW and nothing in their Mainnet wallet. Given that USDT does not support ETHPoW, the user has essentially been rugged of their ETHPoW and ETH.

A word of warning for anyone planning to dump any ETHPoW tokens they receive after The Merge.

Pay attention to whether the ChainID of ETHPoW has been updated before you transact. The ChainID should NOT be ‘1’ but ‘10001.’ If the ChainID is ‘1’, you risk losing funds from your Mainnet Ethereum wallet.

ADA price action

Cardano’s performance in Q4 may have a September connection – Here’s how

Published

on

Cardano’s performance in Q4 may have a September connection – Here’s how

Cardano’s [ADA] show of strength per its development activity seemed to have stood at crossroads due to some contrasting views. According to Santiment, development activity on the ADA chain had decreased significantly since 28 September after reaching peaks. However, Input Output Global (IOG), the development team behind the Vasil upgrade, had opposing opinions.

In the firm’s weekly update, Cardano had onboarded 1,113 projects and 100 that were launched. In the same vein, transactions had crossed the 50 million mark.

ICYMI: Our weekly #Cardano development update is live on #EssentialCardano! Check out what our dev team has been up to and get the latest on our development progress. As always, we welcome your feedback and comments👇 https://t.co/eEdCmXCB7C

— Input Output (@InputOutputHK) October 1, 2022

For Cardano, this was an excellent landmark since the Vasil hard fork. However, the transaction count showed a slow down in the Cardano ecosystem. Hence, it could have impacted Santiment’s records.

Advertisement

Source: Santiment

As of 2 October, ADA’s development activity was back to the point it was on 6 September. Moreover, the development activity was not the only one on a backpedal.

Going back in time?

As ADA stood around the $0.43 price of 2 October, it seemed like the altcoin wanted to play “catch back.” A look at the charts showed that ADA’s current momentum was similar to the state it was in four weeks ago. 

Furthermore, as of 2 October, the Relative Strength Index (RSI) showed that ADA was approaching the four-week support level. At that position, then, ADA was able to fight its way out of losing the 3 September support grip. But are the circumstances presently the same?

Source: TradingView

Advertisement

Considering that the RSI was at 37.76, one may have assumed that a reversal would require asking for sellers’ mercy. However, it seemed like it was not all black and white without the presence of other indicators.

Per the On-Balance-Volume (OBV), ADA could be on its way to reclaiming the 25% volume loss in the last 24 hours. While there was no certainty, a drop of the OBV to 43.30 billion was minimal as compared to 1 October. Because of this state, ADA still had the chance to reverse to bullish momentum.

For the Chaikin Money Flow (CMF), it could be vital to help ADA follow the same September pattern mentioned above. However, the CMF was at -0.11, meaning less money had recently been pumped into ADA.

Then again, indications from the CMF showed that an increase in volume was about to begin. If so, ADA could head towards a recovery of the 1.84% one-day decrease. On the other end, there were still signs of a collapse of the bears.

Source: TradingView

Advertisement

All in all, the altcoin had formerly passed through this phase. One almost certain thing is that ADA might have to choose which of the September levels it prefers for the last quarter — a recovery or the downside.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Advertisement

Advertisement
Continue Reading

Ethereum

Ethereum’s post-Merge blues: Will ETH finally be able to get out of it?

Published

on

Ethereum’s post-Merge blues: Will ETH finally be able to get out of it?

According to a recent report by Glassnode, there has been a spike in the number of new addresses on Ethereum. This could be indicative of a sustained interest in the altcoin. Now, while that may be the case, however, the decline in sentiment and volume seemed to suggest otherwise at press time.

This or that?

A tweet shared by Glassnode on 2 October revealed that the number of new addresses just hit a 1-month high of 3,001.804 on the Ethereum network. 

As can be seen from the image below, the number of new addresses being added to the Ethereum network had been on a decline in August, before recovering somewhat in the weeks that followed. 

Source: Glassnode

Advertisement

The spike in the number of addresses was also accompanied by a surge in Ethereum’s social media presence. Over the past month, Ethereum has seen  a 4.02% increase in its social mentions and a 26.9% hike in its social engagements.

Now, even though Ethereum managed to make some noise on social media space over the last 30 days, the sentiment towards the altcoin wasn’t all positive. For instance, according to Santiment, Ethereum saw a decline in its weighted sentiment over the past two days. At the time of press, the weighted sentiment for Ethereum had a reading of -0.453.

Now, although public sentiment was negative for Ethereum, it didn’t deter whales from investing in ETH. According to a tweet by WhaleStats, the top 5000 ETH whales have been adding onto their interest in Ethereum. In fact, ETH now tops the list of coins that these whales have invested in.

On the face of it, this could be perceived as a positive factor for potential ETH investors. However, there have been some areas of concern as well.

Source: Santiment

Advertisement

Concerns? What concerns?

Consider this – Ethereum’s volume has been declining over the past few days, as can be seen from the chart attached herein. It fell from 13.12 billion on 30 September, all the way to 6.03 billion on 02 October. Ethereum’s development activity has been on the decline as well, indicating that there hasn’t been much activity on Ethereum’s GitHub.

However, Ethereum’s velocity did see some growth over the last 48 hours, implying that the frequency with which ETH has been moving from one wallet to another has seen some growth.

Now, although there have been some positive factors in favor of Ethereum, ETH’s price hasn’t been able to combat the post-Merge blues just yet. Ethereum was trading at $1,313.26, at press time, having depreciated by 1% over the last 24 hours.

Even though Ethereum’s price did see some volatility recently, it also got a nod of approval from German telecom giants Deutsche Telekom after they announced plans to run an Ethereum validator.

Advertisement

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Advertisement

Continue Reading

Altcoins

Assessing the hype around LUNC if Coinbase, Robinhood listings go through

Published

on

Assessing the hype around LUNC if Coinbase, Robinhood listings go through

Terra LUNA Classic (LUNC) is trending once again as it aggressively continues its recovery journey on the charts. In fact, the cryptocurrency is off to a hyped start this month, on the back of the LUNC community pursuing a Coinbase listing.

Interestingly, the LUNC community just concluded another aggressive campaign, one that sought the 1.2% tax burn implementation on Binance. The community’s next move is to have LUNC listed on Coinbase and Robinhood. In fact, listing petitions had already been filed at press time.

#RobinhoodApp and #Coinbase both of the most use Crypto Exchange platforms in the US now have petitions to list #LUNACLASSIC on their services🚀

Got a feeling that the “community” will use this as a trojan horse for a “#LUNCBURN mechanism” once approved🤣

LINKS⬇️⬇️⬇️#LUNC pic.twitter.com/Gw8fyVjI5s

Advertisement

— Mav Rey.cate 🐦🐈‍⬛ (@DonBarang) October 1, 2022

The “Coinbase effect”

Coinbase listings have historically provided healthy traction for the listed cryptocurrency. LUNC’s listing can potentially open up an avenue for more liquidity from millions of investors in the U.S. A successful listing on Coinbase would likely have a price positive effect on LUNC. If successful, the community will likely push for Coinbase to implement the tax burn too.

A similar outcome is expected if LUNC secures a Robinhood listing. Both exchanges have millions of users, with both listings likely to provide more exposure to the cryptocurrency. Needless to say, Coinbase and Robinhood listing expectations are bound to generate market excitement for LUNC.

LUNC was trading at $0.00035, at press time, after a 92% hike on the charts. The aforementioned hike made it one of the market’s best-performing cryptos this week.

Source: TradingView

Advertisement

LUNC’s rally commenced after it interacted with the 50-day moving average, marking the end of its 69% bearish retracement. It still has some ground to cover before recovering its September high, however.

Its MACD managed to flip above the zero line over the last 24 hours. Its 9-day exponential moving average (EMA) just crossed above the 26-day MA, further contributing to the bullish signs.

LUNC’s chart indicators, at press time, suggested that the price might be headed for more upside in the coming days. However, on-chain metrics may not necessarily align with these sentiments. For example, social dominance is down significantly since 25 September, from around the same time that the latest rally started.

Source: Santiment

LUNC’s social dominance will likely be higher if the Terra LUNA Classic community continues to push for Coinbase and Robinhood listings. A favorable outcome might boost the coin’s demand.

Advertisement

On the other hand, the opposite outcome might spoof investors, triggering another sell-off. On top of that, LUNC’s developer activity metric is down to its 4-week low too.

Source: Santiment

Conclusion

The Terra LUNA Classic community’s determination to ensure its success has so far yielded favorable results. It recently managed to convince Binance to implement the tax burn, demonstrating its strong influence. It will be interesting to see how this campaign pans out, especially if Coinbase and Robinhood will follow through with the listing requests.

Finally, investors should keep an eye out for the cryptocurrency, especially if the listings are approved. This, because LUNC listings will usher in more liquidity while paving the way for more burns.

Advertisement

Continue Reading

Top posts

Billionaire Hedge Fund Founder Ray Dalio Steps Down As Co-CIO Of Bridgewater Associates Billionaire Hedge Fund Founder Ray Dalio Steps Down As Co-CIO Of Bridgewater Associates
ban bitcoin1 hour ago

Billionaire Hedge Fund Founder Ray Dalio Steps Down As Co-CIO Of Bridgewater Associates

Billionaire hedge fund founder Ray Dalio has stepped down as chief executive of Bridgewater Associates, according to a transfer of...

NFT Collection Veefriends Physical Collectibles To Debut At Macy’s And Toys’R’Us NFT Collection Veefriends Physical Collectibles To Debut At Macy’s And Toys’R’Us
Andy Kraniak7 hours ago

NFT Collection Veefriends Physical Collectibles To Debut At Macy’s And Toys’R’Us

In recent times, non-fungible tokens (NFTs) and their physical counterparts have started to debut at well known retail stores and...

This Tether update may finally bear some good results in the weeks to come This Tether update may finally bear some good results in the weeks to come
Altcoins9 hours ago

This Tether update may finally bear some good results in the weeks to come

Tether, the firm behind USDT, the largest stablecoin made some key changes to its asset reserves. On 3 October, Chief...

Pro-Russian Groups Raised $400,000 In Crypto Since Ukraine Invasion, Report Reveals Pro-Russian Groups Raised $400,000 In Crypto Since Ukraine Invasion, Report Reveals
conflict9 hours ago

Pro-Russian Groups Raised $400,000 In Crypto Since Ukraine Invasion, Report Reveals

Groups supporting Russia’s war effort in Ukraine have been actively collecting cryptocurrency to fund paramilitary operations and evade sanctions, researchers...

MATIC – The how and why of this buying opportunity MATIC – The how and why of this buying opportunity
Altcoins10 hours ago

MATIC – The how and why of this buying opportunity

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice....

Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports
DEX10 hours ago

Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports

Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports Oluwapelumi Adejumo · 11 mins ago · 2...

Can MakerDAO’s latest development drive MKR towards its next bull rally Can MakerDAO’s latest development drive MKR towards its next bull rally
Altcoins11 hours ago

Can MakerDAO’s latest development drive MKR towards its next bull rally

MKR holders that aped in towards the end of September are pleased with their decision considering the healthy run-up in...

Bankrupt Crypto Lender Celsius’ Asset Sale Is Scheduled, Sources Say FTX CEO May Bid Bankrupt Crypto Lender Celsius’ Asset Sale Is Scheduled, Sources Say FTX CEO May Bid
Bankruptcy11 hours ago

Bankrupt Crypto Lender Celsius’ Asset Sale Is Scheduled, Sources Say FTX CEO May Bid

According to a filing published by the U.S. Bankruptcy Court for the Southern District of New York, the crypto lending...

DOGE up 8% as Elon Musk makes new acquisition offer for Twitter DOGE up 8% as Elon Musk makes new acquisition offer for Twitter
Investments11 hours ago

DOGE up 8% as Elon Musk makes new acquisition offer for Twitter

DOGE up 8% as Elon Musk makes new acquisition offer for Twitter Liam ‘Akiba’ Wright · 16 mins ago ·...

Cardano’s [ADA] price reacts this way as Voltaire hint airs Cardano’s [ADA] price reacts this way as Voltaire hint airs
ada12 hours ago

Cardano’s [ADA] price reacts this way as Voltaire hint airs

Late in September, Cardano [ADA] released the Vasil hardfork. Positive feelings persisted after the fork, as the network continued to...

Sears Home Warranty Review Sears Home Warranty Review
Uncategorized12 hours ago

Sears Home Warranty Review

Sears Home Warranty Ratings at a Glance While you likely already know Sears for the company’s series of department stores,...

Riot Blockchain produced over $7.1M worth of BTC in September Riot Blockchain produced over $7.1M worth of BTC in September
Bitcoin mining12 hours ago

Riot Blockchain produced over $7.1M worth of BTC in September

Riot Blockchain produced over $7.1M worth of BTC in September Andjela Radmilac · 2 hours ago · 1 min read...

Crypto giants criticize Twitter on scam, bot accounts impersonating them Crypto giants criticize Twitter on scam, bot accounts impersonating them
Buterin12 hours ago

Crypto giants criticize Twitter on scam, bot accounts impersonating them

Crypto giants criticize Twitter on scam, bot accounts impersonating them Oluwapelumi Adejumo · 2 hours ago · 2 min read...

Will Litecoin’s new update improve its chances of winning the PoW race Will Litecoin’s new update improve its chances of winning the PoW race
Altcoins13 hours ago

Will Litecoin’s new update improve its chances of winning the PoW race

Litecoin [LTC] has been making improvements to its existing technology for quite some time now. In line with the same,...

Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory? Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?
ETH13 hours ago

Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?

Ethereum has been one of the cryptocurrencies that have received major support from the crypto community regardless of how the...

Mastercard Debuts Blockchain Surveillance Tool For Banks And Crypto-Centric Card Issuers Mastercard Debuts Blockchain Surveillance Tool For Banks And Crypto-Centric Card Issuers
Ajay Bhalla13 hours ago

Mastercard Debuts Blockchain Surveillance Tool For Banks And Crypto-Centric Card Issuers

On Tuesday, the multinational financial services corporation Mastercard revealed that it is launching a new crypto monitoring product called Crypto...

Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound
adoption13 hours ago

Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound

Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound Christian Nwobodo · 2...

Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10% Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10%
Analysis14 hours ago

Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10%

Polygon raced to a three-week high during today’s session, as bullish sentiment returned to cryptocurrency markets. Chainlink was also in...

Trending

Free Bitcoin MiningEarn from $50 to $75 daily with just your phone