"Here's what unfolded in the cryptocurrency world today"

Sure, here’s a rephrased version: “Stay updated with the latest in the world of cryptocurrency. Get the scoop on daily trends and significant events affecting Bitcoin’s price, blockchain technology, DeFi, NFTs, Web3, and regulatory developments.”

Cyber attackers stole more than $20 million by emptying the lending protocol Sonne Finance. Since the start of April, over a million new cryptocurrencies have emerged. Additionally, the State of Wisconsin has revealed a significant investment in Bitcoin exchange-traded funds (ETFs) traded directly on the market.

A $20 million exploit has severely impacted Sonne Finance, with the hacker showing no inclination for negotiation

Sonne Finance, a lending protocol, was compelled to halt its operations following a breach that resulted in the disappearance of $20 million worth of cryptocurrencies from the market. On May 14, at approximately 10:30 pm UTC, Cyvers, a Web3 security firm, identified an ongoing attack targeting Sonne Finance’s contracts for USD Coin (USDC) and Wrapped Ether (WETH).

Unfortunately, by the time Sonne Finance was alerted to the situation, 25 minutes later, the hacker had already absconded with $20 million in WETH, Velo (VELO), and Wrapped USDC (USDC.e). Sonne Finance is currently exploring various avenues to recover the stolen funds, including engaging in discussions for a bug bounty with the hacker.

Typically, in such scenarios, the hacker returns a significant portion of the stolen funds and retains about 10% as a reward for uncovering a security flaw. However, the hacker appears uninterested in negotiations. As per blockchain investigator PeckShield, the exploiter has already transferred a substantial portion ($7.8 million) of the loot to a new wallet address.

Since April, over one million new tokens have been launched

Since the beginning of April, the creation of cryptocurrencies has surged, surpassing one million. Among these, over 370,000 tokens emerged on Ethereum, while Solana witnessed the launch of approximately 640,000 tokens, predominantly memecoins. Base, a layer-2 network on Ethereum, has emerged as a favored platform for memecoin developers due to its low fees, with 88% of tokens on Ethereum originating from this network.

Conor Grogan, a director at Coinbase, highlighted that the quantity of tokens introduced on Ethereum recently has doubled compared to the total number created on the blockchain from 2015 to 2023.

Most of the new tokens on Solana were memecoins launched via the affordable development platform, pump.fun.

Wisconsin has chosen to invest in Bitcoin exchange-traded funds (ETFs)

The State of Wisconsin Investment Board (SWIB) has disclosed significant exposure to Bitcoin through spot ETFs.

In a filing submitted to the United States Securities and Exchange Commission (SEC) on May 14, the governmental organization revealed investments of approximately $100 million in the BlackRock iShares Bitcoin Trust (IBIT) and $64 million in the Grayscale Bitcoin Trust (GBTC). The filing indicated potential exposure of the Wisconsin Retirement System to digital assets as well.

Despite the substantial sums involved, these investments in Bitcoin ETFs represent only a small fraction of SWIB’s total assets under management, which stand at $156 billion.

According to a Bloomberg ETF analyst, SWIB’s move highlights the increasing popularity of spot Bitcoin funds, which are experiencing faster growth compared to traditional ETFs. The analyst noted that typically, large institutional investors like SWIB might not appear in filings for such ETFs until a year later, once the ETF gains more liquidity. However, the analyst predicts more institutions following suit, as they often tend to invest in similar assets in groups.

Disclaimer:
This content is AI-generated using IFTTT AI Content Creator. While we strive for accuracy, it’s a tool for rapid updates. We’re committed to filtering information, not reproducing or endorsing misinformation. – Jomotoday for more information visit privacy policy