Welcome to the 50 new of you who have joined since last week.
This newsletter is sponsored by TAAT Global Alternatives Inc, which Aims to Disrupt a $932 billion global tobacco industry without the nicotine.
This is the overall market view as of 1/24, glad to see them in green today.
Tether has recovered $87 million in USDT sent to wrong addresses since its launch
Stablecoin issuer Tether has helped users recover $87 million in USDT sent to wrong addresses since its launch in 2014
Tether has a recovery mechanism in place that allows it to blacklist addresses on the Ethereum and Tron blockchains, freeze funds in those addresses, and issue new USDT tokens to affected users.
Tether's recovery process isn't a free service. The stablecoin issuer charges $1,000 or up to $10% of the recovery amount, whichever is greater, according to its website. That means it has made up to $8.7 million in fees. Tether accepts recovery requests for amounts exceeding $1,000.
Just earlier this week, for instance, Tether recovered nearly $1.5 million in USDT on behalf of users.
Solana Network Suffers Yet Another Network Outage: DeFi Users Pay the Price
The Solana network was down again for 48 hours, but this time users who took loans were forced to pay the price as they faced heavy liquidations.
While the crypto market was bleeding heavily on Friday, Solana experienced another network hiccup that caused panic among traders and DeFi users across the crypto community.
The Solana network has suffered multiple issues within the last few months, and this current incident is the second in January. But unlike other occasions, the latest outage lasted about 48 hours.
The Solana team said they first noticed the hiccup on Friday, January 21 2022, at about 00:00 UTC.
“The mainnet-beta cluster is experiencing some performance degradation, we are currently investigating the issue,” the team wrote.
The investigation lasted more than 24 hours before the team was able to identify the cause on Saturday at 17:55 UTC.
According to the brief report on the Solana Status page, the issue was caused by “excessive duplicate transactions” done by bots.
Sizing Up a Bitcoin Bear
As Bitcoin price are cut in half from the ATH, the market experiences a large onchain capitulation event, with $2.5B in net realised losses.
At the weekly low, Bitcoin prices were just shy of being cut in half from the ATH, reaching a total drawdown of 49.9%. This is now the second worst sell-off since the 2018-20 bear market, eclipsed only by July 2021, where the market fell -54% from the highs set in April.
The Net Unrealised Profit/Loss (NUPL) metric presents the overall market profitability as a proportion of market cap. NUPL is currently trading at 0.325 which indicates that an equivalent to 32.5% of the Bitcoin market cap is held as an unrealised profit.
Why Ethereum Will Continue To Be A Market Leader, Coinbase Analysts
ETH 2.0 May Be The Answer
In a recent report from Coinbase Institutional, the exchange’s analysts highlight what could help ethereum maintain its supremacy over other blockchains.
ETH 2.0 has been in the works for a while, held back by a number of delays that have rocked the project. However, developers have announced that they are back on track and if everything continues as planned, ETH 2.0 may debut in 2022.
With this upgrade, the network will become more scalable, allowing for faster and cheaper transactions. Once this happens, says the analysts, it will allow it to maintain its dominance over other networks that offer to do the same things at a cheaper and faster pace.
Attackers Exploit OpenSea Loophole to Snatch and Resell Rare NFTs
One attacker paid roughly $133,000 for seven NFTs before quickly flipping them for $934,000 worth of ether
Coding bug enabled attackers to buy NFTs at previous sale prices and flip them for substantial profit
At least three attackers exploited users, according to blockchain analytics firm Elliptic
One of the alleged opportunists bought a Mutant Ape Yacht Club NFT for $10,600 worth of ether, selling it hours later for $34,800 worth of ether.
“The exploit appears to originate from the ability to re-list an NFT at a new price, without canceling the previous listing,” Elliptic said in a report. “Those previous listings are now being used to purchase NFTs at prices specified at some point in the past — which is often well below current market prices.”
“The fact that a user could buy at previous prices and flip NFTs without any form of verification points to the centralization issue in NFTs as they stand right now,” Jenna Pilgrim, CEO of blockchain media licensing startup Streambed.
YouTube Post of the Week
Those who wanted to learn about “Technical Analysis” like a Pro can watch the third episode that went live today on our YouTube:-
That’s it for today, if you would like to support, think of becoming a premium member to get access to my detailed research on solid crypto projects that i invest in every week.
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.