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Introduction
EigenLayer is a protocol built on Ethereum that introduces re-staking, allowing users who have staked $ETH to join the EigenLayer smart contract to re-stake their $ETH and extend cryptoeconomic security to other applications on the network. As a platform, EigenLayer, on the one hand, raises assets from LSD asset holders, and on the other hand, uses the raised LSD assets as collateral to provide middleware, side chains, and rollups with AVS (Active verification service) needs. The convenient and low-cost AVS service itself provides demand matching services between LSD providers and AVS demanders, and a specialized pledge service provider is responsible for specific pledge security services. EIGEN total supply: 1.67 billion tokens
A noteworthy shift has taken place in the cryptocurrency sector today. Analyst Ignas, known for expertise in decentralized finance, revealed that the staked tokens of EigenLayer ( EIGEN ) have surpassed its available circulating supply. This development reduces the allure of staking rewards and may impede the growth of altcoin prices. Current data indicates that approximately 2.42 billion EIGEN tokens are staked, whereas only 1.86 billion are actively circulating. This difference arises because investors can stake their “locked” tokens, meaning those not currently traded in the market contribute to the staking pool. Additionally, the high volume of staked tokens compared to the circulating supply results in diminished annual percentage yield (APY) rates. When APY is lower, new investors may lose interest in acquiring the asset for staking, further complicating efforts to boost the altcoin’s market value. READ MORE: Predicted Surge in Global Liquidity Could Drive Market Growth Amid Economic Concerns These dynamics are essential for grasping the mechanics of staking within the cryptocurrency ecosystem. Although users pursue passive income through staking, the rewards can become less enticing when a significant portion of coins is locked, thereby restricting potential price increases.
Are Crypto Staking Rewards Losing Their Allure?According to the heat index ranking data from the Web3 asset data platform RootData, as of 10:10 on October 8th, the top five projects in the Top 100 popular Web3 projects are: Sui, Aleo, ATT, EigenLayer, Humanity Protocol. In addition, APRO's ranking has increased the most significantly by rising up 628 places overall. It is reported that RootData has launched its first "Web3 Popular Project Ranking". This heat ranking uses real user behavior data from 4.3 million instances to help users capture real attention pulses and improve their investment decision accuracy. The rankings are calculated in real-time based on factors such as search frequency by platform users, project click volume, user votes and X platform's popularity and influence.
RootData Heat Index Ranking: Sui ranks first, APRO has the biggest ranking increaseHeadlines EigenLayer: $5.7 million hack was an “isolated” incident, no vulnerability in the protocol EigenLayer official news, the unapproved $5.7 million token sale was caused by a hacker attack, but the incident was isolated and would not affect its ecosystem. The team said the leak was not related to any on-chain function. EigenLayer stated that there are no known vulnerabilities in the protocol or token contracts. EigenLayer also stated in a community update that they will continue to investigate and release updates when more information is available. The current EIGEN staked amount is higher than the circulating amount, because investors’ “locked” tokens can be staked. Overseas KOL Ignas posted data on X, pointing out that the number of EIGEN currently in pledged state is larger than the number of EIGEN in circulation - the pledged amount is 242 million, and the circulating amount is 186 million (CMC and Coingecko data). This is because EigenLayer allows investors tokens in a locked state to be staked. Ignas added that this is a common problem in the industry and TIA seems to have a similar problem. It dilutes the staking rewards available to real users and limits the token’s potential for appreciation, as the lower APY is not enough to attract people to buy these tokens from the market. Analysis: Long-term Bitcoin holders are reducing their holdings, with their positions recently falling from $19 billion to $12 billion According to CryptoQuant analysis, long-term Bitcoin holders (holding for more than 155 days) are reducing their positions, and their positions have recently dropped from $19 billion to $12 billion, while short-term holders positions have recently surged by $6 billion. (Cointelegraph) gm.ai: So far, more than 51 million GMs have been repurchased from the open market gm.ai posted on the X platform: So far, more than 51 million GMs have been repurchased from the open market; Buybacks will continue this week; An airdrop is ongoing for presale holders (buying back up to 80% of tokens, details to be announced soon). Up to 10% of GM buybacks will be used to extend the Anchor incentive period to avoid dilution. Industry News Analysis: A-shares are siphoning funds from the crypto market, but the rally is unlikely to continue Recently, Chinas stock market has rebounded under the impetus of government stimulus policies, but this rise may be siphoning funds from the crypto market, affecting the rise of cryptocurrencies such as Bitcoin. Since September 24, the Shanghai Composite Index has risen by more than 20%, hitting a new high since May 2023. However, the price of Bitcoin is still hovering around $64,000 after Chinas stimulus policy, and has maintained a six-month consolidation period between $50,000 and $70,000. Market observers pointed out that despite the Chinese governments launch of an economic stimulus package of more than 7.5 trillion yuan, which is widely seen as super positive news for Bitcoin and other risky assets, Bitcoin prices have not risen significantly. Danny Chong, co-founder of the Singapore Digital Asset Association, said that this capital transfer may be temporary, and once the upward trend of the Chinese stock market stabilizes, funds are expected to flow back into the crypto market. Traditional market analysts believe that Chinas latest stimulus measures do not solve the fundamental economic problems and may not bring about a long-term rise in the stock market. TS Lombard pointed out in an October 2 report that unless some fundamental problems are solved, such as repairing the balance sheets of banks, any attempt to increase lending and leverage risk-taking may fail. BCA Research also said that the rise in Chinas stock market may not last. (CoinDesk) Japanese listed company Metaplanet once again increased its holdings by 108.78 BTC Metaplanet, a Japanese listed company, once again increased its holdings by 108.78 BTC, and its current total BTC holdings are 639.503. Coinbase plans to remove non-compliant stablecoins from the European Economic Area in December Coinbase will remove all unauthorized stablecoins from its cryptocurrency exchange in the European Economic Area (EEA) by the end of the year, which could be a heavy blow to tokens such as Tether Holdings USDT. The European Union will fully implement new rules regulating the crypto industry, known as MiCA, by the end of the year. Regulation of stablecoin issuers under MiCA takes effect on June 30 and requires them to hold an e-money authorization in at least one member state. The guidance for cryptocurrency exchanges and other companies operating in the EU will take effect on December 31. Given our commitment to compliance, we intend to restrict services to EEA users related to stablecoins that do not comply with MiCA requirements until December 30, 2024, a Coinbase spokesperson said. (Bloomberg) Illyriad Games co-founded the Ethereum Improvement Proposal (EIP), hoping to reduce Ethereums block time by 33% Illyriad Games co-founder Ben Adams initiated the Ethereum Improvement Proposal (EIP-7781), which aims to reduce the block time on the Ethereum network from the current 12 seconds to 8 seconds, increase Rollup-based latency, and increase Blob capacity to reduce second-layer network fees. In addition to increasing mainnet throughput, the proposal also aims to distribute bandwidth usage over time, reducing peak bandwidth demand without increasing individual block or blob numbers. Justin Drake, a researcher at the Ethereum Foundation, expressed his approval of the EIP on GitHub, saying that its proposal is consistent with some of the broader goals set by Vitalik and the Ethereum Extension Organization. Drake said that reducing block time will make decentralized exchanges such as Uniswap v3 1.22 times more efficient and can save approximately $100 million in CEX-DEX arbitrage each year, ultimately resulting in better execution for users. (Cointelegraph) Project News Vitalik sells another 10 billion MOODENGs and transfers 260.16 ETH to charity According to Lookonchain monitoring, vitalik.eth sold 10 billion MOODENGs again 45 minutes ago to obtain 308.69 ETH (worth approximately US$762,000) and transferred 260.16 ETH (worth approximately US$642,000) to the charity Kanro. vitalik.eth still holds 40 billion MOODENG, worth approximately US$8 million. UniSat releases Q4 roadmap, including activation of runes on FB, support for CAT 20, update of PizzaSwap, etc. UniSat released its fourth quarter roadmap, specifically: October: Activation Runes, CAT 20 Identification and Transmission, CAT Marketplace; November: FB voting, PizzaSwap major update, brc-20, runes and CAT 20 optimization; December: zkAtomicSwap - efficient atomic swaps, advanced support for CAT protocol, major PizzaSwap update. Source: FTX discount auction WLD token price expected to be slightly above $1 According to The Block, the price of WLD tokens in the FTX discount auction is expected to be slightly above $1, with a total of 22.3 million tokens, which will be unlocked linearly starting in 2028. The market shows that the current price of WLD is $1.88. Investment and Financing Web3 game studio Moonray Studio raises $8.25 million in two rounds of funding Web3 multiplayer battle arena game development studio Moonray Studio announced that it has raised $8.25 million in two rounds of financing, with participation from Animoca Brands, Polygon Ventures and Cardano. It has also established a game development partnership with Digital Void, a streaming content partnership with Reel FX, and user acquisition partnerships with gaming guilds such as YGG, Snack Club and Unix. Moonray uses blockchain technology to enhance the gaming experience through asset ownership, customizable NFTs, and token rewards. The new funds will be used to launch a mobile version of the Autobattler game in the first quarter of next year. Binance Labs announces investment in Sophon According to market news, Binance Labs announced an investment in ZKsyncs elastic chain Sophon. The specific amount has not been disclosed. It is reported that Sophon uses Matter Labs modular open source framework to build a second-layer network. The main network will be launched next month and the token will be deployed soon. It is reported that the total amount of financing for Sophon has exceeded US$70 million so far (TheBlock)
Planet Daily | EigenLayer: The $5.7 million hacker attack was an isolated incident, and there is no loophole in the protocol; the current EIGEN stakeEigenLayer is prioritizing onboarding consumer Web3 applications after the Oct. 1 unlock of the restaking protocol’s native token, EIGEN, founder Sreeram Kannan told Cointelegraph in an interview. EigenLayer will initially target apps in crypto-native segments such as decentralized finance (DeFi) and gaming before expanding beyond Web3, Kannan said. “We’re starting with the inside-out approach, focusing on high-throughput consumer apps like DeFi and gaming, but once we grow a little bigger and have critical mass, we’ll go outside and start targeting broader consumer markets,” Kannan said. EigenLayer’s TVL. Source: DefiLlama EigenLayer’s four-sided marketplace As Ethereum’s largest restaking protocol, EigenLayer secures dozens of third-party protocols — dubbed actively validated services (AVSs) — with approximately $11 billion of restaked collateral, according to DefiLlama. “This is the four-sided marketplace we’re bootstrapping, but consumers are the side we haven’t fully tapped into yet,” Kannan said. “For this kind of platform to be successful, you need all four sides,” Kannan added, referring to restakers, node operators, AVSs, and consumer apps. The EIGEN unlock was among the most highly-anticipated in 2024 and puts pressure on EigenLayer to scale protocol revenues from AVSs, which will partly accrue to EIGEN stakers. EIGEN price since Oct. 1. Source: CoinMarketCap Related: Restaking will spark the next big rush of money into crypto “The only way [restaking] makes sense long term is if restaking networks get customers, and those customers, directly or indirectly, pay money for the services that these other restaking networks provide,” Mike Silagadze, CEO of liquid restaking protocol Ether.fi, said in August . The EIGEN token currently trades at around $3.50, implying a fully diluted market capitalization of nearly $5.8 billion, according to CoinMarketCap. EigenDA as a “beachhead” EigenLayer’s own AVS, EigenDA, aims to serve as a “beachhead” for onboarding consumer apps into EigenLayer’s broader AVS ecosystem, Kannan said. “As users adopt Eigenda, they’ll also start using other” EigenLayer AVSs, Kannan said. EigenDA specializes in data availability , one of Web3’s fastest-growing and most competitive market segments. Its rivals include Celestia and Avail. Other EigenLayer AVSs include ARPA Network and eOracle, which specialize in random number generation and programmable data oracles, respectively. “Typically, AVSs are things like bridges, oracles, or AI infrastructure,” Kannan said, adding: “Our superpower is getting this started with EigenDA, which is built to handle a lot of throughput.” EigenLayer AVSs. Source: EigenLayer Related: EigenLayer’s EIGEN cracks top 100 market rank in trading debut Programmatic EIGEN incentives EigenLayer also plans to woo restakers with a programmatic incentives program, which the protocol announced on Sept. 17. The program will reward restakers with EIGEN emissions comprising approximately 4% of the token’s total supply. “It’s designed to help bootstrap this multi-sided marketplace,” Kannan said, adding: “Stakers will get programmatic rewards depending on how many AVSs they serve, and AVSs will pay fees to stakers and operators. The more AVSs pay, the more value gets allocated.” Restaking involves taking a token that has already been staked — posted as collateral with a validator in exchange for rewards — and using it to secure other protocols simultaneously. The EIGEN token is designed to secure protocols against a broader set of faults than are addressable using existing proof-of-stake tokens, such as Ether ( ETH ), according to EigenLayer. Example use cases include ensuring the accuracy of offchain data oracles or holding protocols accountable in complex governance decisions. Eventually, Kannan envisions EIGEN staking supplanting multisignature wallets as the dominant means of securing Web3 protocols and smart contracts. “Many contracts today rely on multisigs, which is far from decentralized,” Kannan said. “At the end of the day, users aren’t getting the trust that blockchain is supposed to provide,” Kannan added. “We need to move beyond that.” Magazine: Crypto whales like Humpy are gaming DAO votes — but there are solutions
EigenLayer eyes consumer adoption post EIGEN unlock, founder saysEIGEN token price fell sharply post-unlock, sparking investor concerns and market volatility. A mishandled transfer from a compromised account worsened sentiment around EigenLayer’s unlock. Despite the decline, EigenLayer’s growing operator base indicates potential long-term growth. EigenLayer’s token unlock, which happened last week, has led to disputes and price fluctuations, worrying investors. The token’s price has been falling since the unlock, raising questions about what may have gone wrong. After its initial launch, EIGEN’s price opened at $4 but quickly fell by 20%, trading around $3.30 by the end of the week. The token price decline slowed down between Thursday and Friday, but concerns over the protocol’s airdrop process grew. Concerns emerged following Friday’s questionable transfer of $5.5 million worth of EIGEN tokens, which some believed broke the token lockup schedule. EigenLayer clarified that the incident was a security breach. A compromised email account associated with an investor allowed the transfer of over 1.6mn EIGEN tokens to an unauthorized party. Source: Kaiko The EigenLayer team said this was an isolated incident, but market uncertainty remained. As a result, the mishandled transfer has hurt investor sentiment and contributed to further price declines, overshadowing the token unlock. Market Sentiment and Token Resilience While the market’s response to the token unlock hasn’t been good, several indicators suggest that the project has long-term potential. Despite the falling price, the number of active operators on the EigenLayer network has grown throughout the year, reaching 146. Read also: EigenLayer’s $15B Token Launch Sparks Division for Excluding US, China Investors are also watching the next cliff unlock scheduled for next week. With 359 days remaining until the full unlock event, EigenLayer has plenty of time to recover from these setbacks. As of press time, the EIGEN token is trading at $3.49 , showing some stabilization after a period of volatility. Earlier in the day, the price moved between $3.40 and $3.35 during the morning hours, following a gradual decline from the previous day’s peak of around $3.60. Source: CoinMarketCap Despite notable dips on October 7, when the token dropped below $3.50 after reaching its high, the price showed signs of recovery by mid-morning. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
EigenLayer Token Unlock Hits Snag: Price Dips and Security ConcernsThe cryptocurrency market has witnessed the explosive launch of EigenLayers Token (EIGEN), with a trading value that has catapulted to $7.1 billion. The success of EIGEN has sparked excitement across the market, leading many to wonder if the new AI-powered dating cryptocurrency, GoodEgg (GEGG), will follow a similar trajectory upon its own launch. As both tokens gain attention for their unique value propositions, investors and analysts are keeping a close eye on their performance in the coming months. The Sensation of EigenLayer (EIGEN) EigenLayer (EIGEN) has quickly established itself as a top contender in the blockchain space, with its restaking protocol built on the Ethereum network. This revolutionary concept allows users to re-stake their already staked ETH to secure additional networks and decentralized applications (dApps). The innovative approach of EigenLayer not only enhances Ethereum’s security but also opens new revenue streams for stakers through additional rewards. As of October 2024, EigenLayer’s Total Value Locked (TVL) has surged to over $12 billion, further solidifying its dominance in the decentralized finance (DeFi) ecosystem. The excitement around EIGEN reached new heights following its listing on major exchanges like Binance, with the token’s trading value skyrocketing to $7.1 billion. The listing offers zero trading fees, encouraging liquidity and trading volume, but with warnings about the token’s high volatility due to its new status in the market. Notably, high-profile investors like Justin Sun, the founder of Tron, have been involved, further amplifying the hype surrounding EIGEN. Justin Sun’s $21.5M EIGEN Transaction Shakes the Market Justin Sun, a prominent figure in the cryptocurrency world, made headlines when he transferred $21.5 million worth of EIGEN tokens to the HTX exchange. The transaction, which involved 5.24 million EIGEN tokens, came shortly after the token’s listing on major exchanges. This massive transfer sparked speculation that Sun may be looking to sell his tokens, prompting mixed reactions from market participants. Sun’s involvement with EigenLayer dates back to its early stages, with reports indicating that he received the largest Airdrop of EIGEN tokens, positioning him as one of the protocol’s biggest beneficiaries. His decision to transfer a significant portion of his holdings to an exchange suggests that he could be looking to capitalize on the token’s early success. However, despite this, other whales have been accumulating EIGEN, indicating confidence in the token’s long-term potential. GoodEgg (GEGG): The New A.I. Dating Cryptocurrency to Watch While EigenLayer (EIGEN) is making waves in the DeFi space, GoodEgg (GEGG) is set to disrupt the world of AI-driven social engagement and cryptocurrency. As an AI-powered Play-to-Date token, GoodEgg (GEGG) offers users the ability to interact on its platform while earning rewards through its innovative social scoring system. The token has already gained traction in the meme coin space, and its presale has been met with significant enthusiasm. GoodEgg (GEGG) is currently priced at $0.00021, and early investors have already seen substantial returns, with the token increasing by 214%. Analysts are now speculating that GoodEgg (GEGG) could experience a 14,000% surge upon its official launch, positioning it as one of the most promising new cryptocurrencies of 2024. The key to GEGG’s success lies in its unique approach to integrating AI technology with social engagement, allowing users to earn rewards based on their interactions. This innovative model, combined with the strong community backing GoodEgg, makes it a strong contender for substantial growth, much like EigenLayer (EIGEN). Will GoodEgg (GEGG) Follow EigenLayer’s Success? With EigenLayer (EIGEN) reaching a trading value of $7.1 billion at launch, many are wondering if GoodEgg (GEGG) will replicate that success. While the two tokens serve different niches, both are innovative projects that bring something new to the cryptocurrency space. EigenLayer (EIGEN) focuses on enhancing the security of the Ethereum network through restaking, while GoodEgg (GEGG) is pioneering the use of AI in social engagement and reward systems. The success of GoodEgg (GEGG) will largely depend on its ability to attract a strong user base and maintain its momentum post-launch. However, the buzz surrounding its presale and the excitement from investors suggest that GEGG could be on a similar path to that of EigenLayer (EIGEN). As GoodEgg (GEGG) prepares for its official launch, all eyes will be on how the token performs in the coming months. Last Thoughts, Explosive Long Term Gains The explosive launch of EigenLayer (EIGEN) has set a high bar for new cryptocurrencies entering the market, with its trading value reaching $7.1 billion and its TVL surpassing $12 billion. However, the upcoming launch of GoodEgg (GEGG) , an AI-powered Play-to-Date token, could rival EIGEN’s success. With analysts predicting a 14,000% surge in GoodEgg’s value, the token is quickly becoming one of the most anticipated launches of 2024. For investors looking to capitalize on the next big thing in cryptocurrency, both EigenLayer (EIGEN) and GoodEgg (GEGG) offer unique opportunities for long-term gains. While EIGEN is revolutionizing Ethereum’s security through restaking, GoodEgg (GEGG) is poised to reshape social engagement and rewards with its AI-driven platform. Both tokens are well-positioned for significant growth, making them ones to watch closely in the coming months. Join GoodEgg (GEGG) For More Information On Presale, Use links below to join our community: Visit GoodEgg (GEGG) Telegram: https://t.me/GEGG_OFFICIAL X/Twitter: https://x.com/GoodEggToken
EigenLayers Token (EIGEN) Catapults At Launch With Trading Value $7.1B, Will This New A.I Dating Cryptocurrency Do The Same at LaunchEigenLayer (CRYPTO:EIGEN), an Ethereum (CRYPTO:ETH) restaking protocol, has confirmed that $5.5 million worth of its tokens were mistakenly transferred to a malicious attacker. In a statement posted on X, EigenLayer explained that an email thread related to an investor’s token transfer was compromised, leading to the erroneous transfer of 1,673,645 EIGEN tokens. The attacker quickly swapped the tokens for stablecoins and transferred the proceeds to centralized exchanges. EigenLayer stated that some of the sale proceeds have been frozen with the help of law enforcement, and they are working closely with affected platforms. Despite the attack, EigenLayer clarified that no vulnerabilities were found in its protocol or token contracts. "This compromise was not related to any on-chain functionality," the protocol stated. The incident occurred on Friday, raising suspicions among traders who initially speculated that an insider might have violated the token lockup period, given that the sale took place less than a year after the May 10, 2024 airdrop. EigenLayer promptly launched an investigation into the unauthorized sale, which ultimately revealed the attack. To address concerns, EigenLayer has implemented a freeze on token sales from current and former employees, prohibiting them from staking any EIGEN tokens received from Eigen Labs until at least September 30, 2025. EigenLayer continues to collaborate with law enforcement and affected platforms to recover the stolen funds and ensure the security of the protocol. At press time, the Eigenlayer price was $3.34.
EigenLayer reassures security after $5.5M token theftOn October 7th, overseas KOL Ignas posted data on X stating that the number of EIGEN currently in the staking state is larger than the number of EIGEN in circulation - the staking amount is 242 million, and the circulation amount is 186 million (CMC and Coingecko data). This is because EigenLayer allows investors in a "locked" state to stake their tokens. Ignas added that this is a common problem in the industry, and TIA seems to have a similar problem. It dilutes the staking rewards that real users can obtain and limits the appreciation potential of the token, as the lower APY is not enough to attract people to buy these tokens from the market.
Currently, the pledged amount of EIGEN is higher than the circulating amount, because investors' "locked-up" tokens can be pledgedAccording to TokenUnlocks data, this week EIGEN, OP and ENA will usher in a one-time large-scale unlock of tokens, with a total release value of more than 40 million dollars, of which: Eigenlayer (EIGEN) will unlock 9.93 million tokens worth about 31.68 million USD or 5.32% of the circulation at 3:00 on October 9. Optimism (OP) will unlock 8 million tokens worth approximately $12.72 million or 0.64% of circulation on October 10 at 8:00. Ethena (ENA) will unlock 12.86 million tokens worth approximately $3.68 million or 0.47% of the circulation on October 9 at 15:00. 1Inch (1INCH) will unlock 214,000 tokens on October 10 at 20:00, worth about $55,000, or 0.02% of the circulation.
Tokens such as EIGEN, OP, and ENA will receive large unlocks this weekPeckShieldAlert reports $5.87M in stolen EIGEN tokens, swiftly swapped for USDC and partially traced to HitBTC and Kraken. EigenLayer confirms the attack stemmed from an investor’s email hack, assuring no vulnerabilities within its core protocol. EIGEN token drops to $3.38 following the October 1 unlock, placing its market capitalization at 99th overall. Ethereum restaking protocol EigenLayer is investigating an incident in which $5.87 million worth of tokens were stolen from an investor. PeckShieldAlert, a well-known blockchain security firm, reported that the stolen $EIGEN tokens were quickly swapped for $USDC. Most of the stolen funds have been traced to the centralized exchange HitBTC, with a smaller portion, around $5K $USDC, sent to Kraken. #PeckShieldAlert #EigenLayer reported that they have been drained 1.674M $EIGEN (worth ~$5.87M). The attacker swapped the stolen $EIGEN for $USDC . Most of the stolen funds have been transferred to #HitBTC , while ~5K $USDC was sent to #Kraken . pic.twitter.com/CjZjpoTpp7 — PeckShieldAlert (@PeckShieldAlert) October 5, 2024 Attack Originates from Investor’s Email Compromise EigenLayer revealed on October 5 that the attack was traced to a compromised email thread related to an investor’s token transfer into custody. A malicious actor gained unauthorized access to the investor’s 1.674 million EIGEN tokens, worth approximately $5.87 million. The attacker used a decentralized swap platform to exchange the stolen tokens for stablecoins, later transferring the funds to centralized platforms. Despite the severity of the breach, EigenLayer emphasized that the hack was isolated and did not involve any vulnerabilities within its core protocol or token contracts. The restaking platform assured users that the incident did not stem from any on-chain issues and does not impact the broader ecosystem. Frozen Funds and Ongoing Investigation Following the attack, EigenLayer stated that it had contacted relevant platforms and law enforcement agencies. Notably, some of the stolen funds have been frozen as part of the investigation. EigenLayer’s team remains in communication with centralized exchanges involved in the transfer and is working to secure the remaining funds. Read CRYPTONEWSLAND on google news EigenLayer also reassured its community that further updates would be provided once new information becomes available. The platform highlighted that the attack did not affect any on-chain functionality or broader security protocols. Impact on EIGEN Token Price and Market Ranking The hack took place just days after the unlocking of the EIGEN token on October 1. Following the unlock, the token initially traded at $3.85, giving it a fully diluted valuation of $6.5 billion. As of October 5, the token has dropped to around $3.38, with its market capitalization placing it at 99th position overall. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
PeckShieldAlert Reports $5.87M Hack on EigenLayer, Stolen Funds Traced to HitBTC and KrakenAccording to cryptocurrency onchain data, a major PEPE memecoin whale appears to have sold another altcoin at a loss in his latest trade. Giant Cryptocurrency Whale Bullish on PEPE Sells Recently Purchased EIGEN Tokens at a Loss According to data provided by Lookonchain, the massive crypto whale with a total PEPE fortune of $31.44 million is selling EigenLayer (EIGEN) tokens at a loss. The whale in question spent $3.24 million this month, purchasing 909,000 EIGEN tokens at an average price of $3.56. The purchases took place on October 3 and 4. Related News A Cryptocurrency Project Overtakes Solana in Fee Revenues, Data Shows According to the latest data, this whale sold 772 thousand EIGEN tokens at an average price of $ 3.1 and obtained a total of 988.5 ETH, or $ 2.39 million. The giant crypto whale currently holds 139,800 EIGEN tokens worth $449,000, with a total loss of around $407,000. At the time of writing, the EIGEN altcoin price is trading at $3.19. *This is not investment advice.
Massive PEPE Whale Bought Another Altcoin Earlier This Month, Started Selling At A LossData shows that APT, EIGEN and other tokens are set to see big unlockings next week, with a combined value of over $200 million. Among them, Aptos (APT) is set to unlock about 11.31 million tokens at 3:59 a.m. Eastern 8 time on Oct. 12, representing a ratio of 2.25 percent of the current circulating volume and worth about $103 million.
APT, EIGEN, NEON and other tokens to be unlocked next week, including APT unlocking value of about $100 millionEigenLayer faces scrutiny after a hacker bypasses security, leading to the unauthorized sale of $5.5 million in tokens. The breach highlights internal control issues at EigenLayer, raising concerns about compliance with token lockup policies. Hacker exploits email vulnerability, hijacking a wallet address and laundering 1.67 million EIGEN tokens through exchanges. EigenLayer has launched an investigation after the unauthorized sale of 1.67 million EIGEN tokens, valued at $5.5 million. The sale, conducted via MetaMask , violated the company’s strict token lockup policies for employees and early investors, sparking concerns over security and compliance. EigenLayer disclosed that an investor’s email regarding the token transfer to the custodian address was hijacked by malicious attackers. The hacker replaced the address in the email, leading to the fraudulent transfer of 1,673,645 #EIGEN tokens. SlowMist co-founder Cosine… — Dehua (@DehuaFi) October 6, 2024 Blockchain analytics firm Lookonchain discovered that the tokens were transferred from an EigenLayer team wallet before being sold. Arkham Intelligence identified the questionable transaction, which utilized a wallet supported by EigenLayer’s multi-signature Gnosis Safe. This event has sparked inquiries about the internal monitoring systems and security procedures of the company. Breach of EigenLayer Lockup Policy Raises Alarms EigenLayer enforces a strict lockup policy that restricts employees and early investors from selling or staking tokens until September 2025. According to the policy, only 4% of each recipient’s tokens will unlock monthly, with full vesting scheduled for September 2027. The tokens involved in the unauthorized sale were part of a May 2024 airdrop, making the sale a clear violation of these terms. This breach coincided with the platform unlocking its token on October 1, pushing EIGEN into the top 100 tokens by market capitalization. Following the release, the token’s fully diluted valuation surged to $7.2 billion, making the timing of the sale particularly concerning for investors. Read CRYPTONEWSLAND on google news Email Hijack Leads to Token Theft EigenLayer disclosed that the unauthorized sale was part of a larger scheme involving a hacker who hacked an investor’s email. The hacker replaced the intended custodian wallet address with their own, leading to the fraudulent transfer of 1,673,645 EIGEN tokens. Blockchain security firm SlowMist revealed that the stolen tokens were laundered through platforms like HitBTC and converted into USDC and USDT. EigenLayer’s investigation into the security breach is ongoing, with efforts focused on strengthening internal controls. In addition, the company is working to reassure investors and prevent future security incidents. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
EigenLayer Faces Security Scrutiny After Hacker Steals 1.67 Million Tokens Through Email ScamThe ongoing legal tussle between Ripple and the SEC has reignited critical discussions within the crypto sector, spotlighting the implications of regulatory actions. As developments unfold, the XRP community’s frustration intensifies, indicating deep-seated concerns regarding the future of cryptocurrency regulation in the United States. Notable VC investor Tim Draper’s recent remarks highlight both the challenges and future opportunities poised for the crypto industry amidst shifting political landscapes. This article delves into the evolving narrative surrounding Ripple’s ongoing legal battles, the SEC’s regulatory strategy, and the future direction of cryptocurrency adoption in the U.S. Ripple’s Ongoing Legal Battle: Implications for the Crypto Industry The prolonged appeal from Ripple has placed the SEC under scrutiny as the crypto community expresses frustration with the agency’s decisions. Recent commentary from Tim Draper indicates that the case could extend well into 2026, highlighting the uncertainty that legal battles create for investors and stakeholders in the cryptocurrency realm. The SEC’s Troubled Track Record: Challenges and Strategies Draper points out that SEC Chairman Gary Gensler has faced setbacks in various legal cases, including Ripple’s appeal and the Grayscale lawsuit. These instances raise significant doubts about the SEC’s capacity to effectively regulate the fast-evolving crypto industry and its capacity to adapt to the unique challenges posed by digital assets. Looking Ahead: Predictions of Shift in Cryptocurrency Acceptance Tim Draper’s assertions suggest a gradual shift in the political landscape toward cryptocurrency. He emphasizes that at least one of the leading presidential candidates acknowledges the transformational potential of Bitcoin and other cryptocurrencies, foreshadowing a future where incumbents may embrace digital assets as integral to innovation. Navigating Regulatory Constraints: Innovation Outside the U.S. A significant concern raised by Draper is the trend of innovative American companies moving operations outside U.S. borders due to the restrictive regulatory framework imposed by the SEC. This ‘geofencing’ approach limits their capability to leverage emerging technologies in a better-suited environment, placing domestic firms at a competitive disadvantage on a global scale. Time for Evolution: Updating Regulatory Practices Issuing a clarion call for reform, Draper argues that the SEC continues to operate under antiquated regulations established decades ago. He contends that for the U.S. to maintain its leadership position in the technology and innovation landscape, it must modernize its approach to cryptocurrencies and adjust its regulatory framework to reflect contemporary realities. Political Landscape and Cryptocurrency: Signs of Change Draper notes encouraging signals from the current political milieu, citing that both presidential candidates have shown a growing awareness and appreciation for cryptocurrencies. Donald Trump’s assertive stance as the “crypto president,” coupled with Kamala Harris’s implied support for digital assets, suggests an evolving narrative that could favor industry growth and acceptance in the coming years. Conclusion In summary, the ongoing Ripple v. SEC case exemplifies the pressing need for effective regulatory adaptations in the cryptocurrency sector. With influential investors like Tim Draper advocating for innovation and reform, there is cautious optimism for the future acceptance of cryptocurrencies within the U.S. political discourse. As the landscape continues to evolve, stakeholders in the crypto community must remain vigilant and proactive in advocating for a regulatory environment that nurtures growth and innovation. In Case You Missed It: Ethereum's EigenLayer Investigates Suspicious $5.5 Million EIGEN Token Transfer: Could Insider Trading Be a Concern?
Amid Ripple’s Ongoing Legal Battles, Speculation Grows on SEC’s Future Impact on XRP and Cryptocurrency AdoptionOct. 6 (Bloomberg) -- A giant whale spent 1,360 ETH (worth about $3.24 million) to buy 909,000 EIGEN at an average price of 3.56 USDT between 3 and 4 October, according to monitoring. The whale sold 772,000 EIGEN (worth about $2.39 million) at an average price of 3.1 USDT at about 4 p.m. today. It now holds 139,800 EIGEN (worth around $449,000) and has lost $407,000 in losses.
A whale sells 772,000 EIGENs at a loss of $407,000According to monitoring, between 3 and 4 October, a whale bought 909,000 EIGEN at an average price of $3.56 for 1,360 ETH ($3.24 million). Three hours earlier, the whale had sold 772,000 EIGEN at an average price of $3.1 for 988.5 ETH ($2.39 million). It now holds 139,800 EIGEN ($449,000) and has lost $407,000. The whale also holds 3.37 trillion PEPE, or about $31.44 million.
Data: A giant whale sells 772,000 EIGENs at a loss of $407,000In a post on the X platform, Scopescan said that a whale sold its EIGEN holdings at an average price of $3.2, but it was purchased at an average cost of $3.50. In addition, Scopescan disclosed that $31 million worth of EIGEN tokens would be unlocked over the next two days. According to the unlocking information, Eigenlayer (EIGEN) intends to unlock approximately 9.93 million tokens at 3:00 a.m. GMT on 9 October, which is 5.32 percent of the current float.
A Giant Whale Sells EIGEN at an Average Price of $3.20, Will Unlock Over $30 Million Worth of EIGEN Next WeekOn October 6, the official Twitter account of Data Analysis Agency Spot On Chain was suspected to have been stolen, and a false EIGEN airdrop phishing link was posted, and the comment section of the tweet was closed. As of the time of writing, the tweet has been viewed 628,000 times.
Data Analysis Agency Spot On Chain Official Account Suspected of Being Hacked, Posting EIGEN Airdrop Phishing LinkOn October 6th, the X account of the encrypted data tracking service Spot On Chain was suspected of being stolen. It is reported that the account posted a fake EIGEN airdrop phishing link this morning and closed the comment section of the tweet. Users should be cautious when accessing.
The X account of the encrypted data tracking service Spot On Chain is suspected to have been stolenThe Ethereum restaking protocol EigenLayer has recently faced scrutiny following a significant incident involving a $5.5 million token transfer. Traders raised concerns of potential insider trading after an unapproved sale of EIGEN tokens occurred shortly after their public trading debut. EigenLayer confirmed that the tokens were mistakenly transferred to an attacker due to a compromised email thread rather than any inherent vulnerability in the protocol. EigenLayer addresses suspicious token transfer as protocol reassures investors amid insider trading concerns. Details Surrounding the $5.5 Million Token Transfer Incident On Friday, the EigenLayer protocol encountered a serious challenge when approximately $5.5 million worth of its EIGEN tokens was sold under suspicious circumstances. This unusual transaction took place immediately following the commencement of trading, igniting speculation that the seller may have violated a lockup period established for employees and early investors. Such actions typically signal a breach of trust, potentially leading to adverse reactions from the market. Investigation and Protocol’s Response EigenLayer has swiftly initiated an investigation into what it has termed “unapproved selling activity.” According to the protocol’s official communication on X, the situation was exacerbated by a breach of security involving an email thread related to an investor’s token custody transfer. This compromise resulted in 1,673,645 EIGEN tokens being erroneously sent to a malicious wallet, prompting immediate corrective measures from the EigenLayer team. Following the transfer, the attacker swiftly exchanged the stolen tokens for stablecoins, which were subsequently moved to centralized exchanges. EigenLayer has been proactive in its response, reaching out to these platforms and law enforcement agencies to mitigate the situation. The firm reported that a portion of the stolen funds has already been frozen, indicating the effectiveness of their timely actions. No Vulnerabilities Found in the Protocol EigenLayer has emphasized that there are no known vulnerabilities within their protocol or token contracts that contributed to this incident. The attack stemmed solely from off-chain vulnerabilities, which have become a pressing concern in the cryptocurrency industry. The reassurance provided by EigenLayer is crucial in maintaining investor confidence, particularly as the market is often rife with speculation and rumors. Measures to Ensure Future Security In light of the incident, EigenLayer announced a comprehensive freeze on any sales of EIGEN tokens by current and former employees until at least September 30, 2025. This step aims to preserve market integrity and prevent further allegations of insider trading. The protocol’s management is committed to ensuring that such activities do not ripple through their operations undetected in the future. As a result of this incident, the EIGEN token witnessed a slight uptick of 0.54%, bringing its market price to $3.22 and providing a fully-diluted valuation of approximately $5.4 billion. This resilience illustrates the community’s continued support for EigenLayer in the face of adversity. Conclusion EigenLayer’s handling of the recent token transfer incident underscores the importance of transparency and security in the realm of cryptocurrency. Despite the challenges faced, the protocol has shown a determined commitment to investigating the breach and implementing stringent measures to prevent future occurrences. As the landscape of digital assets continues to evolve, protocols like EigenLayer will need to focus on bolstering security and fostering trust within the investor community to thrive. In Case You Missed It: Exploring Possible Trends in Bitcoin (BTC) as Short-Term Holders May Embrace Increased Risks While Long-Term Holders Potentially Take Profits
Ethereum’s EigenLayer Investigates Suspicious $5.5 Million EIGEN Token Transfer: Could Insider Trading Be a Concern?Delivery scenarios