Since the beginning of 2024, the cryptocurrency market has faced significant events, including Bitcoin reaching an all-time high, whale holders' activation, and the rise of spot ETFs. At the same time, the market has been hit by scams, resulting in substantial losses for some investors.
Whale Activity and Scams
Since the beginning of the year, significant movements have been observed from major cryptocurrency holders, causing price fluctuations in leading cryptocurrencies. Recently, it was reported that a whale lost over $32.4 million in a scam orchestrated by Inferno Drainer. The whale's wallet was emptied due to a dangerous transaction, resulting in losses of over a thousand cryptocurrency tokens. Specialists note that hackers/scammers found it easy to access victims' accounts as most of them held their funds in single-signature wallets.
Recent Hacks and Scams News
Scammers stole over 12,000 spWETH tokens from Spark, a well-known DeFi project. The value of the stolen funds amounted to $33430334.02 as of writing. Arkham Intelligence, a blockchain analysis firm, confirmed the scam's connection with Inferno Drainer. According to Arkham Intelligence, the identified scam involved creating replicas of existing popular DeFi applications, which appeared legitimate and were used to gain access to victims' accounts after signing a transaction.
Crypto Market Price Updates
Until publishing, the cryptocurrency market capitalization was at $2.22 trillion after losing 2.53% in the past 24 hours. CoinMarketCap's fear and greed index was at 48, indicating neutrality in the market sentiment. Bitcoin lost 3.10% of its trading price intraday, reaching $63,505, and its trading volume grew 139.21%, reaching $37,270,818,60. Despite the price fluctuations, Ethereum showed stability, with its price ranging between $2,576 and $2,655, now trading at $2,618. Fantom (FTM), Bittensor (TAO), Sui (SUI), and Bonk (BONK) lead the intraday gainers list. Worldcoin (WLD) tops the losers list, losing 8.00% of its price, reaching $1.88, followed by Mina (MINA), trading at $0.5625, losing 7.21%. Hamster Kombat ruled CoinMarketCap's trending list, losing 43.75% in the past seven days, reaching $0.005489, followed by AI Companions (AIC) surging more than 520% weekly, reaching $0.1116.
The cryptocurrency market remains dynamic and full of unexpected events. Despite the rise in prices and interest in spot ETFs, investors must remain vigilant due to the numerous scams hitting the market.
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