Ethereum Whale Sells $8.94M in LDO and AAVE, Plus Hot Updates on LINK, TAO Coin, and Other Altcoins

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An Ethereum whale has shifted $8.94 million worth of LDO and AAVE tokens to Binance.
Arbitrum is planning to allocate 35 million ARB for its RWA development plan and is holding a vote to confirm the proposal.
The Opentensor Foundation identified the root cause of a security breach affecting Bittensor (TAO Coin).

Read the latest updates on ARB, LINK, TAO Coin, and six other altcoins with our detailed news report.

Ethereum Whale Liquidates $8.94 Million in LDO and AAVE

A significant movement in the crypto market occurred as an Ethereum whale transferred tokens worth $8.94 million to Binance. On-chain observer Ember reported that this whale’s investment in the Ethereum ecosystem ended with a substantial $5 million loss. The whale had initially invested around $52.6 million in tokens such as LDO, UNI, AAVE, ENS, LINK, and FXS post the approval of the ETH spot ETF’s 19-4 document.

Additional ETH Deposits by Whale

Further scrutiny by ‘ai_9684xtpa’ on the blockchain revealed another transfer of 2,100 ETH valued at $6.56 million to Binance by the same whale. With a cumulative deposit of 4,165 ETH, if liquidated, it would net a profit of approximately $3.99 million. The strategic movements by whales indicate market volatility for ETH prices, suggesting a potential dip towards the $3,000 mark.

Multi-Signature Address Moves 300,000 LINK to CEX

Another notable transaction involves a multi-signature address transferring 300,000 LINK, amounting to around $3.9 million, to the GSR Markets deposit address on Binance. If these LINK tokens are sold, it could result in a projected loss of approximately $1.91 million.

Impact on Chainlink (LINK)

The large-scale movement of LINK could have significant implications for its market price, as such substantial transactions often trigger price fluctuation. Market watchers should remain vigilant, as further liquidation could create downward pressure on LINK’s value.

Arbitrum’s RWA Development Plan: 35 Million ARB Allocation

Arbitrum is advancing its RWA development initiative by proposing a 35 million ARB allocation. The proposal includes six sub-projects intending to utilize the allocated funds diversely within the ecosystem. These projects and their respective allocations are:

Securitize BUIDL 56: 11 million ARB
Ondo USDY 22: 6 million ARB
Superstate USTB 24: 6 million ARB
Mountain USDM 15: 4 million ARB
OpenEden TBill 15: 4 million ARB
Backed Finance bIB01 17: 4 million ARB

The proposal aims to achieve a 1% annual financial diversification through RWA ecosystem growth. The voting process, with a current objection rate of 76.8%, is set to conclude on July 11.

Bittensor (TAO Coin) Security Breach Investigation

The Opentensor Foundation, the organization behind Bittensor (TAO Coin), has pinpointed the security vulnerability causing an $8 million breach in its wallets. The vulnerability was attributed to a malicious package upload, causing significant fund transfers out of Bittensor wallets controlled by attackers. The Foundation reported the breach, which initiated on July 2 at 10:06 AM, and took immediate countermeasures to contain the situation by 10:41 AM.

Details of the Security Vulnerability

The malicious Bittensor PyPI package posed as a legitimate library but was embedded with code designed to steal private keys. Once users decrypted their keys, the sensitive information was sent to a remote server controlled by the attackers, facilitating unauthorized fund transfers.

Conclusion

This week’s market movements and security incidents highlight the volatility and risks inherent in the cryptocurrency domain. Investors should remain informed and exercise caution, especially with large transactions and new project investments. The evolving nature of blockchains and cryptocurrencies necessitates continuous vigilance and strategic investing approaches.