Fink Notes Pent Up Crypto Demand After False Report

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BlackRock’s Fink Notes Underlying Crypto Demand

Reddit Killing Crypto Community Points Tokens

Fantom Foundation Latest Hack

Fink Notes Pent Up Crypto Demand After False Report:

• A false report insinuating the US SEC's nod to BlackRock's iShares spot Bitcoin ETF triggered an abrupt rise in Bitcoin values, reaching a zenith of $30,000 on Binance. This misinformation led to substantial market fluctuations, with over $100 million in liquidations within an hour.

• Larry Fink, BlackRock's CEO, perceived this market behavior as an indication of the immense underlying demand for cryptocurrency-based offerings. He believes the sudden boost in Bitcoin's value was influenced not only by the unfounded report but also by global issues such as the Israeli conflict and escalating worldwide terrorism threats.

• Amid global instabilities, Fink observed a tendency among investors to pivot towards more secure assets like Treasurys, gold, or cryptocurrencies. He postulates that as time progresses, cryptocurrencies will increasingly be seen as a refuge or "safe haven" asset by investors.

Reddit To Kill Crypto Community Points Tokens:

• Reddit has decided to phase out its "Community Points" reward tokens by November 8, initially introduced to incentivize high-quality contributions. These tokens, which existed on the Ethereum network before transitioning to Arbitrum Nova, could be exchanged for various benefits on the platform. However, the tokens, MOON and BRICK, have recently seen a rapid drop in their value.

• The decision to move away from this crypto feature stems from concerns around the amount of resources required to sustain it, with additional regulatory complexities in the U.S. adding to the challenges. While some within the Reddit community supported these tokens, the platform ultimately decided that the product wasn't scalable.

• The response from the Reddit community has been mixed. Some users felt that the presence of these tokens altered behaviors on subreddits, leading to "farming" for points, while others were indifferent or supportive of the decision. Despite discontinuing the Community Points program, Reddit will continue with its "Collectible Avatars" initiative, suggesting they aren't entirely stepping away from blockchain-based projects.

Fantom Foundation Wallets Drained:

• The Fantom Foundation wallet experienced a security breach due to a zero-day exploit on Chrome. This resulted in a significant loss, with hundreds of thousands of dollars being stolen, as noted by a community Telegram administrator.

• Following the exploit, the stolen funds were moved to a different wallet that already contains about $7 million in ether (ETH).

• Blockchain security analyst, Certik, revealed that the Fantom blockchain's foundation wallets on both Ethereum and Fantom platforms were affected. $470,000 was taken from the FTM wallet and $187,000 from the Ethereum wallet. The price of FTM declined by 4.8% to $0.1778.

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