Four.Meme resumes operations after $120K sandwich attack
Four.Meme, a BNB Chain-based memecoin launch platform, recently faced a sandwich attack that resulted in a loss of around $120,000. However, the platform has now resumed its operations after addressing the security issue and compensating affected users.
The attack, which was discovered on March 18, was a market manipulation technique known as a sandwich attack. The attacker pre-calculated the address for creating the liquidity pool’s trading pair and utilized one of the platform’s functions to purchase tokens, bypassing Four.Meme’s token transfer restrictions. They then waited for Four.Meme to add liquidity to the transaction and siphoned off the funds.
Web3 security firm ExVul and blockchain security firm CertiK both confirmed that the attacker successfully manipulated the price at launch and made a profit of 21.1 BNB, worth approximately $120,000. The attacker then transferred the funds to the decentralized crypto exchange FixedFloat.
This is not the first time Four.Meme has been targeted by an attack. In February, the platform lost around $183,000 in a similar exploit. Unfortunately, this is just one of many attacks and scams that have plagued the crypto industry in recent months. In February alone, there were $1.53 billion in losses due to scams, exploits, and hacks.
According to blockchain analytics firm Chainalysis, the past year has seen $51 billion in illicit transaction volume, with crypto crime becoming more professionalized and dominated by AI-driven scams, stablecoin laundering, and efficient cyber syndicates.
Despite these challenges, the crypto industry continues to grow and evolve. DeFi, in particular, has seen a resurgence in popularity, with experts predicting that it will continue to rise in the coming years. As the industry matures, it is crucial for platforms and users to prioritize security and stay vigilant against potential threats.
Hacker breaks into AI crypto bot aixbt’s dashboard to snatch 55 ETH
An attacker has breached the dashboard of an artificial intelligence crypto bot and made two prompts for it to transfer 55.5 Ether, worth $106,200, from its wallet, sparking concerns about the security of AI agents in crypto.In a March 18 X post, “rxbt” — the maintainer of the bot called “aixbt,” which commentates on the market — said its core systems weren’t impacted, and the breach wasn’t the result of manipulating the AI.“We’ve migrated servers, swapped keys, paused dashboard access for security upgrades, and reported hacker addresses to exchanges,” rxbt added.Source: rxbtCoinGecko data shows that the aixbt (AIXBT) token on the Ethereum layer 2 Base has fallen 15.5% to 9 cents since the hack, which happened on March 18 at 1:58 am UTC.Observers initially thought someone had manipulated the bot, after the AI agent platform Simulacrum AI posted to X that it sent a 55.5 Ether (ETH) tip to the attacker, X user “0xhungusman,” whose account has since been suspended.Source: Simulacrum AIAI-powered bots that commentate on and trade in the crypto market, such as aixbt, ai16z and Truth Terminal, continue to be experimented with in crypto as traders look to leverage AI in their trading strategies.Spencer Farrar, a partner at the AI and crypto-focused venture capital firm Theory Ventures, told Cointelegraph that these AI applications are “a bit frothy” at the moment, but more utility could come down the line.Farrar expects to see further experimentation with crypto AI tokens, as they allow retail investors to speculate on smaller market cap ideas that largely aren’t as accessible in the stock market.“Things tend to start off like this in the open-source world; you see a ton of tinkering, and then perhaps we’ll see something really big come of it.”Related: Not every AI agent needs its own cryptocurrency: CZDecentralized AI researcher “S4mmy” said on X that AI agents managing crypto funds must be battle-tested further to ensure threat actors can’t easily compromise AI bots and steal funds.“Excited to see how these solutions evolve over the next 12 months as large DeFi protocols integrate existing solutions or develop their own,” they added.Source: rxbtThe market capitalization of tokens tied to AI agents currently sits at $4.2 billion, CoinGecko data shows.Magazine: Train AI agents to make better predictions… for token rewards
Crypto companies seeking bank charters under Trump admin — Report
Cryptocurrency and fintech companies are increasingly seeking bank charters in an attempt to grow their businesses under the Trump administration, according to a report from Reuters, which talked to more than half a dozen industry executives.The moves come as the administration is seen as more industry-friendly and there are opportunities to gain the licenses that regulators under previous administrations may have been slow to approve.While discussions about pursuing bank charters are on the rise, it is unknown how many companies will ultimately follow through. It can cost tens of millions of dollars to start up a bank, but there are benefits such as increased credibility with the general public.According to Reuters, 144 bank charter applications were approved every year between 2000 and 2007, but that number shrank to only five approved per year between 2010 and 2023. 2008 marked the year of the great financial crisis and subsequently increased scrutiny on banks.The Trump administration has signaled openness to innovation in the finance sector, especially in the cryptocurrency industry. Since his January inauguration, President Trump has created a crypto working group, signed an executive order to create a national strategic Bitcoin (BTC) reserve, and hosted the first White House crypto summit.Related: Wyoming defends crypto-friendly bank charter regime in Custodia Bank’s lawsuit with FedCrypto companies that have applied for bank charters in USAlthough it is uncommon for crypto companies to seek bank charters in the United States, there are examples of some who succeeded in the 2020s. Crypto exchange Kraken was approved for a bank charter in Wyoming in 2020, Anchorage Digital Bank received its charter in January 2021, and crypto lender Nexo purchased a stake in a holding company that owns a federally-chartered bank in 2022.Companies face challenges when applying for bank charters in the United States such as compliance with anti-money laundering laws and adherence to the Bank Secrecy Act. The increased regulatory oversight and centralization may also run contrary to the spirit of crypto, where decentralization is a core value.However, securing a bank charter comes with a major financial benefit: companies that do so can lower the cost of capital by accepting deposits.Magazine: Bitcoiners are ‘all in’ on Trump since Bitcoin ’24, but it’s getting risky
ETH price prospects dim as Ethereum DEX volumes drop 34% in a week
Ether (ETH) price fell below $2,200 on March 9 and has struggled to recover since. The altcoin is down 14% in March and the decline has hurt investor sentiment, especially as the broader crypto market only dropped 4% in the same period. Adding to the bearish sentiment, traders are also worried about further ETH price corrections after a 34% weekly drop in decentralized exchange (DEX) activity on the Ethereum network.Blockchains ranked by 7-day DEX volumes, USD. Source: DefiLlamaDEX volumes on Ethereum dropped 34% in the last seven days, a trend that also affected its layer-2 solutions like Base, Arbitrum, and Polygon. The market slump hit some Ethereum competitors, too, with Solana’s DEX activity down 29% and SUI’s down 17%. On the other hand, BNB Chain saw a 27% weekly volume increase, while Canto surged an impressive 445%.Ethereum’s negative volume trends include an 85% drop for Maverick Protocol and a 46% decline for DODO compared to the previous week. More notably, fees on PancakeSwap—the top DEX on BNB Chain—surpassed those on Uniswap. While Ethereum remains the leader in DEX volumes, falling fees are reducing demand for ETH.Top protocols ranked by 7-day fees, USD. Source: DefiLlamaPancakeSwap, which operates exclusively on BNB Chain, generated $22.3 million in fees over seven days, surpassing Uniswap, which runs on Ethereum, Base, Arbitrum, Polygon, and Optimism. Other signs of Ethereum’s fee weakness include Lido trailing Solana’s Jupiter and AAVE, the leading Ethereum-based lending protocol, generating less in fees than Meteora, a Solana-based automated market maker and liquidity provider. Ethereum leads in total value locked, but the gap is narrowingOn the positive side, Ethereum remains the dominant leader in total value locked (TVL) at $47.2 billion, but a 9% weekly decline has significantly narrowed the gap with competitors. Furthermore, its layer-2 ecosystem showed increasing signs of weakness over the seven days leading up to March 18.Top blockchains ranked by total value locked, USD. Source: DefiLlamaSolana’s TVL dropped 3%, while BNB Chain saw a 6% increase in deposits compared to the prior week. Negative highlights for Ethereum’s TVL include an 11% decline in Stargate Finance over seven days, a 9% drop in deposits on Maker, and a 6% decline on Spark.Ethereum’s weakening onchain metrics aligned with reduced demand for leveraged longs in ETH futures, as their premium over spot markets fell below the 5% neutral threshold, signaling weaker confidence from traders.Ether 2-month futures annualized premium. Source: laevitas.chThe current 3% annualized ETH futures premium is the lowest in over a year, highlighting weak demand from bullish traders. Meanwhile, spot Ethereum exchange-traded funds (ETFs) have recorded $293 million in net outflows since March 5, signaling waning institutional interest.After Pectra upgrade, ETH needs a competitive edge and sustainable adoption’ Ethereum is also facing growing competition from Solana in the memecoin sector, particularly after the launch of the Official Trump (TRUMP) token. Simultaneously, Tron and Solana have captured a combined $75 billion in stablecoins by leveraging lower transaction fees. Adding to the pressure, Hyperliquid perpetual futures introduced its own blockchain, further challenging Ethereum’s market position.Related: Hyperliquid opened doors to ‘democratized’ crypto whale hunting: AnalystAll of this unfolded amid heated debates among investors and developers over whether Ethereum layer-2 solutions are disproportionately benefiting from extremely low rollup fees. Essentially, the decline in the DEX market share reflects waning institutional interest, particularly as Ethereum’s native staking yield sits at just 2.3% when adjusted for inflation-driven supply growth.For Ether to regain momentum, it must demonstrate a clear competitive edge. The upcoming ‘Pectra’ upgrade needs to provide a viable path for sustainable user adoption; otherwise, the odds remain stacked against ETH outperforming its rivals.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Cardano’s ADA lands spot in US Digital Asset Stockpile — Will it generate value?
Cardano’s ADA token has recently been making headlines after being mentioned by President Donald Trump as one of the cryptocurrencies to be included in the US strategic crypto reserve. This news has sparked both surprise and criticism within the crypto community, with many questioning the token’s inclusion in the digital asset stockpile.
Launched in 2017, Cardano is one of the oldest smart contract platforms and differentiates itself through its research-driven design approach and use of a delegated proof-of-stake mechanism. Its native coin, ADA, is used for network fees, staking, and governance, with a maximum supply of 45 billion.
One of the main arguments for ADA’s inclusion in the US Digital Asset Stockpile is its capped supply, which can support the coin’s value. Additionally, Cardano’s decentralized governance and ambitious plans for onchain governance also make it an attractive option.
However, when looking at other metrics such as transaction fees, staking yields, and DApp activity, Cardano lags behind its competitors. In Q4 of 2024, the blockchain processed an average of 71,500 daily transactions, with quarterly fees totaling $1.8 million. This is in stark contrast to Ethereum’s $552 million in fees over the same period.
Furthermore, Cardano’s annualized real staking yield was approximately 0.7% in Q4, compared to Ethereum’s 2.73%. Its DApp activity also remains low, with an average of just 14,300 daily transactions in Q4.
These metrics raise concerns about ADA’s long-term value and its suitability for a government-managed asset pool. However, there is potential for growth and adoption in the future, especially with projects exploring Cardano’s compatibility with Bitcoin.
In the end, the decision to include ADA in the US Digital Asset Stockpile will depend on its ability to attract developers and build mass, sustainable audiences. Only then will it truly justify its place in a government portfolio.
US stablecoin bill likely in ‘next 2 months’ — Trump’s crypto council head
The US government is taking steps to ensure the dominance of the US dollar in the world of digital assets. Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, recently announced that comprehensive stablecoin legislation is expected to be finalized in the coming months. This move highlights the government’s urgency to maintain the US dollar’s dominance in onchain activity.
Hines made this announcement at the Digital Asset Summit in New York on March 18, where he also mentioned that stablecoin legislation is “imminent” following the Senate Banking Committee’s approval of the GENIUS Act last week. The GENIUS Act, which stands for Guiding and Establishing National Innovation for US Stablecoins, aims to establish collateralization guidelines for stablecoin issuers and ensure compliance with Anti-Money Laundering laws.
The bipartisan support for this bill is a positive sign, as it shows that both sides of the aisle recognize the importance of US dominance in the digital asset space. Hines believes that this legislation could be on the president’s desk within the next two months.
The market may be underestimating the potential impact of this bill on the US economy. Hines believes that it could significantly boost the US dollar’s dominance, improve payment rails, and even alter the course of financial markets. However, some banks are pushing back against this legislation, fearing that it could affect their market share.
The US dollar currently accounts for the majority of the $230 billion worth of stablecoins in circulation, making it the preferred currency for funding cryptocurrency accounts and sending remittances overseas. While some experts predict that this may change in the future as stablecoins become multicurrency, for now, the digital dollar remains the top choice.
US Treasury Secretary Scott Bessent has also emphasized the importance of stablecoins in maintaining the dollar’s status as the global reserve currency. He stated that the government will use stablecoins to achieve this goal, which explains the urgency to push this legislation forward.
In conclusion, the US government’s efforts to establish comprehensive stablecoin legislation highlight their determination to maintain the US dollar’s hegemony in the digital asset space. This move could have a significant impact on the economy and financial markets, and it will be interesting to see how it unfolds in the coming months.
Stablecoin, market structure bills should get done this year — Rep. Khanna
US Representative Ro Khanna, a Democrat from California, said at the Digital Assets Summit on March 18 that Congress “should be able to get” both a stablecoin and crypto market structure bill done this year.Khanna added that there are 70 to 80 Democrats now who understand the importance of stablecoin legislation in increasing American influence around the world by giving more people access to dollars. Rep. Ro Khanna (right) at the Digital Assets Summit, March 18. Source: CointelegraphStablecoins are a growing crypto use case, especially in developing countries where there is limited access to physical dollars. There are currently stablecoin bills making their way through both chambers of Congress, including the GENIUS Act in the Senate.As for a crypto market structure bill, Khanna noted the Financial Innovation and Technology for the 21st Century Act, also known as FIT21, which he worked on with former Representative Patrick McHenry. “I understand that there has to be some tinkering to that,” Khanna said, “but a basic market structure bill should emerge.”Executives in crypto have said that the industry will benefit more from US regulatory clarity surrounding digital assets than even the strategic Bitcoin reserve. At this time of writing, cryptocurrency prices, including for Bitcoin (BTC), have fallen since the signing of US President Donald Trump’s executive order creating the reserve.Related: Banks push to block stablecoin legislation over market share fearsKhanna critical of the president’s memecoinAs enthusiastic as Khanna was about Congress passing stablecoin and crypto market regulation bills this year, he was equally critical about President Trump’s memecoin, Official Trump (TRUMP).“I’ll say this just to challenge folks,” Khanna said. “I’ve been a supporter of blockchain, of crypto technology, but I criticize this idea of the president having a memecoin. I don’t think any elected official should be having a memecoin, and those types of things, in my view, distract from the fundamental technology and making the case.”He added, “We have to recognize that those types of things are not helpful in convincing the American public that there’s an underlying technology that is valuable.”Related: What is TRUMP? Donald Trump’s billion-dollar memecoinPresident Trump’s memecoin and his family’s crypto ventures may raise conflict-of-interest concerns, and California Representative Maxine Waters has said the infamous memecoin potentially opened the door to corruption and may risk national security.California Representative Sam Liccardo has introduced a bill that would make it illegal for US presidents, members of Congress, senior government officials, and their spouses and children to issue or sponsor commodities, securities or cryptocurrencies.Magazine: X Hall of Flame: Memecoins will die and DeFi will rise again — Sasha Ivanov
83% of institutions plan to up crypto allocations in 2025: Coinbase
Institutional investors are increasingly showing a strong interest in cryptocurrency, with a recent report by Coinbase and EY-Parthenon revealing that 83% of them plan to increase their crypto allocations by 2025. This is a significant jump from the current number, as nearly three-quarters of the surveyed firms already hold cryptocurrencies other than Bitcoin (BTC) and Ether (ETH).
The report, based on interviews with over 350 institutional investors in January, also found that a majority of them plan to allocate 5% or more of their portfolios to crypto. This is driven by the belief that cryptocurrencies offer the best opportunity for attractive risk-adjusted returns in the next three years.
Among the altcoins, XRP and Solana (SOL) are the most popular holdings among institutional investors. This is not surprising, as both have seen significant growth and adoption in recent months. In fact, the Chicago Mercantile Exchange (CME) Group, the largest US derivatives exchange, recently launched futures contracts tied to SOL, marking a major step towards institutional adoption of the altcoin.
But it’s not just altcoins that are gaining traction among institutional investors. Stablecoins, which are pegged to a stable asset like the US dollar, are also seeing a rise in adoption. The report found that 84% of respondents either hold stablecoins or are exploring the possibility of doing so. This is because stablecoins offer a variety of use cases beyond just facilitating crypto transactions, including generating yield, foreign exchange, internal cash management, and external payments.
In addition, the report also highlighted the growing interest in decentralized finance (DeFi) among institutional investors. While only 24% of them currently use DeFi platforms, this number is expected to rise to 75% in the next two years. This is due to the various use cases that DeFi offers, such as derivatives, staking, lending, and access to altcoins.
Overall, the report paints a positive picture for the future of cryptocurrency, with institutional investors increasingly recognizing its potential for attractive returns. With the potential approval of altcoin ETFs by US regulators and the continued growth of stablecoins and DeFi, the crypto market is poised for even more institutional adoption and mainstream acceptance.