Another unfortunate attack has sadly drained half a million dollars in user funds. Yet, amid the shadows, a beacon of hope emerges by introducing a novel EIP-7265 feature designed to fortify Ethereum's defences.
This EIP makes Ethereum a safer platform for Web3 apps by providing security assurances that can benefit dApps with the Ethereum ecosystem.
But what’s with all the scams and how they feed into the FUD that darkens the bear market? Let’s find out!
TLDR 📃
- Ethereum counters scams with a 'circuit-breaker' feature, EIP-7265.
- Despite a $455K Arcadia hack, Ethereum promises increased security for dApps.
- A new scam detected, tricking users into revoking approvals, highlights the need for constant vigilance.
- Ethereum economics see 21,000 ETH burned this week, upping the value of remaining units.
Disclaimer: Not financial or investment advice. Any capital-related decisions you make are your full responsibility.
Another week, another half a million dollars stolen 💸
In a sad twist of events this week, hackers siphoned off a staggering $455K, targeting the unsuspecting users of a protocol named Arcadia. Arcadia allows traders to offer funds for leverage which other traders can access from the platform.
What’s sad is that the hack didn’t drain the company’s funds but of those who were simply providing liquidity for other traders to access. Just regular people lost their money because of a bug in Arcadia’s smart contracts.
Arcadia responded by halting activity on its platform, preventing the attacker from draining more funds. It’s unclear if Arcadia will compensate liquidity providers for their losses.
Indeed, incidents like these occur all too frequently. The challenge of detecting bugs in smart contracts before they are live is a constant battle. But here's where the narrative begins to shift - a groundbreaking feature has emerged on the horizon, promising to solve this pervasive issue once and for all!
Ethereum developers’ strategy for combating hacks 🛑
Hackers have had a field day, siphoning funds from different projects across multiple chains – but Ethereum devs say enough is enough. A new proposal, EIP-7265, started gaining traction as a simple but effective way to reduce the impact of hacks across the Ethereum ecosystem.
It’s like a fuse, or a “circuit-breaker,” that can be set to trigger when a large amount of funds is about to move out of the wallet. The method will prevent the transfer, requiring additional approvals before proceeding.
This innovation could be a game-changer. Had this tool been operational earlier, we could have thwarted incidents like the Arcadia hack and countless others.
Better late than never, this development signals a turning point for Ethereum, as it is poised to evolve into a fortress of security for dApps, relegating the haunting memories of past hacks to mere echoes. If the EIP works as expected, it has the potential to crown Ethereum as the most secure blockchain platform for developers worldwide.
You can’t eradicate all at once 🧐
Speaking of scams, it gets worse as an entirely new type of scam manifested this week - it works by tricking users into revoking approvals and paying a lot of ETH to do so.
This week, blanker.eth unveiled how scammers whip up a new token and set approvals on many unsuspecting people's addresses. When these folks spot an odd allowance they don't remember setting, they'll naturally try to revoke it.
But here's the catch - that revoking transaction needs more gas than usual, like 100x more. And where does that extra gas end up? Yep, right in the scammers' pockets.
Clever? Sure, this new scam method is pretty creative.
Nasty? Absolutely!
Revoke.cash is already working on a way to detect these and call them out for users. While Ethereum developers constantly seek ways to make the network safer, creative ideas to scam others come out daily; due diligence is always in your best interest.
ETH is on fire!🔥
There's always something buzzing in the Ethereum ecosystem, right? But this week, the economics went into overdrive!
Picture this: a colossal 21,000 ETH was burned, and poof, gone! And on one single day, we're talking about more than 4,000 ETH being burned in just one day.
What does this mean for us? It simply makes the remaining ETH even more of a hot commodity. It's all about supply and demand!
The graph below shows how much ETH’s supply changed in the past month. The sharp drop-off in the past week shows the scale of ETH that was burned this week.
Price analysis 📊
Interestingly, some of ETH’s burned supply hasn’t impacted its price. However, we believe this is just a short-term effect caused by the current price action - ETH will be bullish in the future. 🐂
Due to last week’s candle closure, which ETH got rejected from the $2,000 resistance level, we could look at some downside firsthand.
Still, the overall trajectory remains for $2,000 and above as long as $1,740 holds as support.
With the upcoming CPI numbers on July 12th, chances are ETH will see volatility, and we’ll know what its next direction will be.
A positive outcome will lead to ETH returning to $2,000, potentially even above this level. So, buckle up - opportunities are nearing.
Cryptonary’s take 🧠
Ethereum’s all about the ecosystem; its developers are working hard to transform it into an even better Web3 ecosystem overall.
Ethereum developers are some of the most active on the planet, and the latest innovation can solve a problem dApps have been facing for ages. This week marks a significant advantage for developers in the never-ending battle against scammers, positioning Ethereum even more as the prime choice for builders.
Of course, it will take a while before upgrades such as this impact prices. Right now, it is only an exciting tidbit – but give it a few years, and it will all start to make sense.
Better, safer applications mean a more attractive Ethereum; we knew we were in the right boat all along!
As always, thanks for reading! 🙏
Cryptonary, out!
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