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Crypto Flipsider News – SHIB Falls, Musk Leaves the Ship, CMC Loses Client Data, 130k People Scanned Eyes for Crypto

Read in the Digest

  • Elon Musk Confirms No Investment in Shiba Inu, SHIB Falls from ATH
  • A Wave of Hacks: CoinMarketCap Data Leaks, Polygon Avoids $850 Million Catastrophe
  • Valkyrie’s ETF Debuts on Nasdaq With $78 Million Traded on Opening Day
  • Cryptocurrency Startup Gives Free Crypto for Eye Scans: 130k People Involved Already

Elon Musk Confirms No Investment in Shiba Inu, SHIB Falls from ATH

Doge killer Shiba Inu (SHIB) has been one of the most talked-about cryptos thanks to help from Tesla and SpaceX CEO Elon Musk. Tweets from Musk sent SHIB into a major rally, leading to a new all-time high on October 24.

After supporting the meme coin with Tweets, the Tesla chief has clarified that he doesn’t have an investment in Shiba Inu (SHIB). When asked how much SHIB he was holding, Musk replied, none.

Since hitting its ATH of $0.00004442 on October 24, Shiba Inu (SHIB) plummeted as much as 16.3%. A price recovery has seen SHIB now trade at $0.00003911, 13% down from its ATH.

Flipsider:

  • There have been hopes of a surge after rumors emerged that Shiba Inu (SHIB) would be listed on Robinhood

Why You Should Care

Musk confirmed that he is only holding three cryptocurrencies: Bitcoin, Ether, and Dogecoin. While he has invested in DOGE, Musk has clarified that he does not have anything to do with the Dogecoin Foundation.

A Wave of Hacks: CoinMarketCap Data Leaks, Polygon Avoids $850 Million Catastrophe

CoinMarketCap, the world’s most-referenced crypto price tracker, is on the receiving end of a data leak. The email addresses (not containing passwords or other information) belonging to 3.1 million CMC users have been leaked.

The data was first leaked in August but resurfaced again in the last couple of days. As of the time of this writing, details on the notorious attacker behind this data breach remain unknown.

DeFi’s leading bug bounty platform, Immunefi, has announced that a researcher named Gerhard Wagner was paid $2 million for his help in identifying a bug that would have cost Polygon an estimated $850 million.

The vulnerability was found in one of the bridges between the Polygon and Ethereum blockchains. The bug in Polygon’s Plasma Bridge, which has now been fixed, allowed deposits of ETH to be withdrawn as Polygon (POLY) up to 223 times.

Flipsider:

  • Despite a leak of its user base, CoinMarketCap has maintained that there is no evidence of a data breach

Why You Should Care

The increasing number of hacks have raised concerns and calls for greater attention to security in crypto projects.

Valkyrie’s ETF Debuts on Nasdaq with $78 Million Traded on Opening Day

In a milestone month for the crypto industry, the second Bitcoin-based exchange-traded fund (ETF) was launched just days after the ProShares Bitcoin ETF opened on the New York Stock Exchange.

In the same week as the ProShares Bitcoin ETF debut, Valkyrie launched its Bitcoin Strategy ETF on the Nasdaq exchange. Valkyrie’s ETF, “BTFD,” scored an opening day trade volume of $78 million on Nasdaq.

According to the CEO of Valkyrie, Leah Wald, the demand for Bitcoin is so strong that they are looking at bringing “two or three” new ETFs to market. However, Valkyrie’s ETF began trading at $25.52 per share and fell to a low of $24 by Friday’s close.

Flipsider:

  • Valkyrie’s ETF was outshined by the ProShares Bitcoin Futures ETF, which hit $1 billion in trades on its first day on the NYSE.

Why You Should Care

The debut of Bitcoin ETFs helped in Bitcoin’s push to a new ATH. There are predictions that Bitcoin could surge even more with the launch of more EFTs.

Cryptocurrency Startup Gives Free Crypto for Eye Scans: 130k People Involved Already

Cryptocurrency has seen a lot of unique use cases, and a startup in Silicon Valley is making headlines for gifting free crypto to individuals who let them scan their eyes. The payment is in their own cryptocurrency, called Worldcoin.

Worldcoin describes itself as “a new, collectively owned global currency that will be distributed fairly to as many people as possible.” Worldcoin has a fixed supply of 10 billion tokens with 20% utilised to fund the production of Orb iris-scanner devices and initial protocol development.

The mastermind behind the Worldcoin project is tech millionaire Sam Altman, former head of Y Combinator. The project hopes to gather eye scans of people as biometric authentication to ensure that individuals don’t get multiple allocations.

According to its data, it has collected over 130,000 registrations, and its user accounts aren’t associated with any of the biometric data. Worldcoin plans to scan the eyes of a billion people through next year.

Flipsider:

  • While the project has banked $25 million from sponsors, including A16z, Worldcoin is yet to be launched

Why You Should Care

Worldcoin is a collectively owned asset that wants cryptocurrency adoption more widespread and evenly distributed to as many people as possible. Currently, only 3% of the world’s population hold a cryptocurrency.

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