Recently, Wu Blockchain, a prominent X account specializing in covering crypto news in Asia, reported a series of account hacks targeting Binance users. These hacks resulted in the loss of millions of dollars for the victims. One such case involved a Chinese user known as Nakamao, who fell victim to a KOL-promoted Google plugin called Aggr, which caused his account to lose around $1 million. The attack, which occurred on May 24, was executed through a technique known as cross-trading, where hackers exploited hijacked cookies to bypass password and two-factor authentication verification. Another Binance user experienced a similar fate on March 1 when hackers used the same method of hijacked cookies to steal his funds. Following the incident, Nakamao launched an investigation with a security company and uncovered alarming details that raised serious concerns about the security measures implemented by Binance. It was revealed that Binance was aware of the hacker and the compromised plugin for weeks but delayed taking action, resulting in further financial losses. This news has sparked widespread attention within the crypto community, with many questioning Binance’s ability to protect their assets effectively.
Billionaire Investor Predicts Bitcoin Price Trajectory
Despite several weeks passing since the fourth Bitcoin halving event, industry leaders are still actively speculating about the future price trajectory of the leading cryptocurrency. One notable figure who shared his insights about Bitcoin’s potential growth is billionaire investor Chamath Palihapitiya. In a video posted by Altcoin Daily, Palihapitiya highlighted that Bitcoin typically experiences significant price growth approximately 12 to 18 months after a halving event. He referenced previous halving cycles to support his analysis, noting that the first cycle saw a remarkable surge of over 10.67x after six months. Subsequent halving cycles recorded more moderate growth rates, with increases of 1.34x and 1.79x, respectively. However, around 18 months post-halving, the second and third cycles witnessed the most substantial surges at 27.92x and 7.80x, respectively. Based on Palihapitiya’s analysis (which he emphasized is not financial advice), Bitcoin’s price could potentially surpass $500,000 by October 2025 if it follows the growth patterns observed in the second and third halving cycles.
SHIB Price Fluctuates Amidst Increased Token Burning
As the SHIB army continues to burn meme tokens, the SHIB price remains volatile as it attempts to break out. Data from the Shibburn platform indicates that over the past day, a total of 21,508,945 SHIB tokens were sent to dead-end wallets, significantly boosting the Shiba Inu burn rate by more than 348%. Notably, a significant portion of SHIB tokens was burned in a single transaction by an anonymous crypto whale, who destroyed a staggering 21,315,658 SHIB. In comparison, the second largest transaction involved burning only 100,000 meme coins. Despite a 3.79% price increase yesterday, where SHIB rose from $0.00002430 to $0.00002511, the token has since retraced most of its gains. At the time of writing, SHIB is trading at $0.00002423, reflecting a 2.40% decline over the past 24 hours according to CoinMarketCap data.
The cryptocurrency market continues to be a hotbed of activity, with security breaches at major exchanges like Binance raising concerns among users. Meanwhile, industry experts and investors are closely monitoring Bitcoin’s price trajectory and providing insights into its potential growth patterns. Additionally, the ongoing token burning activities within the SHIB community are contributing to price volatility for the meme coin. As the crypto space evolves, it is crucial for investors and users to stay informed about the latest developments and trends to navigate this dynamic market effectively.