#51attack

This Week in Crypto: Market Swings, Monero Attack, and More

📈 Market Rollercoaster

‱ Bitcoin hit a new ATH above $124K but corrected to $115,657, with near-zero weekly growth.

‱ Ethereum neared its record high ($4,880), now trading at $4,500 (+8.3% weekly). Spot ETH ETFs saw record $2.8B inflows but lost $60M on Aug 15.

‱ BNB reached $868 (+7.4%), Solana topped $205 (+6.7%).

‱ Total market cap: ~$4T. BTC dominance: 57.4%. Fear & Greed Index: 60 (cautious optimism).

⚠ Monero Under 51% Attack

‱ Qubic executed a 51% attack on Monero, controlling most of the hashrate on Aug 12, enabling block reorganization, double-spending, and transaction censorship.

‱ Attack cost: ~$75M/day (per Ledger CTO). Qubic’s hashrate share now at 32.3%.

‱ Monero’s rep took a hit; Kraken paused XMR deposits. XMR price recovered 9% in the last 24 hours.

đŸ‡ș🇾 US Crypto Reserve Update

‱ Treasury Sec. Scott Bessent: No new BTC purchases with gov funds, will keep 198,022 BTC (~$15-20B), and only add seized assets.

‱ Statement, alongside a 3.3% rise in producer price index, pressured markets.

💾 BTCTurk Hacked

‱ Turkish exchange BTCTurk lost ~$48M to suspicious withdrawals on Aug 14. Operations paused, but trading and TRY transactions continued.

‱ Second hack this year after $54M loss in June.

⚖ Courtroom Drama

‱ Do Kwon (Terraform Labs) pleaded guilty to fraud, facing up to 12 years (potentially 25) after a plea deal.

‱ Justin Sun (TRON) sued Bloomberg to block publication of his wallet addresses, citing privacy concerns.