Trader Bribes Way to $7 Million Profit on SatoshiVM Token Launch

Majority of the Top 100 DeFi Tokens Experience U-Turn Recovery, Surpassing $71.6 Billion in Total TVL

Dogecoin surges to a one-week high after XPayments launch, trader earns $7M profit by bribing Finance Redefined

A crypto trader used a Banana Gun sniping tool to make a $6.77 million profit within three hours of the launch of the SatoshiVM (SAVM) token. 🍌💥💰

The Banana Gun tool helped the trader acquire the token before the launch, allowing them to later sell it at an inflated price after the official launch. However, this trading bot has remained controversial since its release, with several cases of funds mysteriously vanishing post-sniping. 🤔💸

While a Banana Gun spokesperson claims it is not an issue with the bot, some token contracts have functions that allow the contract deployer to move funds out of wallets. In one case, the tokens never moved to the buyer’s wallets due to a malicious contract. 🍌🧰🛡️

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Solana Stablecoin Transfer Volume Hits Record Monthly High of $300 Billion

The transfer volume of stablecoins on the layer-1 Solana blockchain hit a new record in January, exceeding $300 billion. 🚀💸

Solana’s stablecoin market share is currently almost 32%, a massive increase from the 1.2% share it had a year ago. This growth can be attributed to the increasing USD Coin (USDC) transfer volumes on the blockchain, according to crypto data analytic platform Artemis. 🌐📈💼

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Dogecoin Hits Seven-Day High as “XPayments” Account Gains 100,000 Followers in a Day

Arguably the most popular memecoin, Dogecoin (DOGE), hit a weekly high following the creation of the new “XPayments” account on social media platform X, which gained over 100,000 followers in a short period of time. 🚀🐕📈

While there hasn’t been an official announcement about payment functions, many crypto traders on X strongly believe that DOGE could be part of the offering due to Elon Musk’s occasional mentions. Musk previously allowed DOGE payments on Tesla’s merchandise store and even changed Twitter’s logo to Dogecoin’s, causing a 22% spike in DOGE’s price. 🚀🌙🚗

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Radiant Capital Begins Debt Repayment After $4.5 Million Flash Loan Exploit

Cross-chain lending blockchain Radiant Capital has commenced the process of repaying the $4.5 million “bad” debt caused by a flash loan exploit. The repayment is following the RFP-27 proposal, which passed on Jan. 8. 🏦💸💔

Nearly three-quarters (73%) of users voted to repay the bad debt using existing funds from the Radiant DAO treasury and operating expenditures. Unfortunately, Radiant lost 1.3% of its total value locked due to the exploit. 💔💰🔒

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MailerLite Confirms Hack That Led to $3.3 Million Crypto-Phishing Email Attacks

A coordinated crypto hack and phishing campaign was a result of hackers gaining access to MailerLite’s services. The hacker gained access to the accounts of large Web3 companies to carry out phishing email scams that drained an estimated $3.3 million from subscribers. 🎣📧💰

MailerLite confirmed that the hackers accessed 117 accounts but only exploited a small number to launch phishing campaigns. Unfortunately, this means that the data of clients and subscribers — including full names, email addresses, and personal information uploaded to MailerLite — were affected. 🚨🔒📩

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DeFi Market Overview

Data from Blocking.net Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization witnessed a bullish comeback this week! The total value locked into DeFi protocols remained above $71.6 billion. 💼📈🔒

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights, and education regarding this dynamically advancing space. 👋📚🚀


Q&A:

Q: What are the risks associated with using trading bots like Banana Gun?

A: While trading bots can be advantageous in securing early access to tokens and making profits, there are risks involved. Token contracts may have vulnerabilities that allow funds to be moved out of wallets by the contract deployer. This can result in funds mysteriously vanishing post-sniping. It’s important to thoroughly research and understand the tool’s functionality and potential risks before using it.

Q: How did Solana’s stablecoin transfer volume increase so significantly?

A: Solana’s stablecoin transfer volume has experienced tremendous growth, attributed largely to the increasing transfer volumes of USD Coin (USDC) on the Solana blockchain. This surge in activity has propelled Solana’s market share in stablecoins to almost 32%, a significant rise from its 1.2% share a year ago.

Q: Is Dogecoin being considered for payment functions on the social media platform X?

A: While there hasn’t been an official announcement about payment functions, many crypto traders on X believe that Dogecoin could be included due to Elon Musk’s occasional mentions and support for DOGE. Musk has previously allowed DOGE payments on Tesla’s merchandise store and even changed Twitter’s logo to Dogecoin’s, leading to price surges.

Q: How did Radiant Capital handle the debt caused by the flash loan exploit?

A: A majority of Radiant Capital’s users voted to repay the $4.5 million “bad” debt using existing funds from the Radiant DAO treasury and operating expenditures. This decision was made following the RFP-27 proposal, which passed on Jan. 8. Unfortunately, Radiant lost 1.3% of its total value locked due to the exploit.

Q: What were the consequences of the MailerLite hack?

A: The MailerLite hack resulted in a coordinated crypto phishing campaign, leading to an estimated $3.3 million drained from subscribers through phishing email scams. While the hackers accessed 117 accounts, they only exploited a small number for phishing campaigns. This unfortunately compromised the personal information of clients and subscribers.


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