Ethereum zips in front of bitcoin (Getty Images)

Ethereum outpaces crypto rivals after breaking 6-month losing streak

Meanwhile, BitMine added 71,252 tokens worth $154 million to its stockpile, the highest buying pace since December.

After breaking a six-month streak of red candles and finishing March in the black, ethereum is eyeing further gains.

In the last 24 hours, the second-largest token by market capitalization has jumped more than 5% to trade at $2,165, outpacing bitcoin, dogecoin, and the wider crypto industry, data from CoinGecko shows. The price swing resulted in the liquidations of around $74.1 million worth of ethereum short positions worldwide, per CoinGlass.

On Monday, ethereum treasury firm BitMine Immersion Technologies announced adding 71,252 tokens to its stockpile last week, “the highest pace of buys” since December, Chairman Tom Lee said in a press release.

BitMine’s total stash now stands at over 4.8 million tokens, though the firm is facing an unrealized loss of roughly $7 billion, DropsTab data shows.

The recent purchase comes amid the sixth week of conflict in Iran. “The war has placed downward pressure on global markets, so it is impressive to see ETH as one of the few to rise on an absolute basis,” Lee said in a statement. “This is a great harbinger, as we expect ETH leadership to strengthen investors and eventually take cash off the sidelines.”

The company also said it’s been approved for uplisting to the New York Stock Exchange and will begin trading on the NYSE later this week.

In other ethereum news:

Financial titan Charles Schwab is preparing to roll out trading for spot ethereum in the first half of the year, according to a report from Decrypt.
Meanwhile, ethereum ETFs saw $42 million in outflows last week, helping outflows exceed inflows in March, data from SoSoValue shows. The investment vehicles have not seen monthly inflows since October.

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Solana drops to price not seen since February as Drift exploit rattles sentiment

Solana has historically seen its largest price declines on Thursdays, and today is no exemption as the crypto industry reels from the over $270 million exploit that occurred yesterday on Drift, a trading venue native to the solana blockchain.

The price of solana has decreased 5.5% to around $78, a level not seen since February, data from CoinGecko shows.

Drift was one of the largest protocols on the solana network by total value locked, which now sits at nearly $245 million. The total value locked on solana has shrunk by nearly $1 billion since the incident, per DefiLlama.

Exploit likely involved from social engineering

The attack, which has turned into a wider contagion event, is unsettling for those in the industry. It did not come from a bug in the protocol’s smart contracts or programs. “Humans remain the bottleneck,” Mert Mumtaz, cofounder and CEO of solana development firm Helius, said in response to the incident.

The exploit involved unauthorized transaction approvals likely facilitated through social engineering. The sophisticated operation “appears to have involved multi-week preparation and staged execution,” the team said on Thursday.

Omer Goldberg, founder of risk management firm Chaos Labs, added, “The DeFi [decentralized finance] ecosystem continues to grow in scale, but not in operational security.”

“Protocols now have custody of hundreds of millions in user funds while depending on admin key setups that would be considered unacceptable in TradFi for a fraction of that AUM [assets under management],” Goldberg wrote on X.

“Most hacks come down to the simple act of one clicking a link they shouldn’t have clicked. These are picking up in pace, be extra cautious clicking any link or file,” continued Helius’ Mumtaz.

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$270M

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April 1 is known as a day for funny pranks. However, a popular trading venue on the solana blockchain, Drift, is suffering from an ongoing exploit today, on-chain data shows.

“Drift Protocol is experiencing an active attack. Deposits and withdrawals have been suspended. We are coordinating with multiple security firms, bridges, and exchanges to contain the incident. This is not an April Fools joke,” the team said on social media at 2:58 p.m. ET.

TheBlock reported the exploit is at least $200 million, while blockchain sleuth Lookonchain estimates the figure is $270 million. It could be even more. At this range, the Wednesday hack is among the largest ever, according to the exploits ranking dashboard from Rekt.

Drift’s exploit is concerning for those within the crypto industry. Solana treasury firm DeFi Development Corp. allocates a portion of its balance to on-chain strategies to generate yield, including Drift, though the firm announced it had no exposure to the protocol and “was not impacted by an alleged exploit affecting the platform,” per its press release.

Drift also provides to qualified users sACRED, a derivative token of a tokenized feeder fund that is linked to Apollo Global Management Inc.’s traditional Diversified Credit Fund.

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“Their fast-clock architecture could crack a private key in 9 minutes, while bitcoin blocks take 10 minutes on average. That changes the threat model entirely.”

Ethereum outpaces crypto rivals after breaking 6-month losing streak

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Solana drops to price not seen since February as Drift exploit rattles sentiment

Exploit likely involved from social engineering

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