RevenueBot Crypto News Monthly Recap, September 2024 Edition

As the month of September is about to end, it’s high time to catch up on some of the most buzzworthy news over the past month.

Hamster Kombat Proved To Be A Flop

The Telegram-based game has caught the eye of millions of people, though lots of players seem to moan and groan about the little to no benefit in terms of time invested. Why not crunch some numbers?

131 million players qualified for airdrop, amounting to 43% of the total user count;
300 million users onboarded;
2.3 million accounts banned from the game for using cheats;
30.6 million missed the deadline to choose their withdrawal method — well, this step ended up being too complex for many;
100 billion tokens is the total supply of $HMSTR. 75% of these were allocated to community members.

We assess that if you’ve been tapping away like a caffeinated hamster on a wheel for six months straight, you should’ve earned between $10 and $60 as of today. Let us hazard a guess: it’s not worthy. So, here you get those huge numbers and then… it’s just smoke and mirrors.

Anyway, after $HMSTR was listed on the leading exchanges, its price started tumbling rapidly, so that even now a downtrend can be traced on the chart.

Indonesian Crypto Exchange Hacked for ~$20M

Back on September 10, Indodax, a major Indonesia-based cryptocurrency exchange, was hacked resulting in $18.2m worth of digital assets being siphoned into hacker accounts.

The exchange’s system has spotted a number of suspicious transactions linked to Indodax hot wallets on various blockchains. One suspect storage amassed $14.4 million in various ERC-20 tokens so far. The holder has since started swapping them for Ethereum, according to Cyvers cybersecurity experts.

They reported that the hacker gained access to eight of the platform’s native wallets and transferred funds out through more than 150 transactions. In fact, the digital assets were stolen from wallets running on Ethereum ($ETH), Optimism ($OP) and Polygon ($MATIC) blockchains. The next morning, on their X account, Indodax confirmed the attack, followed by the exchange temporarily halting operations for maintenance.

As of press time, the exchange has not yet been able to repay the funds or run down any possible clue left behind by the hacker.

Binance ex-CEO Changpeng Zhao Leaves Prison

As early as September 27, the now-former founder of Binance was eventually freed from jail in the United States. While Zhao still hasn’t opened his mind to all of us, it is unlikely that his further plans will have to do with Binance.

Richard Teng, the current CEO, said that the former head of the exchange has been permanently removed from office.

Interestingly enough, the entrepreneur’s plea agreement with the U.S. Department of Justice (hereinafter referred to as “DoJ”) only addressed a 3-year prison sentence. It remains undisclosed as to why the current administration of the world’s largest crypto exchange decided to take such extreme measures.

We would venture to say that the Binance’s top management believes Zhao’s unsavoury reputation will weigh on them, so they may not want to clash once again with the regulators in the US and other countries.

Nvidia suffers subpoena from US DoJ

The US Justice Department has launched a major investigation against Nvidia, accusing the company of enjoying a monopoly in the AI chip market and deceptive pricing of its products.

On the heels of this news, Nvidia’s market cap slumped by an eye-popping $280b overnight, the biggest single-day decline in value on the country’s record.

There also came allegations that when Huang’s sales peak, the company was selling them, which could be deemed insider trading.

Such IT market developments also hit the crypto market, the one that Nvidia affects to a great extent as well. Bitcoin ($BTC) was nosediving below the $56,000 mark as soon as the news broke, causing traders to liquidate long positions totaling $200 million. These losses are not as huge as Nvidia’s, but it is a blow to the credibility among honest and hard-working traders. It is indeed necessary for the tech giants to be supervised by regulators, taking into account their pricing policies.

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Good luck in trading!