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Shiba Inu (SHIB) Records Striking 4000% Spike In Burn Rate Within 24 Hours

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The popular meme cryptocurrency Shiba Inu (SHIB) has witnessed a surge in its burn rate, reaching an unprecedented 41830.41% within a mere 24 hours. Approximately 8,349,361,162 $SHIB tokens were burned during this period., according to data provided by Shibburn.

The surge in SHIB’s burn rate can be attributed to several factors, with heightened trade volume emerging as a prominent contributor. Over the past few days, SHIB has demonstrated consistent gains, accumulating a noteworthy 12% increase in value over the last seven days. 

SHIB 7D graph coinmarketcap 3
CoinMarketcap

Santiment’s volume chart reveals a notable uptick in SHIB’s trading activity, with a substantial spike surpassing $300 million around December 01st. It was followed by a rapid decline to approximately $100 million before experiencing yet another surge, ultimately exceeding an impressive $380 million.

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Santiment

As per the latest data from CoinMarketCap, SHIB is trading at $0.000009176, reflecting a staggering 3% increase in value over the past 24 hours. The trading volume in the last 24 hours has seen a 20% gain, reaching $474.8 million. In the previous 30 days, it has displayed 18 out of 30 (60%) green days, accompanied by a modest 3.30% price volatility.

While the heightened trade volume provides a likely explanation for the surge in burn rate, it prompts speculation about the role of price in propelling this increased trading activity. Market analysts are closely monitoring the situation, aiming to unravel the intricate dynamics driving this surge in burn rate. 

Shiba Inu Price Forecast: 11.91% Surge Expected

The most recent Shiba Inu price forecast points towards an anticipated increase in value by 11.91%. Analysts expect the token to surge to $0.000009951 by December 06th. This optimistic projection reflects a positive sentiment among market participants.

Technical indicators offer valuable insights into the current market sentiment surrounding Shiba Inu. The analysis reveals a Neutral Bullish signal, with a significant 72% of market participants expressing optimism about the future trajectory of SHIB prices. Moreover, the Fear & Greed Index, a key metric gauging market sentiment, registers a score of 74, indicating a prevailing sense of Greed among investors.

Related Reading | Bitcoin is a National Security Asset: U.S. Space Force Major

Bitcoin’s Big Forecast: $500K On The Horizon

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With Bitcoin embarking on a late 2023 crypto rally, market experts are now speculating on the emergence of a new crypto supercycle. According to insights from Bloomberg, this resurgence is far from ordinary, with projections suggesting that Bitcoin could soar above an impressive $500,000. The cryptocurrency market witnessed a significant moment when the dominant crypto reached $42,000, marking its highest point since April 2022.

This surge was attributed to a wave of bullish momentum fueled by optimism around potential U.S. interest rate cuts. Additionally, traders were eagerly anticipating the approval of U.S.-stock market-traded bitcoin funds, adding further momentum to the market. Notably, this unexpected late-November rally has triggered increased institutional interest in the digital asset market.

The market’s jubilant atmosphere prompted Jason Lowery, a major in the U.S. Space Force and a vocal Bitcoin advocate, to declare that the top crypto marks the beginning of a cybersecurity revolution. Lowery emphasized the strategic importance of recognizing PoS systems such as BTC at the national level, proposing its use as a safeguard against cyber-inflicted warfare.

Amid this crypto resurgence, a new player has entered the arena of spot Bitcoin ETFs. Pando Asset, a Swiss asset manager, filed an S-1 form with the U.S. SEC on November 29. Should regulatory approval be granted, Pando’s fund, identified by the ticker PBTC, will be traded on the Cboe BZX exchange, with Coinbase acting as the custodian.

Bitcoin ETFs Race Heats Up

Pando Asset joins established asset managers such as BlackRock, Ark Invest, Fidelity, and Grayscale in the competitive race to become issuers of the inaugural U.S. spot bitcoin exchange-traded fund. Despite the SEC’s current stance of not approving any spot BTC ETF applications, industry experts are speculating that the first approval may materialize as early as 2024.

As the Bitcoin rally continues to unfold, the cryptocurrency market is witnessing unprecedented developments, with experts closely monitoring the potential implications of this late 2023 surge. The stage is set for BTC to play a pivotal role not only in the financial landscape but also in national cybersecurity strategies.

Chainlink Forecast: Breaks Pennant Pattern, Eyeing $17.75 Target

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Chainlink (LINK) has made significant waves as it breaks out of its pennant pattern, signaling a bullish trend in the market. According to analysis from Cryptonary, LINK’s recent surge could see it targeting the $17.75 mark, provided it successfully transforms the previous resistance level of $15.30 into solid support.

The technical analysis reveals that Chainlink has executed a flawless breakout from its pennant pattern, encountering resistance at $16.40. The critical factor for sustained upward momentum lies in the ability of LINK to hold the local support level at $15.30, which previously acted as a barrier.

Market experts are optimistic about LINK’s trajectory, emphasizing that as long as Bitcoin (BTC), the flagship cryptocurrency, maintains stability without any significant downturns, LINK is poised for further upside potential in the coming weeks. The coveted target of $17.75 remains on the radar, contingent on the prevailing market conditions.

Chainlink’s Crossroads, Caution Amidst Potential Gains

However, it is not without risks, as the report mentions that a breach below $14.80 would invalidate the bullish pattern, introducing an element of caution for investors. The importance of BTC’s stability is highlighted as a crucial factor in LINK’s potential ascent.

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Delving into market mechanics, the report notes a surge in Open Interest to new local highs of $375 million. The OI-Weighted Funding Rate, exhibiting volatility akin to SOL, experienced a spike to 0.0511% in the early hours, subsequently settling at 0.0180%. This adjustment is seen as a positive development, restoring a healthier balance to the market after a period of overheating earlier in the day.

The Long/Short ratio, standing at 0.9666, suggests that more participants have entered short positions than long positions in the past 8 hours. However, Cryptonary’s analysis paints a favorable picture for LINK, emphasizing its resilience as a strong performer. The recent pullback and successful retest of $15.30 as new support, a previous local resistance, are viewed positively. 

The outlook remains optimistic, with Chainlink’s potential major move anticipated to be an upward surge to $17.75, provided it surpasses the local resistance at $16.40. Nevertheless, the coming days will likely be crucial for LINK enthusiasts as the cryptocurrency aims for new heights in the ever-dynamic digital asset landscape.

Related Reading | Solana Co-Founder Anatoly Yakovenko Rejects “ETH-Killer” Label, Advocates For Cooperative Future With Ethereum

Ethereum Surges: Eyes Set On $2,640 Amidst Rising Open Interest

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Ethereum (ETH) has shown significant strength recently, breaking above the critical $2,130 horizontal resistance. Analysts are now wondering whether the digital asset can touch the $2,640 mark, signaling further upward momentum.

According to insights shared by the pseudonymous crypto analyst Cryptonary, Ethereum’s recent surge is underpinned by positive technical indicators and an increase in open interest (OI). The analyst raises the question: Can ETH reach $2,640?

The technical analysis of Ethereum’s price movement reveals a breakthrough beyond the $2,130 horizontal resistance. The next targets on the upside are identified at $2,340 and $2,640. Cryptonary expresses confidence in the possibility of Ethereum reaching these levels before the end of the year.

However, the analyst emphasizes the importance of the $2,120 level, which was a prior resistance, now needing to act as a new support in case of a retest lower. The Relative Strength Index (RSI) has entered overbought territory across all timeframes, suggesting strong buying momentum.

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Ethereum’s Market Dynamics

One notable aspect contributing to Ethereum’s bullish case is the substantial increase in Open Interest. ETH’s Open Interest has risen from $7.0 billion in just a few days to $7.8 billion. This surge in open interest indicates heightened market activity and increased trader participation.

Examining market mechanics further, the OI-Weighted Funding Rate has experienced a similar uptrend, reflecting increased interest in long positions. The rate reached 0.0340% and has pulled back slightly to 0.0250%. The Long/Short Ratio stands at a relatively healthy 1.018, signaling a balanced proportion between long and short positions over the last 24 hours.

Despite the notable increase in Open Interest, the analyst points out that the funding rate, while positive at 0.025%, is at an acceptable level. It suggests a healthier setup compared to Bitcoin.

While acknowledging the potential for a market flush-out, Cryptonary suggests that more positive funding rates might be needed for such a scenario. The technical analysis is deemed very positive, with the possibility of a price bounce from the mid-$2,100 range if the $2,120 level holds as support. Overall, Ethereum’s current setup indicates optimism for further upward movement in the near future.

Related Reading | Cardano Price Prediction: A 10% Correction Looms Unless This Key Event Occurs

Cardano Price Prediction: A 10% Correction Looms Unless This Key Event Occurs

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In the latest market developments, Cardano (ADA) is demonstrating a bullish momentum, making a concerted effort to reclaim its April highs situated around the psychologically significant level of $0.4500. However, sustaining this upward trajectory hinges on overcoming a pivotal supply barrier.

Cardano’s Impressive Surge Faces Crucial Test 

Having surged by nearly 65% since October 18, a turning point in the broader market sentiment, Cardano’s bullish run has been robust. Yet, the altcoin’s ascent may be reaching a zenith as it confronts a crucial supply barrier ranging from $0.3998 to $0.4099.

Analyzing the technical indicators, the Relative Strength Index (RSI) suggests a waning momentum, tilting towards the bearish side. Concurrently, the Awesome Oscillators (AO) histogram bars are displaying a red signal, inching closer to the midline and, eventually, the negative territory. This signals an increasing presence of bears in the market.

If selling pressure intensifies, there’s a risk of Cardano’s price being rebuffed from the supply barrier, potentially moving south and slipping below the support level of $0.3838. A sustained downtrend might extend into the previously identified supply barrier turned bullish breaker, ranging from $0.2876 to $0.3576, testing the support level at $0.3507, representing a 10% decline from current levels.

In a worst-case scenario, a continuation of the downtrend could be confirmed if Cardano’s price breaks and closes below the midline at $0.3255.

Cardano Chart
Cardano Price Prediction: A 10% Correction Looms Unless This Key Event Occurs 6

Conversely, a surge in buying activity could propel Cardano’s price into the supply zone between $0.3998 and $0.4099. A decisive break and closure above its midline at $0.4051 would invalidate the bearish outlook, potentially paving the way for a continuation of the intermediate trend.

In an optimistic scenario marked by heightened bullish sentiment, Cardano’s price might extend its gains to the psychologically significant level of $0.4500. In more ambitious projections, it could even reach the range high at $0.4619, indicating a substantial 17% ascent from current levels.

Solana Co-Founder Anatoly Yakovenko Rejects “ETH-Killer” Label, Advocates For Cooperative Future With Ethereum

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In a recent statement, Anatoly Yakovenko, co-founder of Solana, dismissed the widely-used label of “ETH Killer,” asserting a preference for a collaborative approach between Solana and Ethereum. Despite Solana’s remarkable year, marked by an extraordinary 700% gain, Yakovenko emphasized the potential for both blockchain platforms to thrive in tandem.

Solana’s Remarkable Year Challenges

Solana’s extraordinary performance this year has once again brought the “Ethereum killer” narrative to the forefront, given its notable on-chain and trading activity reaching unprecedented levels. However, Yakovenko expressed a different perspective in a post on X (formerly Twitter), promoting the idea of coexistence and healthy competition between SOL, ETH, and other platforms.

Yakovenko refuted the notion of SOL being an “ETH killer,” emphasizing the shared features and potential collaboration between the two technologies. He conveyed optimism about the future of the crypto industry and hinted at the possibility of collaboration with Ethereum.

Don’t bring back last cycle “eth killer” bs. It’s lame. Pareto efficient technologies can have overlapping features and will compete, but that’s all ok. I don’t see a future where Solana thrives and somehow ETH dies. I am such a techno optimist that I am certain that eventually danksharding will have enough bandwidth for all of solana’s data.

It’s crucial to note that SOL was conceived to address Ethereum’s scalability challenges, introducing a solution that combined Proof-of-History and delegated Proof-of-Stake protocols, enabling it to process over 50,000 transactions per second (TPS).

Yakovenko’s views resonated with the broader crypto community, sparking numerous responses on social media platforms. Users on X engaged in discussions about potential successors to SOL and Ethereum, reflecting the dynamic nature of the crypto ecosystem, where innovation and competition drive progress.

One user highlighted the inevitability of a multi-chain future, suggesting that advancements in technology will continually push boundaries. According to Yakovenko and users on X, the coexistence of multiple successful blockchain platforms underscores the adaptability of blockchain technology to diverse solutions, indicating a future where these platforms can thrive together.

Solana’s upward trajectory since mid-October has positioned it at the $63 mark, marking a nearly 15% increase over the past week. This resurgence has rekindled hopes of a bullish market phase, with traders anticipating Solana’s potential to surpass the $70 mark in the near future.

Bitcoin is a National Security Asset: U.S. Space Force Major

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“Bitcoin is the beginning of a cybersecurity revolution,” proclaimed Jason Lowery, a major in the US Space Force and the author of SoftWar. Lowery, a staunch Bitcoin advocate, emphasized the need to recognize the cryptocurrency as of national strategic importance, proposing its use to safeguard the nation from cyber-inflicted warfare. In a four-page letter addressed to the U.S. Defense Innovation Board, he attempted to portray Bitcoin’s capability to secure not only funds but also “all forms of data, messages, or command signals.”

It converts the global electric power grid into a large, physically costly computer, or ‘macrochip,’ and uses it to physically constrain malicious actors and safeguard a wide range of data and messages traversing the internet. As a result, this misconception underplays the technology’s broad strategic significance for cybersecurity, and consequently, national security.

Exploring the parallel between Bitcoin’s proof-of-work system and traditional military deterrence strategies, Lowery argued that the steep costs associated with a physically resource-intensive computer act as a deterrent against adversaries launching cyberattacks. He likened proof-of-work to the physical security and deterrence strategies employed in land, sea, air, and space domains, asserting its application in the digital domain.

Bitcoin
Bitcoin is a National Security Asset: U.S. Space Force Major 8

Lowery envisioned Bitcoin’s potential cybersecurity applications as monumental, suggesting it could play a pivotal role in ensuring the United States maintains its global leadership position. He stressed the urgency of addressing this aspect to navigate the challenges of an increasingly digital and interconnected world fraught with security vulnerabilities.

Bitcoin’s Cybersecurity Applications In U.S. Defense

In conclusion, Lowery emphasized that Bitcoin’s cybersecurity applications align perfectly with a strategic offset and expressed concern that the U.S. Department of Defense may have already lost valuable time by not integrating it into its arsenal.

As a national defense fellow at the Massachusetts Institute of Technology [MIT], Lowery gained prominence for his SoftWar thesis, asserting that Bitcoin is indispensable for the U.S. military’s national security, projecting power to defend and secure the non-physical realm of cyberspace.

Meanwhile, the world’s biggest crypto currency surpassed the $40k mark, its highest since April 2022. The dominant crypto rides a wave of bullish momentum about U.S. interest rate cuts and as traders anticipate the imminent approval of U.S.-stockmarket traded bitcoin funds.

Crypto Rally: Bitcoin Tops $40K, Ethereum Hits 1.5-Year High, Altcoins Soar

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In a week marked by bullish trends, the cryptocurrency market witnessed robust gains from major players like Bitcoin (BTC) and Ethereum (ETH). Notably, several altcoins showcased significant resilience and upward momentum, hinting at potential growth in the near future.

Altcoin Surge: Terra Classic (LUNC) Leads the Pack

The standout performer among altcoins was Terra Classic (LUNC), making an impressive mark with a remarkable 104% surge over the past week, reaching a peak of $0.0002698. Despite a 30.80% increase in the last 24 hours, LUNC is currently trading at $0.000235, demonstrating noteworthy resilience.

LUNC 7D graph coinmarketcap
Source: CoinMarketcap

Following closely behind, Stacks (STX) secured the second position with a 62% gain during the week. STX is currently trading at $1.06, showing a 30.46% increase in price and an impressive 334.40% surge in trading volume in the last 24 hours.

STX 7D graph coinmarketcap
Source: CoinMarketcap

FTX Token (FTT) also garnered attention, recording a weekly increase of over 34%, currently trading at $4.48. Despite a 5.81% price decrease, FTT displayed a 40.67% surge in trading volume within the last 24 hours.

FTT 7D graph coinmarketcap
Source: CoinMarketcap

Other popular altcoins, including THORChain (RUNE), Dogecoin (DOGE), and Solana (SOL), reported gains in their weekly charts, with RUNE up by 24%, DOGE by 15%, and SOL showing a 12% increase, according to data from CoinMarketCap.

Bitcoin & Ethereum Rally

Bitcoin reclaimed its position above $40K for the first time since April 28, 2022, marking a celebratory close to the weekend. Speculation surrounding ETF confirmation dates will likely influence whether the $50K milestone arrives sooner rather than later.

As of the latest data from CoinMarketcap, Bitcoin’s price stands at $41,604, accompanied by a 24-hour trading volume of $65.81 billion. The market capitalization sits at $813.81 billion, with Bitcoin’s market dominance at 52.28%. Over the past 24 hours, BTC experienced a 4.99% increase.

BTC 7D graph coinmarketcap 13
Source: CoinMarketcap

Santiment’s analysis on November 28th highlighted the ongoing trend of Bitcoin’s supply moving into self-custody, while the 10 largest Tether exchange wallets reached $15.23B, marking the highest level in 17 months.

Meanwhile, Ethereum achieved a market value of $2,250 for the first time in over 1.5 years. As ETH opens interest and long positions rise, signs of FOMO emerge. However, traders creating leveraged positions introduce an element of risk.

On November 30th, Santiment observed encouraging patterns in Ethereum’s wallet distribution, with exchange wallets at 6-month lows (8.03M $ETH) and non-exchange wallets at an all-time high (41.03M $ETH). The trend indicates a growing preference for self-custody among Ethereum holders.

As of the latest data from CoinMarketcap, Ethereum is valued at $2,230.21, with a 24-hour trading volume of $16.68 billion. Ethereum’s market capitalization is $268.15 billion, and its market dominance is at 17.23%. Over the past 24 hours, ETH witnessed a 3.31% increase.

ETH 7D graph coinmarketcap 15
Source: CoinMarketcap

Related Reading | Bybit Report: Institutional Surge in Ethereum, INS Traders Boost Bitcoin

Ethereum NFT Fever Strikes Again As Transaction Volume Hit $34M

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Ethereum has surpassed the $2,200 mark for the first time since May 2022, marking a notable price increase. This upward trend is mirrored in several prominent NFT projects, such as DeGods, which recorded double-digit percentage gains over the last 24 hours. Recent data indicates that the Ethereum NFT market’s transaction volume has reached $34.786 million, the highest since June 29, with Blur comprising 80% and OpenSea only 18% of this activity.

Noteworthy NFT projects like Pudgy Penguins, Azuki, and Milady have seen substantial price hikes, with Pudgy Penguins setting a new high by rising over 18% to more than 10 ETH. Golden Finance reported that Pudgy Penguins’ floor price hit a record 9.66 ETH, a remarkable 100% increase in 30 days.

Ethereum
Ethereum NFT Fever Strikes Again As Transaction Volume Hit $34M 15

These developments are significant considering the Ethereum NFT market’s challenges in 2022. Following a peak market capitalization of $19.1 billion in February 2022, the NFT market took a steep dive due to the Terra Luna and FTX collapses in May and November, respectively. By the end of November, the market value plummeted to $2.2 billion, signaling a substantial decline from its peak.

Ethereum NFTs: November Resurgence

Despite being a pivotal component of the DApp industry, the NFT market’s market cap shrank to $3.7 billion by the end of the year, representing a 60% decrease in USD value from the year’s outset. However, it exhibited signs of recovery, with a 68% increase in value from November 2022, reaching $3.7 billion.

Ethereum’s NFT sales volume in February 2023 was $950 million, but the overall bearish sentiments in the first and second quarters led to a severe decline in NFT trading activity. NFT market capitalization peaked at $10 billion on February 20 but experienced an 82% decrease in sales volume on Ethereum between February and October. November marked a turning point, witnessing a resurgence in NFT trading, with Ethereum-minted NFTs recording a sales volume of $348.61 million—the first month-over-month uptick since February.

Bybit Report: Institutional Surge in Ethereum, INS Traders Boost Bitcoin

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In a recent report by Bybit, a leading cryptocurrency exchange, insights into the changing dynamics of institutional and retail investors’ asset portfolios shed light on the evolving landscape of the crypto market. The report, covering the period from September to the present, highlights a notable shift in asset allocation behaviors amid unprecedented market volatility since 2022.

The Bybit report reveals that institutional users allocated half of their asset portfolio to Bitcoin (BTC) as of September. Remarkably, the proportion of BTC held by retail investors was the lowest, with stablecoins dominating their portfolio allocations. However, from September onwards, institutional users have rapidly increased their allocation to Ethereum (ETH) in their portfolios.

The crypto markets have been characterized by extraordinary volatility since 2022, influenced by both global macroeconomic factors and crypto-native incidents. Bybit’s research focuses on understanding how traders adapt their asset allocations amidst these market fluctuations, especially in the highly volatile period since December 2022.

During the research period, a significant player in the market, INS Traders, displayed a diversified crypto portfolio strategy. Notably, 45% of their assets were secured in stablecoins, while 50% were strategically invested in a combination of Bitcoin and Ether. A mere 5% of their portfolio was dedicated to altcoins, reflecting a risk-averse approach in a bear market.

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INS Traders’ September Bitcoin Surge

One intriguing observation was the sharp spike in INS’s Bitcoin holdings during September, almost doubling their percentage over the initial three quarters of 2023. Half of INS’s asset portfolio was allocated to BTC in September alone. This alignment with the prevailing positive market sentiment toward Bitcoin is attributed to favorable lawsuit outcomes, creating anticipation for the potential approval of a spot BTC exchange-traded fund (ETF) by the SEC.

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Conversely, retail traders exhibited the lowest holding percentage in BTC composition compared to INS and VIP users. The earlier Bybit report suggested that this divergence could be linked to the comparatively higher leverage levels maintained by retail traders.

Bybit’s ETH, Stablecoins & Altcoins Insight

While INS traders increased their Bitcoin holdings, the report highlighted a continued decline in ETH holdings across most traders since Shapella earlier this year. Despite a stable Ether price after Shapella in April and May, there has been a notable surge in INS’s Ether holding percentage starting in September, suggesting a general upbeat sentiment toward crypto among INS traders.

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The Bybit report also delved into the stablecoin allocations of retail and institutional traders. Retail traders consistently exhibited the highest stablecoin percentage, influenced by their leverage practices. However, INS holders displayed a drop in stablecoin percentage during bearish markets and an increase in bull markets, indicating a successful market-timing strategy.

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September witnessed a sharp decline in stablecoin holdings for INS, aligning with a significant surge in BTC and ETH holding percentages. If this trend persists, it signals a growing optimism among institutions regarding the market’s trajectory.

As per the report, institutions remain downbeat on altcoins, with a consistent decline in the holding percentage of other tokens. While normal users and VIPs experienced an initial increase in holding other tokens during the first half of the year, this trend began to reverse in August and September, reaching lower levels recorded in December.

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Related Reading |  Avalanche DeFi’s $8.5M Heist: Court Acquits “Ethical Hackers”