"ATM robbed and foundation dumped"...Market shaken by Bitcoin hacking and ETH sell-off

▲ Bitcoin ATM

Bitcoin Depot has been robbed of Bitcoin (BTC) worth $3.7 million due to a hacking attack.

According to The Crypto Basic on April 9 (local time), Bitcoin Depot, the world's largest Bitcoin ATM operator, suffered a partial outflow of its assets due to a recent security breach. This incident once again exposed the security vulnerabilities of cryptocurrency trading and storage infrastructure, sounding an alarm across the industry.

The Ethereum (ETH) market is facing downward pressure as news of the Ethereum Foundation's large-scale asset sale spread. The Ethereum Foundation sold 5,000 ETH to secure operating funds, including covering research and development costs and supporting ecosystem grants. The sale amounted to approximately $11.1 million, and it is understood that the foundation utilized CoWSwap's time-weighted average price function to execute the sale in installments.

Asset management firm Canary Capital attracted market attention by submitting an S-1 registration statement to the U.S. SEC for the launch of a Pepe (PEPE) spot ETF. This is an instance where a meme coin-based spot financial product is attempting to enter the institutional realm, following Bitcoin and Ethereum. In its application, Canary Capital emphasized that while Pepe does not have separate practical utility, its symbolism and trading volume in the market are significant.

Currently, the cryptocurrency market is grappling with a new variable – a meme coin ETF application – amid negative news such as security incidents from major operators and selling pressure from key foundations. Investors are closely monitoring the resolution process of the security breaches, along with the SEC's direction for the Pepe spot ETF review.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*