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Crypto News Digest by U.Today
Valeria Blokhina
Only the latest crypto news and updates in U.Today’s news roundup!
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U.Today prepared the three main news stories from the previous day.
Binance Users Lose Millions After Accounts Hacked
Wu Blockchainan X account dedicated to covering crypto news primarily in Asia, recently reported several cases of account hacks, the victims of which were Binance users. As a result of these hacks, users lost millions of dollars. The first case tells the story of a Chinese user, Nakamao, who downloaded a Google plugin promoted by KOL titled Aggr; After doing so, his account fell short by $1 million. The attack occurred on May 24 and was facilitated through cross-trading, a technique in which hackers exploit hijacked cookies to bypass password verification and two-factor authentication. Another Binance user had his funds stolen on March 1, with hackers using the same cookie hijacking method. Following the incident, Nakamao conducted an investigation with a security company and discovered several alarming details that raised concerns about Binance’s security measures. For example, Binance reportedly knew about the existence of the hacker and the compromised plugin for weeks, but chose not to act immediately, which resulted in further financial losses. The news gained significant attention from the crypto community, with many questioning Binance’s ability to protect its assets.
Billionaire investor Chamath Palihapitiya defends Bitcoin to $500,000
It has been several weeks since Bitcoin’s fourth halving event occurred, but industry leaders have not stopped speculating about the asset’s potential future price trajectory. Among those who decide to share his opinion on what the future holds for Bitcoin is billionaire investor Chamath Palihapitiya. On a video shared by Altcoin Daily, Palihapitiya drew attention to the fact that BTC usually sees huge growth around 12 to 18 months after the halving. The first halving cycle saw its first most significant increase after six months, with growth of over 10.67x. The second and third halving cycles also recorded growth, but more moderately, with peaks of 1.34x and 1.79x, respectively. The growth trend from the first halving persisted, but around 18 months after the halving event, the second and third halvings experienced the biggest spikes of 27.92x and 7.80x, respectively. Considering all of this, according to Palihapitiya’s analysis (which, in his words, does not constitute financial advice), if the price of Bitcoin follows the pattern exhibited by cycles two and three, it could reach $500,000 by October 2025 .
SHIB Burn Rate Soars 348% as Price Struggles to Breakout
As the SHIB army continues to incinerate meme tokens, SHIB price continues to make attempts to break out. According to data provided by the Shibburn platform, a total of 21,508,945 SHIB was sent to dead-end wallets in the last day, which helped increase Shiba Inu’s burn rate by over 348%. The largest amount of SHIB tokens were destroyed by an anonymous crypto whale; in a single transaction, he burned a massive 21,315,658 SHIB. The second largest transaction carried just 100,000 meme coins. When it comes to the Shiba Inu price, it managed to rise by 3.79% yesterday, moving from $0.00002430 to the $0.00002511 price mark. However, at the time of writing, SHIB has lost most of its gains and is currently trading at $0.00002423, down 2.40% in the last 24 hours, according to CoinMarketCap .
About the author
Valeria Blokhina
Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news from the world of cryptography and blockchain.