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Binances BNB Chain has made significant strides over the years. The networks worthwhile capabilities managed to attract a number of DeFi, GameFi, and SocialFi projects on the BNB Chain. Despite being in the midst of the bear market, the network has been able to put on a good show. At the beginning of Q2, around 276.2 million people had interacted with the BNB Chain. However, now the number is up by around 40%, to 385.7 million. In the same period, the number of unique Ethereum addresses has only grown by 7.2%. At press time, it flashed a value of 243.1 million, significantly lower than BNB Chain.

Even though the number of users has risen, transactional activity has taken a hit. The number of transactions surpassed the 5 million threshold a couple of times in 2023. However, in light of their latest downtrend, this metric has been hovering around the brink of 3 million as of late.

On the absolute front, Ethereum has been settling relatively fewer transactions, however, it has not lost ground amid the current turbulent environment. Its number has been relatively stable around the 1 million threshold.

Also Read: 1750 Wallets Tied to Grayscale Bitcoin Trust Hold ~1000 BTC Each

Crypto-wise, ETH has a much wider trader-investor appeal. According to social stats from LunarCrush, Ethereum has been mentioned 635,930 times over the past week on social platforms. Binance Coin, on the other hand, only managed to attain 52,780 mentions. Even on the dominance and engagement fronts, Ethereum was miles ahead of Binance Coin.

Also Read: Ripple Co-founder: Gensler Likes Lack of Clarity

On the price front, both assets recently lost a critical support level. As a result, their movements have been restrictive of late. Both BNB and ETH have registered moves of less than 1% over the past day.

The drop in the number of transactions has rubbed off negatively on the price of BNB. Since the beginning of Q2, this asset has lost 32% of its value. Ethereum, on the other hand, has been successful in capping its losses at 10.5% in the same timeframe.

Also Read: XRP Volume Rises to $720 Million: Surpasses Dogecoin, Solana

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Binance Coin Hovers Above $200: BNB Smart Chain Users Rise 40% - Watcher Guru

A BNB Chain rug pull scammed users out of $2 million worth of BNB ($11 million at todays prices). Users asked Binance for help, and Binance said it had frozen the funds but then retracted the statement. The funds sat in the address for nearly two years until Binance suddenly took action to freeze the scammers wallet, which had grown to $10.8 million. Previously, Binance had stated that it could not freeze wallets outside of exchange addresses due to BNB Chains decentralized nature. Users were unhappy and demanded that Binance do more. This is the story of the PopcornSwap scam.

On Jan. 28, 2021, the BNB Chain-based decentralized exchange PopcornSwap executed an exit scam, stealing over $2 million of liquidity providers assets through a little-known preUpgrade function contained in the exchanges smart contract. Users held out hope that Binance, which created BNB Chain, could freeze the scammers address.The BNB (BNB) held in the scammers account slowly grew to over $10 million in value as users speculated on whether or not the funds had been frozen.

An investigation reveals that contrary to popular belief, Binance is, in fact, able to freeze private wallet addresses on BNB Chain so long as all validators consent. Although Binance ultimately froze the attackers address, the action occurred nearly two years after the scam. The attacker voluntarily kept funds in the original account in the intervening two years and did not move them.

In 2021, PopcornSwap became one of the first decentralized exchanges on the newly launched Binance Smart Chain (BSC), later renamed BNB Smart Chain. Some of the networks users flocked to PopcornSwap to deposit liquidity, hoping to profit from the high trading volumes they expected to materialize on BSC. But instead of getting the record yields they had expected, they lost all the funds they had deposited.PopcornSwap was a fork of PancakeSwap, itself a fork of SushiSwap on Ethereum. And it just so happened that SushiSwap contained a preUpgrade function that allowed developers to approve themselves as spenders for every liquidity provider (LP) token, letting them drain all the assets held by the protocol.

Between 1:26 pm and 5:53 pm UTC on Jan. 28, 2021, a BSC address known as Fake_Phishing7 used the aforementioned function to drain the protocols $2 million worth of crypto, swapping all of it into the networks native coin, BNB, in the process.PopcornSwap LPs lost everything. The attack ended when Fake_Phishing7initiated a final transaction, swapping 250,913 Binance-pegged USD Coin (USDC) for 5,536 BNB. This left the scammer with approximately 48,511 BNB, worth $2 million at the time (and $10.8 million now), held in its address.

In the wake of the rug pull, victims formed a Telegram group called PopcornSwap Rugpull and urged one another to reach out to Binance and report the fraud, asking the exchange to freeze the scammers address before any funds could be cashed out.Some users believed that Binance could freeze the scammers private wallet address, while others argued it was impossible, as a centralized exchange could not freeze a private wallet address.

Related: Binance pushes new stablecoin as it confirms plan to cease BUSD support

On Jan. 29, 2021, Binance responded to one of the PopcornSwap victims. A user who calls themselves Richie posted an image of the email they received. In it, the Binance customer service agent mistakenly stated that the wallet of the scammer has been frozen. The customer service agent urged Richie and all PopcornSwap users to be patient until the whole situation gets resolved by the authorities.

But by October 2022, the stolen funds remained unmoved, and all attempts to get customer service to respond were met with form letters asking users to contact the police. The PopcornSwap victims were bewildered by the exchanges seemingly callous response to their requests for reimbursement. However, blockchain data shows that at the time of these complaints, Binance did not have any possession of the stolen funds, nor was it affiliated with the entity that stole users money.

Contrary to the statement from Binances customer service representative, data from BNB Smart Chain shows that the scammers address was not frozen before Oct. 6, 2022. Instead, the funds remained in the attackers account and were never deposited to a centralized exchange nor bridged to another network. The scammer failed to cash out their stolen loot and never profited from the attack. But this failure was due to the scammers seeming own lack of initiative, not due to any freezing action performed by Binance.

On Oct. 6, 2022, in an attack completely unrelated to the PopcornSwap scam, the BSC Token Hub bridge was exploited for over $570 million. The exploiter used a loophole within the bridge code to issue 2 million BNB on BSC without first depositing it to the Beacon Chain side of the bridge. This meant that the total supply of BNB increased by 2 million on BSC.

The attacker immediately bridged $100 million worth of the exploited BNB to other networks, effectively putting the funds out of reach of BSC validators. In response, BSC developers proposed a hard fork of the network that would shut down the bridge and freeze the exploiters address. While drafting this proposal, the team also included a line in the code to freeze the PopcornSwap scammers address.

This upgrade was unanimously approved by all of BNB Chains validators. As a result, both the bridge exploiters and PopcornSwap scammers addresses were banned from performing any outgoing transactions after Oct. 6, 2022.However, the new proposal did not include code transferring the frozen funds to another address. Victims say that Binance could have done more to mitigate the incident.

In a conversation with Cointelegraph on Aug. 31, 2023, a representative from Binance confirmed that the Oct. 6, 2022 proposal to freeze the Fake_Phishing7 address was made by Binance. The representative also confirmed that it was merely a proposal, which could not be implemented without the consent of validators. In this case, the proposal was agreed to unanimously by all network validators. The representative stated:

Binance also confirmed, in agreement with blockchain data, that the funds were never moved into its possession. We can confirm that the scammer did not transfer funds to Binance, and we dont have control over the funds, they stated. BNB Chain is an open-source and decentralized ecosystem; wallets and/or their funds cannot be frozen at will [and] governance decisions are coordinated by the community.

Binance claimed that the investigation has not been closed and that the exchange stands ready to comply with police if it can be of assistance. This case remains under investigation, and our investigations team is always ready to support law enforcement in pursuit of those responsible, the representative stated.

Victims of the PopcornSwap scam lost over $2 million of their hard-earned money, and seeing that Binance developed BNB Smart Chain, they turned to it for help. The exchange initially refused to help, citing the decentralized nature of blockchains, but later reversed course and froze the scammers private address with the agreement of the BNB Chain validators.

The PopcornSwap scam also serves as a cautionary tale of the risks of using smart contracts. If a smart contract contains a loophole that allows an attacker to drain users funds, the victims will face an uphill struggle to be reimbursed by validators after the attack is completed, as forks of a chain essentially require unanimous consent to be implemented such is the nature of blockchains. In addition, take note that despite their decentralized claims, many entities can, in fact, exercise control over users assets if they wish.

Cointelegraph editor Zhiyuan Sun contributed to this story.

Magazine:$3.4B of Bitcoin in a popcorn tin The Silk Road hackers story

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Binance's indecision to freeze BNB wallets drew controversy in this ... - Cointelegraph

While thousands of cryptocurrencies are available, a select few stand out as potential leaders poised to dominate the market in 2023. Among them are Ethereum (ETH), PancakeSwap (CAKE), and Everlodge (ELDG). Each of them now offers unique features and solutions to address the evolving needs of the crypto ecosystem.

Summary

Join the Everlodge presale and win a luxury holiday to the Maldives

Ethereum (ETH), often called the king of smart contracts, remains at the forefront of cryptocurrency.

Moreover, recent developments like Greyscale Bitcoin Trusts victory in a lawsuit against the SEC signal growing regulatory clarity for the broader crypto market. As a result, this could benefit the Ethereum blockchain and its ecosystem.

These factors and Ethereums continuous innovation solidify its position as a top choice for long-term crypto investors. Due to all these reasons, market analysts remain bullish for Ethereum. In fact, they predict that the Ethereum price may reach $2,335.71 within Q4 of 2023.

PancakeSwap (CAKE) has established itself as a decentralized finance (DeFi) sector leader. Operating on the Binance Smart Chain (BSC), the PancakeSwap exchange offers fast and low-cost transactions compared to Ethereum. Its automated market maker (AMM) platform enables users to swap, stake, and farm various cryptocurrencies.

In recent PancakeSwap news, it announced it had launched v3 on the Base L2 blockchain. With the most recent network launch, DeFi users can access PancakeSwaps numerous features and competitively low swap costs.

As a result, experts are confident PancakeSwap could see sustained growth down the line. Some even forecast that its price could be between $1.73 and $1.96 by December 2023.

Everlodge (ELDG) is poised to disrupt the real estate market in 2023. This innovative property marketplace will digitize and mint high-end villas and hotels into NFTs. Not only that, Everlodge will then fractionalize these NFTs. As a result, it enables anyone to fractionally own a property on the blockchain for prices as low as $100.

Also, real estate transactions are notorious for lacking transparency, complex processes, and vulnerability to fraud. Everlodge employs blockchains inherent transparency and immutability to create a secure and trustworthy environment for property transactions. Also, it stores all titles, deeds, and ownership details in the metadata of the smart contract.

Another exciting aspect of Everlodge is its Rewards Club, which allows you to earn free nightly stays across all its properties. Depending on your tier within the club, you can access a fixed number of free nights each year. Furthermore, anyone can resell the nights they do not mean to use for a passive income stream.

However, only ELDG native token holders gain access to this club. For this reason, countless individuals are flooding the Everlodge presale, which is now in Stage 2. One ELDG token costs just $0.016 a 60% rise from its beginning price. Additionally, market analysts are confident that Everlodge could surge by 118% and reach $0.035 before the presale ends.

Find out more about the Everlodge (ELDG) Presale

Website: https://www.everlodge.io/

Telegram: https://t.me/everlodge

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3 Coins Set To Dominate the Market in 2023 Ethereum (ETH ... - Finbold - Finance in Bold

Home Journal While Bitcoin Battles Inside Price Channel, Traders Are Buying This Bitcoin-Themed Coin That Raised $1 Million in 3 Days

The price of Bitcoin continues to struggle around the $25,500 mark as it battles to hold a rising price channel established during September.

The number-one-ranked cryptocurrency plummeted during mid-August as traders currently attempt to defend the support to prevent further declines.

Meanwhile, traders are turning their attention to a Bitcoin-themed coin that raised over $1 million in just three days.

Bitcoin BSC ($BTCBSC) is turning heads as traders rush to get positioned due to its groundbreaking staking mechanism, set to cause a supply shock on the open market.

The price of Bitcoin is now down by a steep 20% from the 2023 highs set in mid-July.

The cryptocurrency plummeted beneath a descending price channel in mid-August, causing it to drop into the May 2022 lows of around $25,420.

Since then, the cryptocurrency has established a short-term rising price channel as traders defend the lower boundary over the weekend.

The following chart is a long-term outlook of Bitcoin since April;

The rising price channel is better viewed on the following four hour chart;

As you can see, $BTC has formed a rising price channel, with the bulls currently defending the lower boundary.

The series of higher lowers and higher highs since the start of September is promising. However, a break beneath this price channel could see a further plummet in $BTC prices.

Looking ahead, if the sellers break beneath the channels lower boundary, the first support lies at $24,415 provided by the May 2022 lows.

This is followed by support at $25,000, $24,750 (June 2023 lows), $24,500, and $24,235 (December 2020 resistance).

If the bears continue to drag Bitcoin further beneath $24,000, additional support lies at $23,500, $23,000, and $22,650 (December 2020 support).

As Bitcoin continues to move in uncertainty, traders are starting to flock to a newly emerging Bitcoin-themed alternative that they believe can provide significant returns.

Traders are rushing to the Bitcoin BSC ($BTCBSC) presale as they believe its unique staking mechanism will cause a supply shock on the open market, causing a sudden price surge once the token launches.

The project has already crossed the $1 million fundraising milestone in just three days, showing the building hype behind this project.

Bitcoin BSC ($BTCBSC) is following the success of a recent string of Bitcoin derivatives, such as BTC 2.0 and BTC20 which provided a 5x return for early adopters at its peak.

Bitcoin BSC is an upgraded version of Bitcoin, built on the Binance Smart Chain, that integrates a verified staking contract that releases $BTCBSC tokens in line with the original Bitcoin block rewards schedule.

Those staking $BTCBSC earn a percentage of the rewards through the environmentally friendly Proof-of-Stake consensus algorithm.

The more $BTCBSC staked in the contract, the higher the percentage of earnings from the staking pool.

Experts believe that the staking concept will help alleviate the markets selling pressure once the token is launched, creating a long-term passive income utility token.

The stake-to-earn feature is designed to incentivize long-term participation from the community, and it reinforces their commitment to the project through rewards.

In addition, PoS is less energy-intensive when compared with Bitcoin mining and doesnt require expensive mining machinery.

Furthermore, investors in the presale can already start staking, allowing them to earn up to 500% APY in rewards;

The best part about the staking is that all rewards are compounded, meaning they increase further the longer theyre left in the pool.

The staking contract has been fully verified and audited by Coinsult, one of the top security firms in the industry. Therefore, investors can be confident that the staking mechanism is fully secure.

Being built on the Binance Smart Chain, Bitcoin BSC can introduce new concepts to the Bitcoin theme while having the same security and technology as Ethereum.

Transactions on the Binance Smart Chain are much faster than Ethereum, and theyre also much cheaper.

As the blockchain is based on the Ethereum codebase, the Bitcoin BSC token will be accessible through regular DeFi wallets like MetaMask and Trust Wallet making it a highly accessible token.

Furthermore, Bitcoin BSC can build an ecosystem of dApps to build on its network, expanding the use case of the $BTCBSC token into fields like decentralized lending and yield farming.

Experts predict at least a 20x return from $BTCBSC when the token is launched on decentralized exchanges.

They reason that the majority of tokens will be locked in staking, causing a supply shock on the open market.

Being Bitcoin-themed, the total supply for Bitcoin BSC will be 21 million $BTCBSC.

The project is rewinding the clock to April 2011, when there were 6.125 million $BTC in circulation, priced under a dollar.

Therefore, the Bitcoin BSC presale is selling 6.125 $BTCBSC at $0.99 providing the opportunity for investors to get positioned in the upgraded Bitcoin at the lowest prices.

Once the hard cap is reached, 14.875 million $BTCBSC will be sent to the secure and immutable staking contract, letting users stake their $BTCBSC to earn rewards for the next 120 years.

In addition, any unsold $BTCBSC will also be sent straight to the staking contract.

As a result, most of the $BTCBSC token supply will already be locked in the staking contract, unable to be bought by newcomers on the open market.

Furthermore, experts believe most presale investors will be staking their tokens to take advantage of the impressive APY returns, further exacerbating the supply shock for newcomers.

With most tokens locked in the staking contract, newcomers will be forced to pay significantly higher prices once the token has launched providing upward 20x returns for early adopters.

Therefore, investors earn simultaneously from the $BTCBSC rewards and the increasing value of the $BTCBSC token.

Overall, Bitcoin BSC is setting the stage for an explosive launch following its presale.

Investors can check out the Bitcoin BSC whitepaper for more information or follow the projects Twitter and Telegram accounts for the latest updates.

Investors are encouraged to act quickly, as the presale is expected to last only a short time at this rate. It provides the only opportunity to get positioned beneath $1 or face the pain of paying higher prices once the token launches and starts to trend on DexTools.

Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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While Bitcoin Battles Inside Price Channel, Traders Are Buying This ... - Captain Altcoin

In response to the devastation caused by the recent earthquake in Morocco, the Binance Charity will airdrop up to $3 million in BNB to Binance users identified as living in the areas affected by the tragedy.This is according to a statement by Binance made today.

Identification of the users will be based on Proof of Address (POA) completed before September 9 in Marrakesh-Safi Province. This area suffered the most significant impact. Users who have completed POA before this date in the Marrakesh-Safi Province area will each receive $100 in BNB directly in their Binance account.

We recognize that many users in the affected area may not have yet completed POA, The statement adds.

For any existing user who completes POA after 9 September 2023 and before 30 September 2023, we will donate $25 in BNB directly to your Binance account.

Also, Binance will airdrop $10 in BNB to active transacting users across Morocco who are not in the affected area.The Binance team expects that efforts will reach around 70,000 Binance users living in Morocco.

Also Read: Binance Shakeup: Shocking Exodus of Top 10 Executives Revealed in 2023

The funds will reach users starting September 12th, 2023.

Binance Charity has also launched a public donation address for anyone to donate to those affected by the Morocco earthquake. For everything we receive at this address, we will donate the total crypto amount to an authorized NGO (to be named soon) to help people in need, the charity says.

Also Read: Binance Coin Hovers Above $200: BNB Smart Chain Users Rise 40%

Binance founder and CEO CZ says: The impact of the earthquake on the Moroccan people is devastating. We hope we can bring some support to those affected. For Moroccan users who receive these donations but are unimpacted by the earthquake, we ask them to pass the funds on to those most in need.

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Binance Airdrop $3 million BNB to Morocco Earthquake Victims - Watcher Guru