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• Euler Finance was recently attacked in a DeFi exploit that saw $198 million stolen by an unknown hacker.
• The hacker has now returned over $100 million worth of ETH back to the protocol.
• Reports suggest that the perpetrator may be linked to the notorious Lazarus Group.

Euler Finance Flash Loan Attack

Euler Finance, a decentralized lending platform, experienced one of the biggest DeFi exploits in 2023 which saw around $198 million worth of USDC, staked ether, wrapped BTC and DAI siphoned off from the protocol. The vulnerability had been present for over 8 months before it was exploited, leading to speculation about how long it may have gone unnoticed for by those responsible for its security.

Hacker Returns Funds

The hacker behind the attack rejected the $20 million bounty offered by Euler Finance and started laundering portions of their proceeds via TornadoCash. They also took some controversial actions such as returning funds to an Euler user who complained on Twitter about losing money in the exploit. Over this past weekend, two transactions were carried out returning over $104 million worth of ETH back to Euler Finance – 51,000 ETH sent back on March 25th and another 7,737 ETH sent hours later.

Possible Connection To Lazarus Group

Reports have suggested that the perpetrator could be linked to the notorious Lazarus Group – a North Korean cybercrime group known for their global operations which includes cryptocurrency theft and financial frauds amounting to millions of dollars each year across multiple countries. This has yet to be confirmed however as investigations are still ongoing into who is behind this attack and why they decided to return funds after initially rejecting any bounties offered by Euler Finance.

Community Reactions

The community has responded with mixed reactions since news broke out about this attack and subsequent return of funds – some praising their efforts while others remain suspicious about their motivations and intentions for doing so. Some are speculating if this could potentially set up a new trend in future DeFi attacks where hackers ‘return’ funds instead of running away with them or laundering them through other sources such as mixing services or darknet marketplaces..

Investigations Still Ongoing

Investigations into who is behind this attack and why they decided to return funds after initially rejecting any bounties offered by Euler Finance are still ongoing but it’s clear that crypto security remains an issue that needs further attention moving forward into 2021 if we want more users onboarded onto these platforms without fear of potential losses due to exploits like these occurring again in future times when protocols become even more complex than they already are today..

• Bitcoin surged past $28,500 for the first time since June 2022, due to developments in the European banking sector.
• Several altcoins have also marked notable gains, with Solana leading the race.
• The acquisition of Credit Suisse by UBS for $3.25 billion was aimed at securing financial stability and protecting the Swiss economy.

Bitcoin Surges Past New High

Bitcoin has finished one of its best weeks in a while after surging from $20,000 to around $28,000 within the past seven days. This came amid growing banking issues in Europe which extended to Switzerland’s largest bank – UBS – who acquired Credit Suisse for $3.25 billion in order to secure financial stability and protect their economy. As a result of this news Bitcoin surged past a new local peak of $28,500 and is currently trading near that level once again.

Altcoins Also Make Gains

Aside from Solana (SOL), other significant gainers from larger-cap altcoins include STX, CRO, and VET. SOL has been leading the charge with an 8% daily gain while STX is up 4%, CRO 7%, and VET 6%. These increases are likely due to investors seeking returns outside of Bitcoin as well as continued development on these projects which provide more confidence for traders entering these markets.

Solana Leads Gains Among Altcoins

Solana (SOL) has been leading the charge among alts with an 8% daily gain over recent days as investors flock to take advantage of its potential upside. This comes alongside developments on the project such as enhanced scalability solutions which make it even more attractive for those looking to invest into digital assets outside of Bitcoin itself.

Reasons For Rally

The rally displayed by both BTC and altcoins could be attributed to several factors including investor sentiment towards traditional assets such as stocks being low due to macroeconomic uncertainty caused by inflation concerns or regulatory risks – such as proposed legislation targeting cryptocurrency companies in China – driving away institutional money managers from investing into riskier assets like crypto markets instead opting for safer investments like gold or bonds instead resulting in increased demand amongst retail investors instead creating bullish conditions across all asset classes within this space pushing prices higher overall.

Conclusion

In conclusion, bitcoin has reached another milestone surpassing its previous 9-month high thanks largely to developments in Europe’s banking sector which have created a bullish environment across all asset classes within crypto markets including altcoin projects like Solana (SOL). Additionally this rally can be attributed both sentiment towards traditional assets being low due to macroeconomic uncertainty or regulatory risks driving away institutional money managers resulting in increased demand amongst retail investors pushing prices higher overall across the board regardless of asset class type making now an excellent opportunity for traders looking capitalize on these trends before they reverse course again soon enough!

• Multiple bank stocks stopped trading on the NYSE due to post SVB volatility.
• The Fed bailed out Silicon Valley Bank’s depositors on Monday, however market uncertainty remains high.
• Stocks halted include Western Alliance, First Republic Bank, Charles Schwab and others.

Multiple Bank Stocks Stop Trading Amid Post SVB Volatility

The New York Stock Exchange halted a handful of banking stocks including Western Alliance, First Republic Bank and Charles Schwab on Monday due to share price volatility. This is similar to what happened with Silicon Valley Bank (SVB) last Friday when their stock dropped by 66% before being closed by regulators and claimed by the FDIC.

Fed Agrees To Bail Out SVB And Signature Depositors

The Federal Reserve agreed to bail out depositors of both SVB and Signature Bank in order to protect the banking system. This has caused a collective hammering of the banking sector which is visible in the Nasdaq KBW Index of Commercial Banks which is presently down by 11%.

Other Halted Stocks Include PacWest, Zions And Comerica

Besides Western Alliance, First Republic Bank and Charles Schwab, other stocks that were halted included PacWest (-47%), Zions (-24%) and Comerica (-33%). These stocks have all dropped significantly since Monday’s opening session.

Major Crypto Firms Receive Boost From Banking Sector Woes

The banking sector woes provide an opportunity for major crypto firms such as Coinbase who are now looking ahead at potential acquisitions or partnerships with banks in order to improve their services. Furthermore, many people are now turning towards decentralized finance (DeFi) solutions instead of relying on traditional financial institutions.

Conclusion

While it remains uncertain how long these volatile markets will continue for, it is clear that alternative solutions such as cryptocurrency and decentralized finance can provide an alternative option during times like these where traditional markets may appear unstable or unreliable.

• ADA is quickly approaching the key support at 30 cents
• Bears have total control of the price action, which has remained bearish since mid-February
• Buyers are nowhere to be seen at this time

ADA Price Analysis

Cardano (ADA) had no relief since the support at 35 cents was broken to the downside. With buyers absent, the price has only one direction at the moment. The bias for ADA is bearish and it’s important to see how the market will develop in the coming week following a few important macroeconomic events.

Key Support Levels

The current resistance is at 35 cents, and it will likely not be tested until the cryptocurrency finds support. The key support level for ADA is $0.30.

Trading Volume

The steady sell volume has pushed the price lower almost daily. Buyers are nowhere to be seen at this time.

RSI & MACD Indicators

The daily RSI is at 34 points and may soon reach the oversold area at under 30 points. The daily MACD remains bearish, with the moving averages continuing to fall; there is no sign of a possible reversal yet.
                                              

Short-Term Prediction

The current price action remains bearish, and it’s important to see how the market will develop in the coming week following a few important macroeconomic events.

• Robinhood Markets Inc. has received an investigative subpoena from the U.S. Securities and Exchange Commission (SEC) in December.
• The SEC’s move is part of a major crackdown against the digital asset industry after the dramatic collapse of Sam Bankman-Fried’s crypto empire last year.
• California Attorney General’s office had earlier served a similar subpoena to the trading platform regarding its trading platform, custody of customer assets, customer disclosures as well as coin listing.

SEC Issued Subpoena to Robinhood Over its Crypto Operations

Robinhood Markets Inc. has received an investigative subpoena from the U.S. Securities and Exchange Commission (SEC) in December, as part of a major crackdown against the digital asset industry after the dramatic collapse of Sam Bankman-Fried’s crypto empire last year.

Reason for SEC Subpoena

According to its latest 10-K filing, the subpoena is in regard to the supported assets at its subsidiary Robinhood Crypto LLC, as well as its custody of cryptocurrencies and other platform operations.

SEC Stance on Cryptocurrencies

The SEC previously maintained that the digital asset industry would not be spared by the pre-existing securities laws, thereby signaling that several tokens meet the definition of a security, a stance that the crypto industry vehemently opposed.

California Attorney General’s Office Subpoena

This isn’t the first time Robinhood had been subpoenaed by a regulatory watchdog in the country. A similar subpoena request was served by California Attorney General’s office regarding its trading platform, custody of customer assets, customer disclosures as well as coin listing.

Impact on Robinhood Crypto Revenue