Bybit Sees Major SPX Whale Move as Ethereum Targets $5K and BlockDAG Unveils Mining Innovations

In a significant market movement, a whale deposited 2.53 million SPX tokens worth $4.55 million into Bybit, securing $4.46 million in profits while maintaining $11.44 million in holdings. This strategic accumulation highlights growing confidence in crypto assets. Meanwhile, Ethereum continues its bullish trajectory, with institutional inflows and ETF prospects pushing price targets toward $5,000. Adding to the innovation wave, BlockDAG is making waves with its upcoming X10 and X1 mining devices, set to launch soon. These developments underscore the dynamic and evolving landscape of cryptocurrency investments and technological advancements.

SPX Whale Profits, Ethereum Eyes $5K, and BlockDAG Innovates Mining

Strategic accumulation and technical momentum are driving gains across crypto assets. A whale deposited 2.53 million SPX tokens worth $4.55 million into Bybit, locking in $4.46 million in profits while retaining $11.44 million in holdings. Ethereum's institutional inflows and ETF prospects fuel bullish targets of $5,000.

BlockDAG emerges as a utility standout, with its X10 and X1 mining devices poised for a Wednesday demo. Over 2 million users already leverage its mobile and hardware solutions, redefining passive income opportunities in crypto mining. The project's focus on accessibility challenges conventional mining models.

Multisig Failures Lead to $2B in Web3 Hacks During First Half of 2024

Crypto investors suffered approximately $2 billion in losses due to hacks in the first half of 2024, with Q1 alone surpassing all of last year's breaches, according to security firm Hacken. Multisignature wallets—designed for enhanced security—were the primary vulnerability, compromised through UI tampering and signer mismanagement.

The largest incident involved Bybit, where a $1.46 billion exploit stemmed from a manipulated safe-wallet interface deceiving authorized signers. This marked the third consecutive quarter where multisig failures enabled the biggest single hack. Rug pulls accounted for $300 million, while phishing and social engineering schemes added nearly $100 million in losses. Notably, smart contract flaws represented less than 2% of total damages.

Access-control issues dominated attack vectors, responsible for over 80% of stolen funds. Hacken advocates replacing reactive audits with AI-driven real-time monitoring to validate multisig transactions, detect anomalous signer behavior, and activate automated protections. The report emphasizes treating signer protocols and front-end interfaces as critical security layers across both CeFi and DeFi ecosystems.