major cross-chain bridge breach: Orbit Chain loses $81M

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want these updates as soon as we post them, follow us on Twitter.

quick weekly news

major cross-chain bridge breach: Orbit Chain loses $81M

In one of the initial hacks of 2024, Orbit Bridge, a cross-chain bridge, fell victim to a hacking attack that resulted in the depletion of over $81.5 million in crypto. Unauthorized access was detected on December 31 by X (formerly Twitter) user named Kgjr, who raised concerns within the crypto community about a potential asset drain. The incident enabled hackers to withdraw $30 million in USDT, $10 million in USDC, and DAI, along with almost 231 WBTC and 9,500 ETH, funneling these assets into five distinct newly created wallets.

In response, Orbit Chain developers promptly contacted major cryptocurrency exchanges, requesting a freeze on the stolen crypto assets.

Moreover, representatives from Orbit Chain assured a close collaboration with law enforcement agencies to address the issue.

As of January 2, developers confirmed that the stolen funds remained inactive. They also released a list of addresses associated with the perpetrators.

It’s worth noting that the cryptocurrency industry suffered a loss of $1.8 billion in 2023 due to hacking attacks and fraud.

early Mickey Mouse NFT tops OpenSea charts after copyright expires

An earlier version of Walt Disney’s Mickey Mouse, featured in the 1928 “Steamboat Willie” film, became the top trending NFT on OpenSea as its copyright expired on January 1. This marked the character’s entry into the public domain after almost a century under Disney’s copyright, which lasts 95 years as per US law.

Following the expiration, three NFT collections related to this vintage Mickey dominated OpenSea’s trending list, with “Steamboat Willie Public Domain 2024” leading at number one, achieving $1.2 million in trading volume. Other collections, “Steamboat Willie” and “Steamboat Willie’s Riverboat,” claimed the second and third spots.

Beyond the trend list, “Steamboat Willie Public Domain 2024” also secured the sixth spot in OpenSea’s 24-hour top charts, joining renowned collections like Bored Ape Yacht Club and Pudgy Penguins. The “Steamboat Willie” collection ranked eighth on the same list.

A Disney spokesperson told CNN that the company will “continue to protect” their rights in the modern versions of Mickey Mouse and other works that remain subject to copyright. “We will work to safeguard against consumer confusion caused by unauthorized uses of Mickey and our other iconic characters.”

Vitalik Buterin reveals the Ethereum plan for 2024

In a series of posts on X (formerly Twitter), Ethereum’s co-founder, Vitalik Buterin, unveiled an updated project roadmap for 2024, noting “minor changes” from last year. He emphasized six key components and provided deeper insights into these elements in a detailed chart with annotations and diagrams.

These components are:

• The Merge – achieving an ideal, simple, reliable, and decentralized PoS consensus;
• The Surge – reaching 100,000 transactions per second on Ethereum and rollups;
• The Scourge – reducing centralization risks in Ethereum’s PoS design, particularly surrounding MEV and liquid staking;
• The Verge – simplifying block verification;
• The Purge – streamlining the protocol, clearing technical debt, and limiting network participation costs;
• The Splurge – miscellaneous fixes and improvements.

Buterin highlighted that Ethereum’s technical direction for 2024 remains mostly unchanged from the 2023 roadmap, stating: “As Ethereum’s technical path forward solidifies, there are relatively few changes.”

Matrixport predicts Bitcoin surge above $50K

Matrixport anticipates Bitcoin surging beyond $50,000 if the SEC approves spot Bitcoin ETFs. Drawing parallels with historical events, the report points to the precedent set by CME Group’s Bitcoin Futures launch in 2017, resulting in a nearly 200% price increase within a six-to-seven-week window. Initially expecting a consolidation period until year-end, Matrixport’s research now suggests Bitcoin may be on the verge of a breakout.

Historical data shows Bitcoin usually sees gradual Christmas-to-New-Year price increases of around +3%, with outliers in 2011, 2013, and 2020 experiencing up to +22% rises. With the SEC reviewing spot Bitcoin ETF applications, Matrixport notes TV commercials from applicants, expected to intensify during the Christmas season, contributing to BTC’s support.

Matrixport is optimistic that if spot Bitcoin ETFs gain approval, Bitcoin could break higher during Christmas, reaching the significant milestone of $50,000.

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