The Protocol: Lido Avoids Major Hack
In this issue:
Hacking Attempt on Lido Results in 1.4 Ether Lost From Oracle Provider
Bitcoin DeFi Security Improves as Rootstock Boosts Hashrate Share
Ethereum's Next Upgrade 'Fusaka' Could Cut Layer-2 and Validator Costs
Telegram Cracks Down on $8 billion Crypto Crime Marketplace
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LIDO AVOIDS MAJOR SECURITY BREACH: Lido, Ethereum's largest liquid staking protocol, avoided a major security incident after one of its nine oracle keys was compromised in what appears to be a low-impact but serious breach involving validator operator Chorus One. Lido secures over 25% of all ether (ETH) staked on Ethereum, making it one of the most systemically important protocols in the Ethereum ecosystem. The compromised key was tied to a hot wallet used for oracle reporting, leading to the theft of just 1.46 ETH ($4,200) in gas fees. No user funds were affected, and no broader compromise was detected, per X posts from both Lido and Chorus One. — Tim Craig Read more.
BITCOIN DEFI BLOSSOMING: Decentralized finance (DeFi) on the Bitcoin blockchain may still be in its infancy relative to Ethereum, but Bitcoin DeFi (BTCFi) is becoming safer and cheaper, crypto analytics firm Messari said in a new report. A central participant is Rootstock, one of the oldest Bitcoin layer-2 projects, crypto analytics firm Messari said in its "State of Rootstock" report. Rootstock is now secured by 81% of Bitcoin's total hashrate, meaning miners that account for amount the hashrate are also approving transactions on the layer 2. The figure was just 56% before the the onboarding of Foundry and Spiderpool, the world's largest and sixth-largest mining pools, respectively, in February. — Jamie Crawley Read more.
FUSAKA PLANNING BEGINS: After the successful deployment last week of Pectra, Ethereum's biggest upgrade in more than a year, the network's core developers are already shifting focus to the next major chain upgrade: Fusaka. Pectra, the biggest code change to Ethereum since the Merge in 2022, introduced key changes aimed at making staking easier for institutions, improving wallet accessibility, and boosting transaction efficiency. Developers have already begun planning for Fusaka, the network's next upgrade, and have thus far agreed to include an Ethereum Improvement Proposal (EIP) called "PeerDAS" that could help the network support larger "blobs" of transaction data. — Margaux Nijkerk Read more.
TELEGRAM CRACKS DOWN ON CRYPTO CRIME MARKETPLACE: Messaging app Telegram has closed thousands of channels belonging to suspected Chinese crypto-crime marketplaces after new research shed light on the situation, according to Elliptic. The closure follows a report published by the blockchain analytics firm on Tuesday into the fast-growing Telegram-based marketplace called Xinbi Guarantee. The Colorado-incorporated marketplace has processed over $8.4 billion worth of transactions using Tether's USDT stablecoin since 2022. It facilitates services relating to money laundering, operating crypto scam compounds and other illicit services, such as intimidation and sex trafficking, according to Elliptic. — Tim Craig Read more.
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Robinhood Markets (HOOD), the California-based financial services company, said it agreed to buy Canadian crypto firm WonderFi (WNDR) for $178.98 million. The all-cash acquisition values WonderFi at 36 Canadian cents per share, a 41% premium over its closing price prior to the announcement. — Omkar Godbole Read more.
Stock and crypto trading platform eToro (ETOR) debuted at $52 a share on the Nasdaq exchange. The company raised about $312 million from investors by selling 6 million shares at a price of $52 a piece. The listing values the company at $4.2 billion. EToro became the first U.S. crypto company to go public following the market uncertainty wrought by President Donald Trump's tariff actions. — Helene Braun Read more.
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The Gibraltar government said it plans to establish the world's first rules for the clearing and settlement of crypto derivatives, creating a regulatory framework to improve market integrity and reduce key risks. Working with the Gibraltar Financial Services Commission (GFSC) and crypto exchange Bullish (whose owner, Bullish Group, is also the parent of CoinDesk), the government has built a framework over the past six months that tailors traditional financial clearing regulations to the virtual asset market. — Jamie Crawley Read more.
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May 14-16: Consensus, Toronto
May 19-23: Solana Accelerate, New York City
May 20-22: Avalanche Summit, London
May 27-29: Bitcoin 2025, Las Vegas
May 27-29: ETHPrague, Prague
June 8-22: Berlin Blockchain Week, Berlin
June 30-July 3: EthCC, Cannes
July 16-18: Web3 Summit, Berlin
Sept. 22-28: Korea Blockchain Week, Seoul
Oct. 1-2: Token2049, Singapore
Dec. 11-13: Solana Breakpoint, Abu Dhabi
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This formation, especially after the recent rally from $160, suggests indecision between buyers and sellers, often marking a pause before the next directional move. Looking at the broader pattern, something that some swing traders and most position traders take into consideration, SOL has been forming a classic cup and handle formation since May. The "cup" formed between May and July with the low near $105, while the current price consolidation between $175-$195 forms the "handle." This bullish continuation pattern typically breaks out to the upside, with a measured target around $285 (adding the cup's depth to the breakout point near $195). However, looking at a thinner time frame, which day traders and swing traders may follow more closely, the double top pattern—a formation in the shape of an 'M' with prices failing to break above a weak resistance—may suggest that prices may keep going down for a couple of days. It's these kinds of mixed signals that may have traders on Myriad feeling the bearish vibes. Myriad users currently only give Solana a 40% chance of breaking a new all-time high above $294 this year. That's down from nearly 50-50 odds late last week. At the moment, Solana is maintaining critical support levels despite facing competition from the Ethereum layer-2 network Base in the meme coin sector and the volume generated from such trading. The ADX at 26 confirms trend establishment, but in this case it's a very, very slow bullish trend with low volatility and relatively low reward. The moving average configuration reveals an interesting battle. The 50-day EMA around $165 provides nearby support while the 200-day EMA sits lower around $159. This relatively tight spread compared to ETH suggests SOL is earlier in its trend development with no clear dominance of either bulls or bears. The relative strength index at 53 confirms the neutral momentum—neither overbought nor oversold. Solana's improving fundamentals, though, could begin to turn more heads among big, institutional players. Trendy, publicly traded treasury companies are already starting to form around Solana, but not nearly to the same degree as with Bitcoin and Ethereum. DeFi Development Corp, the largest SOL treasury, bought around $18 million worth of SOL earlier this month, adding to its holdings above $200 million. Solana's proposed Alpenglow upgrade, expected to roll out later this year, aims to make the already speedy network even faster, so that's something to consider in terms of future network usage and demand for SOL. Key Levels: Immediate support: $175 (recent consolidation low) Strong support: $165 (50-day EMA) Immediate resistance: $195 (psychological level) Strong resistance: $209 (August high) Chainlink (LINK) price: Link Marines are back? Most of you are likely familiar with the XRP Army, but you may not have heard of the Link Marines—the equally boisterous champions of the lesser known Chainlink. There was a time when even Barstool Sports founder Dave Portnoy could be counted among its ranks. But over the years, Chainlink has lost a bit of its luster, peaking at an all-time high above $52 four years ago. It may come as a bit of a surprise, then, that the Link Marines could now be marching towards a comeback. Chainlink, an oracle platform that provides pricing data to nearly every DeFi application out there, is currently doing something that even the crypto majors mentioned above can't say: It's up 152% over the last year, 31% over the last 30 days, 53% in the last two weeks, and even a sizable double-digit gain today. It's the strong intraday gain that delivers a powerful bullish statement for Chainlink and its Link Marines while the rest of the market cowers in 'fear.' LINK opened at $23.50 today before surging above $26 for an impressive 10.77% gain that completely erased yesterday's losses. The candlestick shows a large green body with virtually no wicks—a textbook bullish engulfing pattern. This pattern, where today's green candle completely "engulfs" the previous day's red candle, is a strong reversal signal in technical analysis. The broader chart reveals LINK has been carving out a massive rounding bottom pattern (also called a saucer bottom) since the December 2024 lows near $10.50. This pattern stretched through the first half of 2025, with the recent breakout above $16 in July confirming the pattern's completion. The subsequent rally to $26 in early August represented the initial thrust from this base, and the current pullback to the $19 area appears to be a healthy retest of the breakout zone. Today's bullish engulfing candle at this critical support level suggests the retest is complete and LINK may be ready for its next leg higher, with the pattern's measured target pointing toward $31. The ADX at 36 indicates a "strong trend," well above the 25 confirmation level but below the extreme readings above 40 that often mark exhaustion. Traders would likely point to the moving averages as also looking bullish. The 50-day EMA provides support around $19.10 while the 200-day EMA sits near $16.80. LINK trading above both averages with expanding separation is what traders would say confirms a bullish market structure. The RSI at 67 approaches but hasn't breached the 70 overbought threshold. This is crucial because algorithmic trading systems using RSI as a reference could trigger sales when the metric rises above 70. LINK has demonstrated in the past that it can sustain RSI readings between 65-75 during bull runs without immediate corrections, suggesting there's still fuel in the tanks for the Marines marching ahead. Key Levels: Immediate support: $21 (psychological level) Strong support: $19 (50-day EMA) Immediate resistance: $27 (round number resistance) Strong resistance: $31 (December 2024 high) The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
