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Gate.io บล็อก Daily News | Market Experienced a Downturn; Indian Crypto Exchange Lost Assets of over $230M; TON Foundation Plans to Launch Teleport BTC Project

Daily News | Market Experienced a Downturn; Indian Crypto Exchange Lost Assets of over $230M; TON Foundation Plans to Launch Teleport BTC Project

19 July 11:44

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![](https://gimg2.gateimg.com/image/article/17213605441_16.png)
## Crypto Daily Digest: Indian crypto exchanges have lost assets of over $230 million; TON Foundation plans to launch Teleport BTC project; SEND will conduct token airdrops through Blinks
First, let's examine the trading activity of the <a href="/th/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF. According to Farside Investor data, on July 18, Grayscale Bitcoin Spot ETF (GBTC) had a capital outflow of $22.5 million. Meanwhile, the Fidelity Bitcoin Spot ETF (FBTC) received an inflow of $2.8 million.

**Indian crypto exchange attacked, resulting in asset losses of over $230 million**

The Indian crypto exchange WazirX was attacked on Thursday, resulting in unauthorized transfer of over $230 million worth of crypto assets. The target of this hacker attack is the WazirX multi signature wallet on the <a href="/th/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> network, which may have resulted in fund loss due to private key leakage.

Security company Blocksec explained that in order to carry out the attack, the perpetrator needs to upgrade the implementation of the secure wallet to a malicious contract. The exchange acknowledged the incident and added that it is still investigating the outflow of funds and has suspended all withdrawal operations.

On-chain data shows that stolen funds include over $100 million in SHIB, $52 million in ETH, $11 million in MATIC, $7.5 million in PEPE, and $5.7 million in USDT. Blockchain analysis company Elliptic stated that on-chain data suggests that hackers related to North Korea may have carried out this attack.

The stolen funds were transferred to an address that began actively selling the stolen assets for Ethereum and using decentralized services and Tornado Cash for money laundering, consistent with the behavior of North Korean hackers in previous incidents. After the incident, the price of WazirX token fell by 16%.

**The TON Foundation plans to launch the TON Teleport BTC project to connect Bitcoin with the TON ecosystem**

The TON Foundation has announced plans to launch TON Teleport BTC, aimed at connecting Bitcoin with TON in a decentralized, secure, and trustless manner.

TON Teleport is a newly planned ecosystem infrastructure project that allows users to transfer ("peg-in" and "peg-out") BTC between the Bitcoin blockchain and TON without relying on intermediaries. It will use a trustless system to enhance security and autonomy, ensuring transaction transparency and freedom from external control.

This process requires users to send their Bitcoin to a specific independent Bitcoin address. Once the transaction is confirmed, an equivalent amount of BTC will be issued to the user's address on the TON blockchain. Users can use these BTC tokens in various DApps on TON, or swap them for BTC on the Bitcoin network. For the opposite process, users will burn their BTC tokens on TON, which will trigger the release and return of BTC.

The TON Teleport BTC process is trustless and transparent, with no centralized issuer. Every BTC on TON will be 100% supported by actual BTC. The system automatically performs all operations from verification to confirmation through network validators and smart contracts, eliminating the possibility of human error, censorship, or fraud.

**SEND will conduct token airdrops through Blinks in the coming days**

The project SEND on Blinks has released airdrop related information. The official post on X stated that 10% of the tokens will be airdropped in the next few days, all completed through Blinks, to reward the Blinks community, including Send it holders, Blinks developers and artists, Blinks users, and active <a href="/th/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> communities.

The remaining 15% of community airdrops will be targeted towards Blinks users and adoption, and will be distributed through official incubation products. In addition, vault (35%) will be fully utilized for Blinks adoption through marketing, grants, and development.

Previously, SEND released token economics - Blinks builders, Send it NFT holders, and top Solana community allocate 25%; Early SEND community supporters allocated 15%; Initial liquidity of 10%; 15% of core contributors; Future grants and ecosystem development funds account for 35%.

According to the official X information, 2 weeks ago, SEND was just a simple idea inspired by BONK, with the vision of accelerating the Solana Blinks ecosystem. The startup raised a small amount of startup capital of $75,000, which was only used for seeding/guiding liquidity and issuing tokens - providing 15% with $500,000 FDV.

More than $50,000 will be used for seed liquidity (LP burning paired with 10% token supply). This will be lifelong liquidity, and no one will withdraw this fund. Currently, the value of the pool's working capital is approximately $450,000.

25% of the tokens have been used as initial circulating supply, and the team plans to continue distributing tokens in the coming months and have the majority of circulating supply in the market (>50%). Starting from August 1, 2024, all team supplies will be distributed linearly over the next 3 years. In addition, the team plans to launch more new products.

## Market Trends: The overall market is experiencing a general correction, and there is a lack of sustained hotspots in the market
**BTC: **
This morning, BTC briefly fell below $63,500, marking the first net outflow of spot ETFs in nearly two weeks, although the outflow amount was relatively small, only $18 million (BlackRock IBTC data has not been updated yet). Currently, the price of Bitcoin is fluctuating around $63,500.

**ETH: **
ETH rebounded after falling below $3,370 and is currently consolidating around $3,420. Due to the support of spot ETFs, Ethereum's performance is slightly stronger than Bitcoin.

**Altcoins: **
Most Altcoins have followed the general decline of the market.

**Data Indicators:**
AHR999 Index: Today it is at 0.84, indicating that the market has crossed the bottom zone.

Fear & Greed Index: Today it is at 60, basically unchanged from yesterday. When the market fluctuates too much, market sentiment will also fluctuate accordingly.
### Macroeconomics:
US stock market: The three major indexes collectively closed down, with tech giants such as Apple, Microsoft, and Google all falling. Nvidia rebounded after oversold.

Federal Reserve: Daley said that the recent inflation data in the United States has performed well, but the target has not been achieved yet, and the Federal Reserve still relies on data to formulate monetary policy.
### Market Hotspots:
**New Coin Sector:**
Bot Token BANANA: Announced listing on relevant crypto platform, stimulating the token to soar by over 20%. BANANA currently has a market cap of nearly $700 million, with Bananabot accounting for approximately 50% of the robot trading market share. Its annual revenue is about $200 million, and its PE is less than 3. Gate will open BANANA trading at 11:00 today. The news of BANANA's listing also stimulated UNIBOT, which is also in the Bot track, to soar by over 50%.

Solana's on-chain liquidity staking platform CLOUD: CLOUD token is listed, currently priced at $0.3, with a circulating market cap of approximately $50 million and an FDV of $300 million.

**Meme Sector:**
FIGHT oversold and rebounded, with a intraday increase of over 30%.

SHIB fell 15% yesterday due to the theft of SHIB worth over $100 million from an Indian exchange, which was sold by hackers and caused a significant drop.

WIF has risen by 15%, maintaining resilience even during a general market downturn, and its future performance is worth observing.
### Summary
The overall market is currently volatile, with some tokens performing outstandingly under the stimulation of specific news, but lacking sustained hotspots. Investors should monitor changes in macroeconomic data and market sentiment, as well as the dynamics of the new coin and Meme sectors, in order to seize investment opportunities.

## Macro: The sharp decline in technology stocks affects the global market, exacerbating uncertainty and anxiety
On Thursday, July 18, the US stock market did not continue its early gains and closed sharply lower. Despite the strong momentum of the second quarter earnings season, investors continue to withdraw from high priced large growth stocks.

The specific index situation is as follows: the Dow Jones Industrial Average fell 1.29%; The S&P index fell by 0.78%; The Nasdaq index fell 0.70%. Among them, the blue chip stock market experienced the largest decline, ending the trend of continuously setting new closing highs.

The Nasdaq index recorded its largest single day decline since December 2022, and after the chip sector fell within a day, the sell-off continued. The panic index has reached its highest level since early May. The Russell 2000 index, which had previously surged by 11.5%, also fell for the second consecutive day. Among the 11 major sectors of the S&P 500 index, healthcare stocks experienced the largest decline, while energy stocks were the only sector to rise.

On Friday, July 19, Asian stock markets may end the week with a poor trend.

Although the global interest rate easing cycle has begun, the uncertainty surrounding the geopolitical landscape and major economies still poses more obstacles for investors. The escalating trade tensions between China and the United States have led to a sell-off in technology stocks, and the uncertain fate of US President Biden's presidential campaign has cast a shadow over global market sentiment.

MSCI Asia Pacific stocks fell 0.1%, with a weekly decline of 2.4%, the worst week in over a month. The Nikkei index in Japan has fallen to its lowest point in over two weeks, with a latest drop of 0.1%, continuing the significant decline of 2.4% from the previous trading day. Technology stocks continue to struggle, with the South Korean KOSPI index and Taiwanese stocks, both of which have a high proportion of technology stocks, falling by more than 1%.

South Korean chip manufacturer SK Hynix fell 0.7%, but Japanese chip equipment manufacturer Tokyo Electronics rebounded about 2.6% after a sharp drop on Thursday. TSMC fell 1.3% despite announcing better than expected profits on Thursday and raising its full year revenue forecast.

In China, the highly anticipated Third Plenum ended on Thursday, and investors were disappointed with the lack of details in the implementation steps to achieve national economic policy goals. The blue chip stocks of China fell 0.08% in early trading, while the Shanghai Composite Index fell 0.07%. The Hang Seng Index in Hong Kong fell by 1.5%.

In terms of the currency market, the US dollar is leading against a basket of currencies, far from the four month low it hit earlier this week. The pound fell 0.03% to $1.2942, and the Australian dollar fell 0.12% to $0.6698. The euro fell 0.02% to $1.0893 against the US dollar, down 0.4% from the previous trading day. Previously, as expected, the European Central Bank (ECB) kept interest rates unchanged but lowered its outlook on the eurozone economy, leaving room for a rate cut in September.

Regarding commodities, oil prices have fallen due to mixed economic signals affecting investor sentiment. Brent crude oil futures fell 0.58% to $84.62 per barrel, while US crude oil futures fell 0.81% to $82.15 per barrel.

Impacted by the prospect of global interest rate cuts, the gold price fell from their historical high set earlier this week, dropping 0.8% to $2,425.19 per ounce.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

ETH/USDT -1.60%

BTC/USDT -1.43%

GT/USDT + 0.08%

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