Crypto Market Watch: Top Gainers, Losers, and DAO Attack Impact Unveiled

Sunrise over futuristic city skyline, top cryptocurrencies (no logos) as skyscrapers, TORN and Pepe standing out, a Tornado Cash representing DAO attack, Binance-like exchange at city center, trading DREP & Web3 coins. Warm colors, impressionist style, calm vs. chaos mood, emphasizing crypto market's ups & downs within dynamic light setting.

In the fast-paced world of cryptocurrencies, prices can fluctuate rapidly, presenting both opportunities and risks for investors. Today, we delve into the latest updates on the top gainers and losers in the crypto market. Notable gainers include Tornado Cash (TORN) and Pepe, with Pepe securing the second-highest gainer position on Binance USDT pairs. Additionally, we’ll explore the progress of IDEX, which recently gained attention for its connection to DeeLance and Launchpad, both Web3 coins. Ecoterra has also emerged as a top gainer, having surpassed $4 million in raised funds. Finally, AiDoge impresses with an impressive $11 million milestone. Let’s dive into the details and uncover the intriguing developments in the crypto landscape.

An unidentified attacker or group of attackers effectively took control of the decentralized autonomous organization (DAO) managing the operations and funds of Tornado Cash, a privacy-focused crypto mixer. The attacker floated a malicious proposal that concealed a code function granting them fake votes within the DAO. With these votes, they gained control over aspects such as TORN tokens held in the governance contract. The attacker proceeded to withdraw and sell 10,000 votes as TORN.

It’s important to note that this attack does not impact the actual Tornado Cash protocol, which allows users to obscure the movement of funds. The Tornado Cash community is now proposing to revert the changes made by the attacker. Additionally, it was observed that the attacker maliciously minted over 1 million torn tokens, valued at over $4 million.

The recent events surrounding the Tornado Cash protocol have also affected the price of TORN on the Binance exchange. In response to the protocol’s circumstances, Binance announced a temporary pause on TORN deposits until further notice. This announcement from Binance adds to the impact on the TORN price, as market participants react to the developments related to the protocol and the security breach. The temporary halt on TORN deposits reflects the caution and vigilance exercised by Binance in ensuring the safety of its users’ funds.

Pepe, a popular cryptocurrency, has also witnessed a significant price bounce, securing the second-highest gainer position on Binance USDT pairs. Unlike the well-known $DOGE meme coin, which took nearly four years to achieve a market capitalization of $1 billion, $PEPE accomplished the same feat in just a little over two weeks after its launch.

DREP coin, an under-the-radar cryptocurrency, has emerged as the top gainer on Binance. Despite being relatively unknown, DREP has caught the attention of market participants with its impressive price surge. With a current market cap of $19,464,183, DREP has emerged as a promising cryptocurrency, currently ranked at #627 on CoinMarketCap.

Web3 coins like IDEX, DeeLance, and Launchpad are gaining traction in the crypto market. These innovative projects are embracing the principles of Web3 technology, which focuses on decentralization, transparency, and user empowerment. IDEX, a decentralized exchange, provides users with a secure and efficient platform for trading various cryptocurrencies.

DeeLance is an innovative decentralized freelancing platform that aims to transform the traditional freelance industry. By leveraging the power of blockchain technology, non-fungible tokens (NFTs), and the metaverse, DeeLance provides a peer-to-peer marketplace where freelancers and clients can connect directly, eliminating the need for intermediaries.

The crypto market continues to evolve rapidly, offering exciting opportunities for investors. Stay tuned for further updates as we navigate the ever-changing landscape of cryptocurrencies.

Source: Cryptonews

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