Binance Users Lose Millions After Accounts Hacked, Billionaire Investor Chamath Palihapitiya Issues $500K per BTC Prediction: Crypto News Digest by U.Today

U.Today - U.Today has prepared the top three news stories over the past day.

Binance users lose millions after accounts hacked

Wu Blockchain, an X account devoted to covering crypto news mainly in Asia, has recently reported several cases of account hacks, the victims of which were Binance users. As a result of these hacks, users lost millions of dollars. The first case tells the story of a Chinese user, Nakamao, who downloaded a KOL-promoted Google (NASDAQ:GOOGL) plugin titled Aggr; after doing that, his account fell short of $1 million. The attack took place on May 24 and was facilitated through cross-trading, a technique where hackers exploit hijacked cookies to bypass password and two-factor authentication verification. Another Binance user was robbed of his funds on March 1, with hackers using the same method of hijacked cookies. After the incident, Nakamao conducted an investigation with a security company and found out several alarming details that raised concerns about Binance's security measures. For example, Binance allegedly knew about the hacker and the compromised plugin for weeks, but chose not to act right away, which resulted in further financial losses. The news gained significant attention from the crypto community, with many questioning Binance's ability to safeguard their assets.

Billionaire investor Chamath Palihapitiya makes case for Bitcoin to $500K

It has been several weeks since the fourth Bitcoin halving event took place, but industry leaders have not stopped speculating about the potential future price trajectory for the asset. Among those deciding to share his opinion on what the future holds for Bitcoin is billionaire investor Chamath Palihapitiya. In a video shared by Altcoin Daily, Palihapitiya drew attention to the fact that BTC usually records major growth about 12 to 18 months after the halving event. The first halving cycle scored its first most significant upsurge after six months, with over 10.67x growth. The second and third halving cycles also recorded growth but more mildly, with 1.34x and 1.79x surges, respectively. The first halving's growth trend persisted, but roughly 18 months following the halving event, the second and third halvings experienced the largest surges of 27.92x and 7.80x, respectively. Considering all that, per Palihapitiya's analysis (which, according to his words, does not constitute financial advice), if Bitcoin's price follows the pattern exhibited by cycles two and three, it could top $500,000 by October 2025.

SHIB burn rate skyrockets 348% as price strives to break out

As the SHIB army is continuing incinerating meme tokens, the SHIB price keeps making attempts to break out. According to data provided by the Shibburn platform, a total of 21,508,945 SHIB was sent to dead-end wallets over the past day, which helped increase the Shiba Inu burn rate by more than 348%. The biggest amount of SHIB tokens was destroyed by an anonymous crypto whale; in a single transaction, he burned an enormous 21,315,658 SHIB. The second largest transaction carried only 100,000 meme coins. When it comes to Shiba Inu's price, it managed to go up by 3.79% yesterday, rising from $0.00002430 to the $0.00002511 price mark. However, at the moment of writing, SHIB lost most of its gains and is currently changing hands at $0.00002423, down by 2.40% over the past 24 hours, per CoinMarketCap.

This article was originally published on U.Today