BTC whales price manipulation, smart contracts security flaw, Bitcoin futures interest spike

BTC price manipulation by Wales a Security flaw in common smart contracts Is Unearthed and Bitcoin Futures open Interest on CME nears alltime Highs good morning you're listening to The ryen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to get to say actually to lots Of people in crypto make sure you click That follow button okay grab yourself a Coffee and let's get into it Right here is what you need to know Today was the latest BTC price spike Choreographed by Wales third web finds Major security flaws in common smart Contracts IBM unveils new complex Cold Storage to address common Vulnerabilities a new coinbase feature Allows crypto transfers by Links sent on WhatsApp and social media and Bitcoin Futures open interest on CME approaches Its October 2021 alltime High Bitcoin has been on quite the Uptick in the past few weeks but the Last 7 days have been a different Beast Entirely as BTC blew past $42,000 many Were heralding the start of the bull run But the trading resource material Indicators took to X to suggest that the Latest run might not be organic that is The price is essentially being Manipulated so material indicators wrote

A thread that I will link in the show Notes where they look at the order book Liquidity cues and found that it was Suspicious they said that the price Action looked like a strategically Choreographed distribution game the Tactic allegedly being used is and I Quote placing large buy walls outside The active Trading Zone to lure bids Into the range and they added that we Saw that exact game played over the Weekend with a $50 million B wall at $35,000 and it often works now we have a $50 million ball stacked at $385,000 so this move could be used to Sell off which would see the price Correcting imminently but even if this Latest price spike is choreographed as Material indicators suggest they also Added that bitcoin's liquidity Strategically moving around will be Enough to see the rally extend not to Mention the other plot lines we're Tracking such as those 13 ETF Applications and the final interest rate Called by the Fed so the latest price Bump is undoubtedly positive news for Crypto but it's worth staying a little Wary of what a potentially crafty pod of Whales are up to crypto is a space that Grabs a lot of headlines for its hacks And exploits I should know I cover a lot Of them in this podcast however I do see It as something of a consequence of such

A fast growing but still fetal industry Gaps and vulnerabilities will be lurking And generally there are two ways they Are found the loud and flashy way where A hacker makes off with tens of millions Of dollars and then leaves an onchain Message demanding complete control over The ecosystem and DOW the episode on the 29th of November can give you the Backstory on that one or the right Person finds it helps fix it and quietly Alerts those affected yesterday we got An example of the latter courtesy of the Smart contract development firm third Web they announced that they had found a Major security flaw that impacts a Variety of smart contracts across the Web 3 ecosystem that does sound a little Scary and honestly it kind of is the Issue was found in a commonly used Open-source library that would impact Various pre-built smart contracts across Erc721 ERC 1155 drop erc2 and air drop Erc20 for the uninitiated these are Token standards ERC 721 is the most Common token standard for nfts on Ethereum so that's kind of a biggie the Rest are a little more Niche but that Doesn't mean a security flaw in them Couldn't be absolutely devastating it's A little bit of a guess on my part but Particularly as ERC 1155 supports batch Transfers to be gas efficient the good News is third web do not believe anyone

Has exploited this vulnerability yet and Therefore they've been very selective With the information they release Including which open source library is At the root of this issue before they Made this public though third web did of Course contact the library others Impacted and they doubled their bug Bounty from $25,000 to $50,000 They are also kindly covering gas fees For contract mitigation for anyone Affected right let's continue on the Path of positive security announcements IBM has unveiled a new air gapped Cold Storage solution for digital assets and It could be really important for the Industrial sized players which is Important for the industry Tristan green Wrote a piece yesterday about a product IBM has been working on with the digital Asset manager Meto a subsidiary of Ripple and some tier one Banks IBM Announced the launch of the IB M hyper Protects offline signing orchestrator or Just Oso from now on because I'm never Saying all of that again Oso aims to Overcome the common vulnerabilities in The cold storage of digital assets I'll Quickly read their announcement on this When it comes to offline or physically Airgap storage there are limitations Including privileged administrator Access operational costs and errors and The ability to truly scale all these

Limitations are due to one underlining Factor human interaction there are Obviously two key Parts here that if you Don't know what they mean the whole Story is really confusing so let me just Explain those Cold Storage is Essentially offline storage like those Physical Ledger wallets that you plug Into a USB air gapped just means Something that isn't connected to the Internet or any other devices that are Connected to the internet cold wallets Like Ledger are generally far more Resilient to hacks fishing and other Forms of theft when compared to a hot Wallet like metamask nevertheless they Are not infallible if someone has access To them they can easily be drained and As the quote States the issue here is Human interaction so ISO is addressing Ing the primary erors of vulnerability Here one way this works is by the Transactions only being able to be sent To or from the blockchain at a set time According to IBM's research these steps Would counter many of The Insider Attacks on Cold Storage as Not only Would the attacker have to time their Theft perfectly that have to wait for Authorization too and this is on top of The storage being air gapped to stop Remote attacks if you've ever used Cod Storage you'll know there are a number Of steps and you have to sign

Transactions which is prone to human Error Oso addresses this too too as Tristan put Oso implements a policy Engine that can broker communication Between two different applications Without simultaneously connecting to Both as it operates through a virtual Partitioned server via IBM's Confidential Computing service it also Has no direct external network Connectivity this prevents human error From manual processes as well as remote Access hacking even during transactions This sort of security might seem like Overkill for most and it is but it's Aimed at Major organizations who might Be resistant to scaling their digital Asset Holdings over security Concerns for me coinbase can take rather A lot of credit in crypto when it comes To onboarding let me give you some Anecdotal evidence in 2021 I went out For dinner with some friends who have Never been particularly interested in Tech or Finance or the love child of the Two crypto however one mentioned to the Group about a shift in the price of Bitcoin and ethereum and obviously my Ears pricked up it turned out that this Couple their siblings and their 60-some Year old parents had all bought various Cryptocurrencies from Bitcoin and Ethereum to Ripple and were closely Watching the price I probed lightly and

Found that they weren't really into Crypto but they had heard people were Making money and saw how easy it was to Buy it now courtesy of coinbase and this For me is the beauty of coinbase they Lowered the barrier of Entry to the Space which has traditionally been so High that any sort of mainstream Adoption was laughable now the exchange And platform's latest announcement looks To further that endeavor Braden lindrea Yesterday wrote a piece on coinbase's News that they were adding a new feature To coinbase wallets where you can Transfer cryptocurrencies through a link For example you could send 10 usdc to a Friend through WhatsApp by generating a Link in app if the person already has Coinbase they can claim the currency Immediately if not they are directed to The devic's App Store to download Coinbase wallet if the recipient doesn't Claim the money in 2 weeks it's returned To the sender on top of this all Transfers of usdc are completely free The marketing campaign for this new Feature mentions sending crypto with a Link through WhatsApp Telegram and even Tik Tok and this is where I recoiled a Little if you've been in the space more Than a few hours you'll know exactly why This is a scammer's dream feature I'd go As far as to say if a scammer could Request a feature from a major wallet

This would be it we will all be Receiving fake links to fake wallet apps That will drain our coffers and I doubt Will escape December before the first Reported case goes viral still it's a Difficult one isn't it I don't want Crypto companies to stop innovating and Lowering the barrier of entry and Coinbase has made crypto accessible to Many people who stood no chance with Cold wallets and storing keys but Something about this makes me a little Uneasy you Know Tom Mitchell Hill wrote a piece on Something yesterday that is really worth Knowing about amidst all of this Bitcoin Hype Bitcoin Futures open interest has Reached $5.2 billion on the Chicago Mertile Exchange CME just $200 million Below the alltime high set in October 2021 right so what on Earth does that Mean simply put Futures are contract Where two parties agree to buy or sell An asset at a specific price and on a Specific date open interest is simply The number of these contracts Futures Just before we were at the top of the Bull in 2021 open interest was of course Sky High so open Interest being so close To that all-time high right now is Therefore a strong indicator of Something for context open interest in Bitcoin Futures on CM was $3.63 billion 31 days ago and $5.2 billion yesterday

According to coin glass data in layman's Terms open interest shows exactly what It says on the tin interest Tom spoke About this to ig Australia analyst Tony Sycamore and he gave a balanced reading On the one hand he warned we need to see The latest CME report which doesn't land Until the 12th of December to know how The big players are positioned he said What we can't see right now is whether The big players have gone from a net Short to a net long if we saw the market Getting extremely long you'd be very Worried about a snapback the market that We could see last week was short so I Don't think we're at that point yet on The other hand on the topic of btc's Price rally and the spike in open Interest Sycamore said I think there's Got to be something more driving this Now it's not just the ETF or harving Speculation anymore this is starting to Take on a life of its Own well that was a heavy episode but You are caught up consider yourself Informed thank you for listening to the Ryzen crypto podcast by coin Telegraph If you enjoying these daily updates Please make sure you let us know by Following subscribing or leaving a Review have a great day let's let's do This again [Music] Tomorrow

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OUR TAKE

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