Today is the 13th anniversary of Bitcoin Pizza Day; Tornado Cash, which hackers use to lose track of money, was attacked by hackers; Big drop in trading volume of crypto exchanges!
May 22 is a very special day for Bitcoin. May 22 is the anniversary of Bitcoin Pizza Day, where Bitcoin was first used in the real world, thus kicking off the cryptocurrency revolution. As of 2023, Bitcoin Pizza Day celebrates its 13th anniversary.
Back in 2010, when Bitcoin was almost unknown, a Bitcoin enthusiast named Laszlo Hanyecz spent 10,000 Bitcoins to buy two large pizzas for what it was worth at the time. This simple transaction was an important step in showing that Bitcoin has a real-world counterpart.
Since then, when Laszlo Hanyecz used 10,000 BTC to buy pizza, Bitcoin Pizza Day has been a commemoration day celebrated by the crypto community. This date is commemorated as one of the first examples of Bitcoin being used in the real world. This date also symbolizes the growth and evolution of the crypto ecosystem.
Bitcoin Pizza Day celebrates not just a pizza exchange, but also the evolution, adoption and impact of Bitcoin on the global financial system. This date symbolizes that Bitcoin is not only a digital asset, but also the beginning of a revolution.
Laszlo Hanyecz bought a pizza for $41 with 10,000 BTC. 10,000 BTC is equivalent to about $268 million today. Bitcoin trading, which started with Laszlo Hanyecz, actually means more than a simple pizza purchase. Hanyecz was also the first developer to release Bitcoin code for Mac OS, and also fixed many vulnerabilities in the network’s early stages. Hanyecz has also changed the Bitcoin mining landscape.
Tornado Cash, which hackers use to lose track of money, was attacked by hackers
Tornado Cash (TORN) has experienced a sudden drop in market price in the past few hours after news that the DeFi protocol had suffered a crypto exploit late yesterday. According to CoinMarketCap data, Tornado Cash has lost 28.25 percent in the last 24 hours, but this only represents a retraced value.
Following news of the attack from TORN, the token initially dropped over 60 percent before finding support around the $3.86 price zone.
TORN governance system breached
Through a malicious governance bid, a hacker took control of Tornado’s Cash Management, allocating them 1,200,000 votes. According to Chinese reporter Colin Wu, the hacker used his newly gained control to move a total of 483,000 TORNs from the Tornado Cash governance vault, about $2 million at today’s market price of $4.5.
The hacker then deposited 6,000 TORN on the Bitrue exchange and traded the remaining 379,300 TORN on the chain for 375ETH. Currently, there is no official statement from Bitrue about this development.
In addition, the Binance exchange suspended TORN deposits until a solution to the governance issue is found.
Tornado Cash became the target of hackers
Interestingly, prior to yesterday’s heist, Tornado Cash played a different role in crypto heists rather than being the target. The TORN protocol operates as a decentralized, non-custodial cryptocurrency drum that mixes “potentially identifiable or defective cryptocurrency funds with others” to cover the original trail of such funds.
Thanks to this service, the DeFi project has been used as a money laundering tool in several crypto heists, notably the $625 million Ronin exploit in 2022.
Big drop in trading volume of crypto exchanges!
The trading volume of the world’s largest crypto exchange Binance has fallen by more than 25 percent in the last 24 hours to $ 3.5 billion.
The delay in critical talks between US President Joe Biden and House Republican Kevin McCarthy has led to confusion in the financial market. The global crypto market cap has seen a marginal increase in the past day. However, 24-hour trading volume dropped 23 percent as buyers and sellers sought clarity in the markets.
The data shows that the spot trading volume of the top crypto exchanges has fallen by a large margin in the past day. The trading volume of Binance, the world’s largest crypto exchange, has dropped more than 25 percent in the past 24 hours. It currently stands at about $3.3 billion.
The trading volume of Coinbase, the largest US crypto exchange, has dropped almost 35 percent in the last 24 hours to $323 million. However, Kraken saw a nearly 41 percent drop in 24-hour trading volume, falling to $153 million.