Daily Archives: May 15, 2024

Two brothers accused of orchestrating an attack last year on Ethereum trading bots have been indicted by the US government.

The Department of Justice unsealed charges against Anton Peraire-Bueno and James Peraire-Bueno on Wednesday.

The pair are charged with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering after the brothers allegedly tried to exploit the very integrity of the Ethereum blockchain to fraudulently obtain approximately $25 million worth of cryptocurrency within approximately 12 seconds.

Both were arrested on Tuesday and will face judges in Massachusetts and New York.

The April 2023 exploit targeted bots that seek profit by essentially trying to front-run transactions on the network. Maximum extractable value, or MEV, referring to the maximum value that can be obtained during transaction block production beyond rewards and fees.

Read more: Ethereum Validator Goes Rogue, Frontruns MEV Bots for $25M

The Peraire-Bueno brothers sought to lure MEV bots from the traders they allegedly targeted by proposing at least eight specific transactions thatthe defendants knew would cause the targeted bots to include the lure transactions in the bundles, the indictment said. The exploit took advantage of a since-patched code vulnerability in the MEV-Boost software.

In each of these eight bundles, the victim traders effectively bought substantial amounts of particularly illiquid cryptocurrenciesfor approximately $25 million of various stablecoins.

Through the Exploit, which is believed to be the very first of its kind, Anton Peraire-Bueno and James Pepaire-Bueno manipulated and tampered with the process and protocols by which transactions are validated and added to the Ethereum blockchain. In doing so, they fraudulently gained access to pending private transactions and used that access to alter certain transactions and obtain their victims cryptocurrency, a DOJ press release said.

To avoid detection, the two tried to conceal their identities through shell companies and private crypto addresses.

Following the attack, the brothers even transferred the stolen cryptocurrency through a series of transactions designed to conceal the source and ownership of the stolen funds.

They researched know-your-customer (KYC) procedures online, per the indictment, to learn the KYC standards and extradition procedures. They allegedly also researched the crimes theyd end up being charged with.

As alleged in todays indictment, the Peraire-Bueno brothers stole $25 million in Ethereum cryptocurrency through a technologically sophisticated, cutting-edge scheme they plotted for months and executed in seconds, said Deputy Attorney General Lisa Monaco.

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DOJ charges 2 brothers tied to $25M attack on MEV bots last year - Blockworks

Federal prosecutors say the pair of brothers manipulated Ethereum's blockchain to steal $25 million in cryptocurrency.

MANHATTAN (CN) Two brothers were indicted Wednesday under accusations they executed a scheme to steal $25 million in cryptocurrency in just 12 seconds.

Federal prosecutors claim the brothers, Anton Peraire-Bruno and James Peraire-Bruno, used their educational backgrounds in mathematics and computer science to manipulate and tamper with transactions added to the Ethereum blockchain one of the most popular public accounting ledgers in the crypto market.

They face charges to commit wire fraud and conspiracy to commit money laundering, each of which carries a maximum sentence of 20 years if they are found guilty.

According to prosecutors, the brothers heist was the first of its kind.

This alleged scheme was novel and has never before been charged, U.S. Attorney for the Southern District of New York Damian Williams said in a statement Wednesday. But as the indictment makes clear, no matter how sophisticated the fraud or how new the techniques used to accomplish it, the career prosecutors of this office will be relentless in pursuing people who attack the integrity of all financial systems.

The theft was executed on the Ethereum network, a decentralized blockchain in which more than one million daily transactions from across the world are conducted each day.

These brothers allegedly committed a first-of-its-kind manipulation of the Ethereum blockchain by fraudulently gaining access to pending transactions, altering the movement of electronic currency and ultimately stealing $25 million in cryptocurrency from their victims, Thomas Fattorusso, the special agent in charge of the New York Field Office of the Internal Revenue Service-Criminal Investigation Unit, said in a statement Wednesday. In this case, IRS-CI New Yorks Cyber Unit simply followed the money.

Prosecutors say the Peraire-Bruno brothers gained access to pending private transactions and obtained their victims cryptocurrency. Once they stole the cryptocurrency, they rejected requests from the victims to return it.

And once they put their plan into action, their heist only took 12 seconds to complete, Williams said.

According to U.S. Attorneys, the brothers learned the trading behaviors of their victims and took numerous other steps to prepare for the theft over the course of several months.

They also took numerous steps to conceal their identities and lay the groundwork to conceal the stolen proceeds, including by setting up shell companies and using multiple private cryptocurrency addresses and foreign cryptocurrency exchanges, prosecutors say in the indictment.

After they stole the funds, prosecutors claim the brothers transferred the cryptocurrency through a series of transactions designed to conceal its source and ownership.

Prosecutors also point to the brothers internet search history and claim they looked for information about how to carry out the theft and how to hide their involvement, as well as for attorneys with expertise in cryptocurrency cases and extradition procedures.

The brothers were arrested in Boston and New York, respectively. The case is being handled by the U.S. Attorneys Offices Complex Frauds and Cybercrime Unit. Assistant U.S. Attorneys Rushmi Bhaskaran and Danielle Kudla are heading the prosecution.

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Brothers indicted for 'first-of-its-kind' cryptocurrency heist - Courthouse News Service

The team behind the cryptocurrency lending protocol Sonne Finance is offering a hacker an undisclosed bounty following a $20 million theft on Tuesday evening.

Sonne Finance allows people to lend and borrow funds without the need for intermediaries such as banks. Several blockchain security companies tracked more than $20 million flowing out of the system on Tuesday evening in digital coins such as ether, the U.S.-dollar-backed USDC and others.

The developers confirmed that they had paused all markets and later published a postmortem on the attack explaining that the attacker was able to exploit the protocol for ~$20 million.

We are ready to give bounty to exploiter as well as not to commit pursuing the issue further, in case of returning the funds, Sonne Finance said, noting that it is in contact with anyone that can help with recovering the funds.

They discovered the attack within 25 minutes of it being executed, and some users were able to save about $6.5 million from being stolen through technical maneuvers.

Since the attack, the hacker has been swapping the stolen cryptocurrency for bitcoin and other coins in a flurry of transactions.

Law enforcement scrutiny of crypto thefts and the transfer to stolen funds has increased significantly in 2024, with several high profile market manipulators and operators facing charges.

Last month the man behind a $110 million theft from popular crypto platform Mango Markets was convicted in a federal court and is facing up to 30 years in prison.

A Bulgarian woman behind a crypto scam also was given a four-year sentencein April and the cofounder of anonymizing cryptocurrency service Tornado Cash will spend about five years in prison following a conviction on Tuesday in the Netherlands.

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is a Breaking News Reporter at Recorded Future News. Jonathan has worked across the globe as a journalist since 2014. Before moving back to New York City, he worked for news outlets in South Africa, Jordan and Cambodia. He previously covered cybersecurity at ZDNet and TechRepublic.

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Sonne Finance developers offer bounty to hacker behind $20 million crypto theft - The Record from Recorded Future News

As Nathaniel Hawthorne wrote in the1800s, families are always rising and falling in America.

And the same holds true for the cryptocurrency and Web3 space in 2024.

Thats because, whether it is the sectors market valuation, or education and acceptance around Web3 technologies, or even the promised land of scalable usability, the journey from an arms-length distancing of crypto to a potential embrace of blockchain-based solutions has had its fair share of ups and downs in the decade and a half since bitcoin first emerged on the scene in 2009.

But while awareness, acceptance and adoption are all crucial in driving the evolution of cryptocurrency, it is two other critical factors that will determine cryptos success: its usability anditsutility particularly across payment ecosystems.

Underpinning those two factors, of course, is the elephant in the room of establishing a productive regulatory framework to govern Web3.

This, as the past week brought with it a basket of news all showing that the ice around cryptos regulatory and usability woes would potentially be thawing. Thats why, from legal moves to fundraises, to payments use cases and beyond, these are the top stories around the Web3 landscapethat PYMNTS has been tracking for the past week.

Read more: Making Sense of the State of Crypto in 2024

The crypto community is playing politics to win, with the 440,000 member-strong nonprofit groupStand With Cryptoreportedly forming a political action committee (PAC) to support candidateswho arefriendly to cryptocurrency and blockchain.

The new PAC aims to raise money from Stand With Cryptos nearly half a million members, and it comes against a backdrop where the crypto sectorssuper PACshave become one of the top three fundraisers in the 2024 election cycle.

The crypto industry is hoping that a friendlier and more educated group of lawmakers could finally push through a regulatory framework for cryptocurrencies.

And on Friday (May 10), that goal got one step closer to the finish line, as a bill that promises regulatory clarity for digital assets has moved a step closer to a vote in the U.S. House.

TheHouse Committee on Rulessaid Friday that it will consider theFinancial Innovation and Technology for the 21st Century (FIT21) Act(H.R. 4763), which means the bill could go to a floor vote later in May, theHouse Financial Services Committeesaid.

FIT21 would delineate when acryptocurrencyis a commodity or security and assign oversight appropriately between the CFTC and the SEC.

But that wasnt the only legal news in Web3 this week. As it prepares to go public, stablecoin issuerCircleis reportedly also planning to transfer itslegal basefrom Ireland to the United States, as reported Wednesday (May 15).

While on Monday (May 13), U.S. President Biden issued an order blocking a Chinese-backed cryptocurrency mining firm from owning land near an American nuclear missile base, citing the mining firms proximity to the military base as a national security risk.

After all, crypto does have its perils. North Korea laundered $147.5 million through virtual currency platform Tornado Cash in March after stealing it last year from a cryptocurrency exchange, per a report Tuesday (May 14).

Its important to know that crypto is not just bitcoin and Doge and NFTs,Sheraz Shere, head of payments atSolana Foundation, told PYMNTS on Monday. Blockchains are really alternative rails for payments and financial assets.

Theres a lot of misconceptions with people in the financial services industry about compliance andregulation,and that they wouldnt want to touch blockchain with a 10-foot pole, Shere added. And I think in the past that may have been true, but there are a whole new set of protocol-level controlsthat exist nowthat provide even more fine-grain control that you often have with traditional financial rails.

In the conversation with PYMNTS, he stressed the need for crypto players and enterprise businessesaliketo focus on real-world use cases, such as cross-border payments, where blockchain solutions offer advantages over traditional systems.

Another use case for the blockchain being experimented with is the use of its immutable ledger for recording and storing digital identities. Humanity Protocol, a startup that aims to verify peoples online identities using scans of their palms, has raised $30 million at a $1 billion valuation, per a Wednesday report.

Still, for the everyday retail investor, the recent surge in bitcoin prices has the phones at crypto wallet recovery firms ringing off the hook, according to a Thursday report, as investors locked out of their Web3 wallets try to regain access and capture the market surge.

The market surge is resulting in a rash of new coins, as there were nearly 1 million new crypto tokens created in the last month, a number that is 2x the total number ever made on Ethereum from 2015-2023.

And PYMNTS wrote in March about how representatives of fraudulent businesses claiming to provide cryptocurrency tracing and promising an ability to recover lost funds are turning to social media and other messaging platforms to contact victims directly about solving their lost assets.

These recovery scheme fraudsters charge an up-front fee and either cease communication with the victim after receiving an initial deposit, or produce an incomplete or inaccurate tracing report and request additional fees to recover funds. Fraudsters may claim affiliation with law enforcement or legal services to appear legitimate.

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This Week in Web3: Crypto Payment Rails and Regulatory Clarity - PYMNTS.com

Leading financial analyst Raoul Pal gave a bold prediction for thefuture of the cryptocurrency market.He predicted that the cryptocurrency market would boom in the coming yearsleadingto a market cap worth trillions.

During an analysis in The Everything Code,Pal gaveouta bold forecast explaining that the cryptocurrency market will gain a market cap of $100 trillion.

Also Read: Currency: What To Expect From The US Dollar Today

The analyst explained the macroeconomic trends that shaped the global financial sector after the 2008 crisis. According to Pal, every downward cycle propels technology stocksfirstas they are instrumental in shaping the future of the markets. He cited that cryptocurrencies are technology-based and the next downturn willpropelthem to new heights post-recovery.

Palunderpinned observationsthat the technology sector gains the most after a market crash. He explained that the cryptocurrency market is the firstin lineto benefit from a downturn as its technology is new and unexplored.

Also Read: Nvidia Stock Prediction:What Will Its Price Be in 2025?

Theexpertpredicted that if the cryptocurrency market gains a market cap of $2.5 trillion, the next stop is $100 trillion. Pal backed his prediction using Metcalfes Lawwhichfuels unprecedented levels of adoption.

According to him, the market will experience massive adoption after the next downturnwhichwill propelit to new highs.Even Chris Burniske, the former head of ARKInvestagreed to Raoul Pals bold and bullish forecast. Burniske said that he will not rule out Pals observations as a $100 trillion market cap for cryptocurrency is possible.

Also Read: GameStop: GME Forecasted to Reach $86; Heres When

ARK Invests Cathie Woodalsofirmly believes that Bitcoin could reach $1 million in the coming years. If that happens, the overall cryptocurrency market will boomleadingto several altcoins touching new highs in the charts. In conclusion, top industry insiders believethat thestage for the market to surge isbeing set.

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$100 Trillion Market Cap For Cryptocurrency Will Be a Reality: Analyst - Watcher Guru

NEW YORK, NY / ACCESSWIRE / May 15, 2024 / Drink to the van of invention in the realm of cryptocurrency - hello to Fourprime Token! In this composition, we'll take an instigative trip into the world of Fourprime, exploring its revolutionary impact, groundbreaking features, and how it's reshaping the future of finance. But before we dive in, let's understand what sets Fourprime Token apart in the dynamic geography of cryptocurrencies.

Introduction

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What's a Fourprime Token?

Fourprime is a revolutionary cryptocurrency platform that aims to review the way we perceive and interact with digital means. Unlike traditional currencies controlled by centralized authorities, Fourprime operates on a decentralized network, empowering druggies with less control and translucency over their finances.

The Technology Behind Fourprime

Powered by cutting-edge blockchain technology, Fourprime leverages a distributed tally system to record deals securely and transparently. This technology ensures that every sale made on the Fourprime network is inflexible and resistant to tampering, furnishing druggies with a high level of security and trust.

Fourprime's Unique Features

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How to Get Started with Fourprime

Getting started with Fourprime is a breath of fresh air. Simply visit the Fourprime Token website, subscribe for an account, and start exploring the world of digital finance. Whether you are a seasoned investor or new to cryptocurrency, Fourprime offers a stoner-friendly platform that caters to all situations of moxie.

Security Measures

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Fourprime Community

At the heart of Fourprime Token lies a vibrant and active community of druggies and inventors who are passionate about driving invention in the cryptocurrency space. Join the Fourprime community moment to connect with such- inclined individuals, share ideas, and stay streamlined on the latest developments.

Benefits of Fourprime

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Future Potential

As the world of cryptocurrency continues to evolve, the unborn eventuality of Fourprime is measureless. With ongoing development sweats, strategic hookups, and a growing stoner base, Fourprime is poised to become a dominant force in the digital finance geography for times to come.

Conclusion

Fourprime represents the confluence of invention and the cryptocurrency revolution. With its unique features, robust technology, and unvarying commitment to security and transparency, Fourprime is paving the way for a brighter, more inclusive fiscal future.

Company's Website: http://www.fourprime.io Email: [emailprotected] Contact Person: Bennett James

SOURCE: FourPrime

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Unveiling Fourprime Token Where Innovation Meets Cryptocurrency Revolution - AccessWire

Overview of Binance

Binance, the world's leading cryptocurrency exchange, continues to dominate the global market, serving 169 million registered users in over 180 countries. Known for its low fees and a broad range of cryptocurrencies, Binance is the preferred platform for trading Bitcoin, Altcoins, and other virtual assets.

Users of Binance have the opportunity to trade hundreds of cryptocurrencies on various markets. These include the Spot, Margin, and Futures markets. Each market provides different opportunities and risks, allowing traders to diversify their portfolio and strategies.

With Binance P2P, users can buy and sell cryptocurrencies directly with other users. This peer-to-peer system provides a platform for users to negotiate prices directly and complete transactions quickly and easily.

Binance also offers its users the opportunity to earn interest on their cryptocurrencies with Binance Earn. Additionally, Binance Launchpad provides a platform for users to buy or earn new tokens. This platform has become a popular choice for new projects looking to raise capital and gain exposure.

The Binance NFT marketplace offers users the opportunity to trade, stake, and loan Non-Fungible Tokens (NFTs). As the NFT space continues to grow, Binance's marketplace provides a platform for artists, creators, and collectors to buy, sell, and interact with these unique digital assets.

. . .

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Binance: A Comprehensive Overview of The World's Leading Cryptocurrency Exchange - Blockchain.News

An indictment was unsealed Wednesday charging Anton Peraire-Bueno, 24, of Boston, and James Pepaire-Bueno, 28, of New York, with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. The charges in the indictment arise from an alleged novel scheme by the defendants to exploit the very integrity of the Ethereum blockchain to fraudulently obtain approximately $25 million worth of cryptocurrency within approximately 12 seconds.

Anton Peraire-Bueno and James Peraire-Bueno were arrested Tuesday in Boston and New York, respectively, and will be presented Wednesday afternoon before U.S. Magistrate Judge Paul G. Levenson for the District of Massachusetts and U.S. Magistrate Judge Valerie Figueredo for the Southern District of New York.

As alleged in todays indictment, the Peraire-Bueno brothers stole $25 million in Ethereum cryptocurrency through a technologically sophisticated, cutting-edge scheme they plotted for months and executed in seconds, said Deputy Attorney General Lisa Monaco. Unfortunately for the defendants, their alleged crimes were no match for Department of Justice prosecutors and IRS agents, who unraveled this first-of-its kind wire fraud and money laundering scheme. As cryptocurrency markets continue to evolve, the Department will continue to root out fraud, support victims, and restore confidence to these markets.

Today, my office indicted two brothers Anton Peraire-Bueno and James Peraire-Bueno for conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering, all stemming from their alleged scheme to exploit the Ethereum blockchain and to obtain about $25 million worth of cryptocurrency from it, said U.S. Attorney Damian Williams for the Southern District of New York. As we allege, the defendants scheme calls the very integrity of the blockchain into question. The brothers, who studied computer science and math at one of the most prestigious universities in the world, allegedly used their specialized skills and education to tamper with and manipulate the protocols relied upon by millions of Ethereum users across the globe. And once they put their plan into action, their heist only took 12 seconds to complete. This alleged scheme was novel and has never before been charged. But as the indictment makes clear, no matter how sophisticated the fraud or how new the techniques used to accomplish it, the career prosecutors of this office will be relentless in pursuing people who attack the integrity of all financial systems.

These brothers allegedly committed a first-of-its-kind manipulation of the Ethereum blockchain by fraudulently gaining access to pending transactions, altering the movement of the electronic currency, and ultimately stealing $25 million in cryptocurrency from their victims, said Special Agent in Charge Thomas Fattorusso of the IRS Criminal Investigation (IRS-CI) New York Field Office. In this case, IRS-CI New Yorks Cyber Unit simply followed the money. Regardless of the complexity of the case, we continue to lead the effort in financial criminal investigations with cutting-edge technology and good-ole-fashioned investigative work, on and off the blockchain.

As alleged in the indictment, Anton Peraire-Bueno and James Pepaire-Bueno are brothers who studied mathematics and computer science at one of the most prestigious universities in the country. Using the specialized skills developed during their education, as well as their expertise in cryptocurrency trading, Anton Peraire-Bueno and James Pepaire-Bueno exploited the very integrity of the Ethereum blockchain in order to fraudulently obtain approximately $25 million worth of cryptocurrency from victim cryptocurrency traders (the Exploit). Through the Exploit, which is believed to be the very first of its kind, Anton Peraire-Bueno and James Pepaire-Bueno manipulated and tampered with the process and protocols by which transactions are validated and added to the Ethereum blockchain. In doing so, they fraudulently gained access to pending private transactions and used that access to alter certain transactions and obtain their victims cryptocurrency. Once the defendants stole their victims cryptocurrency, they rejected requests to return the stolen cryptocurrency and took numerous steps to hide their ill-gotten gains.

Anton Peraire-Bueno and James Pepaire-Bueno meticulously planned the Exploit over the course of several months. Among other things, they learned the trading behaviors of the victim traders whose cryptocurrency they ultimately stole. As they planned the Exploit, they also took numerous steps to conceal their identities and lay the groundwork to conceal the stolen proceeds, including by setting up shell companies and using multiple private cryptocurrency addresses and foreign cryptocurrency exchanges. After the Exploit, the defendants transferred the stolen cryptocurrency through a series of transactions designed to conceal the source and ownership of the stolen funds.

Throughout the planning, execution, and aftermath of the Exploit, Anton Peraire-Bueno and James Pepaire-Bueno also searched online for information about, among other things, how to carry out the Exploit, ways to conceal their involvement in the Exploit, cryptocurrency exchanges with limited know your customer procedures that they could use to launder their criminal proceeds, attorneys with expertise in cryptocurrency cases, extradition procedures, and the very crimes charged in the indictment.

If convicted, Anton Peraire-Bueno and James Pepaire-Bueno each face a maximum penalty of 20 years in prison for each count.

Read more here:
Two Brothers Arrested for Attacking Ethereum Blockchain And Stealing $25M In Cryptocurrency - Eurasia Review

Hong Kong police have arrested three workers at a currency exchange shop after a customer was allegedly shown stacks of hell money before transferring about HK$1 million (US$128,010) worth of cryptocurrency.

The forces technology crime division on Wednesday arrested three men, aged between 31 and 34, on suspicion of obtaining property by deception and confiscated 3,000 hell banknotes, a safe and a note counting machine at a shop in Tsim Sha Tsui.

Hell banknotes are a form of ceremonial paper money that is burned as an offering to ancestors or deities in traditional Chinese culture.

Police said they received a report from a 35-year-old man on April 12 who alleged he had been unable to retrieve cash after selling about HK$1 million worth of the digital currency Tether, or USDT, at a shop in Tsim Sha Tsui that day.

An investigation found that the suspects allegedly showed the victim stacks of hell banknotes with a face value of HK$500 and persuaded him to transfer about HK$1 million worth of USDT to a cryptocurrency wallet provided by them.

After they took possession of the virtual currency, the suspects made several excuses, declined to hand over cash as agreed and left the scene.

Anyone convicted of fraud in Hong Kong is liable to up to 14 years imprisonment.

Those convicted of obtaining property by deception face 10 years behind bars.

Police appealed to the public to choose reputable cryptocurrency exchanges for their transactions and to carefully inspect banknotes for security features.

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Crypto customer scammed in alleged HK$1 million hell money scheme in Hong Kong - South China Morning Post

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Launched in 2020, Solana promised a leap forward in the development of blockchain technology, with unparalleled transaction speeds and a vision for a more scalable and efficient future. The Solana blockchain and its native token (SOL) have experienced both periods of success and formidable challenges over the past three years: from all-time price highs in 2021 to navigating industry-wide catastrophes in 2022, as it has sought to carve out its own niche in the digital asset space and mark its place as a rival to Ethereum.

After a remarkable comeback in 2023, many investors are asking: what does the future hold for this high-speed blockchain?

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Solana first went public via its initial coin offering (ICO) in April 2020, entering the crypto market at an initial price of INR $0.9511. It quickly garnered attention for its innovative technology, promising a scalable solution for decentralised applications. This potential was not unnoticed, as the price of Solana soared, reaching an all-time high of $260 on Nov. 6, 2021.

However, the volatile nature of cryptocurrency markets soon left their mark. The 2022 bear market was not kind to Solana, causing the value of the SOL token to decline over 90% from its 2021 highs. In particular, the collapse of FTX, a significant cryptocurrency exchange with deep ties to Solana, triggered a sharp decline in SOLs value. The coin lost over 50% of its value overnight, a stark reminder of the interconnected risks within the crypto ecosystem. This event led to Solanas price dipping below $US10 in late 2022, casting doubts on its future.

Despite these challenges, Solana has demonstrated an ability to rebound. The last quarter of 2023 marked a significant turnaround for the coin, propelling its price above $US120 for the first time in years. This resurgence reflects not merely market dynamics but also the underlying strength and improvements within the Solana network.

A 300% rise in the last 12 months has seen Solana firmly entrench itself as a top five coin by market cap, CEO of CoinJar, Asher Tan, tells Forbes Advisor.

This turnaround can be attributed to several factors, not least of which was the platforms almost full-year of network uptime. After a series of outages plaguing Solana, causing frustration among users and investors alike, the network has stabilised.

A series of outages now seemingly behind them, increased platform stability, and a SOL price rally has provided some vindication for Solana holders entering 2024, Tan adds.

Related: How to Buy Solana

As we peer into the crystal ball, Solanas trajectory for the year ahead appears optimistic with plenty of opportunities for significant advancements. The past year has laid a solid foundation for Solana, setting the stage for what could be an unprecedented period of growth and innovation.

One of the most compelling narratives around Solanas rise is its increasing dominance in the decentralised finance (DeFi) and non-fungible token (NFT) sectors.

Solanas ability to match or even surpass Ethereum in these critical aspects of the blockchain economy indicates a robust and scalable infrastructure capable of handling significant transaction volumes, a crucial factor for its continued adoption and growth.

The NFT market, in particular, has been a battleground for innovation and competition among various blockchain platforms. Solanas aggressive foray into this space has not gone unnoticed.

With its high throughput and low transaction costs, Solana provides a compelling platform for NFT activities, positioning it as a strong contender for leading the market in 2024.

Many projects building on Solana have successfully mastered the art of marketing to crypto investors, attracting them through high yields and point systems that promise an airdrop in return for using their app.

Over the past few months, active Solana users have been rewarded with significant airdrops from multiple projects. Most notably, users of Jito and, more recently, Jupiter Exchange, received airdrops worth upwards of $10,000. These efforts have been pivotal in drawing an influx of capital, further energising the ecosystem.

As we explore the future prospects of Solana, its imperative to balance our perspective by considering both the bullish and bearish viewpoints:

Like many up and coming blockchain platforms, Solanas success is often viewed through the lens of its comparison to Ethereum, which leads the category for blockchain smart contract platforms.

The Ethereums success formulalowering barriers to entry and fostering a thriving communitysuggests a bullish outlook for Solana as it continues to carve out its niche in the competitive blockchain space.

However, its crucial to consider the challenges and trade-offs that have accompanied Solanas growth. When considering the blockchain trilemma, which refers to the challenge of achieving a balance between scalability, security, and decentralisation in a blockchain network, it is clear that Solana has sacrificed decentralisation for scalability.

The proliferation of Layer-2 solutions on Ethereum addresses many of the criticisms levelled against Ethereums scalability and throughput, offering a counterpoint to the necessity of Layer-1 solutions like Solana.

Furthermore, Ethereums successful transition to Proof-of-Stake, known as The Merge, exemplifies its ability to overcome significant challenges.

While Ethereum has managed to navigate difficult engineering and public perception challenges like The Merge to Proof-of-Stake, Solanas relatively short operating history has yet to see its leadership tested in the same manner, Tan says.

Uncertainties surround Solanas capacity to navigate future challenges, particularly in an environment where its architectural compromises could be tested against the evolving demands of the blockchain market.

The future outlook for Solana contains both promise and potential hurdles. The bullish case rests on its demonstrated ability to captivate the markets imagination and emulate aspects of Ethereums successful growth strategy. Conversely, the bearish perspective raises important questions about the sustainability of its architectural choices and untested leadership in the face of potential challenges.

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The investment potential of Solana is a topic of considerable debate within the cryptocurrency community. With its innovative technology and active ecosystem, Solana has captured the attention of investors looking for the next big opportunity in the blockchain space.

This anticipation of future product releases indicates an ongoing effort to innovate and expand Solanas reach, contributing to its appeal as a potentially valuable investment.

Determining whether Solana is a good investment depends on several factors, including ones appetite for risk, investment horizon, and belief in the platforms technological and market potential. While Solana presents a compelling case with its innovative features and community enthusiasm, investors must also weigh its challenges in achieving long-term dominance. As with any investment in the volatile cryptocurrency market, thorough research is critical and speaking with a financial advisor before making a decision is always recommended.

This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency or CFDs as an investment class. Cryptocurrency is unregulated in Australia and your capital is at risk. Trading in contracts for difference (CFDs) is riskier than conventional share trading, not suitable for the majority of investors, and includes the potential for partial or total loss of capital. You should always consider whether you can afford to lose your money before deciding to trade in CFDs or cryptocurrency, and seek advice from an authorised financial advisor.

Purchasing Solana (SOL) in India is a straightforward process, accessible through various cryptocurrency exchanges. To start, youll need to create an account on a reputable exchange that lists SOL. After verifying your identitya standard compliance step to ensure security and prevent fraudyou can deposit Indian rupee (INR) into your account using methods like bank transfer, credit/debit card, or even PayPal on some platforms. Once your funds are deposited, navigate to the SOL/INR market on the exchange, where you can place an order to buy SOL at either the current market price or a specified limit price.

Once you have SOL, you must decide where to store it. Most exchanges have an integrated crypto wallet; however, you may want to consider moving it to a private hardware wallet for the best security.

Predicting the exact price of Solana (SOL) in 2025 is challenging due to the highly volatile and unpredictable nature of the cryptocurrency market. Factors such as technological advancements within the Solana ecosystem, changes in regulatory environments, market sentiment, and broader economic conditions can all significantly impact Solanas future value. Analysts and experts may offer predictions based on current trends and historical data, but its essential to approach these forecasts cautiously and conduct thorough research before making investment decisions. It is always wise to consult a financial advisor before making an investment decision.

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Solana (SOL) Price Prediction 2024,2025 And 2030 Forbes Advisor INDIA - Forbes