Bybit: Flashbots Constructs 20% Post-Merge Ethereum Blocks, Mango Exploited For $100M
Chart of the Day
The unwinding in traditional markets on Wednesday erased the dollar’s gains, while the pound and U.S. stock futures soared on speculations of the Bank of England extending its emergency bonding buying. The yen trended lower, and the Asian equity markets pared losses amid a shift in investors’ sentiment. Bybit blog reports.
The crypto market remains relatively stable as major cryptocurrencies resumed their sideway movements. As of the time of writing, BTC remains in its recent range near the $19k handle as investors eagerly await inflation signals. The largest cryptocurrency by market cap is facing a persistent barrier at the $19.5k level. Failure to close above this level would likely send the price to retest support in the $18k to $18.5k zone.
ETH is inching closer to the $1,300 mark after posting a 1.38% increase in the same period. The price saw a decisive break above a connecting bearish trend line with resistance near $1,280 on the hourly chart. If the momentum sustains, the second-largest cryptocurrency by market cap will likely swing above the $1,300 pivot level. Mid-to-large altcoins saw mixed performances in the past day, with Huobi Token jumping 25% on the promise of a much-needed revival. Meanwhile, APE is down 7.5% following the SEC’s probe into Yuga Labs over unregistered offerings.
Meanwhile, MEV-Boost, an open-source middleware developed by Flashbots, has been deployed by Ethereum validators to maximize their staking rewards. MEV-Boost provides access to a competitive block-building marketplace, including the Flashbots Builder. Around 19% of all post-Merge Ethereum blocks have been constructed by the Flashbots Builder, which in turn helps validators capture $300k in fees per day on average.
Talk of the Town
Solana-based DeFi platform, Mango Markets, has been exploited for over $100 million in funds. According to Twitter-based on-chain sleuths, the attacker managed to drain Mango’s liquidity pool by manipulating collaterals to take out large amounts of loans against it. Mango’s developing team confirmed the exploit on Twitter, stating that the hacker pulled off the heist via “an oracle price manipulation”, while the team continues to investigate the incident. Mango’s native token MNGO has been down 40% since the attack. The incident marks the fourth exploit on Tuesday and the second million-dollar DeFi hack in less than a week.
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