Ethereum 2.0 Flops, BNB Suffers Worst Hack Ever, Big Eyes Presale Hits $8.5M: Crypto’s Hectic October

It’s been a big month in cryptocurrency news. The long-awaited Ethereum (ETH) Merge (also known as Ethereum 2.0) has arrived and has been met with mixed reception thus far. What should have been a major turning point for the Ethereum (ETH) blockchain has failed to make the required impact thus far.

Furthermore, the Binance (BNB) platform was compromised in early October, resulting in the theft of 200 million BNB tokens. The value of these tokens is hard to pinpoint but is estimated at an eye-watering $570M.

Finally, the fresh meme coin Big Eyes Coin (BIG) has crossed $8.5M in sales through its presale phase. This is welcome but unexpected news: the presale phase of this promising currency is still live, meaning the record-breaking pace of sales may continue through the rest of October.

Read on to find out about these fascinating developments in detail.

The Merge: Ethereum’s Killer Development Falls Flat

The huge news for the titanic blockchain network Ethereum (ETH) this month was the unveiling of Ethereum 2.0 – another name for the Ethereum Merge. This firmware upgrade is among the largest the network has ever seen and is a major milestone in Ethereum’s (ETH) ongoing history.

This can be seen as an overhaul of the platform’s transaction procedure. In simplified terms, the model of blockchain generation that Ethereum (ETH) previously used (Proof of Work) involved huge amounts of computing power. The operation of Bitcoin (BTC) still uses this model. The method the network has adopted in this Merge (Proof of Stake) dramatically reduces the computational demand of creating new ETH and therefore minimizes the power consumption of the process.

Good news? On its surface, absolutely, but the devil is in the details here. This new model of operation randomly selects a person or organisation to add new blocks to the Ethereum (ETH) chain. By ‘staking’ more ETH, people increase their chance of being picked by this random process, and therefore profiting from the creation of new Blockchain links.

By moving to the Proof of Stake model, Ethereum (ETH) has opened the door for greater centralisation of its network, concentrating the wealth it can provide into the hands of fewer and fewer people as time marches on.

This glaring flaw in the Merge may explain why it has failed to result in an upswing in the fortunes of the coin thus far.

BNB: The Heist of the Century

In other news, one of the largest security breaches in the history of cryptocurrency happened in early October. Binance (BNB), one of the largest crypto exchange platforms in the world, shut down temporarily when validators reported unusual activity.

While the disruption was relatively minor, it was discovered that a security loophole on a cross-chain bridge had been exploited by a malicious actor. The hacker(s) were able to generate and then transfer two million BNB tokens before the network was suspended to plug the leak.

Initial reporting suggested that the value of stolen crypto was approximately $100M. However, as the days wore on, these estimations rose sharply, and by final counting, it was determined that the Binance (BNB) ecosystem had been sapped of over $570M. Reports vary as to the accuracy of this final figure, but whatever the case, a huge amount of BNB was leeched from the network.

This is a concerning sign for the security of Binance (BNB). A large breach like this doesn’t bode well for the health of the platform, but it also highlights that there may be systematic flaws in BNB’s operating system. Notably, the use of cross-chain bridges has been criticised by many crypto experts in the past. Vitalik Buterin, the co-founder of Ethereum (ETH) has gone on record saying that cross-chain bridges are vulnerable to exploitation and should not be relied upon.

Big Eyes Presale Exceeds Expectations

In better news, the meme currency Big Eyes Coin (BIG) is experiencing huge success in its presale phase. The ongoing presale has already secured more than $8.5M in funding from its community and investors.

This breakneck pace has set new records for presale uptake and fundraising speed in crypto. The daily average gain of this remarkable launch is sitting pretty at roughly $500k. This tempo is almost unheard of in cryptocurrency presales, even in coins that have gone on to be highly successful.

Presale phases are great for generating hype around an upcoming currency. They provide investors with the unique opportunity to be among the first holders of a new coin, and, if the coin takes off, to experience the highest profit margins.

Excitement seems to surround Big Eyes. Fingers crossed its current momentum continues to the end of 2022 and beyond.

To find out more about Big Eyes Coin’s (BIG) presale, visit the following links:

Big Eyes Coin (BIG)

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Twitter: https://twitter.com/BigEyesCoin

Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release or sponsored post. Thecoinrepublic.com is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.

For publishing articles on our website get in touch with us over email or one of the accounts mentioned below.