TRON Creator Justin Sun Proposes Billion-Dollar Crypto Recovery Fund

TRON creator Justin Sun has announced plans for a billion-dollar fund to support the cryptocurrency industry amid recent market downturns.

Cryptocurrency markets experienced a downturn on Monday, with Bitcoin and Ether both declining significantly. This occurred amidst broader financial market corrections and ahead of key inflation data.

Bitcoin fell by over 10%, trading at $21,100 at the time of writing. The world’s largest cryptocurrency experienced a 20% decline over the past seven days.

Meanwhile, Ether dropped by over 20%, trading at $1,400. The second-largest cryptocurrency declined by 23.7% in the past seven days.

Crypto markets declined as global economic concerns mounted, with the US Federal Reserve set to announce interest rate hike plans. Additionally, a crash in the Japanese stock market contributed to the sell-off.

As cryptocurrency markets declined, nearly 300,000 traders were liquidated, according to data from Coinglass. Among them, long positions faced the brunt of the losses, amounting to $930 million.

On the other hand, short positions were liquidated for a total of $163.45 million in 24 hours. This occurred as traders anticipated further market decline.

The largest single liquidation was a BTC/USD trade that amounted to $27 million and was executed on the Huobi exchange.

Crypto News: Aave Generates $6M Revenue During Market Crash

Decentralized finance platform Aave generated $6 million in revenue during Monday’s crypto market sell-off. Despite Ether (ETH) dropping over 20% and Aave’s token losing 23.7% of its market cap, the protocol maintained stability across its markets.

The decline led to significant liquidations in DeFi, including a $7.4 million wrapped ether position on Aave. The total value locked (TVL) in DeFi protocols has fallen from $100 billion to $71 billion this month.

The Australian Federal Police are investigating crypto phishing scams that have affected at least 2,000 Australian-owned wallets. Operation Spincaster, a collaborative effort with Chainanalysis, aims to combat “approval phishing” tactics used by cybercriminals.

These scams trick users into signing malicious transactions, allowing scammers to transfer victims’ tokens. Globally, approval phishing scams have resulted in approximately $4 billion in losses since May 2021.

In related news, a hacker involved in the 2022 Nomad Bridge exploit has purchased $40 million in Ethereum during the market dip. The attacker used 39.75 million DAI to buy 16,892 ETH at an average price of $2,350 per ETH, then sent the funds to Tornado Cash, a sanctioned crypto mixing service.

This purchase comes two years after the Nomad Bridge hack, which resulted in losses of $150 million due to a smart contract vulnerability. The original exploit led to a free-for-all, with multiple parties draining funds from the bridge.

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