Dash 2 Trade has announced that LBANK Exchange will be the first CEX to list its D2T token, as it also confirms that its presale has raised more than $4 million. These milestones come less than two weeks after it kicked off its public token sale, which has attracted growing numbers of investors interested in its trading intelligence platform.
The deal between Dash 2 Trade and LBANK Exchange means that D2T will list on the centralized exchange following the conclusion of its presale, which is currently in the second of nine planned stages. This is expected to happen in the first quarter of 2023 when Dash 2 Trade’s innovative dashboard and intelligence platform will launch.
Dash 2 Trade Presale Just Confirmed Its First CEX Listing
Based in Hong Kong, LBANK Exchange has been one of the first among major CEXes this year to list numerous promising new altcoins, including Battle Infinity (IBAT), Lucky Block (LBLOCK), and Tamadoge (TAMA). This now includes Dash 2 Trade (D2T), which only began its presale less than a couple of weeks ago.
Despite beginning very recently, the token sale has managed to attract $4.1 million in funding already. Once it reaches $5,166,000, it will move onto stage three, at which point D2T’s sale price will rise from 0.05 USDT to 0.0513 USDT.
By the time it reaches the ninth and final stage, its price will have risen to 0.0662 USDT. This means that investors who entered early and bought during the first stage (when D2T was priced at 0.0476 USDT) will have made a 39% profit by the end of the sale, although the coin’s listing on LBANK may bring further rises.
Participating in the Dash 2 Trade presale is simple enough, requiring interested investors to head over to dash2trade.com and connect their MetaMask or Wallet Connect cryptocurrency wallets. From there, they can buy D2T using either Ethereum (ETH) or Tether (USDT).
Dash 2 Trade’s fundamentals have already made it attractive to early investors. As outlined in its whitepaper, its platform will provide various tools that will traders at every skill/experience level to make better investment decisions.
Such tools include the following:
Trading signals that highlight good buy and sell opportunities
Social sentiment metrics that help identify trending cryptocurrencies
Strategy building and social trading tools that enable users to adopt new, more effective trading principles
Access to cryptocurrency presales and new coin listing alerts, helping traders stay ahead of the market
Access to such features revolves around Dash 2 Trade’s subscription system, which provides users with different tools and resources depending on which of the two main tiers they choose. That said, there’s also a free-to-use option, which restricts the number of available features but still provides the curious with a foretaste of what they can expect from the main offerings.
At 400 D2T per month, the Starter Tier provides access to social channels, automated trading tools, strategy-building tools, and much more. Meanwhile, the Premium Tier (at 1,000 D2T per month) includes the full suite of features, encompassing on-chain data, whale wallet alerts, and professional-grade market indicators.
As far as investors are concerned, this subscription model means that D2T will have a big use case right off the bat. The coin will become more valuable the more popular Dash 2 Trade becomes, which should mean that it rises steadily in value, something helped by the fact that D2T has a fixed maximum supply of one billion.
Dash 2 Trade has been developed by the team behind Learn2Trade, a pre-established forex signals provider that already boasts a community of over 70,000 active members. Given such a track record in growing a thriving community, it stands to reason that Dash 2 Trade will enjoy a similarly thriving ecosystem.
This bodes well for Dash 2 Trade, particularly when it has some very strong fundamentals. Indeed, its promise of making investment a little easier is likely to encounter plenty of demand since a thriving market of cryptocurrency investors already exists for its product.
The market is currently in a news-driven environment where the prices of cryptocurrencies have been determined by news agenda rather than fundamentals.
Bitfinex analysts have warned crypto investors to be cautious as bitcoin’s (BTC) recovery over the weekend is not a sign that its correction is over; the asset could witness more bloodshed in the near term.
In the latest Bitfinex Alpha report, experts deemed the market’s reaction this week critical, especially as supply alleviated over the weekend could return when traditional markets open.
“No Man’s Land”
Since Saturday, bitcoin has risen almost 10% from $57,600 to $63,000, closing last week in the green. The asset has surged above the 125-day range low of $60,200, which it broke through earlier this month after news of the German government’s massive BTC selling hit the market.
Market sentiment began to improve after reports that wallets linked to the German government were almost empty. However, the positive sentiment may not be sustained for long as the BTC the German authorities moved to trading desks and exchanges are yet to be sold.
While the supply from Germany appears to have been factored into bitcoin’s market price, Bitfinex analysts believe the end of selling pressure depends on how the involved trading desks execute their trades in the coming days.
Although the shift in sentiment underscores the market’s capacity to integrate new information and adjust expectations quickly, analysts think the market’s reaction over the first two trading days of the week cannot be overlooked for two reasons.
First, the low support level in the $60,200 range has now become a potential resistance line. Second, trading patterns over the past three months suggest that weekends are usually favorable for markets, especially on Saturdays when supply pressure seems to subside.
“We are now in no man’s land until we get clear resolution above or below this level,” the analysts said.
A News-Driven Environment
Besides the potential resistance level and three-month weekend trading pattern, the market is currently in a news-driven environment, where the prices of cryptocurrencies have been determined by news agendas rather than fundamentals.
Since selling pressure concerns are not yet completely obsolete due to upcoming Mt Gox creditor distributions, Bitfinex analysts expect such headlines to continue to have some impact on price movements. As such, the analysts urged investors to exercise caution in their trading strategies.
BlackRock’s IBIT led with $117.25 million in inflows on July 15, also being the most traded Bitcoin ETF.
The US spot Bitcoin ETFs recorded a daily net inflow of $301 million on July 15th. This extended their winning streak to seven consecutive days amidst a broader market recovery.
None of the ETFs recorded outflows for the day.
Bitcoin ETFs Rake in $16.11B in Net Inflows Since Jan
According to the data compiled by SoSoValue, BlackRock’s IBIT, the top spot Bitcoin ETF by net asset value, recorded the largest net inflows of the day at $117.25 million. IBIT was also the most actively traded Bitcoin ETF on Monday, with a volume of $1.24 billion. Ark Invest and 21Shares’ ARKB came in close behind with net inflows of $117.19 million.
Fidelity’s FBTC experienced net inflows of $36.15 million on Monday, while Bitwise’s BITB saw $15.24 million in inflows. VanEck’s HODL, Invesco and Galaxy Digital’s BTCO, and Franklin Templeton’s EZBC funds also recorded net inflows. Meanwhile, Grayscale’s GBTC and other ETFs, such as Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI, registered no flows for the day.
A total of $2.26 billion was traded on Monday. The trading volume for these ETFs was less than in March when it exceeded $8 billion on some days. Meanwhile, these funds have collectively attracted $16.11 billion in net inflow since their January launch.
What’s Next For Bitcoin?
Earlier this month, bitcoin’s price decline was mainly due to fears of massive selling pressure from Mt. Gox and the German government’s BTC sales.
But the assassination attempt on pro-crypto former US President and presumptive Republican candidate Donald Trump at Saturday’s rally seemed to spark a recovery in the world’s largest digital asset, and experts are bullish on the asset’s price trajectory going forward. Bitcoin surged more than 9% over the past week and was currently trading slightly below $64,000.
Veteran trader Peter Brandt discussed bitcoin’s price outlook, suggesting a potential major rally. He referred to a pattern he terms “Hump->Slump->Bump->Dump->Pump” and highlighted that the July 5 double top attempt was a bear trap, confirmed by the July 13 close. He sees a likely continued upward trend but warned that a close below $56,000 would negate this bullish view.
“Bitcoin $BTC could be unfolding its often-repeated Hump…Slump…Bump…Dump…Pump chart construction. Jul 5 attempt at the double top was a bear trap, confirmed by Jul 13 close. Most likely scenario now is that bears are trapped. Close below $56k negates this interpretation”
PeckShield alert reveals LI.FI’s protocol vulnerability is similar to a March 2022 attack, with the same bug recurring.
The decentralized finance (DeFi) platform LI.FI protocol has suffered an exploit amounting to over $8 million.
Cyvers Alerts reported detecting suspicious transactions within the LI.FI cross-chain transaction aggregator.
LI.FI Issues Warning After $8 Million Exploit
LI.FI confirmed the breach in a statement on July 16 via X: “Please do not interact with any http://LI.FI powered applications for now! We’re investigating a potential exploit.” The team clarified that users who did not set infinite approval are not at risk, emphasizing that only those who manually set infinite approvals seem to be affected.
According to Cyvers Alerts, more than $8 million in user funds have been stolen, with the majority being stablecoins. According to on-chain data, the hacker’s wallet holds 1,715 Ether (ETH) valued at $5.8 million and USDC, USDT, and DAI stablecoins.
Cyvers Alerts advised users to revoke relevant authorizations immediately, noting that the attacker is actively converting USDC and USDT into ETH.
Crypto security firm Decurity provided insights into the exploit, stating that it involves the LI.FI bridge. “The root cause is a possibility of an arbitrary call with user-controlled data via depositToGasZipERC20() in GasZipFacet, which was deployed 5 days ago,” Decurity explained on X.
“In general, the risks behind routers, cross-chain swaps, etc. are about token approvals. Raw native assets like (unwrapped) ETH are safe from these kinds of hacks b/c they don’t have approvals as an option. Most users & wallets also no longer do “infinite approvals” which gives a smart contract total control on removing any amount of their tokens. It’s important to understand which tokens you’re approving to which contracts.
This dashboard looks for all transactions of a user that intersects Lifi. Not all of these transactions indicate risk- but you can see how, broadly, integrations & layers of tech (like how Metamask bridge uses Lifi on BSC) can complicate how users do or don’t put their assets at risk. Revoke Cash is the most well known approval manager app.
But it’s also good security practice to simply rotate your address. New addresses start with 0 approvals, so starting fresh by moving your tokens to a fresh address is another good security practice.” – commented Carlos Mercado, Data Scientist at Flipside Crypto.
Recent Exploit Mirrors March 2022 Attack
Further analysis by PeckShield alert revealed that the vulnerability is similar to a previous attack on LI.FI’s protocol that occurred on March 20, 2022. That incident saw a bad actor exploit LI.FI’s smart contract, specifically the swapping feature, before bridging.
The attacker manipulated the system to call token contracts directly within their contract’s context, making users who had given infinite approval vulnerable. This exploit resulted in the theft of approximately 205 ETH from 29 wallets, affecting tokens such as USDC, MATIC, RPL, GNO, USDT, MVI, AUDIO, AAVE, JRT, and DAI.
“The bug is basically the same. Are we learning anything from the past lesson(s)?” PeckShield Alert said in a July 16 X post.
Following the 2022 incident, LI.FI disabled all swap methods in its smart contract and worked on developing a fix to prevent future vulnerabilities. However, the recurrence of a similar exploit raises concerns about the platform’s security measures and whether adequate steps were taken to address the vulnerabilities identified in the previous breach.
LI.FI is a liquidity aggregation protocol that allows users to trade across various blockchains, venues, and bridges.
