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Market Whipsaws After Fed Rate Hike; Hacker Rewarded for Identifying Vulnerability in Arbitrum Upgrade

Sep 22, 2022 3 min read
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The crypto market saw some violent gyrations following the Fed’s rate decision. Major cryptocurrencies soared in shock in the initial hours, then spiraled. As of the time of writing, BTC is changing hands below the $19k handle after posting a 1.5% loss in the last 24 hours. Surging volatility in BTC’s spot prices is unsurprising, especially when BTC’s correlation with S&P500 (6-month basis) has reached new highs. The MVRV value once again dipped into the oversold territory as BTC’s price fluttered precariously above the realized price, opening up possibilities for further breaches of on-chain price walls.

In a similar vein, ETH sank below the $1,300 handle after shedding 5.3% of its market value in the same period. The second-largest cryptocurrency has been tumbling since the completion of The Merge. ETH’s options skew has also declined, indicating a deepening short-term bearish sentiment. Most major altcoins are submerged in a sea of red, with the exception of ALGO, which defied global risk asset selloff with a 7.2% increase in the past 24 hours.

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Talk of the Town

A white hat hacker has discovered a bug in Arbitrum’s latest Nitro upgrade, which had been live for almost three weeks and could have led to the theft of over $350 million. The flaw was located in the bridge between the Ethereum Mainnet and Arbitrum Nitro. Once exploited, it would allow hackers to replace Arbitrum’s destination with their own, thus redirecting any funds that are meant to flow from Ethereum to Arbitrum straight into the hacker’s wallet. Arbitrum’s builder, Offchain Labs, rewarded the hacker, who operates under the pseudonym 0xriptide, with a bounty of 400ETH for his timely discovery.

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