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Unveiling the MailerLite Phishing Attack: A Deep Dive into the Crypto Market Breach

The recent phishing attack on email service provider MailerLite has raised significant concerns within the crypto market. The company disclosed to Decrypt that the breach, which occurred when a support team member unwittingly fell victim to a deceptive link and provided their Google credentials, resulted in unauthorized access to MailerLite's internal system. Here are the key points of the incident: Hackers gained access to MailerLite's internal system by executing a password reset for a specific user on the admin panel. They were able to impersonate user accounts, focusing primarily on cryptocurrency-related accounts. A total of 117 accounts were accessed, with some being used to launch phishing campaigns using stolen information. Notable affected accounts included CoinTelegraph, Wallet Connect, Token Terminal, DeFi, and Decrypt. The hackers managed to steal over $580,000, according to ZachXBT, with the funds being sent to a specified address. Web3 security firm Blockai

Bitcoin's Market Cap Set to Soar with Potential Approval of ETFs: A Report Review

e potential approval of spot exchange traded funds (ETFs) for Bitcoin could have a significant impact on the cryptocurrency's market cap, according to a recent report by CryptoQuant. The report suggests that if these ETFs are approved next year, Bitcoin's market cap could reach a staggering $900 billion. This surge in market cap would be driven by the influx of institutional money into the Bitcoin market. Currently, Bitcoin's market cap stands at $550 billion, indicating the potential for substantial growth if ETFs are given the green light.

The flood of money entering the digital asset world through these spot ETFs could also have a broader impact on the overall crypto market. CryptoQuant predicts that the entire market cap of cryptocurrencies could increase by $1 trillion as a result. This influx of fresh capital would far surpass the amount of money that flowed into the Grayscale Bitcoin Trust (GBTC) during the last bull market cycle. The report highlights the key distinction between Grayscale's Trust and ETFs, noting that Grayscale's shares are not currently registered with the U.S. Securities and Exchange Commission (SEC) as securities. Additionally, they were initially only accessible to accredited investors and subject to a six-month holding period, with no redemption option available.

Grayscale has been actively seeking to convert its GBTC into a spot market Bitcoin ETF, but the SEC has denied its application thus far. In response, Grayscale filed a lawsuit against the SEC in June, challenging the denial. In August, a judge ruled that the SEC's decision should be reviewed, effectively siding with Grayscale. This development has led market analysts to anticipate that the SEC will ultimately approve Grayscale's application, along with several others that are currently pending review.

The interest in spot Bitcoin ETFs extends far beyond Grayscale. Major players in the financial industry, including BlackRock, the world's largest asset manager, have also applied for spot Bitcoin ETFs. These financial instruments would allow investors to gain exposure to digital assets without the need to directly purchase and hold them. Instead, investors would be able to trade these ETFs on public exchanges, with their performance tracking that of the underlying asset or index.

In conclusion, the potential approval of spot ETFs for Bitcoin presents a significant opportunity for the cryptocurrency's market cap to experience substantial growth. The expected influx of institutional money into the Bitcoin market would not only drive up Bitcoin's market cap, but also have a broader impact on the overall crypto market. With the SEC's denial of Grayscale's spot Bitcoin ETF application under review and the increasing number of major Wall Street players applying for these ETFs, it seems likely that the regulatory landscape will soon change, opening the doors for significant investment in the cryptocurrency space.


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