Bitcoin and Ethereum Transaction Fees Drops to Lowest Level in 7 Months

Here are some of the major developments from the world of crypto over the past few days
some of the major developments from the world of crypto
some of the major developments from the world of crypto

Bitcoin transaction fees have stayed relatively low, particularly since the April Bitcoin halving, which reduced the BTC mining reward by half. On June 23, the average Bitcoin transaction cost dropped to $1.93 per transaction, the lowest amount since October 2023. The low Bitcoin network costs reflect lower activity and competitiveness.

The transaction fees on the Bitcoin network often soar during times of high market volatility, especially when prices appreciate. The growing rivalry for block space is a result of the increased price speculating. Conversely, with ETH trading at $3,318 gas fees for ETH touched a record low of 1 gwei, the lowest in years.

Gwei is an Ether denomination that is used on the Ethereum network to purchase and trade goods and services. Gwei is a Billionth of an ETH. Ethereum's average gas costs have fallen by almost 92%, since the Dencun update. Layer-2 networks made $950,000 in the previous week, cointelegraph reported.

Binance Collaborates in BtcTurk Attack Probe Freezes $5.3M in Stolen Funds

The CEO of cryptocurrency exchange Binance, Richard Teng, claims that the company is helping to investigate a hostile assault that occurred against the Turkish cryptocurrency exchange BtcTurk, resulting in the freezing of over $5 million in stolen cash. According to Teng's June 22 X post, Binance has frozen over $5.3 million in stolen money and is helping BtcTurk with its investigations.

The cyber assault only compromised a fraction of the balances of ten cryptocurrencies in our hot wallets, while the bulk of assets housed in our cold wallets are still protected. Teng stated that further information will be shared when it becomes available.

ZachXBT stated in an X post that Binance receives harsh criticism from the media even though their security team usually goes above and above to assist with incident response and provides more for victims. It comes only days after Switzerland based crypto exchange Lykke banned withdrawals following an exploit.

TON Ecosystem Faces Surge in Phishing Attacks, Warns SlowMist

The Open Network (TON), a blockchain network tied to Telegram, is under strain due to increased phishing assaults on its ecosystem, according to a blockchain security expert. Phishing attempts on the TON ecosystem have increased in 2024 with its explosive expansion, according to SlowMist, a blockchain security firm founder.

Xian stated that users who create Telegram accounts without using SIM cards and use anonymous numbers are more susceptible to phishing attempts on the Telegram app. Users can utilize anonymous blockchain-based numbers that are available on platforms like Fragment to log in instead of requiring a SIM card.

The TON ecosystem is seeing a sharp increase in phishing activity which comes amid a massive growth of TON-based projects, including TON’s native cryptocurrency, Toncoin (TON), as well as the play-to-earn token Notcoin (NOT). Numerous security companies have been alerting users to the dangers of phishing and fraud attempts amid the exponential rise of TON.

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