Ethereum (ETH) has been on a strong rally over the last week, outperforming Bitcoin (BTC) to start what many know as the altseason. However, crypto is now reeling from the impact of a hack that hit one of its major wallet providers, MetaMask.
Although MetaMask has denied claims of the hack being from their end, the ripple effect has sent Ethereum (ETH) plunging by 7%. The bearish sentiment doesn’t seem to have affected Sparklo, and experts are coming up with bullish predictions for the newcomer.
The popular decentralized, non-custodial Ethereum-based wallet, MetaMask has been roped in a ‘massive’ hack. According to MetaMask, its wallet wasn’t the cause of the “massive wallet draining operation” that has claimed over 5,000 Ethereum (ETH) or $10.5 million.
MetaMask has confirmed the exploit, stating that the 5,000 ETH was stolen “from various addresses across 11 blockchains.” Wallet Guard co-founder Ohm Shah believes that the hack could be the result of a private key or seed phrase leak.
While MetaMask denies that it was the cause of the exploit, it has announced that its security team is now working with other security outfits in the Web3 wallet ecosystem to uncover the source of the exploit that has led to the theft of over $10.5 million.
The negative sentiment surrounding the hack has rubbed off on Ethereum (ETH), putting a stop to its week-long strong rally. Over the last 24 hours, the price of Ethereum (ETH) has plunged by 7% as fears spread over the possible exploit of one of its biggest wallet providers.
Sparklo Continues Presale with Strong Momentum
Sparklo is a game-changing project that is creating the crypto industry’s first metal trading platform. Sparklo aims to enable investors to purchase fractions of precious metals such as silver, gold, and platinum.
Sparklo devises a novel technique – fractionalization – to address the cost and accessibility issues preventing the acquisition of precious metals. Sparklo will allow investors to purchase fractions of gold, silver, and platinum, which will be created as non-fungible tokens backed by physical assets.
Sparklo’s presale is presently underway at a price of $0.015, with some market analysts anticipating a gain of more than 5,000x in the first year of its debut.
Sparklo has put numerous safeguards in place including a thorough reserve and smart contracts audit by the InterFi Network, and a Know Your Customer (KYC) audit, which will be received soon.
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The well-known Ethereum (ETH) faced a 7% tumble in its market value on July 9 due to a wallet hack in the popular MetaMask wallet. However, this did not deter participants in the growing Sparklo (SPRK) pre-sale.
The hack affected users of MetaMask, which is an Ethereum wallet browser extension used to manage crypto assets. It came to light when some users’ crypto holdings had duplicated or modified outgoing transactions. The investigation into the incident has been slow, with no information currently available on how many users were affected or how.
In the same period, the Sparklo (SPRK) pre-sale also experienced its own success. Despite the market turbulence and theETH Hack, the pre-sale managed to attract over $1M in funds from accredited investors and blockchain institutions.
According to a Sparklo spokesperson, “the commitment of institutional investors and those who understand the technology and its potential has proven itself to be resilient in the face of any market unrest”. They also added that the pre-sale has been designed in such a way that it is focused on the long-term development of the project, allowing them to maintain the trust of their partners.
The SPRK utility token is being powered by the TRON network and will be used by members and developers of the Sparklo platform, as well as other projects built on the platform. The team has already announced plans to launch the mainnet later this summer.
Overall, the Ethereum hack did not manage to deter early investors and those involved with the pre-sale of the Sparklo (SPRK) token. The pre-sale around this project has been cheered on by both individual and institutional investors who trust in its potential to deliver on its promises. The team behind Sparklo is hoping that this success will continue in the token’s upcoming mainnet launch.