Announcements Gate Research: Largest Crypto Hack in History Causes $1.5B Loss; Pump.fun AMM Test Triggers 20% RAY Crash

Gate Research: Largest Crypto Hack in History Causes $1.5B Loss; Pump.fun AMM Test Triggers 20% RAY Crash

2025-02-24 11:54:01 UTC 9214 Read

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Gate Research Daily Report: Bitcoin has fallen below the $97,000 support level, and Ethereum dropped by 1.04% due to the Bybit hack. Pump.fun's self-developed AMM has shaken the Raydium ecosystem, while Berachain's cross-chain bridge saw over $85.47 million in funds flow in the past 7 days. Popular tokens such as Forta, Quai Network, and SpaceN have surged strongly. The stablecoin market capitalization has surpassed $22.65 billion, and market sentiment is leaning towards a wait-and-see approach.

**Market Analysis**: Bitcoin's price declined by 0.75% to $95,761.1, while Ethereum's price dropped by 1.04% to $2,752.3.
**Top Performers**: The top performing altcoins in the last 24 hours are FORT, QUAI, and SN, which rose by 66.62%, 51.61%, and 33.59%, respectively.
**Data Highlights**: Berachain's cross-chain bridge saw inflows of $85.47 million over the past 7 days.
**Spotlight Analysis**: Pump.fun tested its own AMM (Automated Market Maker), causing the price of RAY, the token of long-time partner DEX Raydium, to drop sharply.
**Market Opportunities**: Primus Labs is leveraging IZK (Interval Zero Knowledge) and MPC (Multi-Party Computation) technologies to bring off-chain data on-chain, ensuring data privacy and compliance while promoting the development of decentralized credit protocols. The company has raised $6.5 million in seed funding.

Explore today's details → <a href="https://www.gate.io/learn/articles/gate-research-largest-crypto-hack-in-history-causes-1-5b-loss-pump-fun-amm-test-triggers-20-ray-crash/6753?pid=Web&ch=9rC5uYNO&utm_campaign=TR_e8X6YaBm&utm_content=&utm_medium=CPM&utm_source=CH_79kTf7RP&utm_term=" target="_blank">Gate Research: Largest Crypto Hack in History Causes $1.5B Loss; Pump.fun AMM Test Triggers 20% RAY Crash</a>

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Gate.io Team
February 24, 2025

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Gate Research: Largest Crypto Hack in History Causes $1.5B Loss; Pump.fun AMM Test Triggers 20% RAY Crash

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