ETH 24-Hour Trading Volume Surpasses BTC, Reaching $1.1 Billion

In the past 24 hours, the trading volume of ETH has exceeded that of BTC, reaching approximately $1.1 billion. Analysts believe that this increase in ETH trading volume may be related to a recent suspected mechanism exploitation incident involving PaperTrade, which has driven up market demand for ETH trading. Community user boblob disclosed that two wallets appeared to be conducting active exploitation attacks on the PaperTrade platform, triggering a slight fluctuation in ETH prices on the Hyperliquid platform (around 10-20 basis points) through trades amounting to approximately $20 million, and establishing a nine-figure long position on PaperTrade. Boblob further pointed out that there are significant issues with the current protocol that need to be addressed quickly, or it may affect the long-term sustainability of the protocol. Crypto trader Rune noted that the official documentation of PaperTrade has revealed that the pricing mechanism poses an attack risk, with the main risk point being the manipulation of prices using the optimal buy and sell prices from the Hyperliquid order book. This risk involves unresolved price manipulation pathways, contract economic mechanisms, risk exposure control, as well as protective measures and permission management at the operational level.

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