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Jeffrey Gogo

Features writer

Jeffrey Gogo

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Jeffrey Gogo is a journalist with 20 years of experience in business, finance, cryptocurrency, and climate change news and analysis.

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Last updated: 

September 15, 2025

Key Takeaways:

• Vitalik Buterin tested Hinkal’s “Invisible Wallet,” a new tool that hides wallet activity to protect users from hacks.
• Crypto hacks surged to $163 million in August, rising for the third month a row.
• Analysts say privacy wallets can reduce exposure for high-net-worth holders, but warn they’re not a silver bullet against determined tracking.
• While zero-knowledge proofs allow for privacy-preserving compliance, experts say legal alignment remains uncertain.

Ethereum cofounder Vitalik Buterin has been testing Hinkal’s new ‘Invisible Wallet,’ a privacy tool that could mark a breakthrough at a time when wealthy wallets are increasingly targeted by hackers.

It comes as losses from crypto hacks soared to $163 million in August, rising for the third month in a row, according to PeckShield. In the last five years alone, crypto investors have lost over $4 billion in targeted attacks.

Web3 firm Hinkal says its wallet allows users to hide their on-chain activity. It claims that users, especially those with big balances, can use the wallet to deter attacks without compromising regulatory compliance.

Hinkal CEO Giorgi Koreli described crypto’s in-built transparency as a “bug”. He says it is not “normal” that over $4 trillion in crypto assets on public blockchains “can be monitored and potentially weaponized by others.”

“Privacy-preserving wallets are the future, because free surveillance and tracking can’t be,” Koreli argues.

In his test transfer in late August, Buterin sent 0.01 ETH ($44) from his wallet to an address owned by Hinkal using its invisible wallet, according to Etherscan data. Buterin’s wallet address is publicly labeled vitalik.eth.

As seen in the image below, Hinkal kept track of the Ethereum founder’s activity but did not share any more of his internal transactions for privacy reasons. Even his well-known address is obfuscated in the transaction record.

“If your assets can be watched, your transaction can be mapped and traced at every interaction,” Koreli wrote in an article posted on X. “It’s not freedom. It’s additional exposure.”

Hinkal’s Invisible Wallet ‘Is Not a Silver Bullet’

The blockchain is, by design, a public ledger that broadcasts wallet activity. As Koreli puts it, every transaction, position, and trading strategy is visible to competitors, as well as cybercriminals.

He says crypto’s “radical transparency” has been a major obstacle, discouraging privacy-focused institutions in traditional finance from investing in the “$50 billion” decentralized finance (DeFi) market.

Slava Demchuk, CEO of blockchain analytics firm AMLBot, said tools like Hinkal’s invisible wallet can raise the bar for personal security by shielding wallet balances and transaction histories from opportunistic attackers.

“For high-net-worth holders, that additional layer of privacy reduces the risk of targeted hacks, phishing attempts, or even physical threats,” Demchuk told Cryptonews, adding:

“Of course, as with any system, ultimate protection depends on adoption, decentralization, robustness of the cryptography behind it, and, most importantly, on users’ own caution.”

Invisible wallets, like Hinkal’s, act as cloaking devices. Transactions can still be validated on-chain, but sensitive details, such as wallet addresses, amounts, or counterparties, remain hidden from public scrutiny, experts say.

Yury Serov, head of investigations at analytics firm Global Ledger, lauded the privacy wallet for removing the most obvious exposure points, namely the appearance of a public address in swaps, lending and routine DeFi use.

But this “invisible” must not be conflated with “invulnerable.” For example, he says, if someone moves unusually large amounts when the liquidity pool is thin, bad actors may easily correlate deposits and withdrawals.

“Timing patterns, transaction sizes, and even metadata from relayers can give away more than users expect,” Serov tells Cryptonews, adding:

“In practice, this means Hinkal makes it much harder for casual observers or opportunistic attackers to track big wallets, but it won’t make a whale completely disappear from a determined investigation.”

According to Serov, Hinkal’s Invisible Wallet “is best viewed as a layer of risk reduction, not a silver bullet.”

Can Privacy and Compliance Coexist?

Hinkal insists that its wallet can be both private and compliant at the same time. Experts aren’t so sure. According to AMLBot CEO Demchuk, it is technically feasible for the wallet to comply with the rules while private.

“Yes, users do pass KYC requirements, and zero-knowledge (ZK) proofs allow them to demonstrate eligibility without exposing personal data,” he noted. “However, from a legal standpoint, it’s not entirely compliant yet.”

Under the European Union’s General Data Protection Regulation, or GDPR, service providers may still be required to act as data controllers, creating “a gap between technical compliance and regulatory obligations,” he said.

The blockchain analyst brought up PureFi as an alternative framework that verifies compliance checks on-chain while ensuring that service providers retain the role of data controller.

“So, while Hinkal’s approach is innovative, there are still open questions about full regulatory alignment,” said Demchuk.

Global Ledger’s Serov concurred with Demchuk, saying that with ZK proofs, users can prove they have already passed (know your customer) KYC verification with a regulated exchange or that they are not on the sanctions list, to participate.

He explains:

“Historically, regulators and policymakers have sometimes seen privacy as being in direct opposition to financial crime compliance. But today, technological advances are moving so quickly that it may no longer be necessary to sacrifice one goal to achieve the other.”

But not everyone is entirely convinced. Didier Lavallée, CEO of Canadian crypto firm Tetra Trust, says Hinkal’s compliance model is “unclear”.

“You would need some kind of token or verification system to confirm it is compliant,” Lavallée told Cryptonews. Still, the service might be useful for institutions that continue to use permissioned blockchains, he said.

Vitalik Wants Privacy Wired Into the Blockchain

Vitalik Buterin has occasionally revisited the question of privacy in his blogs. He usually breaks down the “moon math” that is required to code privacy protocols such as zero-knowledge proofs into Ethereum.

His simple solution is to wire privacy into the blockchain itself rather than add it on top of the blockchain in the form of a wallet, for example.

“Up until now, making private transfers on Ethereum has required users to explicitly download and use a ‘privacy wallet’, such as Railway (or Umbra for stealth addresses),” Buterin explains in one blog entry.

“This adds great inconvenience and reduces the number of people who are willing to make private transfers. The solution is that private transfers need to be integrated directly into wallets.”

One of his proposed implementations would have wallets store a portion of a user’s assets as a “private balance” in a privacy pool.

“When a user makes a transfer, it would automatically withdraw from the privacy pool first,” says Buterin. “If a user needs to receive funds, the wallet could automatically generate a stealth address.”

Invisible Wallet: Transparency vs. Privacy

Hinkal’s privacy tool challenges crypto’s core ethos of transparency. After all, blockchain was built to let “everyone see everything.” However, some crypto analysts argue the wallet reframes crypto transparency rather than ends it.

“Instead of putting every detail of a user’s balance and trades on-chain, it uses zero-knowledge proofs to make only the necessary facts verifiable,” said Serov, the Global Ledger head of investigations, adding:

“In other words, it tries to preserve the trustless auditability of crypto while reducing the personal exposure that comes with full transparency. Hinkal reflects a shift from ‘everyone sees everything’ to ‘everyone can verify what matters.’”

AMLBot’s Demchuk spoke about balancing transparency with privacy. “Transparency has always been core to blockchain, but privacy is equally fundamental, especially when financial security is at stake,” he detailed.

“Public ledgers can remain auditable, while individual users gain choice over what information they reveal.”

Meanwhile, Hinkal could face much bigger problems. Privacy tools have historically drawn sharp reactions from regulators.

In 2022, for example, the U.S. Treasury Department sanctioned Ethereum-based mixing service Tornado Cash on allegations of facilitating billions in laundered funds. Its cofounder, Roman Storm, was indicted in the U.S. for money laundering.

“There are some legitimate use cases of the (Hinkal) app, like payroll or protection from dusting attacks,” Serov noted. “But this innovation is likely to attract regulators’ attention in advanced regulatory regimes, like the EU.”

Without a MiCA license, or Markets in Crypto Assets Regulation, Hinkal will not be able to offer its privacy-enhanced crypto custody solution in the European Union, according to Serov.

“Under the new AMLR, crypto asset services providers will not be allowed to facilitate transactions with privacy coins or anonymous accounts from July 2027. Such privacy-enhancing solutions will be effectively outlawed.”

Analysts say Hinkal’s wallet will likely be pushed out into jurisdictions that don’t yet have similar regulations in place.

“Unlike mixers, which anonymize flows without checks, Hinkal integrates privacy-preserving KYC and access tokens,” said Demchuk. “That gives regulators a framework to distinguish it from ‘black box’ laundering tools.”

Data from Global Ledger shows that Tornado Cash received roughly $1.5 billion worth of ETH between Jan. 1 and Sept. 5 this year (see image above).

Serov said around 36% of the funds are “high-risk” and come from hacks, such as the Cork Protocol hack and Bybit hack, as well as sanctioned entities like Garantex and other risky sources. “The mixer poses significant AML risks,” he added.

Market Structure Signals Growing Vulnerability

According to @Crypto_TheBoss in a recent market update, Bitcoin dominance has slipped below the 60% support level, signaling a notable change in market dynamics. This breakdown points to a weakening grip for Bitcoin as capital flows begin to diversify into other areas of the crypto market. Moves like this often act as early signals of potential altcoin strength, as traders look beyond Bitcoin for opportunities.

The analyst noted that Bitcoin dominance has bounced from the 58% area, showing that some buying pressure emerged to defend the level. This bounce highlights temporary stability, but it does not yet confirm a recovery. Instead, it reflects a cautious response from the market, where buyers are attempting to prevent further declines while broader sentiment remains uncertain.

Looking ahead, @Crypto_TheBoss explained that if the 58% level fails to hold, Fibonacci retracement zones could act as key areas of support. Losing this support would deepen the bearish outlook and likely accelerate capital rotation into altcoins, shifting momentum away from Bitcoin’s leadership in the market.

Positive And Negative Technical Signals

@Crypto_TheBoss went on to highlight that the bounce from support shows buyers stepped in and temporarily halted the downside pressure. This kind of reaction often reflects how market participants are still willing to defend critical levels, even when sentiment leans toward caution. By holding above support, Bitcoin dominance was able to avoid a deeper immediate drop, though uncertainty still lingers.

The analyst further emphasized that Fibonacci levels are widely used in technical analysis as reliable support and resistance zones. For Bitcoin dominance, the Fibonacci structure provides a technical roadmap, guiding market participants on where the price may either stall, reverse, or accelerate if another leg lower unfolds.

In a negative scenario, @Crypto_TheBoss cautioned that losing the 58% support could trigger stronger selling pressure, pushing dominance further down. A breakdown below this level would not only signal structural weakness but also reinforce the narrative of Bitcoin losing its edge in market control. 

Such a scenario is often interpreted as a sign of capital rotation into altcoins. As Bitcoin dominance decreases, investor attention tends to shift toward alternative cryptocurrencies, sparking renewed activity and potentially driving sharp moves in the altcoin sector. This rotation could set the stage for fresh momentum in altcoins, particularly if Bitcoin struggles to quickly reclaim its lost ground.

Dogecoin slid overnight, erasing gains despite heavy institutional accumulation, as $782 million in trading volume overwhelmed support levels and sent the token into correction mode.
The move came alongside broad crypto liquidations, reflecting heightened macro pressure.

News Background

• Dogecoin dropped from $0.23 to $0.22 in a 24-hour window ending August 19 at 04:00, marking a 4% decline.
• A sharp liquidation wave hit between 03:00-04:00, where volumes spiked to 782 million DOGE — nearly double the daily average.
• The decline occurred as industry-wide liquidations topped $1 billion, triggered by U.S. inflation prints beating expectations and denting Fed rate-cut hopes.
• Despite the drop, institutional buyers have accumulated 2 billion DOGE worth about $500 million this week, bringing total reported holdings to 27.6 billion.

Price Action Summary

• DOGE traded within a $0.01 band, reflecting 5% intraday volatility.
• Overnight crash drove the token to test $0.22 support, now viewed as the key level to defend.
• A late-session rebound attempt lifted prices modestly back toward $0.22, signaling demand at the lows.
• Resistance is building near $0.23, where profit-taking and heavy sell orders reappear.

Technical Analysis

• Breakdown from $0.23 invalidates prior bullish structure, with $0.22 emerging as new short-term floor.
• Volume surge of 782 million DOGE validates capitulation selling — a potential precursor to bottom formation.
• Support: $0.22 (critical), followed by $0.21 if pressure persists.
• Resistance: $0.23 (immediate), $0.25 (major breakout threshold).
• Indicators suggest mixed signals: RSI approaching oversold, but momentum remains negative.

What Traders Are Watching

• Whether institutional accumulation continues if $0.22 cracks — signaling smart money conviction or retreat.
• Broader market risk sentiment: equity weakness and macro headwinds remain the dominant driver.
• $1 billion+ in crypto liquidations highlight fragility; another macro shock could deepen downside.
• A reclaim of $0.23 would be seen as a short-term reversal trigger, otherwise $0.21 support test is likely.

BONK, a Solana-based memecoin, advanced 1.7% in the last 24 hours to $0.00002626.

The token traded within a 4% range, with a high of $0.00002645 and a low of $0.00002485, producing a $0.00000160 spread, according to CoinDesk Research’s technical analysis data model.

The price rebounded from the low at 16:00 UTC on Aug. 7, moving toward the peak during the European morning on Friday. This recovery phase saw total volume surge above 1.09 trillion tokens, greater than the daily average. However, momentum stalled at $0.00002640, where repeated sell orders capped upward moves.

BONK subsequently held above $0.00002600 despite brief dips. A volume spike of 48.86 billion tokens at 12:07 UTC coincided with a failed breakout attempt past $0.00002615, reinforcing the established resistance zone. BONK may have consolidated below $0.00002630 for now, leaving traders focused on whether the token can break higher or face renewed selling pressure.

Market sentiment across memecoins remains cautious amid broader crypto volatility. Institutional flows have shown signs of rotation into more established assets, but BONK’s sustained support at $0.00002550-$0.00002600 suggests buyers remain active.

Technical Analysis

• Trading range of 4% spanned $0.00002485 to $0.00002645.
• Resistance confirmed multiple times at $0.00002640.
• Support zone established at $0.00002550–$0.00002600.
• Volume spike of 1.09 trillion tokens during rally phase.
• Failed breakout at $0.00002615 led to pullback.
• Elevated liquidity observed in the $0.00002580–$0.00002610 band.
• Intraday volatility produced several lower highs after peak.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Injective Protocol tests test EVM compatibility for Ethereum Smart Contracts to run natively. After SBET and stock tokenization, is Inj Crypto ready for 130% meetings?

Cryptocurrency prices are stable and flat-ring over the weekend, but appear strongly and close over $4 trillion. Bitcoin has a dominance of less than 60%, but Ethereum has gained traction, and now The best cipher to buy. The Altcoin season is imminent as hundreds of millions of dollars are poured into the second most precious coin.

Discovered: 20+ Next Cryptographs to explode in 2025

Is Inj Crypto ready for 130% spikes?

Ahead of this expected surge in Altcoin prices, Injective has made headlines over the past few days. This positive news flow is solid Inj (no data) Crypto price.

As of July 28th, Inj has remained stable, up nearly 20% since Friday, July 25th. Prices have risen over the weekend, putting the Bulls in a strong position to reverse losses from last week and break $16 with a bullish breakout formation.

If the buyer is successful, if the losses are completely reversed from July 23rd, it could set a strong foundation to return to its December 2024 high of around $35. If that happens, Inj Crypto is in it Next 1000X Cryptos Consider it.

From the current rate, this represents an increase of around 130%. This is a major boost to INJ, where developers are actively building and improving the platform offering.

Technically, the coin has moved sideways after a surge since April 2025. Over $17 this week, buyers will need to push the tailbone they need, print highs from H1 2025, or reverse the loss. In that case, Inj will expand to $35 and you can ride the Defi Wave.

Discover: Best New Cryptocurrencies to Invest in 2025

Release of EVM environments on Testnet

Last week, Injective developers announced a pivotal step in their quest to create not only high-performance products, but also products that can interoperate with the first smart contract platform.

In the post, they said they successfully tested Injective’s EVM environment to allow Ethereum-compatible smart contracts to run natively on that rail once deployed to the mainnet.

BREAKING NEWS: The Injective EVM mainnet has been successfully achieved internally.

— Injective (@injective) July 27, 2025

This deployment means that the injection eliminates the need for cross-chain bridges or roll-ups, and Defi protocols that are attempting to run on Ethereum take advantage of low cost and high scalability to work simultaneously with neglect.

An EVM environment aimed at integrating 320-800 TPS provided in a simulated environment in the mainnet during testing. However, it could potentially process up to 12,500 transactions per second, or up to four times faster than other EVM-based solutions.

This test and planned mainnet launch complement the ignored multi-vertle machine token standard (MTS), reducing duplication and improving complexity.

Injective leads RWA tokenized charge

Injective Protocol launched SBET stock on the mainnet after releasing its first Chain Digital Assets Treasury (DAT) last week.

Injective has launched the first ever onchain Digital Asset Treasury (DAT).$SBET, the largest DAT for $ETH is live onchain, giving Injective users 24/7 access with leverage to one of the hottest financial products yet.

The future of global markets starts on $INJ pic.twitter.com/OXW6PuLkjd

— Injective (@injective) July 24, 2025

Through DAT, Injective Protocol will tokenize the SBET stock and public company Sharplink will reflect MicroStrategy’s plans and launch Ethereum Treasury.

SBET Stock Tokenization converts Sharplink’s static ETH holdings into tradable assets 24/7, 7 days a year, generating yields; It will be used As collateral for Defi protocols supported via Injective Protocol Iassets.

Injective, Bondi Finance also introduced tokenized bonds as reject-centric platforms move more and more towards real-world assets.

https://www.youtube.com/watch?v=3wtvkulzobe

Bondi Finance allows users to merge tokens during the funding stage before trading in the secondary market. This makes corporate bonds more accessible to retailers and institutional investors.

Tokenized corporate bonds can be integrated into the Defi protocol or used in derivatives to increase their usefulness and liquidity.

Discover: 10 high-risk, high-reward codes for 2025

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Ethereum is taking the lead in the crypto market as Bitcoin continues to consolidate near its all-time highs. After months of lagging behind BTC, ETH is now making a strong move, with bulls pushing price action toward the critical $2,800 resistance. This level, which has consistently capped upside momentum since early February, now stands as the key battleground for Ethereum’s next major leg.

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Market sentiment has shifted as Ethereum shows signs of reclaiming dominance, driven by renewed spot demand and strengthening technicals. Top analyst Ted Pillows has weighed in on the rally, emphasizing the importance of the $2,850 mark. According to Pillows, this is the most significant resistance Ethereum has faced in this cycle, and breaking through it could unlock a powerful move toward $3,000 and beyond.

Momentum has been building steadily over the past few weeks, and ETH’s recent resilience against macroeconomic pressure is adding to the conviction. If bulls manage to flip this resistance into support, it could mark the beginning of a broader altcoin surge. For now, all eyes are on Ethereum as it flirts with a breakout that could reshape market dynamics heading into June.

Ethereum Eyes Expansion Phase Amid Shifting Global Dynamics

Ethereum is positioning itself for a potentially expansive move as both technical indicators and market sentiment continue to align in its favor. After weeks of consolidation and steady gains, ETH is now testing the $2,850 resistance—a level that has held price down since February. The setup suggests that Ethereum is not only regaining momentum but could also lead the next phase of the crypto rally.

While the crypto market gains traction, broader macroeconomic forces are reshaping investor behavior. A recent decision by the U.S. Federal court to strike down former President Trump’s tariffs on various countries has created fresh uncertainty across global markets. This policy reversal could introduce volatility in traditional finance, as trade dynamics shift and new fiscal responses take shape.

Despite this uncertainty, Ethereum appears to be thriving. There’s a view that crypto assets like ETH could perform well under tight economic conditions, and current price action supports that view. ETH is showing resilience, supported by growing spot demand, a bullish structure, and rising investor confidence.

Pillows highlighted in his latest analysis that if Ethereum reclaims the $2,850 level in the coming sessions, the path to $4,000 will open quickly. This would represent a major breakout and likely trigger a wave of capital rotation from Bitcoin and stablecoins into altcoins.

For now, ETH remains just below a breakout point. If bulls can push decisively above resistance, it would confirm the start of an expansionary move that could reshape the broader market, positioning Ethereum as a leading force in the next phase of the cycle.

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ETH Reclaims Weekly Key Levels

Ethereum is showing renewed strength on the weekly chart, currently trading at $2,728.36 after reaching a high of $2,789.50. This move marks a significant recovery from recent lows near $1,600 and confirms the formation of a strong uptrend. ETH has now reclaimed the 34-week EMA at $2,511.42 and is pushing above the 100-week SMA at $2,605.71. These moving averages now act as dynamic support levels, reinforcing bullish sentiment.

The next critical level to watch is the 50-week SMA, currently sitting at $2,729.64, just slightly above the current price. A confirmed weekly close above this level would mark the first time ETH has sustained strength above it since late 2023. That could open the door for a push toward the $3,200–$3,600 zone, with $4,000 in sight if momentum accelerates.

Volume has also picked up on this recent move, signaling healthy participation from buyers. Historically, similar recoveries from major moving average clusters have preceded expansive legs in Ethereum’s price.

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As long as ETH maintains this structure and closes the week above $2,700, bulls are likely to retain control. The breakout above $2,850—last defended in early 2024—remains the final hurdle before Ethereum can challenge prior cycle highs.

Featured image from Dall-E, chart from TradingView

Dogecoin is currently showing signs of selling pressure after shedding much of the bullish momentum it had gathered in late April and early May. Technical analysis of the Dogecoin price shows that the meme cryptocurrency is precariously hovering just above a key support level that puts it one step away from a downtrend. 

Crypto analyst RLinda noted this level, set at $0.214, on the TradingView platform, labeling it a retest of the panic zone. 

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Panic Zone Under Retest Due To Dogecoin Correction

According to RLinda’s analysis, Dogecoin’s distribution phase between May 9 and 11 ended in the $0.2600 range, eventually marking the end of its latest bullish impulse. During this distribution phase, Dogecoin squandered all the potential it had accumulated in late April and early May.

From that point, the price has been falling steadily, entering what the analyst describes as the correction or dump phase. This has caused the meme coin to test the 0.214 level, the current panic zone. A confirmed breakdown below this panic zone, particularly beneath the 0.2135 support line, would not only liquidate long positions but also likely intensify selling pressure, eventually leading to what could become an uncontrolled price decline.

Interestingly, this correction price action has been characterized by lower highs, leading to the formation of a triangle pattern that’s visible on the 2-hour timeframe. RLinda warned that if the triangle’s base is broken, this structural failure could reinforce bearish sentiment. This would open the door to downside targets closer to $0.20 and possibly even $0.19.

Dogecoin Resistance And Support Levels To Watch

The immediate resistance lies at $0.222 and $0.2307, representing key zones Dogecoin must reclaim to negate the current bearish setup. A move above these points, especially if the price consolidates above $0.23, will invalidate the bearish breakdown structure and could renew bullish sentiment. However, RLinda made it clear that such a scenario is only worth considering after a clear confirmation, as current momentum still favors sellers.

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On the other hand, support levels of $0.2145 and $0.2135 are currently the final shields holding back further declines. A close below $0.2135 would confirm the continuation of the downtrend and push the Dogecoin price into a lower consolidation zone, with limited immediate support until $0.20126 and $0.19298.

At the time of writing, Dogecoin is trading at $0.22, up 1.72% over the past 24 hours. This slight recovery hints at early signs of strength and may already be undermining the bearish setup. Although this slight recovery is not enough on its own to confirm a bullish reversal, it does show that buyers are attempting to regain some control. If this momentum can be sustained into the new week, it could gradually pave the way for a more sustained move higher for Dogecoin during the week.

Featured image from Mashable, chart from TradingView