Another Day, Another Exploit - This Time Targeting Almost 8000 Solana Wallet Users
💊 M6 Daily Bullets 💊Wednesday, August 3rd
The crypto markets continue to grind sideways - with Bitcoin noodling around in the $23k region and ETH ~ $1600. Just days after another high profile Bridge hack (Nomad Bridge), we see another high profile exploit - this time targeting Solana wallet users. Curiously there’s been no official confirmation for the source of the hack yet. All of this underpins how important security is in crypto. There’s people trying to steal your coins at every step. Be careful.
⛓ Crypto News:
- 7,767 internet-connected Solana hot wallets have been compromised so far, but the source of the attack remains unknown. Includes Phantom, Slope, Solflare, and TrustWallet. Origin and cause not yet determined. Recommended to take security steps
- Potential widespread malware attack on github
- VC firm Hashed confirms losing more than $3B in Luna crash but is still looking to step up investments in GameFi projects and plans to raise a third venture capital fund
- Michael Saylor to step down as MicroStrategy CEO, shift to executive chairman role, focusing on strategy and Bitcoin. MicroStrategy reports $918M impairment charge on Bitcoin holdings in Q2
- Chainalysis estimates that $2B has been stolen from cross-chain bridges across 13 separate hacks so far this year. Attacks on cross-chain bridges account for 69% of total funds stolen so far this year
- Nomad Bridge Funds Recovery Process - $9M returned so far by whitehats
- Robinhood to lay off approximately 23% of employees
- Digital asset manager CoinShares reported losses in the second quarter and $21M in losses following the de-pegging and collapse of TerraUSD
- Zipmex is re-enabling withdrawals for 100% of user funds stored in its Z Wallet - but only for SOL, XRP, ADA. No news on Bitcoin or Ethereum, or to stablecoins
- Paystand, a U.S.-based company that uses the Ethereum blockchain to enable business-to-business payments, has acquired Yaydoo, a Mexico-based accounts payable company
- Ethereum Devs address potential glitch ahead of the Merge: the chance of an MEV-boost failure
- Web3 developer Alchemy will now support Astar Network, a parachain of the Polkadot network
- Optimism Bedrock is coming soon - model for rollup architecture
- BUSD reserves consist of 60.5% US Treasury bills, 4.21% cash
- Registration to participate in Sui Incentivized Testnet is now open
- DeSci: the first time a academic institution in the US is transacting & financing R&D via an IP-NFT in web3 to a DAO
- Introducing Earthquake PT 2 - covers payout calculations and our method for determining strike prices
- Phezzan Testnet is live on zkSync 2.0 testnet - perpetual DEX
- Introducing MUX: The First Multi-Chain Native Leveraged Trading Protocol
- Glitter Finance Mainnet is now live
- Avalon release of the Lyra protocol - Incentives are now live
- COTI MultiDAG 2.0 Hard Fork Testnet is Live
📊 Data:
- Nansen Smart Money Holdings Token Inflow and Outflows:
- Inflow: BitDAO ($2.5M), LDO ($2.4M), BONE ($540k)
- Outflow: USDC ($40M), USDT ($5.6M), aUSDC_v2 ($5M)
🎓 Research:
- Delphi - ETH Active Addresses Surge, Deep Dive on Soulbound Tokens - source
- Sufficient Decentralization: A Playbook for web3 Builders and Lawyers - source
- Crypto As Junk Equity: A Mental Model - source
- Blockchain Open-Source Developers Signal Strength of Web3 Community - source
- Vulnerabilities in Cross-chain Bridge Protocols Emerge as Top Security Risk - source
- Messari - State of Solana Q2 2022 - source
- Why blockchain bridge protocol Synapse is launching its own smart contract platform - source
- New security model for Synapse V2 cross-chain messaging - source
- Best web3 design resources - source
- Web3 Reference Architecture - source
- NFT API as a Service - source
🖼 NFTs/Metaverse News:
- A new gifting feature on leading NFT marketplace OpenSea is causing concern over mislabeled transactions - could potentially be exploited by predatory NFT traders
- Academic textbook publisher, Pearson, hopes to capture a portion of secondary market sales of textbooks by attaching NFTs to its digital titles
- Tinder canceled its metaverse-dating and 'Tinder Coin' plans, and announced a number of changes to its management team as Tinder CEO departs
🌍 Crypto Twitterverse:
📈 Fundraises:
- Aglaé Ventures - backer of tech giants like Airbnb, Netflix and Slack — is set to launch a €100 million fund dedicated to investing in crypto startups
- Binance Labs led the seed funding round of Lifeform, a decentralized visual digital identity (DID) solution provider
- The NFTs.com domain name was acquired for $15M
- AO Labs has raised $4.5M for its Spacebar community-driven Web3 gaming platform through a token sale
- Bitcoin-native banking software company and creator of El Salvador’s Bitcoin beach wallet Galoy raises $4M
- Web3Port Raises $1M - an accelerator of Web 3 projects, helping startups build from zero to one and to the next level
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