Another Crypto Bridge Hack - Nomad Loses $190M, Nancy Pelosi Taiwan Visit Has Markets on Edge

💊 M6 Daily Bullets 💊 Tuesday, August 2nd

Aug 02, 2022

Bullish momentum has been slowed by tensions surrounding U.S. House of Representatives Speaker Nancy Pelosi visiting Taiwan against China’s warnings. Plus another high profile bridge hack - this time seeing hundreds loot an exploit on Nomad Bridge for $190M. Bitcoin grinding down towards $22k and ETH struggling to hold $1600. Despite that, another busy and active day full of developments in Cryptoland.

Nomad cross-chain crypto bridge exploit. $190M worth of WBTC, WETH and USDC drained. Nomad is a token bridge that allows transfers of tokens between Avalanche, Ethereum, Evmos, Milkomeda C1, and Moonbeam. After initial attack, hundreds of separate accounts swarmed in a free-for-all to loot funds - some whitehats

Market unease attributed to Beijing's warning to the U.S. House of Representatives Speaker Nancy Pelosi against visiting Taiwan – a self-ruled island claimed by China – during her tour of four Asian countries

Messari has acquired the assets and business of Dove Metrics, which provides fundraising data and intelligence for the cryptocurrency industry

Binance.US will delist the AMP token “out of an abundance of caution” after the U.S. SEC alleged AMP was a security last month in its insider-trading case against a Coinbase former employee

Waves community backs plan to reimburse $500M of lost DeFi funds funds following the depegging of its stablecoin. Plans to reboot non-custodial lending protocol Vires.Finance

The U.S. SEC charged 11 people tied to the alleged $300M crypto Ponzi scheme Forsage with fraud

Reaper Farm, a yield aggregator, suffered an exploit. The exploiters already transferred ~$1.6M into TornadoCash

Players in the US National Women’s Soccer League (NWSL) are reportedly set to miss out on the promised payouts of a deal with crypto broker Voyager after the firm went bankrupt

Swiss Sygnum Bank expands crypto staking with Cardano, joins Ethereum 2.0 (ETH), Internet Computer (ICP) and Tezos (XTZ)

North Korean cybercriminals are targeting jobs listed on LinkedIn and Indeed to plagiarize resumes and other people’s profiles to land remote work at crypto firms

A recent report from Bank of America identified several bullish trends in the crypto market, indicating investors may be changing sentiment

Marathon closed a deal for a $100M loan from Silvergate Bank collateralized by bitcoin, a move that comes as other miners have sold bitcoin in an effort to pay down their debts

dYdX dropping all trading fees for up to $100k/month volume

On August 1, Polygon contract address released 13.87% of the total supply to the foundation contract address. 640M are allocated to the team and staked directly; 546M are allocated to the foundation; 200M are used for staking rewards

Ankr has released a line of SDKs allowing developers to offer token staking and yield farming to users of Ethereum, Polygon, BNB Chain, Avalanche and Fantom networks at first

Colombia’s government has launched a partnership with Ripple Labs, the company behind XRP, to put land titles on the blockchain

Gucci now accepting ApeCoin payments via BitPay

Aptos Incentivized Testnet 2 | Highlights and Updates

An overview of Scroll's architecture - Scroll is an EVM-equivalent zkRollup to scale Ethereum

Aspect MainNet, the first NFT marketplace on StarkNet MainNet

Kava11 is launching with the expected date of Sept. 8th, and with it, the first-ever fully convertible liquid staking protocol called Liquid (bKAVA)

Pythnet, a solution that will propel the Pyth network into a new sphere

Introducing Soroban: a smart contracts platform built by the Stellar Development Foundation - Looking for testers

Reserve Protocol new service: Reserve Institutional - aims to solve a major issue that institutions in Latin America face today: crypto transfers to and from fiat currencies

Institutional clients of Coinbase Prime based in the US will now be able to stake ETH on the platform, with funds secured in the firm’s cold storage vault

Robinhood has been fined $30M by the NYDFS, for allegedly violating anti-money laundering and cybersecurity regulations

📊 Data:

Nansen Smart Money Holdings Token Inflow and Outflows:

- Inflow: USDC ($53M), WBTC ($35M), Hxro ($8M)

- Outflow: WETH ($39M), USDT ($19M), LDO ($2.3M)

🎓 Research:

Messari - Ethereum Classic - source
Messari - State of BNB Chain Q2 2022 - source
Huobi Research - Aptos - source
Bitmex Research - ETHPoW vs ETH2 - source
Frustration points in crypto - source
Sino Global thesis on Clearpool’s decentralized institutional lending platform - source
Angel investment in Tenderize – a liquid staking protocol for web3 assets - source
Tokenomics Musings: ve tokens and alternatives - source

🖼 NFTs/Metaverse News:

July NFT data: Investor interest in gaming, NFTs continued despite market downturn

Magic Eden, the most popular NFT marketplace on Solana, will add support for Ethereum beginning this month

Gaming YouTube streamer Dr DisRespect unveiled the first sneak peek of his upcoming NFT shooter game, Deadrop. 4M subscribers on YouTube and 2.4M followers on Twitter. Partnered with Polygon Studios

Shiba Inu upcoming mobile NFT game in partnership with PlaySide Studios - Shiba Eternity will be available on both the Apple App Store and the Google Play Store

Prada’s Latest Timecapsule NFT comes with chance to attend their spring 2023 show

Funko and Paramount to launch a series of Digital Funko Pop NFTs depicting characters from Nickelodeon’s Avatar: The Last Airbender and The Legend of Korra series.The collection will be available for purchase via Dropp.io
Kikit has partnered with Liberty Gaming, a next-generation GameFi organization comprising a gaming community, guild, and NFT & Token funds, to launch its M2E fitness mobile game app

🌍 Crypto Twitterverse:

samczsun @samczsun

1/ Nomad just got drained for over $150M in one of the most chaotic hacks that Web3 has ever seen. How exactly did this happen, and what was the root cause? Allow me to take you behind the scenes 👇

foobar @0xfoobar

🚨Explaining the Nomad bridge hack 🚨 All credit to @samczsun for doing the heavy lifting of diagnosing the precise vulnerability in his postmortem How did we get the first decentralized crowd-looting of a 9-figure bridge in history?

Adam Cochran (adamscochran.eth) @adamscochran

1/14 I think the right solution to crypto bridges either has to be: 1) Much more complicated and decentralized - possibly closer to the native level of the protocol. Or 2) Slower and costlier.

Marc "Aavechan.lens" Zeller 👻 💜 @lemiscate

A short thread about EthPoW and what is quite likely to happen: Spoiler TL;DR: Galois et Guo delenda est 🧵👇

olimpio.lens ⚡️ @OlimpioCrypto

Airdrop Strategy: Aptos Edition 🪂 @AptosLabs is a new L1 blockchain, launched in 2021. They received +350M in funding from the likes of FTX, Jump, a16z. No token yet, but they plan to lauch $APT On this thread: how to use Aptos, and 4 bonus no-token protocols to try! 🧵👇

📈 Fundraises:

MarqVision, a startup that detects and removes counterfeit products using AI, has raised $20M in Series A funding

Bits Crypto Raises $1.2M to Facilitate Gradual Investments in Crypto

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