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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