Daily Bullets 💊: Yuuuuge $47M Mango Bounty - Is Code Law?

💊 Daily Bullets 💊 Monday, October 17th

Oct 17, 2022

Bitcoin saw some interesting volatility over the weekend and now looks like it wants to push upwards to test $20k. That $19k level has been resilient af. Let’s see how this attempt goes. So many questions arise with the Mango Markets exploiter. He’s essentially coming out with a 40% bounty (counter to the standard 10%) with an agreement not to pursue any legal action. Will this hold up in court? Would it ever go that far? The dude is bold af - he was on twitter shitposting about a bet that he won’t be charged with a crime by the end of 2023. Many crypto natives believe “code is law” - highly doubtful law enforcement will eventually see it that way - another example highlighting just how much this space is like the wild west.

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⛓ Crypto News:

Mastercard is launching a program in partnership with Paxos to let financial institutions offer cryptocurrency trading to their clients. Mastercard will handle the regulatory compliance and security — two core reasons banks cite for avoiding the asset class

Avraham Eisenberg, the man behind the $114M exploit on Mango Markets, confirmed that he orchestrated the attack and claims all actions were legal after after returning $67M - crazy $47M bounty

StarkWare's token will launch within this month of October

The ApeCoin DAO is considering whether to push back the launch of NFT and ApeCoin staking in order to allow for a 1 million APE ($4.5 million) bug bounty program and last 2-4 weeks

Flashbots upgrade SUAVE - aims to address censorship resistance and concerns over decentralization

Ripple is testing a way for developers to deploy smart contracts made for the larger and more popular Ethereum on its XRP Ledger (XRPL) blockchain with little effort

Bitgreen wins Polkadot's 29th parachain auction and DAO IPCI has won the 55th Kusama auction + Ecosystem Weekly Digest

North Korean cyber crime group Lazarus has been aggressively targeting Japanese crypto companies through phishing and social engineering attacks

Cosmos IBC security vulnerability patch

👨‍⚖️ Economic/Government/Regulatory:

FTX founder Sam Bankman-Fried agrees with CFTC Commissioner Christy Goldsmith Romero over the benefits of disclosures and knowledge tests for trading

💸 Exchange News:

FTX US and its founder Sam Bankman-Fried are under investigation by Texas’ securities regulator

Gemini co-founder Cameron Winklevoss is no longer a director at Gemini Europe

Coinbase is hinting it may sue about 1,000 users in the republic of Georgia for taking advantage of a pricing glitch

🏦 DeFi News:

Aave progress update on the development of GHO

Decentralized stablecoin issuer Frax Finance to publicly release liquid staking protocol within two weeks

Crypto investment firm Hivemind deploying $25M into Algorand DeFi is one of several catalysts attracting liquidity to the Layer 1 chain. TVL hit a new all-time high of $270M

MetaMask is making it easier for users to turn their fiat into crypto through an integration with fintech firm Sardine

Rabby Wallet has narrowed down the hack to 3 individuals with the help of community and security agencies - the estimated loss is $200,000

🖼 NFT/Gaming/Metaverse News:

Magic Eden users will now be able to opt for optional royalty payments. Decision on how much royalties to pay will be passed to the buyer who will have three ways to set their preferred royalty percentages

Everyrealm, a metaverse content developer with backers like Will Smith, Paris Hilton and venture capital firm a16z, is launching a home design and virtual real estate game aimed at mature gamers

Magic Eden launch of Boots - allows collectors to further customize their NFTs by trading traits and enables creators to sell traits as another creator monetization tool

X2Y2 "Trackable Royalty" - NFT Marketplace contract to record user's royalty choice; Cross-market API to check how much royalty was paid in the LAST buy

Cofounder of CryptoKitties and Dapper Labs Mack Flavelle has signed with top Hollywood talent agency, WME - one of the most powerful talent agencies in the entertainment industry

NFT platform LiveArt burned 197 Seven Treasures NFTs stolen from its wallet and pledged to refund buyers who purchased the stolen NFTs

West Coast rapper, Snoop Dogg, dropped a music video for “Crip Ya Enthusiasm,” featuring a digital performance captured by Web3 startup Astro Project which makes music video assets available to fans

Introducing the Azuki Collector’s Profile: a web3-native showcase for the Azuki universe

👶 Early Stage Projects:

Re-launch of Aptos Name Service, the official name service of Aptos Labs

Sentiment launching on Friday, October 21st, 2022 on Arbitrum

Buffer Finance trading (Mainnet Beta) live on Arbitrum

💰 Fundraises:

Investment app, Stash, closed a debt round for $52.6M and plans to expand crypto access for its customers

Delysium, an AI-powered open world with diverse Free-to-Own universes, announced its $10M strategic funding round led by LA-based VC Anthos Capital

Tapio Protocol raised $4M in a seed round led by Polychain, Hypersphere and Arrington, in an effort to bring a unified liquidity standard to Polkadot

Yoloyolo, a new platform that connects NFT owners with brands to sell partnered merchandise, has raised $3.5M in a seed round backed that by ParaFi Capital, Mirana Ventures and Morningstar Ventures

t2.world raised $3.4M ro empower readers and writers in the decentralized future

Gritti, the web3 social fitness app building healthier habits through engaged communities and applied game design, raised $1.7M

Blockchain.com raised an undisclosed amount of additional capital in a round led by UK-based investment firm Kingsway Capital

What’s your take on today’s news? Anything interesting that you have to say about these stories? Did we miss anything that should’ve been included?

📊 Data:

TL;DR: Top inflow for the day is weak sauce but into YGG, BAL and CRV. We’ve also got some light outflow from WBTC. Weekly continues showing a flow into stables DAI and USDT followed by WETH and SYN. Weekly outflow mostly from WBTC and MATIC. NFT volume is unimpressive but Lumens by Vibes + Logic floor is up almost 1000% in the past 3 days? - interdasting. Also several shitcoins have been popping off recently - signs of a renewed meme season?

Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...

- Inflow (1D):

- Outflow (1D):

Weekly:

- Inflow (7D):

- Outflow (7D):

Nansen NFT Hot Contracts:

What is the Data telling you? See anything that sticks out to you?

🎓 Research/Reads:

Weekly project update: zkEVM's Layer3, AAVE's stablecoins, Magic Eden's optional royalties, etc - source

The Case For and Against the Appchain Thesis - Cross-chain or Multi-chain? - source

a16z - Wallet Security: The ‘Non-Custodial’ Fallacy - source

The Way of Cosmos - source

On the supposed “nihilism” of the Mango Markets arbitrageur - source

Q3 2022 Global Crypto Ranking: Germany tops, USA drops in the latest report - source

Synthetix Quarterly Report — Q3 2022 - source

Delphi - Nouns — Hyperscaling a Brand & Treasury From Zero - source

European VCs are finally launching crypto funds — what took them so long? - source

Where's The Beef? - Non-Speculative Web3 Use Cases - source

Unpacking Web3 Social - source

What are CC0 NFTs, and why are they important? - source

Nodes are going to dethrone tech giants — from Apple to Google - source

KYC to stake your ETH? It's probably coming to the US - source

Apple and the Metaverse: Everything We Know So Far - source

Have you seen our institutional-quality research?

M6 Research

🌍 Crypto Twitterverse:

asynchronous rob @rphmeier

Blockspace-centric architectures will outcompete blockchain-centric architectures. So what is blockspace, why should you care about it, and what are blockspace-centric architectures? 🧵 (1/n)

drew @wandzilak_drew

On-chain identity has been a hot topic the last few months. What does identity look like in Web3 and what infrastructure is needed to support that vision? To try and answer those questions, I did a deep dive into the Web3 identity landscape 🧵👇

Safary 🦁 @Safaryclub

The market for web3 growth tools is heating up 🔥 75+ teams are working on growth analytics, attribution, community, messaging, adtech, crm, & incentives. We canvased the industry so you don't have to. Introducing: The Web3 Growth Technology Landscape🧵

Ignas | DeFi Research @DefiIgnas

1/ Hard times have come... • For projects trying to get noticed. • And users looking for something new. That's why I created a database of early stage projects.

Nick White ✨ @nickwh8te

Here's my idea 👇 Use Interchain Security to provide decentralized sequencing as a service for rollups. Reduces the overhead of launching a new rollup, plus you get censorship resistance and fast finality out of the box. 🧵

Nick White ✨ @nickwh8te

Had an electrifying idea for how @cosmos hub's interchain security service and @CelestiaOrg's data availability layer could be combined. Need more time to think it through before sharing but if it works... wow 🤯

Composability Kyle @KyleSamani

0/ Horizontal NFT exchanges like ME, X2Y2, and others are moving towards 0-royalties for creators On the surface, this appears to be bad for creators Actually, I think it will become quite good

Ipor intern @ipor_intern

Here is all you need to know about $GHO, a flexible and decentralized stablecoin by @AaveAave. How does it aim to solve the stablecoin trilemma? Let's find out 🧵👇

Did we miss anything or is there anything you want to discuss? We’d Love to hear your feedback and engage with the community! Feel free to leave a comment and let us know your thoughts on the Crypto market!