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- $200 Million DeFi Hack ... Via Centralized Service 🙄
$200 Million DeFi Hack ... Via Centralized Service 🙄
In today's edition: 🧑⚖️ FTX sues former employees, 🤑 Arbitrum takes 69 million unclaimed tokens, 💰 a16z's crypto investments, 🛠️ Bitcoin mining woes, and more!
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What’s Poppin’?
by Brandy Betz, James Rubin, and Rosie Perper
The DeFi project suspended deposits and withdrawals after confirming that its cloud service provider was targeted by hackers.
The embattled exchange is contending that the employees withdrew the total under preferential conditions.
The Arbitrum Foundation has officially taken ownership of the 69 million ARB tokens that users failed to claim before the deadline.
The noted venture capital firm participated in two of the largest fundraises of the past week, including a new startup from former a16z crypto execs.
Bitmain will provide 27,000 bitcoin mining servers to Core Scientific in exchange for $23.1 million in cash and $53.9 million in equity.
Titled “Ancora,” the first runway show under Sarno’s creative leadership took place on a Milan runway as well as across three virtual platforms.
On the Pod…
As lawsuits continue to pile up in the FTX saga, FTX chief John Ray III is focused on clawing back funds from former affiliates to pay back creditors. But how might that play out in court? Founder of 117 Partners Thomas Braziel, who specializes in the trading of bankruptcy claims, explains the different paths Ray may choose to go down and the potential outcomes of these cases.
Daily Bits…✍️✍️✍️
🗳️ The Terra Classic community voted to stop all minting and reminting of TerraUSD Classic (USTC), opting instead to burn tokens to repeg to the U.S. dollar.
🛍️ Coinbase reportedly explored the acquisition of FTX’s European entity to expand its derivatives business following FTX’s bankruptcy.
⬆️ Ether turned inflationary as its network activity continued to drop. Analysts say this could affect the token’s price.
🌊 OpenSea said that one of its third-party vendors “experienced a security incident that may have exposed information” about users’ API keys.
❌ Coinbase CEO Brian Armstrong said that AI should not be regulated because it kills innovation and competition.
🛑 Bybit is suspending its services in the UK ahead of new cryptocurrency marketing rules.
👋 The head of the virtual currency unit at the New York State Department of Financial Services is leaving.
What Do You Meme?
Recommended Reads
NPR’s Planet Money discusses cracking the case on who was behind the $600 million Axie Infinity hack.
Vitalik Buterin tells CNBC that developing countries would keep the crypto revolution alive as U.S. regulators crack down.
After spending three days at Messari Mainnet, Insider’s Phil Rosen writes that crypto seems to be “growing up.”
📈 Your Market Update 📉
BTC and ETH were both down, while altcoins were slightly up.
BTC is down .75%, trading at $26,053
ETH is down .87%, trading at $1,566
BTC dominance: 49.9%
Crypto market cap: $1.08 trillion
*All data as of today, 7:50 am ET
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