🐱💻20 Million Optimism Token Exploited - TWJ #162
Wintermute's crisis management is commendable.
In today’s issue:
The crypto market is flat with its total market cap sitting at $1.2-1.3 trillion. Chainlink (LINK) is the best performer in the top 100 in the past 7-d. The European Central Bank will announce its next decision surrounding inflation later today.
In other news, 20 million OP tokens were exploited, NYDFS releases new compliance requirements for US-backed stablecoins, and Arrington Capital launches a $100M Moonbeam Ecosystem fund.
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- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆20 Million Op Tokens Were Exploited
Ethereum scaling solution Optimism token airdrop was exploited by an attacker who managed to receive 20 million OP tokens.
"We want to make one thing clear - the initial error is 100% Wintermute’s fault and as such we will proceed to buy OP every time the attacker sells it to make the protocol whole eventually (we did initiate buying the first million OP tokens yesterday already)," Gaevoy wrote. "We understand that it can potentially create price volatility in the token and will make best efforts to smoothen the effect."
⎆NYDFS Releases New Compliance Requirements for Us-Backed Stablecoins
The NYDFS has issued new compliance requirements for issuers of US-backed stablecoins. The guidance is an update on existing policies that have been implemented since 2018.
The guidance has three critical information; (1) must be fully backed by a reserve of assets, (2) audited by an independent certified public accountant, and (3) issuers must separate reserve assets from proprietary assets and hold reserves in specific asset categories.
⎆Arrington Capital Launches a $100M Moonbeam Ecosystem Fund
Arrington Capital which manages more than $1.5 billion in AUM has partnered with the Moonbeam Foundation to announce a $100M ecosystem fund to support the development of dApps on the Moonbeam ecosystem.
Moonbeam currently has ~100 projects on its network. Smart contract platforms’ total value locked has been decimated since the latest crypto dump, with Ethereum owning more than 50% of the market share. This initiative might help Moonbeam weather the bear market.
👨🏻💻Decentralized Finance (DeFi)
Optimism Loses 20M Tokens after L1 and L2 Confusion Exploited
Frax Proposal Up for Buying $20m Worth of FXS via TWAMM
Chainlink Staking
USDT & USDC Depeg on Oasis
ApolloX Exploit
Ropsten Network Meged
Anchor Freezes Earn and Borrow
Tether Launches on Tezos
Maker's Stablecoin Coming to Cosmos
StakeDAO Balancer Liquid Locker is Live
Popsicle Finance Sorbetto Lemone is live
TrueFi is Live on Optimism
RenBridge 3.0 is now Live
Morpho-Compound is Live
🏛Governance - Active Proposals
Compound - Risk Parameter Updates for 5 Collateral Assets
ENS - [EP13] [Executable] Fund the Protocol Guild pilot with 200,000 $ENS
Tribe NopeDAO - Veto for FIP 111: Reinforce PCV via ETH LBP and tighter spread
Tribe NopeDAO - Veto for Tribe Incentives discontinuation
🦮NFT & Metaverse
ApeCoin DAO Officially Favor to Remain within Ethereum Ecosystem
Anthony Hopkins Adopts Ethereum Name, Asks Snoop Dogg What NFT to Buy
Salesforce Launching Platform for Brands to Mint and Sell NFTs
UnicornDAO Co-Founder: How to Change the 'NFTs Are Bad' Narrative:
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Backd - $3.5M Unknown Round
Valkyrie Investments - $11.15M Strategic Round
Samudai - $2.5M Pre-seed Round
Adim - $5M Seed Round
Entropy - $25M Seed Round
Skolem - $20M Series A
Arrington Capital - $100M Moonbeam Growth Fund
⚖️Regulatory Update
CFTC Chief Heaps Praise on Bill That Boosts Agency’s Crypto Reach
New York’s Crypto Regulator Publishes Formal Stablecoin Guidance
Lithuania Aims to Tighten Crypto Regulation and Ban Anonymous Accounts
South Korea Investigates Terra Labs for Alleged Bitcoin Embezzlement
📚Noteworthy Reads
Teddy Woodward’s Thread on DeFi isn’t Dead
Vaish Puri’s Read on De-Risking DeFi
Ken Deeter’s Thread on Builders in Bear Market
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.