🐱💻$200M OpenSea NFT Attack - TWJ #88
Is it a phishing attack or a hack? You decide.
In today’s issue:
The crypto market is down with the global market cap sitting at ~$1.7-1.8 trillion. BTT led the top 100 past 24-h performance. Global markets remain on edge and at risk of falling further as the world awaits certainty on interest rates and geopolitical tension.
In other news, OpenSea experienced a hack/phishing attack (depending on how you see it), Coinbase avoided a critical vulnerability bug, and NEXO stops paying US depositors.
We’re continually improving our content, please reach out if you have ideas or would like us to recap another segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆OpenSea Experienced a Hack/Phishing Attack
The world’s largest NFT marketplace, OpenSea, was reportedly experiencing a hack (or a phishing attack) depending on how one sees the details of the exploit. The attacker was able to drain approximately $200M; and while OpenSea claimed that it was a phishing attack instead of a hack, I’ll let you decide by clicking below.
⎆Coinbase Avoided a Critical Vulnerability Bug
The largest US-based crypto exchange avoided a critical vulnerability bug that could have caused a significant “market-nuking” impact on the market. An anonymous trader by the Twitter handle name Tree of Alpha found the bug and was rewarded $250,000 by Coinbase, a figure so low compared to DeFi protocols bug bounty reward that Coinbase was criticized for not prioritizing security.
⎆NEXO Stops Paying Us Depositors
Perhaps unsurprisingly, crypto lender NEXO which has a very similar business model to BlockFi stopped paying interest on new deposits from US customers. The move came after BlockFi settled for $100M with the SEC. Moving forward, we can expect the SEC to be more aggressive towards these CeDeFi types of firms, which participated in the DeFi market but has a centralized authority controlling it. Moving to a full-DAO mechanism would have been able to prevent this.
👨🏻💻Decentralized Finance (DeFi)
Frax Finance Is Preparing to Airdrop a CPI-Linked Stablecoin
Cosmos Ecosystem Quietly Surges to $17B in TVL
0xDAO v2 Launch Preparation
ETHDenver Hackathon Finalists Take Aim at Adoption Barriers
Polkadot Parachains Poised to Add Mojo to Expanding DOT Ecosystem
What’s Sifu Up To? Eponymous Token May Foreshadow New Project
Exotic Markets Lives on Devnet
ZigZag Exchange Launches Mammoth Pool
Exec at Composable Finance Allegedly Doxed as Omar Zaki
🏛Governance - Active Proposals
Candle - Test Gnosis Multi-Sig Safe
PoolTogether - PTIP 54 - Treasury Assets Management #1
🦮NFT & Metaverse
OpenSea Planned Upgrade Stalls as Phishing Attack Targets NFT Migration
Harmony Launches Bored Ape Yacht Club NFT Passport
OpenSea Smart Contract Upgrade to Delist Inactive NFTs on Ethereum
Dapper Labs' Flow Network Sets Records After UFC & NFL NFT Launches
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Multis - $7M Unknown Round
LaCollection - $10M Seed Round
Algorand - $20M Incentive Program
Skale - $100M Ecosystem Fund
⚖️Regulatory Update
State Lawmakers in Illinois, Georgia Propose Tax Incentives for Bitcoin Miners
Federal Reserve Security Trading Ban Adopted and Extended to Cryptos
Vitalik Buterin Calls Canada's Use of Banks to Stifle Protestors 'Dangerous'
Italy Formally Lays Out Crypto Firms' New AML Requirements
Ukraine Adopts Law To Legalize Cryptocurrencies
UAE to Issue Crypto Licenses in Bid to Become Industry Hub
📚Noteworthy Reads
Totlsota’s Read on Modern MEV sandwich attacks on Ethereum routers
Tree of Alpha’s Thread on Coinbase Vulnerability Hack
Isotile’s Thread on OpenSea Hack
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.