🐱‍💻Nomad Bridge Exploited for $200M - TWJ #199

Crosschain infrastructure is hard.

In today’s issue:

The crypto market is flat with its total market cap above ~$1.1 trillion. Ethereum Classic (ETC) has been the best performer in the top 100 in the past 7-d. The market is bracing for volatility as Pelosi visits Taiwan despite China’s warning.

In other news, Nomad bridge exploited for $200M, Coinbase offers ETH staking for institutional clients, and Ledger Wallet seeks new funding.

Hsaka @HsakaTrades

Nomad exploit onchain activity, visualized.

We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.

- Curated by Marco Manoppo (@manoppomarco)

📰Market News

⎆Nomad Bridge Exploited for $200M

Cross-chain bridge Nomad has been exploited for close to ~$200M. This is the first case of “decentralized crowd looting” as multiple people exploited the same vulnerability that the original hack used, some to rescue the funds, others perhaps out of greed.

samczsun @samczsun

1/ Nomad just got drained for over $150M in one of the most chaotic hacks that Web3 has ever seen. How exactly did this happen, and what was the root cause? Allow me to take you behind the scenes 👇

⎆Coinbase Offers ETH Staking for Institutional Clients

US-based crypto exchange Coinbase is expanding its ETH staking product to institutional clients. This move came as the hype surrounding the upcoming ETH merge is getting stronger.

Coinbase Institutional @CoinbaseInsto

Coinbase Prime now offers @ethereum staking to institutions in the US! Using our industry-leading cold storage, you can now generate yield by staking ETH.

⎆Ledger Wallet Seeks New Funding

Crypto wallet maker, Ledger, is reportedly seeking new funding at a higher valuation. The firm looks to raise at least $100M. It raised $380M at a $1.5 billion valuation in the last round.

👨🏻‍💻Decentralized Finance (DeFi)

• Nomad Bridge Exploit for $165M

• SithSwap Live on Testnet

• Ellipsis Concentrated Liquidity Pool is Live

• Volt Protocol Governance Timelock Issue is Solved

• Risedle Leverage Token is now Live

• Tether Supply Starts to Increase after Three-month Decline

• Helium Pledges ‘Much More Rigorous’ Process

• Pyth Introduces Pythnet

• Colombia Enlists Ripple Labs to Put Land Deeds on Blockchain

• Coinbase Prime Adds ETH Staking for US Institutional Clients

🏛Governance - Active Proposals

• Compound - Enable Sending ETH from Timelock (Revised)

• Gitcoin - Gitcoin Product Collective Workstream S15 funding request ratification

• Tribe NopeDAO - Veto for TIP-119: Collaterisation Oracle updates, Swap USDC, FEI <> VOLT OTC

🦮NFT & Metaverse

• CryptoPunks' Trading Volume Surges 1,847%

• Muse NFT Album Becomes First New Format Added to Charts in Years

• Magic Eden Rivals Say NFTs on Solana’s Biggest Marketplace Are at Risk

• Chiliz Nabs $100M Stake in FC Barcelona's Digital Studio

Top Sales (Last 24-h); Source: https://dappradar.com/nft

📈Deal Flow & Capital Raise

• Ambrus Studio - Undisclosed $ Unknown Round

• OrBit - $4.6M Unknown Round

• OneOf - $8.4M Strategic Round

• Reltime - $50M Strategic Round

• Capsid - $3M Seed Round

• Debt DAO - $3.5M Seed Round

• Vegas One - $50M Seed Round

• Barca Studios - $100M Unknown Round

⚖️Regulatory Update

• 2 California Men Sentenced to Prison for $1.9M Crypto Grift

• SEC Slaps Founders, Promoters of Alleged Ponzi Scheme Forsage

• Singaporean Financial Watchdog to Consult Public on Stablecoin Regulation

• Vauld Granted 3-Month Moratorium by Singapore High Court

• Celsius Network Custody Clients Tap Lawyer to Reclaim $180M

📚Noteworthy Reads

• Lars’s Thread on July Summary

• Haym Salomon’s Thread on Token Standards and Composability

• 0xJosh.nft’s Thread on Web3 Identity and Reputation

Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.