👩🏻‍💼Yi He to Lead Binance’s $7.5B Venture Arm - TWJ #201

Binance has tapped its co-founder.

Aug 04, 2022

Hi folks,

At this point, it seems like almost every existing crypto bridge has been exploited in one way or another. Some survived thanks to bailout, while others never really return to their former glory. I’m not going to pretend to be a shadowy super coder or a cybersecurity expert, and there are way smarter people than me that can explain the technical complexities of crypto bridges — in this write-up, I’ll simply pontificate on how bridges work, their importance, drawbacks, and present my thoughts on their future dynamics as crypto asset matures.

Pensive Pragmatism by Marco Manoppo

On Crypto Bridges

Disclaimer, NFA, all that legal stuff: All the information presented on this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice…

2 years ago · 1 like · 1 comment · Marco Manoppo

Here are the quick takeaways:

TVL locked across crypto bridges amount to more than $20 billion.
$1.8 billion+ were exploited across 5 crypto bridges in the past year.
Vitalik’s vision of a multi-chain future instead of a cross-chain one will most likely be right.
Bailouts for crypto bridges set a bad precedent for the industry.
Institutional investors will most likely favor trusted rather than trustless crypto bridges.

In today’s issue:

The crypto market is flat with its total market cap above ~$1.1 trillion. Filecoin (FIL) has been the best performer in the top 100 in the past 7-d. Global tension increased as China fired 11 missiles into the sea around Taiwan in response to Pelosi’s visit.

In other news, Yi He to lead Binance's $7.5B venture arm, Hashed venture confirms losing $3 billion in LUNA, and Solana traces exploit back to Slope wallet.

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)

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📰Market News

⎆Yi He to Lead Binance’s $7.5B Venture Arm

The Binance co-founder has been appointed to lead the firm’s $7.5 billion venture arm with more than 200 portfolio projects after raising $500M for its latest fund a few months ago. CZ said that Yi He is very aggressive and will be making a lot of investments in the near term.

Binance @binance

We are excited to announce that #Binance Co-Founder, @heyibinance has been appointed as the new Head of @BinanceLabs! Binance Labs is the venture capital and accelerator arm of Binance, managing a total of $7.5 billion in assets, comprised of more than 200 portfolio projects.

⎆Hashed Venture Confirms Losing $3 Billion in Luna

Crypto VC firm Hashed confirms that it lost more than $3 billion from its Terra ecosystem’s investment post the LUNA token crash. The firm had bought 30 million LUNA tokens in the early days which were worth more than $3.5 billion at its peak.

This is the first time Hashed has officially confirmed the extent of its loss in the luna crash. In May, CoinDesk, citing on-chain data, reported that Hashed had staked a total of nearly 50 million luna tokens and that its losses appeared to have been over $3.5 billion.

⎆Solana Traces Exploit Back to Slope Wallet

The investigation into the Solana’s wallet hack that happened on Tuesday resulted in a finding that Slope Wallet might be one of the main causes of exploit.

An investigation into Tuesday night's hack on the Solana blockchain has revealed affected addresses "were at one point created, imported, or used in Slope mobile wallet applications," according to a Twitter account dedicated to Solana blockchain status updates.