Maker Minds #18 — Curve hack, Worldcoin, Putin, MakerDAO
Howdy Maker Minds! New week, new edition!
By the way, welcome to the newcomers to this newsletter, I hope you are ready to rack your minds 🔥
For those who don’t know me, every Monday, I share whatever helpful information and news I come across with you. To put it simply, I make crypto easy to grasp. And if you're here, it means you're an early Web3 adopter!
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Here’s a recap of what shaped the crypto space this week 👇
🌦️ Market Weather
Bitcoin: $29,406
Ethereum: $1,867
Solana: $24.42
Gold: $1, 958
S&P 500: $4,582
😯 The unusual news… which is quite usual
Hackers exploited a vulnerability in certain liquidity pools of Curve, resulting in estimated losses of $41 million. The flaw was attributed to Vyper, an alternative programming language for Ethereum smart contracts.
Multiple pools on Curve that were using Vyper were targeted, with specific versions of Vyper being vulnerable to a reentrancy attack. According to analysis, several hundred smart contracts were found to be using the vulnerable versions of Vyper.
Several pools were completely drained of their liquidity. Vyper explained on Twitter that the error was due to a compiler failure. Following the attack, the price of $CRV, Curve's native token, dropped by -16%.
⛔ Fake Twitter accounts impersonating Curve Finance have started promoting fake refund programs. Watch out for yourself.
💰 Blockchain and adoption
PancakeSwap has expanded to the zkSync Era blockchain, offering transaction fees of 0.01% for token swaps and liquidity provisions. A "farms" feature will allow users to earn $CAKE rewards by staking tokens.
Congress has requested clarification from Apple regarding its policy on NFTs on the App Store, citing concerns about potential restrictions on innovation and user experience.
The Worldcoin Foundation, co-founded by Sam Altman (CEO of OpenAI), is rolling out its Worldcoin token in 35 cities. To receive it, users need to scan their eye using a device called "orb." Worldcoin's ambition is to create a global financial and identity network based on person authentication.
The MakerDAO community has approved a proposal to temporarily increase the interest rate offered to DAI holders, raising the returns up to 8%.
BDO, the consulting firm, has determined that FTX's acquisition of Digital Assets for $376 million was a fair value. However, FTX Trading has filed a lawsuit against former executives of DAAG, accusing SBF (Sam Bankman-Fried, CEO of FTX) of significantly overpaying for the acquisition.
Vladimir Putin has signed into law the digital ruble, authorizing the country's central bank to issue its own CBDC (Central Bank Digital Currency). The project, in development since 2020, has recently undergone testing with several Russian banks.
The 800,000th block of Bitcoin has been successfully mined, marking a significant milestone as the next halving is approaching, scheduled for April 2024. The upcoming halving will reduce the block rewards by half, from 6.25 to 3.125 $BTC.
Venom Blockchain has reached 1 million wallets on its testnet just two months after its launch. The foundation credits this rapid adoption to its technological innovation and secure environment.
Arkham Intel Exchange has approved its first "bounty hunt" for information on Do Kwon. Two cryptocurrency investigators have found evidence of Do Kwon's crypto wallets.
The dismembered body in a suitcase of Fernando Pérez Algaba was discovered by children. A suspect has been arrested in connection with the murder, and it is suspected that Algaba's debts are the cause of his assassination.
Starting in August, Binance will establish its presence in Japan following the acquisition of Sakura. The Japanese Prime Minister aims to foster Web3 development in the country. Binance plans to take advantage of recent legislation to issue its own stablecoins.
FTX and Genesis have announced that they have reached an agreement regarding a $4 billion debt dispute. While the details of the agreement have not been disclosed, it still requires approval from a judge.
A&G is set to launch the first crypto fund in Europe, managed by a private banking entity. The fund is scheduled to be launched at the end of September, with the Caceis group from Crédit Agricole serving as the depository.
The SEC and Coinbase have confirmed a date for the hearings in their lawsuit. Judge Katherine Polk Failla has set the deadline for Coinbase's opening brief for August 4th and for the SEC's opposition brief for October 10th.
The SEC accuses Binance US of using wash trading to inflate its volumes. 70% of the token's trading volume is said to come from accounts associated with Sigma Chain, Binance employees, and accounts held by CZ.
🔥 What’s Poppin’?
If you have some spare time, give it a read 👇
▹ Bitcoin Risks Deeper Price Losses Below 50-Day Average: Analysts
▹ Worldcoin Hype Causes Optimism to Leapfrog Arbitrum in Daily Transactions
▹ Trader Turns $500 to Million-Dollar Fortune With BALD Memecoin on Coinbase’s Blockchain
▹ Coinbase Is the Real Winner in the Bitcoin ETF Race—Here’s Why
▹ Twitter's 'X' Rebrand: All the Things Elon Musk Has Planned for the 'Everything App'
🤡 Meme of the week
And that’s a wrap-up! If you enjoy what I do, don't forget to drop a like and comment, it gives me the strength to keep going! See you on Wednesday for a special edition,
Tony.
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Have a nice week!