March 29: Crypto Summary
A $625 million hack took place on 23rd March and was discovered on 28th March 🤦🏻♂️
GM to everyone waiting for crypto to dip a bit.
Let me buy a little for cheap okay 😭
Note: I hit some glitches this morning. You may be receiving today’s newsletter later than usual.
Markets
Here are today’s market moves:
Here's what you need to know:
The Ronin Network compromised for $625 million
The Ronin Network, the Ethereum side chain that Axie Infinity uses - was breached. Hackers exploited the network for roughly $625 million, or 173,600 ether and 25.5 million USDC.
According to Ronin’s post, the exploiters used hacked private keys to forge withdrawals on March 23.
The breach, however, wasn’t discovered until Tuesday - when a user was unable to withdraw 5,000 ETH.
👏 Well 👏 That👏 Was 👏 Quick 👏
Sky Mavis, the creator of Axie Infinity, said it is “committed to ensuring that all of the drained funds are recovered or reimbursed.”
“We are working with law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed,” the network said in a tweet.
Bored Ape 835 accidentally sold for $115
Bored Ape 835, worth at minimum 106 ETH ($350,000 USD - the floor price of the collection) - was accidentally sold for $115 USD.
The owner accepted an offer of 115 DAI ($115) - believing it was an offer of 115 ETH.
The same owner also sold Mutant Ape 11670 for 25 DAI ($25) to the same buyer🤦🏻♂️ The floor price for Mutant Apes is 22.6 ETH ($76,000).
What’s up with this user 🙄 But it's also possible that the seller had their account compromised. A BAYC member tweeted that he had contacted the seller - and that he was not aware of the sales.
In other BAYC news…is this the next Supreme?
I can picture people wearing these in the future. A high-end, super expensive brand that's also comfortable and stylish.
Another bug on OpenSea
A Twitter account that goes by the name @mr0chill has found a massive loophole in OpenSea and is wanting to be ethical about it.
There are people in his DMs trying to pay him massive amounts to take advantage of the vulnerability and cash out.
But OpenSea tried to avoid the issue by saying they aren’t aware of any vulnerabilities.
C'mon OpenSea, we know that you have just one person running the damn marketplace and need people’s help😂
Check this out
A superb explanation on how to build a solid crypto portfolio. I bookmarked it. I think you should too.
Crypto lingo of the day
Yield Farming:
Yield farming involves staking, or locking up your cryptocurrency in exchange for interest or more crypto.
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