The Last 168 Hours in DeFi

China crackdown intensifies and NFTs take center stage again!

ALPHA:

The N Project NFTs can be acquired on OpenSea for ~0.4 ETH. These NFTs can be staked on Treasure where $MAGIC tokens are earned. It takes ~2 weeks to recover your initial investment at current prices, and the perks of owning The N Project NFTs are many!

MARKET:

China making all cryptocurrency transactions “illegal” has forced a tremendous amount of liquidity into DeFi.

Broadly, equities and crypto have struggled in September due to the risk of rising interest rates and a strong dollar. Bitcoin seems to have found support ~$40,800 level and supply on exchanges for both ETH and BTC continues to fall.

Finally, it seems Tether FUD is catching a break for now:

NEWS:

Twitter Rolls Out Tips on the Bitcoin Lightning Network

Coinbase is enabling direct investment into crypto 401k and other options:

Visa chooses to build a Layer 2 network on Ethereum for stablecoins and CBDCs:

NFTs:

Twitter incorporating verified NFTs via crypto wallets:

RUGS:

A user error caused a $23m transaction fee to be made on a $100,000 transfer. The miner who earned the reward returned the funds:

Compound Finance bug overrewarded users with $COMP:

Twitter avatar for @Mudit__GuptaMudit Gupta @Mudit__Gupta
Compound Incident Analysis: Compound upgraded their comptroller contract to
etherscan.io/address/0x374a… which had a one letter bug on L1217. This led to a reverse rug pull in which Comptroller is giving away more rewards to (past) Suppliers than expected. 🧵👇
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REGULATORY:

China is continuing their anti-crypto stance:

Slap on the wrist for Kraken sets a precedent for future exchanges:

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