The Last 168 Hours in DeFi

Another big bridge exploit, and L2'22 kicks off

MARKET:

Some frustration from crypto investors as equity markets have rallied this week, while Bitcoin has lagged and dropped a bit. Crypto did bounce quite hard from the bottom after a major forced selloff, so a retrace is expected.

The big question is whether BTC is forming yet another bear flag, or are we seeing a bottom forming. Open interest is back at Summer 2021 levels, so leverage is up from a couple of weeks ago.

The Ethereum Merge narrative has pushed liquidity into ETH staking tokens like $LDO, $RPL, and Layer 2 tokens like OP and $METIS. The tentative date for the Ethereum Merge is September 19, and the final testnet (Goerli) happens next week.

Ethereum miners have already stated their intention for a contentious fork for the Ethereum Proof of Work chain.

ETHPoW @EthereumPoW

BREAKING: Poloniex will be the FIRST exchange to support EthereumPoW (ETHW). @Poloniex @justinsuntron 1/n

NEWS:

Saylor is out as Microstrategy CEO

Alex Krüger @krugermacro

Saylor to leave CEO role of MicroStrategy to become Executive Influencooor. Goal: how to better convince people to buy orange coin.

db @tier10k

[DB] Saylor: As Executive Chairman I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives

Coinbase/Blackrock partnership is big

Coinbase @coinbase

We are proud to announce a partnership with @BlackRock. BlackRock’s Aladdin clients will now have direct access to crypto markets through Coinbase Prime. Read more 👇 blog.coinbase.com/coinbase-selec…

blog.coinbase.comCoinbase selected by BlackRock; provide Aladdin clients access to crypto trading and custody via…Tl;dr: Coinbase and BlackRock to create new access points for institutional crypto adoption by connecting Coinbase Prime and Aladdin

Gucci accepting $APE

gucci @gucci

Now accepting @apecoin payments via @BitPay, select Gucci boutiques in the USA expand the range ofcryptocurrencies available for in-store purchases, yet another step in the House's exploration of Web3.

Starbucks enters Web3

db @tier10k

[DB] Starbucks to Unveil Web3 Rewards Program, NFTs at Sept. 13 Investor Day Event: TechCrunch

Just another $1billion crypto hedge fund

db @tier10k

The longtime global macro hedge fund firm has raised more than $1 billion for its flagship crypto vehicle, according to four sources with knowledge of the matter

blockworks.coBrevan Howard Scores Largest Crypto Hedge Fund Launch Ever - BlockworksBlockworks exclusive: The global macro hedge fund firm has raised more than $1 billion for its flagship crypto vehicle, according to sources.

NFTs:

The Block @TheBlock__

Tiffany & Co. announces NFT-backed, limited edition CryptoPunk pendants theblock.co/post/160284/ti…

The Block @TheBlock__

GSR kickstarts NFT market making project with focus on generative art theblock.co/post/159989/gs…

REGULATORY:

db @tier10k

[DB] SEC: Today charged 11 individuals for their roles in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme that raised more than $300 million

RUGS:

Another 9 Figure Exploit - Nomad Bridge

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 👇

Solana wallets drained

The Calculator Guy @phtevenstrong

There's an exploit happening on Solana. It may only target Phantom wallets, it's unclear. Current recommendations: 1) Revoke permissions 2) Transfer assets off chain or onto a protocol How to Revoke: 1) Click settings 2) Click Trusted Apps 3) Click Revoke on any/all apps

foobar @0xfoobar

🚨 Widespread Solana private key compromise 🚨 - attacker is stealing both native tokens (SOL) and SPL tokens (USDC) - affecting wallets that have been inactive for >6 months - both Phantom & Slope wallets reportedly drained

Tough loss for Velodrome team, they will survive

Velodrome (🚴,🚴) @VelodromeFi

At 0750UTC we noticed unusual activity in one of our team-owned wallets. It appears this wallet was compromised, leading to the loss of $350k of operational funds. Swift action by the team meant all veVELO positions were recovered. An investigation is underway.

POD O’ THE WEEK:

Interesting Character, Murad, talks Bitcoin and STFX

---

Support Ethropy!

Evmos validator for Four Moons - delegate $EVMOS

Osmosis Validator for Four Moons - Delegate $OSMO

GMX Referral

Ethropy Wallet - ethropy.eth

Buy a Ledger Hardware Wallet (Affiliate Link)

TradingView Referral - Get $30 off annual Subscription