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- 🥛 An attack on crypto 🚨
🥛 An attack on crypto 🚨
PLUS: History has been made... đź‘€
Today’s edition is brought to you by Bakkt® — the responsible crypto company building solutions for the long term.
GM. This is Milk Road, the daily newsletter that helps you get smarter about crypto, without ever making you feel dumb.
Here’s what we’re serving up today:
Crypto is under attack! 🚨
Solana just made history… 👀
Vote for the Milk Road Awards 🏆
The big crypto laws coming in 2024 🍪
CRYPTO IS UNDER ATTACK! 🚨
Last week, decentralized finance (DeFi) was under attack…
Funds were being stolen. Popular DeFi apps went offline. The whole industry was suffocating.
And just when we thought the worst was over and the day was saved…
… there was another surprise attack.
What happened: Millions of dollars worth of NFTs were stolen over the weekend.
NFT Trader (a popular peer-to-peer trading platform) was hacked after a “reentrancy vulnerability” was found in two old smart contracts.
The exploit allowed the hacker to drain NFTs from random wallets that used the NFT Trader platform in the past.
Popular NFTs like Bored Apes, Mutant Apes, and World of Women were all stolen.
As a result, about 70 NFTs (worth $3M+) were taken.
Quick update - it looks like most of the NFTs have now been returned after the hacker received a 10% “bounty”.
Milk Road Take: I’m no doctor, but the cryptocurrency industry currently has a bad case of E.V.H Syndrome (Exploits, Vulnerabilities, and Hacks).
Which is ironic because… well, the first part of the word cryptocurrency is “crypto”!
Short for cryptography; nerd-talk for “secure”.
By definition, it’s supposed to be an industry that’s focused on security, first. But lately, stealing crypto is easier than taking candy from a baby.
As long as that holds true, crypto will struggle to go mainstream.
Bakkt® builds solutions that enable businesses to grow with the crypto economy.
Honing effective strategies in a constantly evolving space requires a careful examination of shifting trends. To this end, Bakkt® fields a biannual Crypto Tracker that produces valuable insights into consumer perceptions and behaviors.
A glimpse inside the reports:
Wave 1: Insights on consumer attitudes, utility, and trust. Research trends illuminate how consumers want to work with companies across industries to harness the power of cryptocurrencies.
Wave 2: Attitudes, engagement, and adoption patterns of the evolving crypto consumer. The adoption of new technology comes in waves, and cryptocurrency is no exception.
Wave 3: The Tracker's third installment will be shared in January of 2023. Stay tuned for more exclusive insights!
Check out Wave 2 of Bakkt’s Crypto Insights Tracker for a fuller understanding of the forces driving the crypto market from the bottom up.
SOLANA JUST MADE HISTORY… 👀
For the first time ever… Solana just had more decentralized exchange (DEX) trading volume than Ethereum.
But wait! There’s more!
At one point over the weekend:
4 out of the top 10 DEXs were on Solana.
Solana had 2x more NFT trading volume than Ethereum.
One of Solana’s new crypto phones re-sold for $5,000 on eBay (the original price was $600 but it comes with potential token airdrops, which caused the phone’s price to soar).
Wow. Talk about a glow-up.
Last year, everyone was making fun of Solana for its network outages and small user base.
Fast forward to today, everyone loves Solana.
It went from crypto’s nerdy, fat kid with braces → supermodel with a killer smile and less body fat percentage than the milk I drink (2%).
VOTE FOR THE MILK ROAD AWARDS 🏆
Ladies & gents, the stage is set…
The spotlights are on…
The digital red carpet has been rolled out…
The nominees have been chosen…
It’s showtime – the Milk Road Awards.
Check out the finalists and submit your votes here!
P.S. – you must be subscribed to Milk Road to enter.
Coinbase Wallet is making sending money as easy as sending a text. Users can now send money to friends and family through links, leading to easy onboarding for new crypto users. Available now on iOS, Android, and as a browser extension on Chrome and Brave.*
Check out some of the big crypto laws coming in 2024. U.S., U.K., Japan, Switzerland, you name it - they all have their eyes set on crypto regulation.–DL News
Abritrum suffered a temporary outage. Despite the temporary setback, Arbitrum One has since resumed normal operations, and gas prices are gradually returning to expected levels.
SafeMoon filed for Chapter 7 bankruptcy. The news comes just a month after the DeFi protocol’s executives were charged with fraud by the U.S. Securities and Exchange Commission (SEC).
Jupiter announced its (highly-anticipated) airdrop is set for January. *sniff sniff* There’s nothing like the smell of a sweet, sweet airdrop.
Copper launched a new settlement network for institutional clients involved in trading and holding digital assets. The digital assets firm added that the new network will give a growing number of institutional clients the ability to settle their OTC trades with all their counterparties, regardless of where they custody their assets.
*This is sponsored content
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
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