Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:
Solana wallets ⚠️
A potential vulnerability on Slope Wallet was exploited, which resulted in 8,000 wallets being hacked and over $8 million worth of assets being stolen.
JUST IN: Wallet provider @slope_finance has been identified as the source of @solana's recent hack ⚠️
Almost 8000 wallets have been affected and nearly $8M stolen due to the company possibly logging seed phrases on centralized servers.
— The Defiant (@DefiantNews) August 3, 2022
It seemed that the seed phrases of multiple wallets were stored in Slope’s servers, which could have resulted in the hackers gaining access to the wallets.
This allowed them to drain the wallets of all their funds, and the owners could not do anything as all transactions were signed by their private key.
These transactions are being signed by the actual owners, suggesting some sort of private key compromise. pic.twitter.com/UTMq4NWErd
— OtterSec (@osec_io) August 3, 2022
It is extremely important that you keep your private keys and seed phrases secure. This is because anyone will be able to access your funds if they have them!
If you are looking to create a Multi-Chain wallet that allows you to store assets on both the Solana network and EVM-compatible networks (e.g. Ethereum and BSC), you can try using our Krystal mobile app.
Yet another 🌉 hack
Crypto bridges are the new targets of hackers, particularly since huge amounts of assets are locked with the platform.
The Nomad Bridge was the latest to get hacked due to an exploit in one of the bridge’s smart contracts.
HEADS UP: The Nomad bridge is being hacked with $49M gone and over $100M still at risk ⚠️
🔗: @aleks_gilbert https://t.co/LWy3EU8Nqq
— The Defiant (@DefiantNews) August 1, 2022
Interestingly, anyone could have stolen funds from the bridge, as all they needed to do was “copy and paste the transaction data used by the initial hacker and changing the wallet address to theirs”.
Messages popping up in public Discord servers of random people grabbing $3K-$20K from the Nomad bridge – all one had to do was copy the first hacker's transaction and change the address, then hit send through Etherscan. In true crypto fashion – the first decentralized robbery. https://t.co/jWV9AamBer
— FatMan (@FatManTerra) August 2, 2022
While bridges help to ensure interoperability between blockchain networks, vulnerabilities in their code put them at huge risks of potential exploits.
We’ve partnered with Multichain to provide you with a seamless bridging experience on both desktop and mobile.
Amidst all of these hacks, Multichain has taken various steps to ensure the security of its platform and to prevent hacks from happening.
#Multichain MPC technology protects your asset safety
👮Measures we've taken to strengthen safety
– Distributed management for asset accounts with higher thresholds
– Periodic refresh of MPC private key share https://t.co/Nsu43LZAta
— Multichain (Previously Anyswap) (@MultichainOrg) August 3, 2022
Increased interest in the Metaverse? 👀
While the Metaverse itself has drawn a lot of flak from naysayers, some still think it is the future.
The Hong Kong University of Science and Technology (HKUST) announced that they aim to launch a virtual campus in the Metaverse.
Physical classrooms are old school: This Hong Kong uni wants students to attend class over the Metaverse. What do you think? https://t.co/yE1jsHGIyy
— Cointelegraph (@Cointelegraph) July 31, 2022
With the opening of a new campus in Guangzhou, HKUST recently hosted a launch party in the Metaverse.
Meanwhile, Singapore’s Second Minister for Law Edwin Tong, suggested that marriages and court cases could be held in the Metaverse in the future.
The Metaverse court is in session! A Singaporean government minister says the Metaverse could be used for marriage proceedings and enhance courtroom dispute resolutions. https://t.co/xbaEMvZx7q
— Cointelegraph (@Cointelegraph) July 29, 2022
While Singapore has a strong stance against retail investments into crypto, they are still encouraging the adoption of cryptocurrency-related technologies like blockchain and the Metaverse.
Polygon 🤝 Mercedes
With yet another major partnership, Polygon seems to be the network of choice.
Mercedes Benz @MercedesBenz is the latest brand to be #PoweredByPolygon
— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) July 27, 2022
Daimler South East Asia, a part of the Mercedes Benz Group, will be using the Polygon network to operate a data-sharing platform.
This platform allows businesses to purchase and sell data in a decentralised manner.
Apart from the Polygon network, you can perform swaps with minimal slippage on 8 other EVM-compatible networks (including Ethereum, BNB Smart Chain, Avalanche, Fantom, Cronos, Arbitrum, Aurora and Klaytn).
Binance launches soulbound tokens
The new buzzword for the crypto world seems to be soulbound tokens, which was first introduced by Vitalik Buterin.
— vitalik.eth (@VitalikButerin) January 26, 2022
Binance has now announced the Binance Account Bound (BAB) soulbound token, which aims to certify that a user has completed KYC on Binance.
The first-ever Soulbound Token, Binance Account Bound (BAB), will be built on #BNBChain
The innovation could pave the way for a flourishing Decentralized Society on BNB Chain.
Find out more about the exciting development here ⤵️https://t.co/gS4CmExrOp
— BNB Chain (@BNBCHAIN) August 1, 2022
These tokens are non-transferable, and can be used by third-party protocols to verify that the owner of this wallet has performed KYC with Binance.
Which blockchain bridge do you think is the safest? Will the Metaverse truly be the future? Tweet us or send us a message on Telegram to let us know!
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