Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:
BNB Chain hacked 😕
The BNB Chain has been halted following an exploit on the BSC Token Hub.
Due to irregular activity we're temporarily pausing BSC. We apologize for the inconvenience and will provide further updates here.
Thank you for your patience and understanding.
— BNB Chain (@BNBCHAIN) October 6, 2022
This is a cross-chain bridge that allowed transfers between both networks on the BNB Chain: the BNB Smart Chain (BEP20) and BNB Beacon Chain (BEP2).
BSC Token Hub is the bridge between BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC).
— CZ 🔶 Binance (@cz_binance) October 6, 2022
The exploit resulted in extra BNB being created, and about $712 million worth of tokens being stolen.
⚠️BNB Chain's cross-chain bridge BSC Token Hub was attacked for about $712 million (1.02M $BNB, 41.28M Venus BNB, 28.81M $BUSD, 2.77M BSC-USD). The stolen funds were sent to address 0x489a8756c18c0b8b24ec2a2b9ff3d4d447f79bec. Now BSC temporarily suspended. https://t.co/7jLcLmGwjc
— Beosin Alert (@BeosinAlert) October 7, 2022
This latest hack shows the vulnerabilities of cross-chain bridges, which were previously highlighted by Vitalik Buterin.
My argument for why the future will be *multi-chain*, but it will not be *cross-chain*: there are fundamental limits to the security of bridges that hop across multiple "zones of sovereignty". From https://t.co/3g1GUvuA3A: pic.twitter.com/tEYz8vb59b
— vitalik.eth (@VitalikButerin) January 7, 2022
Kim Kardashian charged 💸
Influencers may now think twice before shilling cryptocurrencies in the future, after Kim Kardashian was charged by the SEC.
Today @SECGov, we charged Kim Kardashian for unlawfully touting a crypto security.
This case is a reminder that, when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors.
— Gary Gensler (@GaryGensler) October 3, 2022
Kim was paid $250,000 to promote the EthereumMax token (EMAX) on her Instagram account, but did not disclose this compensation.
The SEC has charged Kim with a $1.26 million fine.
Kim Kardashian has been hit with a $1.26 million fine by the U.S. Securities and Exchange Commission after she failed to disclose that she was paid $250,000 to publish a post about EMAX tokens https://t.co/QtLrZEI59W pic.twitter.com/xYON7CKsfs
— Reuters (@Reuters) October 4, 2022
We strongly urge you to be wary whenever an influencer promotes a certain cryptocurrency! While you can consider their recommendations, we would advise you to conduct your own research as well.
Is Elon Musk finally buying Twitter? 👀
After withdrawing his bid to buy Twitter, Elon Musk is now toying with the idea of resubmitting his bid.
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
However, things may not be so smooth for Elon this time around.
Twitter may no longer play nice, and they seem to be rejecting Elon’s latest bid.
Breaking: Elon Musk’s lawyers said that Twitter is refusing to accept the Tesla billionaire’s renewed $44 billion bid for the social media company and are asking a Delaware court to halt an upcoming trial.
This is starting to look like a pump and dump.https://t.co/UocO7xlGgE
— Christopher Bouzy (@cbouzy) October 6, 2022
This new bid has highlighted Elon’s interest in creating an ‘everything app’, which is similar to the super apps like Grab that are popular in Asian countries.
Elon Musk says he wants to create an 'everything app.' The Tesla CEO made the announcement after he reversed course on his earlier decision not to buy Twitter https://t.co/7nPQJB2opY pic.twitter.com/IHi8lIsUvj
— Reuters (@Reuters) October 6, 2022
Coinbase Lists PNG 📝
The native token of the Pangolin exchange, PNG, is set to be listed on Coinbase.
Coinbase will add support for Pangolin (PNG) on the Avalanche network. Pangolin (PNG) is the first Avalanche ARC-20 token to be offered on our exchange. Do not send this asset over other networks or your funds may be lost.
— Coinbase Assets (@CoinbaseAssets) October 5, 2022
PNG is set to be the very first token on the Avalanche network on Coinbase platform that follows the ARC-20 token standard, which could mean more listings of such tokens in the future.
While waiting for Coinbase to launch more tokens on Avalanche, you can view your assets across 10 networks (including Ethereum, BNB Smart Chain, Avalanche and Solana) within our Krystal mobile app!
Pancakeswap launches on Ethereum 🔀
The leading decentralised exchange (DEX) on the BNB Smart Chain is expanding to the Ethereum network.
📢🧵Ethereum swap is Live on PancakeSwap
👀We know some sharp eyes have already noticed this
— PancakeSwap 🥞 #BSC (@PancakeSwap) October 4, 2022
You can now trade tokens on the Ethereum network, and Pancakeswap has announced that cross-chain swaps will be possible on 10th October.
Krystal has integrated Pancakeswap on the BNB Smart Chain along with other DEXes, so that we give you the best trading experience with minimal slippage!
🔍 Navigate the DeFi Space NOW with Krystal!
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