Shashank’s Newsletter

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💰 325M$ hacked in Defi

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💰 325M$ hacked in Defi

This is Shashank’s Newsletter, a newsletter with bite sized content on web3 over the past week.

Shashank Reddy
Feb 6, 2022
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💰 325M$ hacked in Defi

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In today’s email,

💰 325M$ hacked in Defi

💵 USDC on Solana pay

📱 Phantom mobile app launches

🤝 Coinbase adds Shopify CEO Tobi to their board

🦍 NFTs outselling Hollywood


Weekly gainers

Courtesy: Token terminal

💰 325M$ hacked in Defi

A hacker stole $325M from Wormhole protocol, a cross chain bridge between Solana and other blockchains. Root cause was a smart contract bug (exploiting Solana VAA verification) letting the hacker mint 325M worth $weETH. The protocol offered the hacker $10M through an on-chain message to give back the stolen $325M which they REFUSED. Wormhole for its part is making good by pledging to fill the $325 million shortfall in a matter of *hours* with the help of investors. This marks the 2nd largest hack in Defi.

Twitter avatar for @jonwu_
jonwu.eth @jonwu_
Whew. Hell of a week for systemic risk. Wormhole, a Solana cross-chain bridge, was exploited today for $325 million (120,000 $ETH). Here's what happened, why cross-chain bridges are hard, and why Vitalik's warning about cross-chain security probably doesn't apply here:
Image
2:25 AM ∙ Feb 3, 2022
585Likes126Retweets

🤝 Coinbase adds Shopify CEO Tobi to their board

This could prove to be one of the largest partnerships for web3 by making crypto “currency” payments mainstream in e-commerce. There are some Shopify stores already accepting USDC payments on Solana taking us to our next big thing of the week.

Twitter avatar for @coinbase
Coinbase @coinbase
We are excited to announce @Shopify CEO Tobias Lütke is joining our Board of Directors. A builder at heart, @tobi brings innate understanding of the power of decentralization, business scaling experience, and a drive to empower global communities. Welcome Tobi - Let’s go!🚀
4:05 PM ∙ Jan 31, 2022
5,135Likes613Retweets

💵 USDC on Solana pay

Payments with USDC are now live on Solana at a fraction of the cost of VISA transaction fees. Couple of coffee shops in the bay area have now on-boarded to Solana pay. This is definitely one of those trends that could move faster than most people think. Stable coins (pegged to a constant value like 1$) are a very natural fit for such payments. UST is another stable coin like USDC which is already accepted by ~20+ e-commerce stores, including the 2nd biggest one in Korea (TMO)

Twitter avatar for @jerallaire
Jeremy Allaire @jerallaire
Already here. USDC w SolanaPay enabling this SF coffee house to accept payments with instant settlement, and fraction of a cent tx cost. Industry has got this. https://t.co/tUO6mYIeJH
Image
Twitter avatar for @GeorgeSelgin
George Selgin @GeorgeSelgin
The Hamilton Project's proposal for a CBDC processing system offers, as an example of a CBDC's "primary use case," a user "pay[ing] for coffee...by sending digital currency to the cafe owner." I sure hope the system works: having to carry wampum around is getting to be a drag.
6:12 PM ∙ Feb 5, 2022
825Likes150Retweets

📱Phantom mobile app launches

UX is one lever that has constantly lagged in crypto and has been a dragging factor for sometime. Phantom is one of the outliers here with one of the most sleek user experiences of any crypto wallet out there. You can now try out the Phantom wallet on iOS here.

Twitter avatar for @phantom
Phantom @phantom
Phantom for iPhone is finally here! Everything you can do on desktop, now in your pocket. The power of Phantom and @solana everywhere you go! Get it now 👉 apps.apple.com/us/app/phantom…
2:34 PM ∙ Jan 31, 2022
12,042Likes4,084Retweets

🦍 NFTs outselling Hollywood

Crypto might be in a bear market but NFT transaction volumes are still soaring with full heat. This one stat explains it all.

Twitter avatar for @KendallOstrow
Kendall Ostrow @KendallOstrow
Mind blowing (🤯😩) stat! “In January, Bored Ape Yacht Club and Mutant Ape Yacht Club did more in sales on Opensea ($495m) than the global movie industry did at the box office ($482m)” via @MilkRoadDaily
1:47 AM ∙ Feb 4, 2022
713Likes168Retweets

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💰 325M$ hacked in Defi

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