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- ⨁ Angry Investors Hunting Down Do Kwon
- 🪓 Are Cross-Bridges The Hacker’s Dream?
- 👮♂️ Regulators keep coming after Crypto Companies
Job of the week
AND NOW THE NEWS
Angry Investors Hunting Down Do Kwon
A Discord group of 4,400 incensed investors called the “UST Restitution Group” is collectively out for blood…Do Kwon’s blood, that is. After being fed up with the lack of effort from authorities, the group is using any clues they can gather to determine his possible whereabouts. Currently, there is speculation he could be hiding in Russia, Azerbaijan or even on a yacht. However, Dubai seems to be the most popular opinion, with the country’s crypto-friendly stance, as one member is reportedly planning to travel there to continue the investigation. This all comes on the heels of a Laura Shin interview with Do Kwon on the popular Unchained podcast, where Kwon acknowledged the pressure he feels with the collapse of Luna. He did allude to leaving Singapore due to his location being sniffed out by some. He did not make any mention of his current location.
It’s kind of crazy to remember some of Kwon’s egotistical quotes and fashion shoots and to now see how his far fall from grace. It should be a lesson to all of us…don’t screw with your investors….they will eventually come for blood.
Are Cross-Bridges The Hacker’s Dream?
According to a new report by Token Terminal, bridge exploits are the main culprit in all DeFi exploits, chalking up ~50% of the total since 2020, with about $2.5b in lost assets. Security has been a problem in many DeFi protocols and services, but why does it seem like bridges are the weakest of the link?
🌉 Bridge exploits account for ~50% of all DeFi exploits, totaling ~$2.5B in lost assets
These hacks can typically be attributed to smart contract loopholes (e.g. Wormhole & Nomad) or compromised private keys (e.g. Ronin & Harmony).
What will it take to create secure bridges?
— Token Terminal (@tokenterminal)
Oct 18, 2022
One of the functional targets of bridges is to provide complex, multi-chain solutions that can be extremely custom as well. With that comes brazen coding which had led to smart contract holes, improper auditing due to lack of experience and subsequent attention from hackers to find the eventual needle in the security haystack. The big surprise here is that the majority of cross-chain bridge exploits have happened through the EVM (Ethereum Virtual Machine), as opposed to bridges on Cosmos, which has over $1b in locked assets and have been able to avoid costly attacks.
As concerning as this may be, these are growing pains that the industry will overcome. Looking at hacks from the early Web 2.0 days, it’s clear that with the amount of people focused on security issues, they eventually will be mitigated. Will it ever get to a point where there will be 0% of attacks? Never. However, the closer we get to 0%, the better. So have faith, it hopefully happens one day.
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AND BACK TO THE NEWS
Regulators keep coming after Crypto Companies
Texas regulators are investigating FTX, the crypto giant led by the industry's most powerful individual, for selling unregistered securities. Sam Bankman-Fried, FTX Trading, FTX US, and their principals are being investigated by the Texas State Securities Board's Enforcement Division lead by Joseph Jason Rotunda, director of enforcement for the Texas State Securities Board.
This isn’t the only instance of a regulator cracking down with Binance being looked at last month. Regulators are investigating Yuga Labs, the firm behind the Bored Apes Yacht Club, and Three Arrows Capital for a “range of possible legal violations,” according to Bloomberg.
Crypto critics have long argued that regulators have allowed the industry to grow without proper supervision. With these high-profile investigations taking place, it appears a real pivot might be underway.
Written by: WarBiscuitNFT
One Last Thing...
Does this mean the metaverse will also have climate change?
When you find virtual oil on your Metaverse land
— Alan Carroll (@alancarroII)
Oct 23, 2022
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