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Last Updated : November 07, 2022 / 04:05 PM IST
Cryptocurrency Roundup For November 7: PancakeSwap hit by a white hat attack, Canada to begin consultations on cryptos & stablecoins, and more<!– Moneycontrol Daily | Your Essentials 7 –>
In a white hack attack, Pgala (pegged gala) tokens worth of $4.3 million were taken ethically by the creators of pNetwork, an independent cross-chain bridge technology used to transfer assets across various chains.
Big Story
Creators of pNetwork Bridge steal $4.3M from PancakeSwap in a “White Hat” attack
PNetwork is an independent cross-chain bridge protocol that is used to transfer assets between several chains. In a “white hack” attack, Pgala (pegged gala) tokens worth $4.3 million were taken ethically by the creators of pNetwork, an independent cross-chain bridge technology used to transfer assets across various chains. On-chain analysis by security company BlockSec detected a “misconfiguration” in the token’s smart contract today, which led to the discovery of the attack. By “draining” pgala tokens locked in PancakeSwap pools, the creators of pNetwork had attempted to front-run any harmful hackers. Details here.
Crypto Consultations
Canadian Government to hold consultation on cryptocurrencies, Stablecoins and CBDCs
The Canadian federal government will soon begin a consultation on cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs), according to its newly revealed mini-budget. In addition to its annual budget, the government’s “2022 Fall Economic Statement,” which was presented on Nov. 3 by Deputy Prime Minister Chrystia Freeland, works as a fiscal update. The government’s plans for cryptocurrencies were described in a brief portion of the announcement titled “Addressing the Digitalization of Money.” Read more.
Under Scrutiny
Do Kwon asked employee to manipulate the price of Luna Token, private communication reveals
Do Kwon, the creator of the Terra blockchain has been charged by South Korean prosecutors with giving a directive to a subordinate to influence the price of the Luna coin. Messenger exchanges between Kwon and his employee were presented as evidence by the prosecutors. Additional information about specifics surrounding the demise of the algorithmic stablecoin of the Terra ecosystem was shed by a story published by the South Korean news site Naver. Do Kwon, the creator of Terraform Labs is connected to the ensuing catastrophe in the report. Kwon is in hiding since he is the subject of numerous investigations at once. More here.
Market Watch
China owns $6 billion worth of cryptos, can “kill” market if it is so wishes
The Chinese government is a “crypto whale,” having forfeited digital currencies worth $6 billion to the government coffers in 2019, according to Ki Young Ju, the founder, and CEO of blockchain data analytics company Cyptoquant. Young Ju has said that Chinese officials seized 833,000 Ethereum 194,000 Bitcoin and other cryptocurrencies from the PlusToken fraud in 2019. In comparison, publicly listed companies like MicroStrategy, Galaxy Digital Holdings, Tesla, Coinbase Inc, and Block, Inc hold 130000, 40000, 10725, 9000, and 8027 Bitcoin, respectively. Full story here.
Business Model
Elon Musk and cryptos can unlock innovative business models for Twitter: Binance CEO
Amid worldwide furor surrounding Tesla chief Elon Musk’s acquisition of Twitter, Binance CEO Changpeng Zhao said the microblogging website did not have a proper business model earlier and that Musk and cryptocurrencies can together unlock innovative business models, that do not involve selling users’ data. Zhao took to the social networking site to list six reasons for investing $500 million in Twitter. The Binance boss said he believed Twitter had tremendous untapped value and while Twitter has not had a proper business model yet, he believed that Elon and crypto can help unlock innovative business models that do not involve selling user data. Welcome to Web3. Read more here.
New Service
Nova Labs to provide free SIM card and trial to Solana phone users
Customers of Solana Labs’ new Saga phones will receive SIM cards and free trials from Nova Labs, the organization behind Helium Network, and a new crypto-powered cellular service called Helium Mobile. Financial information about the arrangement was withheld by the corporations. Helium Network community members in September had opted to abandon their own blockchain and switch to the larger Solana blockchain. This partnership provides a 30-day complimentary subscription to Helium Mobile for Saga phones sold in the United States. The flagship Android handset from Solana, the Saga phone, is tightly integrated with the Solana blockchain. Full story here.
Corporate Watch
With drop in user activity in Q3, Coinbase transaction revenues fall 44%
Even though user activity decreased due to a general market slump in the third quarter, cryptocurrency exchange Coinbase managed to reduce its losses from the previous quarter by half. The company revealed that transaction revenue had decreased by 44%, from $655.2 million in the second quarter to $365.9 million, in its shareholder letter published on Nov. 3. The company attributed the decline to weak macroeconomic conditions, with daily average crypto market value plummeting 30% and trading volumes shifting outside of the United States as a result of unclear legal frameworks. Details here.
Scam
‘Monkey Drainer’ strikes again, steals $800K worth of CryptoPunks and Ethereum NFTs
In the midst of a wave of cryptocurrency scams that have led to losses worth millions of dollars worth of Ethereum NFTs from unwary users’ wallets, an unidentified entity known as “Monkey Drainer” has claimed a brand-new cache of priceless CryptoPunks and Otherside NFTs. “On-chain sleuth, ZachXBT has revealed that Monkey Drainer had taken 520 ETH worth of NFTs from the two Yuga Labs collections, which equates to over $800,000. ZachXBT has a history of providing information on crypto frauds and controversial people. <!– –>
