The R Roundup: 8,000 Solana Wallets Wiped Out — Issue #48

Solana

Crypto never finds a way to surprise us however with investor sentiment on a tight rope, fears of Solana wallets getting drained began to break in the early hours of Wednesday as Solana Status went on to confirm the events.

With over 8,000 wallets suspected to be compromised, reports suggest that the attacker drained at least $5 million $SOL additional tokens from the “Slope” mobile wallet applications.

Security Firm Otter conducted investigations to try and draw a conclusion to how these wallets got drained and their findings showed that Slope’s wallet app sent out users' seed phrases to a centralised server while adding that the phrases were saved in readable text allowing the attacker/s access to users private keys.

While they are uncertain whether this exact attack explains all the hacked addresses however a large number were present on Slope’s server.

BlackRock X Coinbase 🪨

Coinbase X BlackRock

Access to crypto is one of the blockages impacting mass adoption and in an attempt to simplify access to crypto for institutional clients, Coinbase announced its partnership with BlackRock.

BlackRock is a multinational investment management company based in New York City with an estimated $10trillion USD under management placing it as the largest asset manager in the world.

The partnership concludes with Coinbase and BlackRock creating access points for institutional crypto adoption through the connection of Coinbase Prime and Aladdin (an electronic software built by BlackRock).

This shows the level of global understanding that the digital asset movement isn’t one to be ignored if the largest asset management company in the world is expanding its reach in the sector.

For More Information👇

Gucci X $APE 🐒

Gucci X ApeCoin

Following on from institutional crypto access, another barrier that is just as important is cultural bridges that make the transition from traditional payments to crypto payments much more familiar.

Fashion brand Gucci which is fond of accepting crypto for digital goods became the first brand to accept ApeCoin to join the other 11 coins they accept.

BitPay who are powering the crypto payments for Gucci added that the introduction of Ape is simply a response to demand from the vast community of the Bored Ape Yacht Club NFT collection that has been sought after by celebrities and those across the NFT ecosystem.

Nomad Bridge Suffers $190m Hack🌉

Nomad

With the bear market following suit and more focus on potential exploits, Nomad which is a cross-chain bridge suffered a $190m hack,

The hack occurred when a vulnerability in the code allowed the hackers to take $190m worth of tokens with Etherscan suggesting that $20m in tokens were recovered.

A bridge allows users to move tokens from different blockchains and security experts claim that this functionality exposes them to potential security breaches.

This would be the 7th incident in 2022 including a crypto bridge and in this case, the Nomad attack was known as a “free-for-all” hack as the attacker's code allowed anyone to copy it opening the possibility for anyone to participate in the hack.

Nomad announced a 10% bounty to the hackers that consider returning 90% hack without any legal action against white hats.

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As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies. At no point should this be regarded as financial advice, feel free to familiarise yourself with our NFA disclaimer.

Additional links:

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The R Roundup

The R Roundup

The R Roundup is a news platform inspired to deliver unbiased news and authentic education. From #DeFi to #NFTs; The R Roundup is built for the readers.