The R Roundup: The Biggest Hack In DeFi History — Issue #2
Crypto and DeFi has unlocked major possibilities for the future of finance. For hundreds of years many people have critiqued the flaws of centralised finance and evidently DeFi seems to be the solution however on the 10th of August Poly Network was unfortunately on the receiving end of the biggest DeFi hack in history.
Poly network reported the hack to have been conducted on the: Ethereum network, Binance smart chain and the Poly network. The hacker stole a reported $600 MILLION worth of assets.
On the 11th of August, Poly Network confirmed that the reported hacker returned a total of $4 million USD worth of assets had been returned and eventually the remaining funds were returned by the hacker claiming the hack was for “Fun” and he always intended to “return the funds”.
The hacker is still anonymous however he has been named “Mr White Hat” which usually is given to an “ethical hacker” who specialises in penetration testing and other testing methodologies to expose weaknesses in codes and information systems.
Bullrun 2.0? As $BTC Breaks $42,000
After months of arduous consolidation, August seems to be in the favour of the bulls as $BTC breaks the $42,000 psychological resistance and soars to $46,000.
The market sentiment towards Bitcoin has flipped to extreme greed after months of extreme fear which shows the bulls taking control of the current markets.
Market Cycle — $BTC TO $ALTS
From the July monthly close, the altcoin marketcap has been up over 270B. As a result of this we have seen over 100% rallies over a majority of high/mid/low cap alts.
Here are some of our favourite alts which have shown signs of strong recovery.
Lionel Messi set to receive partial payment in crypto after transfer to PSG
As the world begins to explore the possibilities crypto can unlock and the biggest football teams in the world have incorporated fan tokens (powered by $CHZ).
After Messi joined the Paris giants it was reported that Messi’s wage package includes payment in the $PSG fan token. This could be a continuing trend as more footballers and athletes could be paid in crypto.
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