# FINX Monthly Newsletter for October 2022

**Published by:** [FINX GLOBAL](https://paragraph.com/@finx-global/)
**Published on:** 2022-11-09
**URL:** https://paragraph.com/@finx-global/finx-monthly-newsletter-for-october-2022

## Content

As we say goodbye to the third quarter of 2022, let’s begin the new quarter by having a look at the most notable news in the crypto-sphere in the month of October.SEXDAO Disappears After Securing $6 Million FundA Web3 Dating Site, SEXDAO was flagged by the Twitter community of possibly pulling the rug after the company deactivated its official Twitter account, removing its whitepaper and moving out all its asset from sexxdao.eth, the main wallet of the sexxdao.eth project, just days after securing a $6Million Fund. On October 5, Sexdao transferred over 220,000 USDT and 4.17 billion SED to multiple addresses in the last 12 hours from its sexxdao.eth project main wallet (0x05feed0ee41dbcc2df6f155dd33681281281e008). Since the accusation, no updates have been heard from the company itself. 2. BSC Hacked of More Than $500 Million The biggest hack of the month, and possibly the quarter happened just in the middle of October where a total of 2 million Binance Token (BNB), worth more than $500 million were stolen from the Binance Bridge. The platform was quick to reach as BNB Chain wrote on reddit that it has suspended BSC after discovering the attack on their cross-chain bridge, BSC Token Hub. “Initial estimates for funds taken off BSC are between $100M — $110M. However, thanks to the community and our internal and external security partners, an estimated $7M has already been frozen,” their reddit read Within a couple of hours, the team was able to identify the issues and the BNB Chain was able to operate normally. 3. DeFi Platform Mango Exploited of $100Million After the big hack on BNB Chain, Mango became the latest hacking victim with Mango an early report of about $100Million funds stolen via an oracle price manipulation. The hacker later identified himself as Avraham Eisenberg, who called himself as a “Digital Arts Dealer.” According to Eisenberg on his Twitter, his actions were an act of “a highly profitable trading strategy.” He also claimed that his actions were “legal” as he made use of the protocol that was designed for the platform. “To remedy the situation, I helped negotiate a settlement agreement with the insurance fund with the goal of making all users whole as soon as possible as well as recapitalizing the exchange,” he said. 4. Facebook Metaverse lost $3.7 billion in Q3 To end Q3, $Meta, Facebook’s Metaverse division reported a revenue of just $285 million from its Facebook Reality Labs (FRL) division in its 3rd quarter. According to a report that was released, the earnings were short of the consensus of analyst estimates of $406 million, and down from $452 million in the second quarter. To add to the pain, the company foresee the losses to grown in 2023. $Meta shares are down more than 60% this year but Zuckerberg remains hopeful that they are still going on the right path. It has certainly been a month of nightmares for a lot of the Crypto platform but with Bitcoin prices starting to take off, perhaps the remaining quarter of the year will show a lot of good news instead? For more insights on what is happening in the crypto-sphere, continue to follow our Medium as we keep you in the know. **About FINX GLOBAL **FINX is the future of finance. We aim to promote digital asset payments into the financial system and accelerate the paradigm shift to seamless digital payments that are accepted globally. As a result, FINX streamlines the intensive process of converting digital assets to fiat currencies by providing a global platform that enables anyone from anywhere across the world to seamlessly transact and participate in the world of digital assets conveniently and faster than before. This ultimate vision is to help the world to better understand cryptocurrencies and digital assets and fuel mass adoption. Social Media & Communities Website: https://finx.global/ Discord: https://discord.gg/finxglobal Twitter: https://twitter.com/FINXSupport Whitepaper: https://finx-tech.gitbook.io/finx-global/about-finx-global/vision

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