This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
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This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
Share Dialog
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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?
https://twitter.com/tokenterminal/status/1582376876143968256
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.
Written by: nikethereum.eth / Medium / Mirror
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?
https://twitter.com/tokenterminal/status/1582376876143968256
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.
Written by: nikethereum.eth / Medium / Mirror
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