xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
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OpenSea has experienced a phishing scam. Such an attack hooked over 640 ETH in assets from 32 users with the label Fake_Phishing5169.
TL;DR
The OpenSea phishing attack has a lesson learned to us. Should we still want a company to provide free service for us or should we find another alternative who can really provide free service in Web3 vision?
Phishing Attack
It appears that Wyvern contract is a loophole for attackers to enter previously saved transfer calldata and token addresses to steal creators’ NFTs without actually signing from their own wallet.
OpenSea Migration
No to mention that OpenSea is in the process of migrating their listings from the old contract to a new contract Wyvern 2.3 to prevent a different type of exploit.
Not Connected to Website
The CEO insisted that their website has no flaw but others disagreed to point out the flaw in their code.
OpenSea NFT Marketplace
Many people may think OpenSea is a decentralized NFT marketplace. It is more than just an NFT marketplace. OpenSea was planning to IPO recently and they compared themselves to Web2 companies like Lyft. They even recruited Lyft to become their first CFO to prepare an IPO. Such moves bring the company backward into Web2 rather than Web3 company. The recent phishing attack makes it worse. People wonder if it is still a place to list their NFTs or possible to find another place to list new NFTs.
In Conclusion
The OpenSea phishing attack is a warning to investors and crypto enthusiasts. If the company cannot admit their error, how can they provide service to their customers as Web3 company should do?
OpenSea has experienced a phishing scam. Such an attack hooked over 640 ETH in assets from 32 users with the label Fake_Phishing5169.
TL;DR
The OpenSea phishing attack has a lesson learned to us. Should we still want a company to provide free service for us or should we find another alternative who can really provide free service in Web3 vision?
Phishing Attack
It appears that Wyvern contract is a loophole for attackers to enter previously saved transfer calldata and token addresses to steal creators’ NFTs without actually signing from their own wallet.
OpenSea Migration
No to mention that OpenSea is in the process of migrating their listings from the old contract to a new contract Wyvern 2.3 to prevent a different type of exploit.
Not Connected to Website
The CEO insisted that their website has no flaw but others disagreed to point out the flaw in their code.
OpenSea NFT Marketplace
Many people may think OpenSea is a decentralized NFT marketplace. It is more than just an NFT marketplace. OpenSea was planning to IPO recently and they compared themselves to Web2 companies like Lyft. They even recruited Lyft to become their first CFO to prepare an IPO. Such moves bring the company backward into Web2 rather than Web3 company. The recent phishing attack makes it worse. People wonder if it is still a place to list their NFTs or possible to find another place to list new NFTs.
In Conclusion
The OpenSea phishing attack is a warning to investors and crypto enthusiasts. If the company cannot admit their error, how can they provide service to their customers as Web3 company should do?
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