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Lost money from $4.5 million crypto wallets exploit? Here’s what you should do

hello! Welcome to Distributed Ledger. This is our weekly crypto newsletter delivered to your inbox every Thursday. I’m Frances Yue, Crypto Reporter at MarketWatch. Here’s an update on this bear market.

find me on twitter @FrancesYue_ Send us your feedback or tell us what you think we should cover. You can also reach out to me via email to share your personal story in crypto.

Encryption in seconds

Bitcoin BTCUSD
It has lost 1.7% over the past seven days and was trading around $22,559 on Thursday, according to CoinDesk data. Ether ETHUSD
It fell 3.3% to around $1,599 in 7 days. Meme Token Dogecoin DOGEUSD
Another dog-themed token, Shiba Inu SHIBUSD, fell 1.8%.,
was flat from the previous seven days.

crypto metrics
biggest price riser

price

%7 days return

file coin

$8.18

45.3%

flow

$2.62

44.9%

Lido DAO

$2.49

29.1%

chili’s

$0.15

28.8%

BitDAO

$0.74

19.4%

Source: CoinGecko as of August 4th

Biggest Decline

price

%7 days return

Tenset

$3.03

-21.1%

DeFi chain

$1.03

-10.9%

chain

$0.09

-8.1%

helium

$8.67

-5.1%

Ios

$1.19

-4.8%

Source: CoinGecko as of August 4th

crypto attack

The cryptocurrency market was hit by two major exploits this week, further exposing the emerging industry’s risks.

Nomad, a digital asset protocol that allows users to transfer crypto between different blockchains, said Monday it lost about $200 million in security hacks.

Starting Tuesday, several cryptocurrency wallet customers, including Phantom and Slope, saw a total of $4.5 million in digital assets evaporate from their online accounts.

Developers of the Solana blockchain, used by both Slope and Phantom, said Wednesday that the intrusion may have started with Slope.

“During investigations by developers, analytics firms, and security auditors, it was discovered that all affected addresses were created, imported, or used with the Slope mobile wallet application for iOS and Android (Slope Finance).” According to a statement from Austin Federa, head of communications for the Solana Foundation,

According to Federa, “no core code associated with Solana Labs, the Solana Foundation, or the Solana protocol itself was involved in this attack.”

Federa recommends that users take action if they generate a seed phrase or group of words that grant access to a cryptocurrency wallet from Slope, or if they import a seed phrase or private key into a Slope wallet. did.

Such users would have to transfer all their digital assets to a hardware wallet or generate a new seed phrase to transfer all their assets to a new non-Slope wallet, Federa said.

Solana Labs co-founder Raj Gokal recently emphasized why it’s important for cryptographic protocols to pass code audits.

“I believe that all the primitives of a parallel distributed financial system have had enough time to be proven and have audited solutions that have stood the test of time for many market cycles.”

Still, Gokal said he believes in the potential of emerging cryptocurrency products. “What we continue to see is that large companies are moving to cryptocurrencies and trying to transform their product experience into a Web 3 experience. , is very slow, and I think independent builders have the opportunity to create new web creative products and compete with these incumbents every day,” said Gokal. Web three is the so-called next generation Internet.

BlackRock Partners with Coinbase

Coinbase Global shares rose Thursday after BlackRock, the world’s largest asset manager, announced a partnership with a cryptocurrency exchange to give some institutional investors direct access to bitcoin. .

Common customers of Coinbase COIN
And BlackRock’s BLK
Investment management platform Aladdin will be able to access crypto trading, custody, prime brokerage and reporting capabilities, according to a statement Thursday.

In March, BlackRock Chairman Larry Fink said in a letter to shareholders that the company was researching digital currencies, stablecoins, and underlying technology due to growing customer interest. .

Hear Mike Novogratz speak at the Best New Ideas in Money Festival in New York on September 21st and 22nd. Galaxy Digital’s CEO has an idea for getting through the crypto winter.

Michael Thaler Resigns as CEO of MicroStrategy

Crypto traders are weighing Bitcoin results as Michael Saylor resigns from his role as Chief Executive Officer following a revamp of MicroStrategy Inc.’s executive suite.

MicroStrategy announced on Tuesday that Michael Saylor will relinquish his CEO title and assume a new role as executive chairman, while the company’s president, Phong Le, will assume the CEO position starting August 8. $1.06 billion in the second quarter, including $917.8 million in digital asset impairment losses as the Bitcoin price crashed.

According to MicroStrategy, Phong will manage the company’s overall operations, while Saylor will be “more focused” on the company’s bitcoin acquisition strategy and related bitcoin advocacy initiatives.

One of the most vocal Bitcoin bulls, Thaler pushed MicroStrategy’s move to buy the cryptocurrency in bulk in the summer of 2020, before doubling down. The company has raised a total of $2.4 billion in debt to purchase digital assets. As of June 30th, he held approximately 129,699 bitcoins.

What does Thaler’s transition mean for Bitcoin? Read more here.

$300 Million Crypto Ponzi Scheme?

The U.S. Securities and Exchange Commission announced Monday that it has indicted 11 individuals for their involvement in creating and facilitating fraudulent cryptocurrency pyramids and Ponzi schemes that have raised over $300 million from retail investors.

The agency said Forsage.io, a website that allows millions of retail investors to start trading via smart contracts running on the Ethereum, Tron and Binance blockchains, will help investors earn profits. claimed to have been operating as a pyramid scheme for over two years. By enrolling others in the scheme. The SEC complaint alleges that the platform used new investors’ assets to make payments to previous investors.

According to Forsage’s website, it is a “distributed network platform based on smart contracts.”

This is the SEC’s latest move to tackle alleged crypto-related fraud after it nearly doubled the size of its newly renamed cryptocurrency and cyber unit in May.

Crypto companies, funds

shares of Coinbase Global Co., Ltd.It surged 10.3% to $89.13 on Thursday, up 43.2% over the last five trading sessions.Michael Thaler MicroStrategy Ltd.
MSTR
The stock fell 1.2% to $309.85 on Thursday and has gained 12.4% over the past five days.

mining company Riot Blockchain Co., Ltd.Riot
The stock rose 0.1% to $8.13 on Thursday and is up 9.8% over the past five days.shares of Marathon Digital Holdings Co., Ltd.
Mara
It rose 1.1% to $13.43, up 1.7% over the last five days. another miner, Evan International Holdings.Ebon
The stock climbed 4.5% to $0.50 on Thursday, gaining 2.7% over the past five days.

overstock.com, Inc.
OSTKsof
The stock fell 3.7% to $28.51. The stock has fallen 5.9% in his five trading periods.

shares of Block Co., Ltd.
SQ,
Formerly known as Square, it rose 2.8% to $90.53 and is up 21.1% this week. Tesla Inc..TSLA
The stock rose 0.3% to $925.15, up 9.8% over the past five days.

PayPal Holdings Inc.
PYPL
The stock rose 13% over five sessions, but fell 1% to $96.94. NVIDIA Corporation
NVDA
The stock rose 1.8% to $192.32, up 7% over the past week.

Advanced Micro Devices Co., Ltd.
AMD
The stock rose 6.1% to $104.08 on Thursday, up 13.6% from five trading days ago.

Among crypto funds, ProShares Bitcoin Strategy ETF
Vito
Thursday fell 4% to $13.94, Short Bitcoin Strategy ETF
bitty
$34.97, up 4%. Valkyrie Bitcoin Strategy ETF
BTFMore
It fell 3.9% to $8.69, VanEck Bitcoin Strategy ETF
XBTFMore
It fell 4.2% to $21.89.

Grayscale Bitcoin Trust
GBTC
3% lower to $14.08.

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