BlockBeats will organize the key industry news content of the week (8.21-8.27) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
This week's important news review
PEPE multi-signature wallet threshold changed from 5/8 to 2/8, over 16 trillion PEPE were transferred to CEX
On August 25, the PEPE multi-signature wallet changed the threshold from 5/8 to only 2/8, which means that it no longer requires 5 of 8 wallets to sign transactions, but only 2 of 8 wallets. In addition, more than 16 trillion PEPE (about 15.5 million US dollars) flowed out of the PEPE multi-signature wallet to addresses related to Binance, OKX and Bybit. PEPE fell 15.45% in 24 hours that day.
The identity of PEPE's founder was exposed, and he used his profits to buy luxury cars but did not pay the original royalties
On August 25, PAULY, the founder of CryptoPhunks and NFT market Not Larva Labs, revealed the identity of the PEPE team members. The founder of PEPE is Zachary Testa, an American landscape photographer born in 1997, who graduated from Arizona State University in 2018 with a degree in marketing. He has a record of violating the law in multiple wilderness areas, sacred indigenous areas, and other areas where drones are prohibited. PAULY helped the PEPE team get in touch with the Binance coin team and Sushi team members. Zachary used the PEPE income to buy a purple Lamborghini sports car worth $865,000, and his team did not pay any copyright fees to Matt_Furie, the original creator of Pepe the Frog.
PEPE officially announced the truth about "multi-signature selling of coins": 3 former members privately sold and deleted the multi-signature permissions, and the remaining 10 trillion PEPEs are safe
On August 26, PEPE officials published a long article on social media, announcing the truth about the sale of 16 trillion PEPE yesterday. Officials said that most members of the initial team began to alienate the project after the first week of the project. Due to the inability to sign, disagreements, and long-term inability to get in touch, these members have hindered the team's progress in using multi-signature wallets for token donations or purchases. The current PEPE project has completely gotten rid of this burden. The true situation of this coin sale is that three former team members secretly returned on the 25th, logged into the multi-signature, stole 60% of the tokens in the wallet, that is, the 16 trillion PEPE, and sent them to the trading platform for sale. The official confirmed that the control of the current Twitter account and the remaining 10 trillion tokens in the multi-signature wallet are safe, and the former team members can no longer access them.
Later on August 26, PAULY, founder of the NFT market Not Larva Labs, posted on social media that the PEPE official team held PEPE worth 16 million to 17 million (US dollars) in at least 9 internal wallets.
SlowMist Cosine: The friend.tech wallet addresses corresponding to more than 100,000 Twitter accounts were leaked, making it easy for users to expose more private information
On August 21, Yearn core developer banteg posted on social media that the leaked database showed that 101,183 people granted friend.tech permission to post under their identities. In response, SlowMist founder Yu Xian said, "More than 100,000 Twitter accounts corresponding to friend.tech wallet addresses have been leaked. These wallet addresses can be randomly linked to the upper level to get more privacy."
Friend.tech officials responded to the "data leak" on social media, saying that the situation described in the report was just someone crawling its public API, showing the connection between the public wallet address and the public Twitter username. The "data leak" statement is like saying that someone can attack users by viewing their public Twitter information, which is an irresponsible report.
U.S. Treasury Department: Tornado Cash co-founder Roman Storm has been arrested by the FBI and IRS
On August 24, according to the official website of the U.S. Treasury Department, Tornado Cash co-founder Roman Storm has been arrested by the FBI and the IRS on charges of "conspiracy to launder money, conspiracy to operate an unlicensed money transmission business, and conspiracy to violate sanctions." Another founder of Tornado Cash, Roman Semenov, is still at large. In addition, the statement pointed out that since its creation in 2019, Tornado Cash has been used to launder money for criminals, including confusing hundreds of millions of dollars in virtual currency stolen by Lazarus Group hackers.
Balancer: Multiple V2 pools have vulnerabilities, users are advised to withdraw affected LPs immediately
On August 23, the DeFi protocol Balancer issued a statement saying that it had received a report of a serious vulnerability affecting multiple V2 pools. Emergency mitigation procedures have been implemented to ensure the safety of most TVL, but some funds are still at risk. Users are advised to withdraw affected LPs immediately. The Balancer UI will notify all users if they hold liquidity in the affected LPs and provide step-by-step withdrawal instructions.
Curve founder: I believe CRV OTC buyers will abide by their commitment to lock up their positions for half a year, and there will be no negative impact on violators
On August 23, Michael Egorov, founder of Curve Finance, said that he believed that CRV OTC buyers would abide by the commitment to lock up their positions for half a year, and there would be no negative impact on violators. The founder of Curve traded CRV OTC at an average price of $0.4 to repay on-chain loans. 0xSifu, former CFO of Frog Nation, said that the CRV sold by the founder of Curve through OTC had a 6-month lock-up period.
Binance Labs announces investment in zkWASM infrastructure provider Delphinus Lab
On August 21, according to official news, Binance Labs announced its investment in infrastructure provider Delphinus Lab, which has implemented the first known open source zkWASM virtual machine that supports trustless computing and application SDKs.
FTX: Bankruptcy claims agent Kroll was attacked and some non-sensitive customer data was leaked
FTX said on its official social platform that bankruptcy claims agent Kroll experienced a cybersecurity incident that resulted in the leakage of non-sensitive customer data of certain claimants in pending bankruptcy cases. Kroll is directly notifying affected individuals to be vigilant against fraudulent emails, and FTX's own systems are not affected by this incident.
Prime Trust lost $6 million of client funds and $2 million of its own capital investing in Terra
On August 25, legal documents showed that Jor Law, CEO of cryptocurrency custodian Prime Trust, said that Prime Trust lost $6 million in customer funds and $2 million of its own funds in its investment in Terra algorithmic stablecoins. In addition, Jor Law also mentioned that in January 2021, due to incorrect instructions to customers to send funds to inaccessible wallets, it spent $76 million to purchase ETH to meet user withdrawal requests.
Coinbase announces stake in Circle, plans to deploy USDC on 6 new chains
On August 22, according to official news, Coinbase officially announced on social media that it has acquired a stake in Circle to continue its long-term successful adjustment and investment in stablecoins (especially USDC). The specific equity acquisition details have not been disclosed.
Coinbase added that it has simplified Circle's operations and governance, and Circle will assume full responsibility and obligations as the issuer of USDC. For Coinbase customers, there will be no changes to USDC on Coinbase, Coinbase will continue to support USDC on all its platforms, Coinbase and Circle will continue to receive income from USDC reserve interest income, and USDC is also scheduled to be launched on 6 new blockchains.
Mastercard, Visa phase out credit card partnership with Binance
On August 25, according to Bloomberg, a spokesperson for Binance said that Visa has stopped issuing new co-branded credit cards with Binance in Europe since July. At the same time, Mastercard Inc. will end its credit card partnership with Binance, and starting from September 22, this decision will affect all four co-branded card projects between Mastercard and Binance in Argentina, Brazil, Colombia and Bahrain. Mastercard declined to disclose the reason for this move.
BitBrowser: The server cache data was hacked and reported to the police
0xAA, founder of WTF Academy, posted on social media that the Bit Browser has issued a notice stating that the cached data on the Bit server has been hacked, and Bit has reported the case. If the user's wallet has been stolen and the extended data synchronization is enabled, it is recommended to take immediate measures to transfer the wallet assets and notify the user after the official has completely repaired the intrusion. BlockBeats reported today that according to social media news, many members of the encryption community have reported that their private keys have been stolen, and there is speculation that this is due to the use of the Bit Fingerprint Browser.
Blockchain Capital’s personal information was leaked and crypto assets worth $6.3 million were stolen
On August 21, Bart Stephens, co-founder of crypto venture capital firm Blockchain Capital, suffered a SIM swap attack in May this year and had $6.3 million worth of Bitcoin, Ethereum and other cryptocurrencies stolen.
SIM swap attacks typically rely on hacker manipulation or "social engineering" to trick mobile phone network customer service operators into revealing the victim's personal information. The hackers then use that information to pass security tests and port the victim's phone number to a new SIM card and phone they control.
Mianyang police cracked a virtual currency money laundering fraud case involving more than 30 million yuan
On August 21, according to Sichuan News Network, the Youxian District Branch of the Mianyang Municipal Public Security Bureau recently cracked a telecommunications network fraud and money laundering case supervised by the Ministry of Public Security, and successfully cracked a telecommunications fraud and money laundering gang of nearly 100 people in the country that was directly controlled by an overseas fraud den. More than 90 criminal suspects were arrested, 3 dens were destroyed, more than 80 mobile phones used in the crime were seized, 3 vehicles, more than 100 bank cards involved in the case, and more than 30 million yuan of funds involved in the case were verified.
This week's hot articles
"The cryptocurrency king Su Zhu returns, OLAS rises more than 10 times in half a month"
A whale has purchased Autonolas tokens OLAS in large quantities since August 23, and has become the 9th largest holder of the currency on the chain. Among the addresses frequently transferred between addresses on the chain, although there is no clear owner mark in Nansen and others, the large holdings overlap with the list of altcoins previously shared by Su Zhu, the founder of Three Arrows Capital, and the community speculates that it is suspected to be owned by Su Zhu.
"Suspected team violently dumped the stock, PEPE fell 16% in a single day, and the identity of the "founder" was exposed"
This morning, the PEPE team's multi-signature address transferred 16 trillion PEPE (about 15.08 million US dollars) to 4 centralized exchanges, which was suspected to be a market crash. Pauly, the founder of Not Larva Labs, was furious and disclosed the information of the founder of PEPE on Twitter...
《How did friend.tech get hyped? 5 tools to help you see the data》
By strongly binding with Twitter (now renamed X), friend.tech allows users to purchase the shares of any friend.tech user through the Ethereum of the Base chain, obtain the right to communicate with them directly, and also have the possibility of profiting from it. The social concept and airdrop expectations of friend.tech have made its market popularity high. BlockBeats has compiled several popular tools for tracking friend.tech data.
《Friend.Tech: A new idea for Web3 social networking or just a flash in the pan?》
With revenue exceeding $500,000 in two days, Friend.Tech has become the hottest SocialFi project in the Base ecosystem through the "one for three" invitation code mechanism similar to Clubhouse. The investment effect of Paradigm is also strong enough. After the announcement of the financing, the number of active users of friend tech has increased rapidly, with more than 1.7k buyers per hour, setting a record high...
The first group of people who used AI to trade stocks missed the bull market in US tech stocks
At least 13 exchange-traded funds already use AI applications to manage portfolios. Yet nearly all of them have failed to capture returns during this year’s tech-driven market rally. They have underperformed benchmarks such as the S&P 500. That’s ironic given investors’ enthusiasm for the subject, but also reflects the technology’s limitations in the competitive field of stock picking.
From Steemit to friend.tech, SocialFi's 7-year evolution
The popularity of Friend.tech seems to have brought hope to the SocialFi track, but at present, regardless of whether Friend.tech will become the next "X" version of the crypto industry, the popularity of this application can help us understand the brief history of crypto social more deeply. Jason Choi, founder of BlockCrunch and former partner of The Spartan Group, wrote an article introducing the "Vertical History of Crypto Social".
《New Product Review｜Besides friend.tech, have you used DeBank's social products?》
In addition to friend.tech, another event worth noting in the social field is that DeBank launched the Debank Chain based on OP stack. This L2 aims to become the social layer of cryptocurrency (currently in the test network, the main network is expected to be launched in 2024), and DeBank's social applications seem to be doing very well at present.
"Accused of helping North Korea's biggest hacker, the US Treasury Department sanctions the founder of Tornado Cash (full text)"
On August 24, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) imposed sanctions on Roman Semenov, one of the three founders of the Tornado Cash virtual currency mixer, for providing substantial support to Tornado Cash and the Lazarus Group, a state-backed hacking group supported by the Democratic People's Republic of Korea (DPRK). Since its creation in 2019, Tornado Cash has been used to launder money for criminals, including covering up hundreds of millions of dollars in virtual currency thefts for Lazarus Group hackers.
"Tornado Cash co-founder arrested, has "code is speech" become a false proposition?"
On August 24, the U.S. Treasury Department's OFAC imposed sanctions on Roman Semenov, one of the three founders of the Tornado Cash virtual currency mixer, on the grounds that he provided substantial support to Tornado Cash and the North Korean-backed state-level hacker organization Lazarus Group. Since its creation in 2019, Tornado Cash has been used to launder money for criminals, including covering up hundreds of millions of dollars in virtual currency thefts for Lazarus Group hackers.
"Top gaming guilds in the bear market: some are growing, while others are falling behind"
The roller coaster of YGG price in the past two weeks has refocused the market's attention on the game guild track. At the beginning of the rise, the author shared on Twitter that he was most optimistic about MC at the time. Now the price has risen by 50%, while the price of YGG has fallen rapidly after doubling, returning to the price before the summary was written. This article is a revision and expansion of the summary, and a complete inventory of the game guild track from four perspectives: business capability, investment capability, risk control capability, and valuation.
"Why Web3 Intents is the next new narrative?"
Intents are spreading rapidly, they are one of the many user experience improvements enabled by account abstraction and were a hot topic discussed by Vitalik in his speech at EthCC. Intents let users define their desired on-chain results and outsource the technical work of achieving these results to third-party solvers that interact directly with the network and protocol. Ultimately, the abstraction layer will make Web3 applications feel like normal applications. It reduces the existing technical learning curve and will attract millions of new users.
《Ethereum Layer2 Shibarium is online, 10 ecological projects worth paying attention to》
The advent of Shibarium seems to announce to the crypto market that MeMe coins can also do things and develop an ecosystem. According to a tweet from Shibarium technical community moderator "KURO", hundreds of crypto companies or development teams have joined the Shibarium world or used the network to build DApps.
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