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GM Defiers! |
Pump.Fun, the recently surging memecoin launchpad, suffered a $2 million exploit perpetrated by a company insider. The team quickly moved to upgrade their contracts, mitigating any further damage. |
U.S. Senators voted to repeal the SEC's controversial crypto accounting rule. Lawmakers are urging President Biden to take stock of the resolution's bipartisan support, as the President could veto the vote. |
The DTCC published findings from a pilot exploring bringing NAV data on-chain using Chainlink. Ten major financial institutions, including JP Morgan and Franklin Templeton, participated in the pilot. |
Plus, the Department of Justice may have legitimized MEV extraction, and SEI rallied on news of the project's v2 roadmap. |
✍️ In today's newsletter: |
Pump.Fun suffers $2M exploit perpetrated by an insider U.S. Senate votes to repeal SEC crypto accounting rule DTCC taps Chainlink to pilot bringing data on-chain DoJ indictment legitimizes MEV extraction Sei bounces 25% on V2 roadmap reveal
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| Bitcoin | $66,151 | 7.44 % | | Ethereum | $3,017 | 4.68 % | | Gold 1st Future | $2,389 | 1.50 % | | S&P 500 | 5308.15 | 1.17 % | | Arch Web3 | 2.09 | 7.62 % | | Learn more about Arch Indices here. | |
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Check out our latest coverage of the recent ETHDenver Buildathon. And watch our explainer on using DeFi to borrow crypto. |
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Stellar empowers builders to unlock human and economic potential. Explore the new Stellar smart contract platform, Soroban, designed for scale and sensibility. |
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Safe{Wallet} is considered the most secure wallet in the web3 space, trusted by Vitalik Buterin and leading projects to safeguard over $100 billion in assets. The smart wallet is widely known for its multisig functionality, offering robust security measures, convenient account recovery, and access to a thriving ecosystem of over 200 integrated apps. |
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Stacks is the leading Bitcoin L2 gearing up for the largest update yet with the Stacks Nakamoto Release. Tryout BTCFi, Bitcoin Decentralized Finance Apps Available on Stacks. |
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Pump.Fun, the booming memecoin launchpad, lost 12,300 SOL, worth around $2 million to an exploit leveraged flashloans to withdraw funds from the platform. The team quickly upgraded their contracts to prevent further losses, and said that wallets connected to the platform are safe. |
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A postmortem of the hack targeting Pump.Fun accused a former employee of perpetrating the attack. The project said the former insider "illegitimately took access of the withdraw authority" to execute the hack. |
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The U.S. Senate passed a resolution overturning an SEC accounting rule criticized as posing significant barriers to U.S. financial institutions providing custody services to crypto firms. Although President Biden may still overturn the vote by veto, lawmakers are urging him to take note of the significant bi-partisan support for the resolution. |
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| | | | | Safe{Con}2: Smart Account Builder Conference is back in Berlin on 23 May 2024 | Join us on Thursday, 23 May 2024 along the iconic Berlin Spree for Safe{Con}2 as we reboot a gathering of web3's giga-brain developers aiming to onboard 1 Billion Owners powered by smart accounts. | Registration is now open for all attendees! Apply early to save your free spot. |
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Web3 experts believe the U.S. Department of Justice may have just legitimized the practice of MEV extraction. On May 14, the DoJ brought a landmark indictment against a pair of brothers who made off with $25 million after taking advantage of three MEV bots. The DoJ described the pair as having "fraudulently obtained" the funds by "exploit[ing] the very integrity of the Ethereum blockchain." |
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The Depository Trust & Clearing Corporation (DTCC), a core institution within the U.S. financial system, has published findings from a pilot program leveraging Chainlink's Cross-Chain Interoperability Protocol. The pilot explored bringing Net Asset Value on-chain, and featured participation from 10 leading financial institutions. |
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SEI is rallying after the project revealed its v2 roadmap, notching a 25% gain since dropping the announcement. Sei plans to introduce parallelized EVM execution with the upgrade. |
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🌍 ELSEWHERE |
Dolce & Gabbana sued by customer who spent $6,000 on NFT outfits to wear in the metaverse (Financial Post) Binance executive denied bail in Nigeria over money laundering charges (The Guardian) Hong Kong pilots first-ever digital yuan payment system for cross-border transactions (CryptoSlate) BNB Smart Chain to Feature Its Own Blobs to Compete With Ethereum (Unchained)
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🔥 TRENDING |
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