The biggest crypto news and ideas of the day |
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Solana-based meme coin bonk (BONK) surged 40% after Coinbase listed the token on Thursday, making it the third largest meme coin behind DOGE and SHIB on the exchange. Coinbase listings often lead to short-term rallies. BONK, launched as a joke following FTX’s fall (SBF was prominent Solana backer), is a somewhat serious project: 22 people work on the project at least part time, and the token has been adopted as a payment option for several Solana NFT projects. “Dog tokens” in general are having a moment; a newer effort, Dogwifhat (WIF), featuring a mascot dog that wears a hat, is seeing serious trading action. "I thought the dog with the hat was very funny and so I bought some," one trader who reportedly realized $25,000 in profits said. Be careful though, rabid fascination often bites people. |
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Ethereum co-founder Vitalik Buterin outlined a plan to roll some layer 2 functionality back onto the main chain. His idea for an "enshrined zkEVM" or an Ethereum Virtual Machine with built-in "zero knowledge” tech, could verify transactions on Ethereum directly rather than on scaling solutions like Polygon, Matter Labs and Scroll, which have built out zk-based protocols. For years Buterin pushed Ethereum down a "rollup-centric" roadmap, and still sees a role for layer 2s. Meanwhile, the total value locked (TVL) in Cardano DeFi ecosystem rose to over $440 million (above the $330 million high mark set in April). Most growth occurred this week, with lending protocol Indigo and on-chain exchange Minswap seeing their TVL surge by over 50% to nearly $100 million each. |
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Arbitrum threw its hat in the ring to build a new scaling layer for the Celo network. Head of ecosystem development at the Arbitrum Foundation, Nina Rong, submitted a proposal to the Celo community on Tuesday, pitching Arbitrum’s Orbit tech stack for building customizable layer 2 and layer 3 chains — which would also bring the layer 1 network Celo back onto Ethereum. Polygon and Matter Labs have also pitched their stacks, and Celo intends to pick a tech solution in January. Meanwhile, Cronos Labs launched a new L2 testnet on Thursday. The "Cronos zkEVM chain" is the first application of Matter Labs’ ZK software kit, and will eventually support “hyperchains” that link the layer 1 Cronos to the wider world of Ethereum. |
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The Takeaway: Ledger Breach |
(Unsplash, modified by CoinDesk) |
Multiple Ethereum-based applications including Zapper, SushiSwap, Phantom, Balancer and Revoke.cash were compromised early Thursday due to a Ledger security breach. Ledger, the Paris-based crypto hardware wallet manufacturer, said it has fixed the malicious code as of 13:35 UTC — the company also warned users to “Clear Sign” transactions, a way to ensure you are interacting directly with the company’s website and software. It’s not yet known how many decentralized apps (dapps) were/are affected, or how much money has been lost. Anecdotal reports on social media suggest the exploit is widespread. Blockaid, a blockchain security firm, said upwards of $150,000 in crypto had been lost due to this unique “supply chain attack” on Ledger’s Connect Kit, which is deployed across the decentralized finance (DeFi) ecosystem. “Do not interact with ANY dApps until further notice,” Sushi Chief Technology Officer Matthew Lilley wrote on X/Twitter, one of the first people to acknowledge the attack. “It appears that a commonly used Web3 connector has been compromised, which allows for injection of malicious code affecting numerous dApps.” Hacks are a common occurrence in crypto, especially in the free-wheeling world of decentralized finance (DeFi), where financial software is frequently deployed without the appropriate level of auditing and testing as well as used by people without the knowledge to do proper due diligence. Centralized entities, aka companies, like Ledger, are also common targets for assaults.
These types of breaches are a stain on the industry, affecting not only actual people and projects but also crypto’s reputation. Internet pioneer and security expert Steve Gibson keeps up with the litany of crypto hacks on the popular podcast, “Security Now,” he co-hosts with fellow tech legend Leo Laporte, and recently said any industry where there is a running tally of the largest hacks should be treated with extreme skepticism. Still, there is sometimes a silver lining to crypto exploits. These events, however blackening, can also be moments of levity, and a chance for seasoned crypto professionals to showcase their skills and the built-in benefits of blockchain. Most crypto transactions cannot be reversed, but attackers can end up in a dead-end trying to actually capitalize on their ill-gotten gains. Tether, the largest stablecoin issuer, for instance, announced it froze the explorer's address hours after the hack, which speaks to the ability for on-chain sleuths to track down and put pressure on attackers. So, is it too soon to laugh about it? Just last week, CoinDesk listed Ledger CEO Pascal Gauthier and several of the impacted DeFi protocols on its annual Most Influential list — perhaps we can laugh about the inauspicious timing. But that’s the thing about open-source development that happens in the public eye, even the worst moments can hold valuable lessons for all... Read the full story online... – D.K. @danielgkuhn daniel@coindesk.com |
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Phemex Wraps Up 2023 Delivering on Its Commitment to the Trading Community The now semi-centralized exchange dedicated its efforts to shaping a more liberating world for crypto traders. Phemex, once a fully centralized exchange that is now pursuing a hybrid future, came into its own in 2023. During a year in which external events drove cryptocurrency values – the volatility of tech stocks, fickle investor sentiment and the like – Phemex made its own luck. Its narrative wasn't one of stagnant tradition, but a dynamic shift to revolutionize the crypto exchange landscape. Continue Reading |
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