Safeheron Weekly Dispatch | AUG 05 '22

08/05/2022

Security Incidents

ZB Exchange Suffers Loss of Around $7.8M

The ZB exchange was hacked with a total loss of around $7.8 million. ZB has notified the community on August 2 that deposits and withdrawals will be suspended due to a "sudden failure". The reason is "Sudden failure of the core application". It's worth noting that the attack actually happened on August 1.

Reaper Farm Suffers Over $1.6M Exploit

Reaper Farm's ReaperVaultV2 contract was maliciously exploited, resulting in more than $1.6 million worth of damage. Attackers exploited a vulnerability in the ReaperVaultV2 contract that could destroy other users' vault shares and withdraw tokens, thereby withdrawing large amounts of tokens from multiple vaults.

Nomad Cross-Chain Crypto Bridge Suffers $190M Exploit

The cross-chain interoperability protocol Nomad bridge was attacked by hackers. This attack was caused by the fact that the trusted root of the Nomad bridge Replica contract was set to 0x0 during initialization, and the old root was not invalidated when the trusted root was modified. As a result, the attack could be Construct an arbitrary message to steal funds from the bridge.

Solana Suffers a Large-Scale Token Loss

A large-scale incident of currency theft occurred on the Solana public chain, and a large number of users were transferred SOL and SPL tokens without their knowledge. According to SlowMist MistTrack statistics, more than 8,000 Solana wallets have been stolen so far. Assets are valued at approximately $4.5 million.

Industry Updates

Safeheron

Dive Into Safeheron

Safeheron use instruction and product detailed introduction (EN version) are now available, CN version will come soon, learn more.

Secure Access to Wrapped ETH (Ethereum & Polygon)

Wrapped ETH (Ethereum & Polygon) is now available on Safeheron, learn more.

Everest

Everest Partners With Bitso to Enable Cross-Border Payments

Bitso and Everest partnered to provide Everest users with the ability to receive cross-border transactions from the US, Europe, and Singapore into Mexico. Everest provides its users with instant banking rails for US Dollars, Euros, Singapore Dollars and other currencies, and through the partnership with Bitso, any person in Mexico can receive their funds in MXN pesos. The funds are transferable via Everest’s programmable and licensed stablecoins.

Coinbase

Coinbase Partners With BlackRock to Provide Aladdin Clients Access to Crypto Trading And Custody

Coinbase is partnering with BlackRock to provide institutional clients of Aladdin, with direct access to crypto, starting with bitcoin, through connectivity with Coinbase Prime. Coinbase Prime will provide crypto trading, custody, prime brokerage, and reporting capabilities to Aladdin’s Institutional client base who are also clients of Coinbase.

Software Giant Oracle Partners With InfStones for Web3 Development Platform

Oracle, one of the world’s largest software companies, has tapped the budding blockchain infrastructure provider InfStones to deliver a scalable Web3 infrastructure development platform for their shared enterprise customers. The combination of Oracle’s platforms running atop Oracle’s Cloud Infrastructure will reduce barriers to entry for new companies looking to incorporate distributed ledgers into their stacks.

NewsFlash

• Singapore-based venture capital firm Insignia Ventures Partners raised $516 million to invest in startups across Southeast Asia and eye Web3.

• Brevan Howard has raised more than $1 billion for its flagship crypto vehicle.

• Cryptocurrency hardware wallet maker Ledger is looking to raise an extra $100 million.

• The crypto-asset trading platform CoinSmart is sifting through distressed assets, custodial-services firms and other exchanges and payment platforms for M&A.

Market Regulation

North America

• Blockchain​.com wins registration on the Cayman Islands.

• Every US crypto exchange and Binance is being investigated by SEC.

Europe

• Luno has been granted a digital asset service provider license (DASP) license by French regulators.

• Blockchain.com registers with Italian regulator.

• A cross-party group of U.K. lawmakers has started an inquiry into the country's crypto industry with a focus on regulation.

• The European Securities and Markets Authority (ESMA) will monitor the bigger players and put out a public procurement request to suppliers of trading data on crypto transactions.

Asia

• Japan’s Central Bank abandons CBDC plans due to a lack of interest from the public.

• Korea’s tax authority has pledged to take stern actions against tax evasion practices via virtual assets, including cryptocurrency, and online platforms.

• The government of Dubai formed the Higher Committee for Future Technology and Digital Economy with Dubai crown prince to head committee to oversee the city’s push to become a leading global hub for metaverse technology adoption.

• Thailand’s financial regulator, the Securities and Exchange Commission (SEC), has approved four more crypto companies in the Kingdom, Krungthai XSpring, T-BOX Thailand, Coindee and Leif Capital Asset Management.

South America

• Brazil might approve its cryptocurrency law this week.

Industry Briefing

The Messari report noted that more than $30 billion was raised from 1199 funding rounds in the first half of 2022, outpacing all of 2021. More than a third of the total funds raised went into the CeFi sector. The infrastructure and NFT sector also saw high amounts of investment.

Though the market is still majorly in distress, and uncertainty gives doubts, innovation and development never stop. Infrastructure sector is catching more and more attention.

SlowMist report showed, the H1 of 2022 (as of June 30) witnessed 187 security incidents with a loss of $1.976 billion. From the number, in H1 of 2022, the incidents happened most frequently on May and June; look at the ecosystem, BNB Chain suffers the most and for the segments, cross-chain is the No.1 victim. From the memtioned above, about 77% (144) are vulnerability exploits, resulting in $1.84 billion (93% of total loss) and about 21% (39) were caused by phishing and rug pull, the scams with loss of $130 million (6% of total loss). Recent attacks on Solana, Nomad all show: security is serious.