Weekly Update: 13 Oct 2022
1) BNB Chain suspends network following $100M cross-chain bridge exploit [Cointelegraph]
– The exploit, which was perpetrated on the BSC Token Hub, resulted in the creation of “extra BNB,” but reassured the public that its systems are contained, and user funds are safe.
2) Crypto Exchange Huobi Global to be acquired by About Capital [Coindesk]
– About will “control the majority stake” of Huobi once the deal closes and the ownership transfer will have no impact on trading operations.
3) Crypto Exchange OKX’s is blocked in Russia [Coindesk]
– The country’s prosecutor general office blacklisted OKX without disclosing the reason.
4) Crypto custodian Copper has raised $196 million as part of an ongoing Series C venture round ($3B Valuation)[Blockworks]
– The firm raised $181 million from new and existing shareholders as of June, as well as a convertible loan note of $15 million.
5) Dapper Labs restricts services to Russia amid EU sanctions [Coindesk]
– The collective that’s home to NFT collections NBA TopShot and Crypto Kitties will no longer support wallets, accounts, or custody services that are traced to Russia.
6) FTX and Visa partner to permit crypto payments in 40 countries [Cointelegraph]
– The move would allow FTX users to pay for goods and services using debit cards that boast “zero fees”, with free card ownership.
7) India’s RBI to soon commence pilot project of digital rupee [Reuters]
– The bank indicated that it may consider both retail and wholesale digital currency, saying there is merit in both.
8) Solana-based decentralized finance platform Mango hit by $100M exploit [Coindesk]
– The MGNO token was overvalued, and the attacker was able to take out large loans against it and then drain Mango’s liquidity pools.
