Evening News | Coinbase reports a loss of $1.1 billion in Q2; zero-knowledge proof project RISC Zero completes $12 million seed funding
Anonymous encrypted users send ETH to celebrities through Tornado Cash; CreatorDAO completes $20 million seed round financing, led by a16z and Initialized Capital.Organizer: Jessy, Chain Catcher
"What important events have occurred in the past 24 hours"
1. Decentralized exchange Curve Finance hacked for $570,000; Curve advises users to revoke approved contracts
According to The Block, the front end of the decentralized exchange Curve Finance was attacked by hackers. Curve's official team later stated that the issue has been resolved and advised users to revoke any approved contracts on their platform.
Anonymous on-chain investigator ZachXBT reported that the hackers took approximately $570,000 and attempted to transfer the funds through the fully automated cryptocurrency exchange FixedFloat on the Bitcoin Lightning Network. Currently, the exchange has frozen and recovered about $200,000 of the stolen funds.
It is reported that the hackers allegedly changed the domain name service (DNS) entries of the protocol, cloned the website, redirected the DNS points to their IP address, and then added approval requests to malicious contracts to steal funds. (The Block)
2. Zero-knowledge proof project RISC Zero completes $12 million seed funding, led by Bain Capital Crypto
Chain Catcher reports that the zero-knowledge proof project RISC Zero announced the completion of a $12 million seed funding round, led by Bain Capital Crypto, with participation from Geometry, D1 Ventures, and Cota Capital. The funds raised will be used to build a developer-friendly scalable blockchain.
It is noted that in March this year, RISC Zero launched a zero-knowledge proof virtual machine, enabling developers to build zero-knowledge proofs and execute them on any computer using various programming languages. (Source link)
- CreatorDAO completes $20 million seed funding, led by a16z and Initialized Capital
According to Coindesk, the decentralized autonomous organization CreatorDAO has completed a $20 million seed funding round, led by a16z and Initialized Capital, with participation from Paris Hilton and the music group The Chainsmokers.
It is reported that CreatorDAO invests in creators in exchange for a percentage of their future income. The DAO structure allows for crowdsourced investment decisions and rewards contributions to the DAO, such as mentoring and collaboration. (Coindesk)
4. Uniswap founder: Tornado Cash incident sets a negative precedent; privacy is crucial for a normal society
Chain Catcher reports that Uniswap founder Hayden Adams tweeted his views on the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) issuing a ban on Tornado Cash, stating, "Privacy is crucial for a normal and safe society. The argument that privacy is only used for illegal activities is absurd and dangerous, reminiscent of those who want to define crypto as illegal. Sanctioning an immutable smart contract rather than individuals or organizations raises significant free speech issues and sets a bad precedent. Forcing companies to comply with laws is often less effective than proposing reasonable laws or policies." (Source link)
5. Huang Licheng's address sold 13 MAYC in the past 24 hours, profiting about $350,000
According to OKLink multi-chain browser, the address marked as Jeffrey Huang (Taiwanese singer Huang Licheng) (starting with 0x020c) has sold 13 Mutant Apes (MAYC) in the past 24 hours, making a profit of about $350,000. Currently, this address has dropped from the second-largest holder of MAYC to the third, with 87 MAYC remaining. At the same time, this address also holds 52 Bored Apes (BAYC), making it the ninth-largest holder of that series. (Source link)
6. South Korean internet giant Naver's Zepeto to build ZepetoX metaverse project on Solana
South Korean internet giant Naver's metaverse platform Zepeto has partnered with Solana and Web 3.0 developer Jump Crypto to build ZepetoX, a cryptocurrency-based metaverse project.
It is understood that Zepeto will build the platform on the Solana blockchain and plans to launch its first NFT land sale in the coming months. The Zepeto metaverse project, created by Naver, reached an average of 20 million monthly users earlier this year. (Forkast)
7. Anonymous crypto users are sending ETH to celebrities via Tornado Cash
According to CoinDesk, on-chain data shows that since Tornado Cash was sanctioned by the U.S. Treasury, some individuals have been sending small amounts of ETH from the sanctioned Tornado Cash wallets to various well-known crypto figures and celebrities.
Former SushiSwap CTO Joseph Delong pointed out on Twitter that someone is sending 0.1 ETH to a range of crypto wallets, mainly associated with ENS names and well-known crypto figures, including EthHub co-founder Anthony Sassano, crypto trader Loomdart, and Coinbase CEO Brian Armstrong, as well as talk show host Jimmy Fallon, YouTuber Logan Paul, and Mark Zuckerberg's sister Randi Zuckerberg.
Chain Catcher previously reported that the U.S. Treasury added Tornado Cash to the sanctions list on August 8, prohibiting all U.S. individuals and entities from interacting with Tornado Cash or any Ethereum wallet addresses associated with the protocol. (CoinDesk)
"What are some great articles worth reading in the past 24 hours"
Coinbase today released its Q2 2022 financial report, which shows a net revenue of approximately $803 million, a 31% decrease quarter-over-quarter and a 63.5% decrease year-over-year, with a net loss of about $1.1 billion, expanding by 250% quarter-over-quarter, setting another dismal record since going public after the first quarter.
Following the announcement, Coinbase's stock price fell 5% in after-hours trading to $83, having dropped about 25% from its peak in August, and the $1.1 billion loss significantly exceeded market expectations, further reflecting the challenges faced by Coinbase as a leading exchange. So, what information does this financial report specifically reflect? How did such a massive loss occur?
In early 2021, Vitalik Buterin proposed an alternative and emphasized it again in May's article "Decentralized Society: Finding the Soul of Web3": an updated smart contract wallet known as the "social recovery wallet." Compared to previous options, these wallets have the potential to offer high levels of security and better usability. As the Ethereum ecosystem transitions to rollup layer two solutions, it can effectively address the two major issues currently faced by social recovery wallets: (1) reliance on centralized relayers, and (2) high transaction fees. The DAOrayaki community has organized and summarized a series of proposals for social recovery systems in this article. This article will discuss what a social recovery wallet is, alternative use cases for social recovery systems, and user feedback.
Crypto research firm Messari recently released a crypto financing report for the first half of 2022, jointly produced with the Dove Metrics team. This report tallies a total of 1,199 investment events in Web3, DeFi, CeFi, infrastructure, and NFTs during the first half of the year, as well as over 4,300 active crypto investors, including institutional funds, DAOs, and angel investors.
4. “8 Potential Web3 Pain Points and Their Possible Investment Opportunities”
The adoption of new technologies is not linear; it is stair-step: initial innovations trigger a surge in adoption --> the impact of these innovations fades over time, and growth levels off --> new innovations emerge to solve bottlenecks, further increasing adoption --> leading to another wave of growth --> cycle, repeat.
Over time, Web3 has gone through some of these steps. The last wave of adoption was driven by innovations in smart contracts, DeFi, and NFTs. Currently, we are in a flat phase of the staircase, with many bottlenecks needing resolution to unleash the next wave of growth for Web3. When searching for investment targets, focus on projects that help solve major industry bottlenecks. Thus, the problems facing Web3 today are tomorrow's investment opportunities, and this article will explore potential future investment opportunities.
