Evening News | A hacker address exploits FTX vulnerability to steal GAS; Copper's new round of financing has raised $196 million

Organizer: Runsheng, Chain Catcher

"What Important Events Happened in the Last 24 Hours"

1. A hacker address exploits FTX loophole to steal GAS, minting XEN 17,000 times at zero cost

According to X-explore, a "scientist" is exploiting the FTX loophole to steal GAS, minting XEN TOKEN 17,000 times at zero cost. The GAS theft is still ongoing, with a total amount stolen reaching 81 ETH. Analysis indicates that the reason is that FTX waives withdrawal fees while not imposing a limit on the Gas Limit for withdrawal transactions.

It is reported that the hacker address has obtained over 100 million XEN Tokens and has exchanged some of the XEN tokens for 61 ETH through decentralized exchanges like DoDo and Uniswap, depositing them into FTX and Binance exchanges. (Source link)

2. Blockchain development platform Tatum raises $41.5 million, with participation from Circle and others

According to CoinDesk, blockchain development platform Tatum has completed a $41.5 million funding round, with participation from Octopus Ventures, Circle, Leadblock Fund, and angel investors including the founder of Bitpanda.

It is reported that Tatum aims to shorten the time to market for blockchain applications. The platform simplifies the development process and integrates features such as smart contracts, fee and payment solutions, real-time alerts, and crypto trading. (Source link)

3. Bloomberg: Custodian service provider Copper has raised $196 million in ongoing Series C funding

According to Bloomberg, a publicly filed document shows that as of June this year, cryptocurrency custodian service provider Copper has raised $196 million in Series C funding, including $181 million from new and existing shareholders, as well as $15 million in convertible loan notes. A spokesperson for Copper declined to comment on the company regarding the information, as the funding round has not been officially completed.

Additionally, Bloomberg reported that last November, Copper sought a $500 million investment at a $3 billion valuation, but as cryptocurrency prices plummeted, venture capital firms adjusted their expectations for the cryptocurrency sector, which also affected Copper's current funding situation. (Source link)

4. Several Web3 privacy tech companies, including Oasis and Manta, establish a global privacy alliance and set up a legal defense fund

During the Ethereum Foundation's Devcon conference held in Bogotá, Colombia, Oasis Network and several Web3 privacy tech companies, including p0xeidon labs, Manta Network, Nym Technologies, Secret Network, Orchid, Railgun, and Status, established a global privacy alliance (UPA).

The privacy alliance focuses on educating about internet and Web3 data privacy and has set up the UPA legal defense fund to support "the right to defend the experimentation, construction, and use of full-stack privacy technologies." (Source link)

5. Crypto.com lawsuit over mistakenly transferring $10.5 million to Australian woman begins, with $3 million still owed

According to Cointelegraph, the lawsuit against Crypto.com for mistakenly transferring $10.5 million to an Australian woman recently began, with the defendant couple denying the charges and claiming they thought they had won the money through a competition, which the plaintiff denied.

It is reported that the couple used the $10.5 million for high expenditures on four houses, vehicles, and artworks. They have repaid about $7 million, with $3 million still owed. The defendants also face charges of theft and other accusations, with a hearing scheduled for November 8.

ChainCatcher previously reported that in May last year, a woman in Melbourne, Australia, mistakenly received $10.5 million when applying for a $100 refund from Crypto.com. Seven months later, Crypto.com filed a lawsuit against the woman in the Supreme Court, claiming that an error in the payment field led to the incident and demanding the return of the funds. (Cointelegraph)

6. Federal Reserve Governor: Significant rate hikes still possible if inflation does not cool down

Federal Reserve Governor Michelle Bowman stated that the inflation situation will determine the Fed's next steps. If high inflation rates do not begin to weaken, she will continue to support aggressive rate increases. If inflation begins to cool down, it would be appropriate to slow the pace of rate hikes.

Bowman stated, "The inflation rate is too high, and I firmly believe that bringing the inflation rate back to our target is a necessary condition for achieving price stability and maximizing employment on a sustainable basis." Additionally, to reduce the inflation rate in a sustained and lasting manner, the federal funds rate will need to rise to a restrictive level and remain there for some time. (Reuters)

"What Great Articles Are Worth Reading in the Last 24 Hours"

1. “Dialogue with BendDAO Co-founder: Our Review and Reflection on the Liquidity Crisis”

Over a month ago, the continuous decline in the floor price of Bored Apes directly triggered a series of liquidations in BendDAO, the NFT collateral lending protocol with the most Bored Apes listed. Within just a few days, nearly 20,000 ETH in liquidity in the BendDAO lending pool was almost depleted. This liquidity crisis further sparked discussions about the pessimistic outlook for the NFT finance sector. ChainCatcher recently interviewed Crylipto, co-founder of BendDAO, who reviewed the entire event from an internal perspective, discussing BendDAO's role in the NFT market and the actual needs that NFT lending addresses.

2. “A&T View: Existing Problems and Solutions of NFT Lending Protocols”

Assets wrapped in NFT form were one of the major breakout points in the last bull market, but aside from spot trading, the development of other NFT-Fi related projects has lagged, especially in the lending market. Lending protocols primarily address three issues: first, efficiently matching and facilitating the supply and demand of funds; second, securely holding collateral; and third, disposing of collateral as agreed in case of borrower default. The existing Peer-to-Pool and Peer-to-Peer models have not effectively solved the first problem, as their matching efficiency is low, either with high implicit funding costs or high time costs. The author of this article believes that based on the lessons learned from the Peer-to-Pool and Peer-to-Peer models, a Peer-to-Orderbook model that combines the advantages of both can be envisioned.

3. “Messari: Analyzing Uniswap's Market Performance and Progress in Q3 2022”

This article analyzes Uniswap's market performance in Q3 2022 from the perspectives of performance, fee conversion, and the Uniswap Foundation. The author believes that despite the sluggish trading volume and revenue performance on Ethereum, the Uniswap protocol still performed well this quarter. The increase in swap trading volume, market share, and deployment on L2 solutions has boosted the sentiment within the Uniswap community. Meanwhile, the Uniswap Foundation has just been established, and the fee conversion feature is on the way, making this leading decentralized exchange appear to have a bright future.