📰 Crypto News Roundup: July 26, 2023

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26 Jul 2023

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Welcome to Crypto News Roundup, where I bring you the latest and most exciting news from the crypto world.

Today, I have some stories about hacks, partnerships, funding, and tokenization that you don’t want to miss. Let’s dive in!

🚨 EraLend suffers $3.4M hack on zkSync layer 2

EraLend, the largest lending protocol on zkSync, a layer 2 scaling solution for Ethereum, was hacked for $3.4 million on July 25. The hacker exploited a read-only reentrancy vulnerability, which allowed them to manipulate the asset prices and drain funds from the protocol.

EraLend confirmed the incident on Twitter and said that the threat was contained and that they were working with partners and cybersecurity firms to address the issue. They also advised users to avoid depositing USDC, as it was the most affected asset. EraLend’s total value locked (TVL) dropped from $18.5 million to $10.75 million after the attack, according to DefiLlama.

This is a very unfortunate incident for EraLend and its users. It shows that layer 2 solutions are not immune to security risks and that smart contract audits are very important. We hope EraLend can recover from this attack and improve its security measures in the future. We also hope that the hacker will be caught and brought to justice.

🦍 CyberKongz to Mint Genkai NFTs on Ronin, Migrate Game to ‘Axie’ Chain

CyberKongz, a popular Ethereum-based NFT collection, has announced a partnership with Sky Mavis, the creator of Axie Infinity, one of the most successful blockchain games in the world. As part of the partnership, CyberKongz will migrate its NFT minting game called Play and Kollect from Polygon network to Sky Mavis’ Ronin side chain.

CyberKongz will also launch a new anime-inspired NFT collection called Genkai on both Ronin and Ethereum mainnet on July 27. A total of 20,000 Genkai NFTs will be minted, with 4,000 of them available on Ronin via Sky Mavis’ in-house NFT marketplace called Mavis Market.
This is a very interesting partnership between CyberKongz and Sky Mavis. It demonstrates the potential of Ronin as a scalable and user-friendly blockchain for gaming and NFTs.

CyberKongz will benefit from the exposure and integration with Axie Infinity, one of the most popular blockchain games in the world. Sky Mavis will benefit from the diversity and creativity of CyberKongz’s NFT collection and game.

🧐 Alphapo Payment Provider Hack Now Estimated at Over $60M — ZachXBT

Alphapo, a crypto payment provider that serves several crypto gambling platforms such as HypeDrop, Ignition, and Bovada, was hacked for over $60 million on July 238 9 10. The hack was initially reported to have caused a loss of $23 million in BTC, ETH, and TRON from Alphapo’s hot wallets.

However, on-chain sleuth ZachXBT discovered an additional $37 million stolen on TRON and BTC networks from the same hack. ZachXBT also suspected that the hacker was linked to Lazarus Group, a notorious North Korea-backed hacking group that was behind several crypto hacks in the past.

This is a very alarming hack that affects many crypto users and merchants who rely on Alphapo as a payment provider. It shows that hot wallets are vulnerable to sophisticated attacks and that users should be careful about storing their funds online. We hope Alphapo can reimburse its customers and prevent such hacks from happening again. We also hope that ZachXBT’s analysis is correct and that Lazarus Group can be identified and stopped.

🦄 Ethereum Software Infrastructure Provider Flashbots Becomes Unicorn After Raising $60 Million

Flashbots, an Ethereum infrastructure service provider that focuses on reducing the negative impact of MEV (maximum extractable value), has raised $60 million at a valuation of $1 billion in a Series B funding round. The round was led by San Francisco-based venture firm Paradigm and saw participation from other undisclosed investors who were selected based on their reverse pitches.

The funds will reportedly be used to help finance the development of a new version of Flashbots’ technology called SUAVE (single unifying auction for value expression). SUAVE will enable a more transparent and decentralized approach for MEV-related opportunities and will also support blockchains outside Ethereum.

This is a very impressive achievement for Flashbots, a relatively new project in the Ethereum ecosystem. It shows that Flashbots has a strong vision and execution for improving the efficiency and transparency of Ethereum transactions. Flashbots will use the funds wisely to develop new features and services for its users and partners. Flashbots will also attract more investors and developers who share its mission.

💰 Avalanche Foundation Creates $50 Million Incentive Program to Purchase Tokenised Assets

The Avalanche Foundation has announced the launch of “Avalanche Vista”- a program that will see the entity allocate $50 million towards the purchase of assets tokenised on the Avalanche blockchain. The program is reportedly intended to showcase the utility of creating on-chain digital representations of “real world” things including equity, credit, real estate and commodities.

Avalanche Vista will leverage the capabilities of Avalanche Subnet architecture, consensus mechanism, and technical innovation. It will drive a financial system that will be cost-effective, efficient, and accessible.

Avalanche Vista comes out at a time when the leaders in Wall Street are expressing their confidence in asset tokenization. For instance, Larry Fink, the Chief Executive Officer of BlackRock, has said that tokenization of securities is not just the next generation for markets but also for securities themselves.

John Wu, the President of Ava Labs, has stated that Avalanche Vista is a driver of the present and also of the future of capital markets. He has added that the groundswell has been astounding when it comes to maintaining momentum across institutions that are building on-chain.

🙌 Conclusion!

I hope you enjoyed this edition of Crypto News Roundup and learned something new today. If you have any questions or comments about these news articles, please feel free to share them with us. I would love to hear from you.
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