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Solana library bug could have seen attackers stealing $27 million an hour

A bug in the Solana Protocol Library (SPL) — a set of reference documents for Solana projects — could have seen attackers steal money from multiple Solana projects at a rate of $27 million an hour, according to security researchers at Neodyme. The projects that were affected included yield aggregator Tulip Protocol and lending protocols Solend and Larix. These projects currently look after $1.7 billion in funds (although that was considerably higher before today’s market crash).  Uncovering a billion-dollar bug …

Web3 in 2021: Oracles, Wallets, Domains, and Middleware (Part I)

December 3, 2021, 2:37PM EST • 11 min read Quick Take There is a lot of buzz about “Web3,” but it’s hard to keep apprised of major developments across the board due to the lack of a categorization system for Web3 news We start to address this issue in the first part of a multipart series in which we analyze major news from four of eight major areas of Web3: Oracles, Wallets, Domains, and Middleware We take both qualitative and …

Celsius Network confirms it lost money in the BadgerDAO DeFi hack

Crypto lending company Celsius Network CEO Alex Mashinsky confirmed in a live stream today that the company lost funds in the BadgerDAO hack earlier this week. “We are working with Badger to recover all those funds. We are collaborating with them on the investigation,” Mashinksy said. “I want to make sure every Celsius user understands, when things like this happen, we are the ones who lose, you don’t lose because it’s our job to recover the funds, it’s our job …

Senator Elizabeth Warren seeks answers from bitcoin miner Greenidge on its environmental impact

On December 2, Senator Elizabeth Warren wrote to the CEO of Greenidge Generation Holdings, asking about the environmental impact of its bitcoin mining operations in upstate New York and elsewhere. “I seek information on Greenidge’s operations and the resulting impacts on the environment and local communities,” said Warren’s letter, highlighting that the firm is “serving as a model for other companies seeking to acquire aging fossil fuel plants for the purposes of making the energy generation profitable, a trend that …

Deciphering the Metaverse #3 – Novel Launch Mechanisms and Market Expansion

December 3, 2021, 12:19PM EST • 15 min read Quick Take This weekly series explores the most interesting insights in NFTs, blockchain gaming, and virtual worlds With the increasing proliferation of NFTs across different chains, new projects continue to innovate for the benefit of new launch mechanisms, which often represent a double-edged sword As PFP projects keep executing on their roadmaps and build out their own worlds, owners of these NFTs take notice and react in a myriad of ways …

Unpacking Canaan’s patent lawsuit against an AGM Holdings

Quick Take Canaan’s recent patent lawsuit against AGM Holdings is conceptually similar to the legal war between Bitmain and MicroBT four years ago. It remains to be seen if the “public knowledge” argument by the defendant HighSharp will be able to stand in court. This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature on The Block.

Gensler hedges on classifying cryptocurrencies as securities in response to Senator’s questions

Securities and Exchange Commission chairman Gary Gensler is keeping mum on new guidance for crypto tokens. After a hearing before the Senate Banking Committee in September, the committee’s leading Republican, Sen. Pat Toomey, wrote Gensler a series of follow-up questions on cryptocurrencies. In responses released on December 3, Gensler stuck to the broad interpretation of existing laws and the Howey and Reeves tests that he has promulgated since taking office. Effectively, Gensler argues that the SEC does not need to …

Point72 Venture’s crypto lead Adam Carson says the firm is gearing up to do token deals

Episode 78 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Adam Carson, Operating Partner & Crypto Investment Lead at Point72 Ventures. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] This episode is brought to you by our sponsors Bakkt, Kraken and Kava Bakkt® unlocks the $1.2+ trillion of digital assets that is currently held in cryptocurrencies, rewards and loyalty points, gaming assets and …

The Free Ross movement is taking a leaf out of Constitution DAO’s book

Last month, crypto anons collectively pledged $47 million in order to buy an early, rare copy of the U.S. Constitution. And if it wasn’t for Citadel CEO Ken Griffin, the plan — which was brought together and executed in only a week — likely would have worked. Now it seems the same strategy is being applied to raise funds for the Free Ross movement, and if it’s similarly effective, it could fund a warchest. The Free Ross NFT sale Ross Ulbricht …

SEC denies WisdomTree’s spot bitcoin ETF proposal

The Securities and Exchange Commission has rejected WisdomTree’s proposal to list a bitcoin exchange-traded fund (ETF), making it the second rejection order to come down in this wave of applications for a spot-based bitcoin ETF. The Commission cited the lack of surveillance sharing agreements and the subsequent inability to curb fraudulent or manipulative practices in the spot market. “The Commission concludes that BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate …