SNEAK PEEK
- Unsettling reports of harassment were noted during an Ethereum Foundation developer conference.
- On Monday, mining difficulty of Bitcoin hit a new high of all-time.
- On Wednesday, Caitlin Long called the U.S. central bank hypocrite after BNY Mellon started custodying Bitcoin for certain companies on Tuesday.
This week, crypto Twitter was nothing less than a genuine hive of anxiety-persuading hack news, hot-takes and disclosures. Also, there were rumors that someone had done something inappropriate with a bovine chum.
Was debating whether or not to post about this but given sushi is down 8% off the rumour figured it was newsworthy https://t.co/81gVXSwiTy
— db (@tier10k) October 10, 2022
However, the undoubted discussion was based on the existing hacking epidemic, which has been increasing during the last few years.
Though it has just been sixteen days, this month has turned into a bad one in terms of crypto hacks. Moreover, this week has been the worst since four hacks have taken place in just one day. Chainalysis, the chain analytics firm, came up with a thread regarding the criminal hackathon 2022 has proved to be.
1/ After four hacks yesterday, October is now the biggest month in the biggest year ever for hacking activity, with more than half the month still to go. So far this month, $718 million has been stolen from #DeFi protocols across 11 different hacks. pic.twitter.com/emz36f6gpK
— Chainalysis (@chainalysis) October 12, 2022
Among the four hacks, Mango Markets, the Solana-inspired crypto trading platform, had suffered the biggest hit, as it lost $100 million.
@mangomarkets was just drained for over $100M. https://t.co/SI4hccCIQx
— OtterSec (@osec_io) October 11, 2022
🧵 pic.twitter.com/IAKyXgN8gM
ZachXBT, the blockchain detective, drove his fist through the computer upon hearing about it initially. And he did it at his kid’s birthday party.
Just smashed my monitor in front of 22 guests at my sons birthday party because of a Solana block explorer. My wife just took our crying kids and said they’re all spending the week at her mom’s house. This crypto shit has ruined my marriage. I can’t handle this anymore. Goodbye.
— ZachXBT (@zachxbt) October 11, 2022
The Mango Markets exploit was exciting as well because the hackers seem like working in the interest of depositors of Mango. The proposal mentioned “bad debt” from a bailout that was executed by Solend and Mango Markets in June.
Very interesting proposal by the Mango exploiter.
— defi guy (@0xShitTrader) October 12, 2022
They propose making depositors whole by using the entirety of the $70m insurance fund + returning 750k SOL and 800k mSOL, in exchange for immunity. That covers all deposits.
This pits the Mango team against its depositors. https://t.co/g9GZYU2juL
Alex Valaitis, Elrond Network researcher, shared a popular take.
So just to recap the @mangomarkets situation:
— Alex Valaitis (@alex_valaitis) October 12, 2022
-Hacker exploits Mango for $100M+
-Hacker turns around & offers to return most funds, if DAO promises not to pursue criminal investigations
-Hackers uses 32M votes from the exploit to vote ‘Yes’
LMFAO you cannot make this shit up! pic.twitter.com/LsdafMS7vQ
Looks like the hackers didn’t cover their tracks. SolScan dodged one attacker.
alright this guy is fucked lmao pic.twitter.com/aZzUWbtpZo
— state (@statelayer) October 12, 2022
However, Eisenberg came clean. Also, he made millions from crypto exploits. He shared that for his recent exploit, he was working for a major organization and their actions were lawful.
Statement on recent events:
— Avraham Eisenberg (@avi_eisen) October 15, 2022
I was involved with a team that operated a highly profitable trading strategy last week.
Furthermore, he returned more than half of the rob.
$67M in various crypto assets have been returned to the DAO. Let’s meet up on Monday 3 PM UTC on the Mango discord to discuss, how we can sort out this mess.
— Mango (@mangomarkets) October 15, 2022
Also, it’s not a good sign in terms of cybercrime.
Well done, blockchain address is now available in Google Search! pic.twitter.com/7IuKv1gddR
— Han⚡️ (@hhua_) October 11, 2022
Moving on, on Monday, Charles Trussell, crypto enthusiast and investor, shared a screenshot showing the ranks of multi-millionaires who suffered maximum losses from Celsius’s high-profile current liquidity plight. Trussell has himself lost $5 million.
Will Clemente of Reflexive Research, a crypto research and trading platform, said that if the existing bitcoin mining environment goes on, the ones to survive will be those who are the fittest.
Bitcoin just experienced a huge difficulty adjustment, the largest in over a year.
— Will Clemente (@WClementeIII) October 10, 2022
This reflects how aggressively new rigs have come online & competition heating up. Only the most efficient miners will survive these low BTC price, high energy price, high difficulty conditions. pic.twitter.com/nzp0XeVT8K
On Tuesday, during an Ethereum Foundation developer conference, vocal molestation from an attendee was neglected by the team. However, the complete details were mentioned by Twitter Daphne on her blog/newsletter.
Day 1 of @EFDevcon and a group of us women got harassed by a gross guy! What did the Ethereum Foundation team do? Smiled and chatted with him for 10 minutes and let him go on his way! I feel horribly unsafe at this event. 👎 Take women seriously when they report harassment. pic.twitter.com/DtW9fqZLkK
— daphne.lens 🦋 is typing… (@daphachar) October 11, 2022
Founder and CEO of upcoming crypto bank Custodiya, Caitlin Long, waited for the Fed for more than two years to get her bank application approved for a master account.
