🚀 Last week in Web3 — W5 2022
Hello from another week in web3 journey 🙋🏻♂️
I guess you’ve heard Wormhole, Solana’s bridge exploited 120k wETH which seems to be caused by the wrong comparison in its contract. In 6 hours vulnerability patched and less than 24 hours, additional funds were provided to restore backing of wETH 1:1 with ETH.
Another remarkable thing is Brantly Millegan’s who is a core contributor to ENS (Ethereum Name Service) regressive views on sexuality, gender in a (now deleted) tweet. The ENS DAO now discussing removing Brantly as a community steward indefinitely.
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Highlights
- ConsenSys acquires MyCrypto to ‘improve the security’ of its products — CoinTelegraph
- US Treasury targets NFTs for potential high-value art money laundering — CoinTelegraph
- UK Government updates crypto tax rules on DeFi, staking — Decrypt
- CryptoPunks Controversy: Creators Apologize for ‘V1’ Ethereum NFT Sales — Decrypt
- New malware targets MetaMask and 40 other crypto wallets — CoinTelegraph
- The Over $3.6B in Bitcoin from 2016 Bitfinex hack is on the move — Decrypt
- Japanese government considers relaxing strict coin listing rules — CoinTelegraph
- Russian central bank registers nation’s first digital asset manager — CoinTelegraph
Chains & Protocols
Solana Labs launches new digital payment platform Solana Pay — www.zdnet.com
Ethereum rival Solana introduces a new, decentralized, peer-to-peer payment platform Solana Pay, which provides merchants with a simple framework to make transactions directly to consumers for fractions of a cent and with no middleman.
Rekt — Wormhole — REKT — rekt.news
Wormhole had a loophole… A hacker distorted the fabric of Solana’s space-time, netting $326M in the process. How did Wormhole return so much ETH so fast?
Ethereum hash rate scores new ATH as PoS migration underway — cointelegraph.com
The rise of ETH price has made mining on the Ethereum network more lucrative over time. This appears to have resulted in additional miners, resulting in an expansion of the network’s hash rate.
Cardano network at record capacity due to SundaeSwap launch, but not all users hail it as a success — cointelegraph.com
Network activity has almost tripled since January on the world’s sixth-largest blockchain by market cap.
Anchor protocol’s reserves head toward depletion due to lack of borrowing demand — cointelegraph.com
If the trend continues, Terraform Labs would either need to lower the interest rate or inject more of its own money into the UST reserve.
DAOs
Assange DAO Raises $7.8M in Ethereum to Buy NFT — And Free the WikiLeaks Founder
decrypt.co
A collective of Cypherpunks is fighting for the freedom of the WikiLeaks founder.
Removing brantly.eth as a Community Steward — ENS DAO Governance Forum — discuss.ens.domains
Indefinite removal of brantly.eth as ENS DAO Community Steward. Update: Vote concluded, and a majority has been reached to remove Brantly as a community steward.
NFTs
‘Significant’ Wash Trading, Money Laundering in NFT Market: Chainalysis
decrypt.co
Blockchain analytics firm Chainalysis has detected significant wash trading and money laundering throughout the NFT market.
Comments
Decentralized autonomous organizations: Tax considerations — cointelegraph.com
Much has been said about the legal implications of DAOs, but little attention has been paid to the tax and reporting considerations for DAOs and their token holders.
3 things every NFT investor should know to avoid a tax nightmare — cointelegraph.com
Classifying NFTs for tax purposes is a tough question: Should they be taxed as collectibles or not? Nonetheless, they will be taxed anyway, be aware.
SEC’s proposed rule on exchanges could threaten DeFi, says Crypto Mom — cointelegraph.com
SEC commissioner Hester Peirce reportedly opposed opening a proposal to amend the definition of “exchange” to public comment and said the text could impose additional regulations on decentralized finance projects.
Tools
Solana Pay: A decentralized, permissionless, and open-source payments protocol — solanapay.com
Solana Pay makes it easy for merchants worldwide to directly accept and settle digital dollars like USDC, or any other SPL Token, for a fraction of a penny and without intermediaries.
