WHY THERE’S SO MUCH DRAMA?!
Hacks become daily stuff. Micheal Saylor sails away. Gucci accepts ApeCoin.
Coo! It’s me again, Crypto Owl, and I’m flying to you as fast as possible because some crazy stuff is happening in the crypto world, and I don’t want to wait any longer!
On Today’s Menu:
🍲CHILLI STEW: Solana Is Hacked, Millions Are Lost In A Few Hours
🍤 BAKED SHRIMPS FOR SEAFOOD LOVERS: Micheal Saylor Says Goodbye
🌮 BEST TACOS EVER: You Can Now Buy That Gucci Bag You’ve Dreamt Of For Years With Apecoin
🍷 GLASS OF WINE: More Crypto News Around The Web
BREAKING NEWS: SOLANA IS HACKED
What the heck is going on? Yesterday crypto platform Nomad was hacked, and $200 million was stolen… Today we have another attack. Did hacks become... A routine thing or what?
This time, the hackers (or a hacker) victims became the Solana browser wallet Phantom and, generally, the Solana ecosystem.
However, history shows that Solana is unlucky and an unstable blockchain - it has already suffered from 12 outages! This is just unbelievable.
What happened now?
Solana (SOL) exploit has been noticed by Phantom wallet (which is based on Solana) users - their wallets started getting drained very fast;
There is no specific pattern - wallets seem to be chosen randomly;
It is suggested that hackers aimed to compromise user keys by (possibly) involving seed phrases that were used on other, different chains;
There is already $8 million stolen - speedy hackers, aren’t they?
Disappointingly, no bad actor found yet (at this writing time, the hack’s been happening for 6 hours) - which seems like a bad sign; also, it is unknown the cause why this hack happened;
On top of that - SOL's price dropped heavily just right after the first announcements of the hack.
Phantom says it’s working (however, not very successfully, as we now can tell):
Magic Eden, Solana’s NFT market place is also sharing some advice:
However, not only Solana got affected. USDC was affected, too - the community was alerted about this, either.
It was confirmed that hackers are stealing both SOL native tokens and SPL tokens (USDC), and the interesting fact about that is - hackers affect wallets that have been inactive for quite a long time.
Twitter is firing up because the crypto community is scared for their funds, especially for those in hot wallets (online wallets like Phantom, MetaMask, Slope, TrustWallet etc.). So, be alert and safe - move your funds to cold wallets (hardware wallets). Of course, this is just a recommendation.
MICHAEL SAYLOR LEAVES MICROSTRATEGY CEO POSITION
I wrote about Mr. Michael Saylor not once nor twice.
This man is an absolute Bitcoin evangelist and maximalist. In countless interviews, Saylor mentioned that Bitcoin had (and still has) an enormous impact on his personal life and his company - MicroStrategy (basically, Bitcoin saved his wealth and the company’s destiny).
But now, Saylor decided to let his CEO position down (he was CEO since 1989 - the year when MicroStrategy was founded). On the other hand, he does not fully quit.
On 8th August, Micheal Saylor will take a new role - executive chair of MicroStrategy. New SEO will become the current company’s president Phong Le.
Why, though?
Saylor himself said, “I believe that splitting the roles of Chairman and CEO will enable us to better pursue our two corporate strategies of acquiring and holding Bitcoin and growing our enterprise analytics software business.”
So, Saylor will be responsible for Bitcoin acquisition strategy and advocacy initiatives.
Hopefully, it will work because currently company faces more than a $1 billion loss, and MicroStrategy’s revenue fell from $125.4 million to $122.1 million.
Moreover, Microstrategy hadn’t stopped buying Bitcoin even in this bear market (for example, in March, Saylor took $205 million debt using the company’s Bitcoin to buy even more of it - told you, he’s a Bitcoin maximalist). So, probably, Saylor will come up with new strategies, and we’ll hear about them in the future.
BUY GUCCI BAG WITH APECOIN
Yes, you’ve read it right.
GUCCI is the first major luxurious brand accepting payments in stores with ApeCoin from now on.
Obviously, this move will lift cryptocurrency utility to the next level.
GUCCI is not a newbie in the crypto world - the brand has already created NFTs, collaborating with other projects. Also, GUCCI already accepts payments in Bitcoin, Ether, Wrapped Bitcoin, Dogecoin, Shiba Inu and others. Convenient, isn’t it?
So, are you excited to buy something new and shinnny with ApeCoin?
WONDERFUL WEDNESDAY FACTS
Binance announced the new token, BAB, built on BNB Smart Chain + Binance invested in decentralized visual digital identity solution provider Lifeform;
Ethereum Name Service domain now has more than 1.8 million names - it shows that the crypto community is super excited about the Merge!
New York Department of Financial Services sentenced crypto platform Robinhood with a $30 million fine! It was for proven multiple regulatory violations, such as cybersecurity and money-laundering obligations.
MORE CRYPTO NEWS AROUND THE WEB:
European Central Bank Declines Bitcoin as Cross-Border Payment Method
CoinShare Q2 Overview Reveals Declined Revenue Due to Terra Fall
CREME BRULEE
💜 HOW DID YOU LIKE THIS NEWSLETTER? 💜
Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your research and act responsibly with your profits.