Stolen Bored Apes Worth $1.9M 'Frozen' and which NFT is Eminem buying?
Good Morning FinTech, 3 January
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Welcome to the 50 new of you who have joined since last week.
This newsletter is sponsored by Genprex Inc GNPX, which Aims to Treat the Most Common Form of Lung Cancer as It Nears Two Clinical Trials.
Here is an update for the weekly MarketWatch, equities are back in green, most of the alt coins are in green however BTC and ETH is still in red this week.
Convex Finance Crosses $20B Locked, Overtaking DeFi Staples
Convex Finance has surpassed DeFi staples like Aave and MakerDAO in total value locked terms.
The stablecoin yield optimizer Convex Finance has become the second-biggest protocol by total value locked.
Convex has roughly $21.3 billion locked value, trailing only Curve Finance.
The protocol has taken a central role in a battle for DeFI liquidity that's been dubbed the "Curve wars."
The stablecoin yield optimizer hit $20 billion in total value locked for the first time over the weekend and now holds around $21.3 billion. The most liquid DeFi protocol, Curve Finance, holds just over $24 billion. After the latest jump, Convex holds more value than the likes of Aave and MakerDAO—two early DeFi projects that launched on Ethereum and are often referred to as “blue chips” of the ecosystem.
Polygon Quietly Patched Vulnerability That Put $24 Billion in MATIC at Risk
Disaster was narrowly averted by DeFi protocol Polygon—but one attacker was able to make off with nearly $2 million in MATIC using the exploit.
A “critical” vulnerability that risked $24 billion in user funds was quietly patched earlier this month by developers at Polygon, a scaling framework for Ethereum—though not before one attacker was able to steal $1.8 million in Polygon’s MATIC token.
The exploit was shared by white hat hackers on bug bounty platform ImmuneFi on December 3. An upgrade was initiated within 48 hours and, in a blog post Wednesday, the Polygon team explained that they chose not to reveal the incident until it was patched.
“Considering the nature of this upgrade, it had to be executed without attracting too much attention,” they wrote.
If left unaddressed, the smart contract vulnerability would have allowed attackers to mint more than 9.2 billion MATIC tokens (from a total supply of 10 billion) from its genesis contract. But Polygon’s prompt upgrade execution meant that no user funds were lost, and the upgrade was completed without a hitch.
Stolen Bored Apes Worth $1.9M 'Frozen' by NFT Marketplace OpenSea
After a collector said he lost his NFTs in a phishing attack, the top NFT marketplace reportedly stepped in to help him recover the assets.
A non-fungible token (NFT) collector declared that his collection of Bored Ape Yacht Club NFTs worth $1.9 million was "hacked," and then said NFT marketplace OpenSea had "frozen" the assets for him.
Todd Kramer, who runs the Ross+Kramer art gallery in New York, tweeted that he had clicked on a link that appeared to be a genuine NFT dapp (decentralized application). But it turned out to be a phishing attack—and 16 of his NFTs were stolen. “I been hacked,” he wrote. “All my apes gone.”
The news prompted criticism from some corners, with some people arguing that appealing to a third party to freeze NFTs flew in the face of crypto’s claims to be decentralized.
“Feels pretty anti-crypto to be asking third parties to do this and ideally they shouldn’t be able to,” said Twitter user Forculus. “True decentralized ownership no one should be able to step in.”
Eminem buys Bored Ape “EminApe” NFT for $460K
The Bored Ape NFT depicts a gold chain necklace and khaki army cap that Eminem wears in real life and has been officially added to his portfolio by OpenSea.
Marshall Mathers III, better known as Eminem, joined the “Bored Ape Yacht Club” (BAYC) by purchasing one of the nonfungible token (NFT) Bored Apes for $462,000 on OpenSea’s NFT marketplace. Eminem’s Bored Ape depicts a gold chain necklace and khaki army cap that he wears in real life and has been officially added to his portfolio by OpenSea.
The NFT nicknamed the “EminApe” was created by GeeGazza in collaboration with Bored Ape. The transaction was completed by digital agency Six, which has previously worked with other celebrities in the NFT sector, including Wu-Tang Clan, Tycho and Galantis.
GeeGazza @Gee__Gazza
I still think @Eminem is destined to buy my @BoredApeYC one day. https://t.co/JuoNdE446QAlso, this week, i have posted a video on Youtube for staking CRO tokens with 14% staking rewards on DeFi wallet, here is the link to the video:-
That’s it for today, if you would like to support, think of becoming a premium member to get access to my detailed research on solid crypto projects that i invest in every week.
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
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