The 73rd edition of our curated newsletter.
In today’s newsletter we look at:
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- Exploits and Job Offers
- Utility for UNI Holders
- Reddit’s NFT Marketplace
- AAVE Introduces GHO – Its Stablecoin
- More Exploits in DeFi
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How a Fake Job Offer Took Down Axie’s Ronin Bridge
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In March, Axie Infinity’s Ronin bridge was exploited by North Korean hacking group Lazarus for $540m. However, how this was achieved has only recently come to light. As per The Block’s recent post-mortem, it turns out that Lazarus gained access to private keys through a well-engineered spear-phishing attack – in the form of a fake job offer.
Exploiters reached out to Axie developers Sky Mavis via LinkedIn, and obtained the private keys of 5 validators. At the time, Ronin had a total of 9 validators for multi-sig approval, meaning that by capturing five keys, Lazarus was able to drain funds from the bridge.
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Next week Mercuryo team members will be in Paris for the Ethereum Community Conference! Will we see you there?
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How UNI holders Can Take Control of the Uniswap Protocol
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Uniswap, the premiere decentralised exchange, has come under scrutiny since issuing its $UNI airdrop back in late 2020. The governance token, used to vote on the use of treasury funds, has seen little significant utility due to poor tokenomics and excessive reliance on Uniswap’s venture capital arm – Uniswap Labs.
To this end, a community member has put forward a substack outlining a rough roadmap for driving more utility directly to UNI holders. To find out more, view the article here.
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Reddit is Launching a Polygon-Powered NFT Marketplace
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Despite the downturn in NFTs, building continues at breakneck speed. Social media monolith Reddit has rejoined the fray with its own NFT marketplace, powered by the Polygon blockchain. Reddit users can use their purchased NFTs as profile pictures on the site, with a choice of 90 designs available at launch.
It’s interesting to note that users will not need a crypto wallet, but will be able to buy the NFTs using credit and debit cards. Yet another integration bridging the worlds of Web2 and Web3!
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Introducing GHO, AAVE’s Native Stablecoin
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With crypto still navigating the viability of decentralised stablecoins, prominent lending protocol AAVE has introduced yet another innovation – announcing GHO as the protocol’s native stablecoin. GHO will be fully-collateralised against a diversified set of users’ assets, allowing for the provision of multi-currency collateral for GHO. Read more about Aave’s rollout plan here.
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Solana Protocol Crema Loses $8.8M in Exploit
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Builders don’t sleep during bears, and evidently, neither do hackers. Just last week, Solana DeFi protocol Crema was exploited for $8.8m, plunging Crema’s locked value by over 70% as a result. This exploit was conducted by leveraging smart contracts through a flash loan, a controversial innovation that has become notorious in the space. Read more
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Let’s Talk Careers in Fintech Today
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Join us on the journey we’re on. No matter where are you from.
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