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Monday, April 17, 2023

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Let's manifest a green week, Geckos!

Shaquille O'Neal has finally been served a lawsuit regarding FTX, after months of "hiding and driving away." The famed basketballer was served outside his house.

The class-action lawsuit claims that celebrities including Kevin O'Leary, Tom Brady, and Steph Curry, promoted FTX, a "fraudulent scheme." Lawyers had tried to reach O'Neal over the past three months, but to no avail.

In today's news, Bitrue hacked for $23 million, Hundred Finance exploited, and Olympus DAO to purchase ETH.

Read on!

Most Popular Layer 1 Cryptocurrencies

With over 3,578 coins and tokens on its network and a TVL (USD) of $32 billion, Ethereum is the most popular Layer 1 cryptocurrency, followed by BNB Chain and Avalanche.

BNB Chain (formerly Binance Smart Chain) is the second most popular Layer 1 blockchain with 2,992 cryptocurrencies within its ecosystem and a TVL of $5 billion, while Ava Labs' Avalanche is the third most popular Layer 1 blockchain with over 343 cryptocurrencies and a TVL of $865 million.

Get the full scoop: https://gcko.io/8vt841y

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tomiNet (+4.1%)
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Injective (+3.3%)
XEN Crypto (+1.7%)
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Not the first time

Crypto exchange Bitrue was hacked, losing assets worth approximately $23 million.

The attacker gained access to one of Bitrue's hot wallets containing Ethereum (ETH), Quant (QNT), GALA, Shiba Inu (SHIB), Holo (HOT), and Polygon (MATIC). Bitrue said the compromised wallet held less than 5% of the exchange's overall funds.

Previously in 2019, the exchange suffered a hack, losing $5 million in Ripple (XRP), and Cardano (ADA).

Decrypt

Another flash loan hack!

Hundred Finance experienced a flash loan hack over the weekend, losing $7.4 million in the process.

The multichain lending protocol was exploited on Optimism, after the attacker manipulated the exchange rate between ERC-20 tokens adn hTOKENS. They were then able to withdraw more tokens than originally deposited. Hundred Finance has contacted the hacker, and working with various security teams.

Cointelegraph

Time to 3,3 ETH

Olympus DAO is set to increase its holdings of ether (ETH) in the treasury backing OHM.

This move comes after member approval of a new "Treasury Framework", and is set to result in a 75:25 ratio of stablecoins to volatile assets. Currently, the $200 million treasury is at a 79:21 ratio. However, the shift to ETH is unlikely to be as "aggressive" as the framework called for, though it will decrease OHM's exposure to DAI.

CoinDesk