Headlines
Pump.fun suffered a flash loan attack, Bonkbot has banned trading on the platform
According to on-chain data, hacker @satcc is using flash loans to attack Pump.fun. Bonkbot said that out of caution, transactions on Pump.fun are temporarily banned to ensure user safety.
Macbrennan, a member of the marginfi team, said that they are assisting the Pump team in handling this incident. Although the attacker used marginfi to attack, marginfi is still operating normally.
According to the community, Pump.fun was attacked, and the attacker @STACCoverflow randomly airdropped assets worth $80 million to the following coin holding addresses. Currently, multiple addresses have received dozens to hundreds of SOL tokens.
1. Slerf holders; 2. Stacc holders; 3. Saga holders; 4. Risklol holders, and stated that this airdrop of approximately US$80 million may cause Solana to fork.
It is reported that multiple addresses have received dozens to hundreds of SOL tokens. The attacker is suspected of revenge because of the death of a family member.
pump.fun: Attack by a former employee, stealing approximately $1.9 million
pump.fun posted on the X platform that the attack was caused by a former employee who used his privileges in the company to illegally obtain withdrawal rights and carried out a flash loan attack with the help of the loan agreement, stealing about 12,300 SOL (worth about 1.9 million US dollars).
According to previous news, pump.fun has upgraded its contract and the attacker can no longer steal any funds.
CME plans to launch Bitcoin spot trading
The Chicago Mercantile Exchange Group (CME Group), the worlds largest futures exchange, plans to launch spot trading of Bitcoin.
CME has held discussions with traders who want to buy and sell cryptocurrencies on regulated markets, three people familiar with the matter said.
The plan, which has not yet been finalized, would mark a further incursion by major Wall Street institutions into the digital asset industry if implemented. CME declined to comment.
If CME introduces spot bitcoin trading while already offering bitcoin futures trading, it will make it easier for investors to engage in basis trading. Basis trading is a common strategy among professional bitcoin traders and a staple of the U.S. Treasury market, involving borrowing money to sell futures and buy the underlying asset, and earning profits from the small difference between the two. The majority of Treasury basis trading occurs on the CME trading floor. (Financial Times)
Industry News
Due to some procedures of the US criminal justice system and the protection of due process under the Fifth Amendment, former Binance CEO CZ has not yet been imprisoned despite receiving a four-month sentence. According to the judgment signed by the judge, CZ should surrender after being notified by the probation or pretrial services office. At present, the relevant units have not notified CZ that he must enter that California prison.
According to federal regulations, a criminals sentence begins when the person is admitted to custody awaiting transport or voluntarily committed to an official detention facility where he or she will serve his or her sentence. While the sentence may begin immediately on the day of sentencing, there are three possibilities for delay:
1. The judge may force the defendant to first surrender to the U.S. Marshals, who may then escort or notify the offender later when he or she will be in jail.
2. The judge may authorize the probation or pretrial services office to notify the defendant of his or her jail date.
3. The judge may allow the defendant to go to jail voluntarily.
Judges usually reserve this option for defendants with the shortest sentences or the least likely to flee, and CZ likely received the second type of sentence. Because he was not sentenced to multiple years in prison, the U.S. Marshals did not immediately take him into custody. Instead, the judge gave CZ the second, most lenient path, allowing him to wait for notification from the probation or pretrial services office.
Tornado Cash Developer Alexey Pertsev Appeals Guilty Decision
Tornado Cash developer Alexey Pertsev has appealed to the s-Hertogenbosch Court of Appeal after being found guilty of money laundering on Tuesday, a Dutch court spokesman said. It could be months before the first hearing is held. The court did not say whether the appeal was granted.
Pertsev has the opportunity to seek to await his appeal trial at home if he wishes. He was immediately transported to prison to begin serving his sentence following Tuesday’s verdict. (CoinDesk)
Earlier news, a Dutch judge ruled at the s-Hertogenbosch Court that Alexey Pertsev was guilty of money laundering. The court sentenced Pertsev to 64 months in prison.
JPMorgan Chase: Bitcoin mining costs are expected to drop to $45,000
JPMorgan Chase (JPM) said in a research report on Thursday that the estimated cost of Bitcoin mining has dropped to $45,000 as inefficient miners exit the network. JPMorgan Chase said that it had previously expected that the computing power would drop significantly after the halving due to unprofitable miners exiting the network. This is now happening, but with some delays. (Coindesk)
Feds Mester: Will not launch digital currency without Congressional involvement
Feds Mester said that no decision has been made on the central banks digital currency, and the Fed will not launch a digital currency without the participation of Congress. (Jinshi)
Project News
Aevo: The team voluntarily re-locks 15% of the supply until the end of 2024
Aevo posted on the X platform that the conversion of RBN to AEVO has been completed. This is a conversion rather than a token unlocking, and AEVO is close to full circulation.
Aevo said that in order to demonstrate the teams long-term construction philosophy, the team and supporters voluntarily re-locked 15% of the token supply until the end of 2024.
DRIFT token airdrop claim is now live and will end at 2 am on August 17th
According to the Drift Foundation’s announcement on the X platform, the DRIFT token airdrop claim is now live, and the claim period is 3 months, which will close at 18:00 UTC on August 16, 2024 (2:00 am Beijing time on August 17). In addition, the bonus has begun to unlock. The airdrop for all eligible drifters has 2 components:
- Initial allocation;
- Bonus distribution.
An initial allocation is available at launch, with bonuses unlocking linearly over 6 hours, fully unlocking at 6pm UTC (2pm ET).
Scroll retroactively issues credits to early users to compensate for their gas fees
Layer 2 network Scroll launched the loyalty program Session Zero points system.
Scroll announced that it would retroactively issue points to early on-chain contributors before the Bernoulli upgrade to compensate them for the gas fees they previously incurred when using the Scroll network.
Eligible users do not need to take any action; the additional points are automatically added to their personal dashboard and can be viewed through the new user interface.
Character*Voice
Eclipse CEO Neel Somani resigns amid sexual harassment allegations, replaced by Vijay Chetty
Neel Somani, founder and CEO of Ethereum SVM Layer 2 network Eclipse, is leaving the company and Vijay Chetty will be appointed CEO of Eclipse Labs. Chetty will be promoted from chief growth officer and assume all responsibilities of CEO.
Chetty has over a decade of crypto-native experience and has held leadership roles at Uniswap Labs, dYdX Trading, and Ripple Labs in addition to his investment experience at BlackRock.
Earlier on May 10, Eclipse CEO Neel Somani announced that he would temporarily withdraw from his duties as an Ethereum Layer 2 solution due to allegations of sexual harassment. Despite multiple allegations of sexual misconduct, Somani insisted in a post that he was innocent. After the decision was made, Somani said it was a fair treatment of the Eclipse team, investors and developer ecosystem. Eclipse also stated that it would share more background and details about senior leaders in the coming days. Somani promised to work hard to clear his reputation and defend himself, while emphasizing that this transition of power will facilitate the truth to surface. Somani and Eclipse have not yet responded to media requests for comment on this move.
Hack VC, the Web3 venture capital firm that led Eclipses $50 million Series A funding round, said it was deeply disturbed by the sexual harassment allegations against Eclipse founder Neel Somani. Hack VC itself will never tolerate any form of sexual harassment or misconduct and holds founders and invested companies to the same high standards.
Upon learning of the news, Hack VC, in conjunction with other investors and teams, urged Neel Somani to resign and expressed their strong belief in the mission of the Eclipse team and project. They fully support Vijay Chetty as the new CEO and believe he is the ideal person to drive his project forward.
It is reported that in March this year, Eclipse Labs announced the completion of a US$50 million Series A financing round, led by Placeholder and Hack VC, with participation from RockTree Capital, Polychain Capital, Delphi Digital, Maven 11, DBA, Apollo-managed funds, Fenbushi Capital, ParaFi Capital and others.
Earlier today, it was reported that Eclipse founder and CEO Neel Somani is leaving the company and Vijay Chetty will be appointed CEO of Eclipse Labs. Chetty will be promoted from Chief Growth Officer and assume all the responsibilities of CEO.
On May 10, Neel Somani announced that he would temporarily step down from his duties as an Ethereum Layer 2 solution due to sexual harassment allegations. Despite multiple allegations of sexual misconduct, Somani maintained his innocence in a post. After the decision came out, Somani said it was a fair treatment for the Eclipse team, investors, and developer ecosystem.
Investment and Financing
Web3 gaming platform Param Labs completes $7 million financing, led by Animoca Brands
Web3 gaming platform Param Labs announced the completion of a $7 million financing led by Animoca Brands, with participation from Delphi Ventures and Cypher Capital. Param Labs aims to build a gaming ecosystem governed by its native PARAM token, which will be launched soon. (TheBlock)
Web3 infrastructure company Chainstack has completed a $6 million financing round, with SBI Ven Capital, Sygnum, Azimut Group, Unicorn Factory Ventures and others participating.
It is reported that Chainstack provides tools and services that allow developers to create, deploy and scale blockchain applications without having to manage the underlying infrastructure.
Chainstack works with more than 25 public chains and provides services to more than 100,000 Web3 developers. Chainstack claims to process more than 100 billion requests per month with an uptime of more than 99.99%. (Tech in Asia)
TON Ecosystem Decentralized AMM STON.fi Completes New Round of Financing, CoinFund Participates
TON Ecosystem decentralized automated market maker STON.fi announced the completion of a new round of financing, with CoinFund participating. The specific financing amount and valuation data have not yet been disclosed. The new funds will be used to further strengthen its operations, thereby expanding financial services to Telegram users, allowing users to trade encrypted assets across multiple blockchains without bridging or packaging. (finsmes)
