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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.
Quick weekly news
Hacking Solana wallet
Solana users from all around were shocked to discover that a massive and continuing attack was draining their wallets of SOL, the USDC stablecoin, and other Solana-based tokens. Coins and tokens valued at around $4.46 million have already been taken.
Although there may be overlap amongst their targets, the four reported attackers’ wallets have jointly attacked around 15,200 wallets, according to blockchain explorer Solscan. According to the official Solana Status account on Twitter, there were almost 8,000 different wallets.
Solana’s creator and the network’s core crew have begun exchanging theories about what is going on since the attack appears to be ongoing. Per Solana Status, “engineers from across several ecosystems, in conjunction with audit and security firms, continue to investigate the root cause” of the attack.
“This does not appear to be a bug with Solana core code,” it added, “but in software used by several software wallets popular among users of the network.”
Anatoly Yakovenko, the CEO of Solana Labs and a co-founder of Solana, tweeted overnight that the problem “seems like an iOS supply chain attack,” implying that it involved wallets used on Apple’s iPhone and iPad devices. He later tweeted that Android users are also impacted based on more information.
The non-fungible token (NFT) marketplace Magic Eden, and wallet providers Phantom and Slope, have all commented on the problem. Phantom, a wallet provider, says it is collaborating with other teams to solve the problem but does not “believe this is a Phantom-specific issue” now.
Tether declares the USDT short-selling thesis to be “flat out wrong”
Tether, the creators of Tether (USDT), claims that the thesis hedge funds are using to short its stablecoin following Terra’s failure in May is “incredibly misinformed” and “flat out wrong.“
In a blog post published on Thursday, Tether referenced a Wall Street Journal podcast from June 28 in which guests Caitlin McCabe and Luke Vargas discussed the bearish cryptocurrency market and worries about the assets that back Tether. These topics were discussed as the basis for short sellers’ interest in Tether.
The hedge funds, who used Terra’s failure as justification to short USDT, according to Tether, “have a fundamental misunderstanding of both the cryptocurrency market and Tether:“
“The simple fact that hedge funds view Terra’s collapse as a constructive thesis too short USDT represents the asymmetric knowledge gap between cryptocurrency market participants and entities in the traditional finance space.”
Aave DAO approves GHO Stablecoin Creation
Aave Companies presented the idea on Thursday, and over three days, the community overwhelmingly supported it with a vote of 99.9%. In addition, 501,000 AAVE tokens were committed in favor of forming the crypto-collateral-backed stablecoin as of Sunday at 10:00 AM UTC.
GHO will be a decentralized, Ethereum-based stablecoin that is collateralized with a variety of cryptocurrencies and tied to the US dollar. Any user wishing to mint GHO will be able to do so by depositing any other crypto asset recognized by the Aave protocol. The next stage in the process will be the generation of the GHO tokens through a new Aave Improvement Proposal (AIP).
Since the GHO will be overcollateralized, users must always deposit more crypto than the GHO’s initial minting value. This caveat should guarantee a stablecoin loan with excessive collateral. When the user finishes paying the loan, their position is liquidated, and any borrowed GHO is burned.
Michael Saylor will continue as executive chair of MicroStrategy but leave his position as CEO
Saylor will take on the new position of executive chair at the business, while president Phong Le will take over as CEO, according to a Tuesday notice from MicroStrategy on its second quarter earnings for 2022. On August 8, the reforms should go into effect.
“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,” Saylor said.
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