Poly Network hacked for $611M; over half of stolen funds returned😱😱

Poly Network hacked for $611M; over half of stolen funds returned😱😱

We’re overwhelmed with the love and support that we received for the first edition of our newsletter. A big thank you to everyone who read it and wrote in with their kind words and feedback.

Here we are, back with our second edition. Hope you enjoy reading it!

This week in The Flippening, TL;DR

Poly Network hacked for $611M. Over $100M of ETH burned already in a week. Messi partly paid in crypto fan tokens by PSG. Crypto market cap reached $2Trillion after 3 months. Understanding types of market days for traders. Mudrex announces Coin Sets and weekly Webinar, and more.

Top Highlights of the Week (ending 12th Aug)

Poly Network hacked for $611M; over half of stolen funds returned

Earlier this week, Cross-chain protocol Poly Network was hacked for $611 million in one of the largest crypto hacks to date. The assets stolen were $273 million of Ethereum tokens, $253 million in tokens on Binance Smart Chain and $85 million in USDC on the Polygon network.

“We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon,” tweeted Poly Network on Aug 10th, adding, “We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses.”

According to The Block Research’s Igor Igamberdiev, the root cause of the hack was a cryptography issue — which is not usually the case. The theft illustrated the risks of the mostly unregulated decentralised finance (DeFi) sector. 

The hackers have now returned over half of the $610 million-plus they stole ($268M still outstanding on Ethereum), and also conducted a 3 part Ask Me Anything (AMA) using embedded messages in Ethereum transactions, which most Twitter users found to be hilarious. 

Ethereum Network burns over $100M of ETH in a week after London Upgrade

The Ethereum network has now burned $100 million in ETH since the introduction of a transaction fee burning mechanism in its recent London upgrade. Over 36,500 ETH has been destroyed so far since the upgrade occurred on August 5.

This represents about half of the amount of ETH that was issued in this time to miners as a reward for creating blocks (and processing transactions).

Soccer superstar Messi partly paid in crypto fan tokens by PSG

The Argentinian soccer legend’s signing-on fee for the French club, Paris Saint-Germain included an undisclosed number of fan tokens provided by blockchain-based fan-token provider Socios.com.

Messi this week left Barcelona, the club he had been part of since the age of 13, to join PSG on a two-year deal worth nearly $75 million per season.

PSG did not say how much of that the tokens represented, referring to it as a “large number.” The French club is one of a large number of major soccer teams to have launched fan tokens through Socios.com, along with Barcelona, Juventus, Atletico Madrid and Manchester City.

Other News and Top Reads

  • BitMEX Announces $100M CFTC, FinCEN Settlement Read
  • CoinDCX becomes India’s first Crypto unicorn, valued at $1.1B Read
  • Locating Stablecoins within the Regulatory Perimeter Read
  • Binance Discontinues South Korean Won Trading Pairs, Payment Options Read
  • Fortune Raises Over $1.3M in NFT of Cover Art Sale Read
  • Analyzing NFTs as Social Networks Using the Status-as-a-Service Framework Read

Market Performance Overview

Prices have majorly been in green this week, and the crypto market cap reached $2 Trillion for the first time in three months, thanks to Bitcoin and Ethereum.

The week ending 12th Aug saw 2 digit weekly returns in all the sectors. The leading sector this week was Smart Contract Platforms with 17.28% growth. Cardano (46.25%) & Internet Computer (37.8%) were the top-performing assets in this sector. Apart from these, Decentralized Exchanges (14.26%) and DeFi (14.21%) saw decent returns over the last week.

Crypto Simplified

Last week we wrote about stablecoins, and how they stay stable. This time around we’ve picked up a trading related topic – Types of market days every trader should know about

Technical analysis is largely impacted by some very important factors. One of those very important factors is the type of the market day. Analysing the type of the market day correctly can give a potential edge to any trader who is actively trading in either stocks, indexes, cryptocurrencies, forex, derivatives etc.

Today, we will be discussing ‘6 different types of days’ we might witness across the market. Please note that these 6 days are significantly different from each other. These patterns are not sacrosanct, meaning they should only be used as a guiding factor and not the exact determiner for any particular trade.

Types of market days:

  • Trend day
  • Double distribution trend day
  • Typical day
  • Expanded typical day
  • Trading range day
  • Sideways day

Featured – Announcing Mudrex Coin Sets and Weekly Webinar

As we near the launch of our much-awaited product, Coin Sets, we started an early waitlist for all our interested users. 

Coin Sets are baskets of crypto tokens based on a theme. They’re curated by experts, weighted, and rebalanced on a regular period. Coin Sets are designed to help you diversify your investments across a theme, and manage risk better.

Wait, there’s a pleasant surprise involved – we’ve decided to waive off investment fees for all the users who join the waitlist!

We understand that navigating a new investing platform is overwhelming and confusing for most of our users. So we’ve come up with a weekly webinar to decrypt crypto investing with Mudrex. We’ll ensure your onboarding and investing experience is hassle-free, and help you with choosing the right strategies to invest according to your risk-reward profile.

Register here for the first webinar on 14th Aug, 9:30-10:30 PM IST.

Here we are, at the end of our second edition. We’ll be back in your inbox next week with more exciting stuff about the world of crypto and trading. 

Until then, read this super funny thread on Reddit on Poly Network hacker’s on chain QnA, and some redditors’ hilarious responses.

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