Overview
- BNB cross-chain bridge hacked!
- MakerDAO votes to invest $500m in US Treasuries.
- Inverse Cramer ETF?
Good morning Banter Fam,
Cross-chain bridges are risky business!
The BNB network, closely tied to crypto exchange Binance, was exploited for an estimated $100 million on its cross-chain bridge, BSC Token Hub, yesterday. As a result, BNB paused the centralized chain to mitigate risk. Some were quick to call out BNB utilizing the power to halt the chain, but for the record, BNB never claimed to be decentralized. It has only 21 validators.
According to BNB’s Twitter, the network resumed operations after the validators adopted a software update that fixed the exploit.
Market update 🌍
BTC/USDT 1D
Today was a slightly bearish day on the BTC chart. BTC reached a high of $20,456 before being pulled back down by the US session. Markets were a mixed bag while the Dollar Index (DXY) showed strength, and the Fed’s Cook continued with a rhetoric of hawkish policy. BTC completed the daily candle down -0.98% to $19,960.
High-resolution chart
| US markets close | Gain/Loss |
| S&P 500 | -1.02% |
| Nasdaq | -0.35% |
| Dow | -1.17-% |
| VIX | +6.90% |
Notable Gainers (24h):
| Protocol (Coin) | Price ($) | Gain (%) |
| XDC Network (XDC) | 0.031 | +4.7 |
| Ravencoin (RVN) | 0.036 | +4 |
| Ribbon Finance (RBN) | 0.27 | +7 |
| Casper Network (CSPR) | 0.034 | +11 |
| Decentralized Social (DESO) | 18.07 | +32 |
| Telcoin (TEL) | 0.0013 | +16 |
| Reef (REEF) | 0.0052 | +9.5 |
| Bitcoin Fear and Greed Index | 23 Extreme Fear |
| “Crypto” Google Trends 90d | 55 |
| “Bitcoin” Google Trends 90d | 52 |
Newswatch 📰
MakerDAO to invest $500m into US treasuries. The community of MakerDAO has voted to purchase $500m of US treasuries to bring increased stability to the reserves backing the decentralized stablecoin DAI. The change will diversify their holdings and help mitigate collateral risk.
ArDrive Mobile brings Arweave to mobile devices. ArDrive, who are focused on building decentralized storage solutions on Arweave, release ArDrive Mobile, allowing users to leverage the power of Arweave right from the palm of their hands. The app is available on the Google Play store, with an iOS app coming to the Apple App Store soon.
News tidbits:
- Lido’s stETH expands to Layer-2 networks Optimism and Arbitrum.
- South Korean officials order Do Kwon to surrender his passport.
- Tuttle Capital Management files for an inverse Cramer ETF.
NFT & metaverse update 🐵
- OpenSea now offers bulk listing and buying.
- Yuga Labs announces the launch of a seven-member council of community members to help shape the project’s growth.
Banter’s take
How about a bit of Bitcoin history to end the week? New Liberty Standard, the first website to ever sell Bitcoin, went live precisely 13 years ago.
The creator of the site sold BTC at the average cost of mining it at the time. Buyers would purchase the BTC using PayPal.
Can you guess the cost? One dollar for 1,578 BTCs!
Regrets anyone? Me: 🙋
Shout out to u/002timmy, who originally posted this info on Reddit.
Gabri
Follow me on Twitter for daily updates!
Disclaimer
Good Morning crypto (issued by Crypto Banter) is a newsletter for entertainment purposes only.
All opinions expressed by the publisher, writers, and chartists should not be construed as financial advice and do not necessarily reflect the views of Crypto Banter. The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.
