Weekly Crypto News Recap – Nov 4, 2022

November 4, 2022


Developers of pNetwork bridge drain $4.3 million from PancakeSwap in ‘white hat’ attack

The Block
The developers of pNetwork, an independent cross-chain bridge protocol used to transfer assets across different chains, ethically took $4.3 million in pgala (pegged gala) tokens that it had issued to bridge users. The pgala tokens are issued whenever users bridge gala tokens from its original chain, Ethereum, to BNB Chain via pNetwork bridge. The "white hat" exploit was executed Thursday as the team said it had discovered a “misconfiguration” in the token’s smart contract. The developers of pNetwork attempted to front-run any malicious hackers by “draining” pgala tokens locked in PancakeSwap pools. pNetwork said that it had to drain the token in liquidity pools, performing the white hat attack to protect the value of gala tokens locked in the bridge contract before it could redeploy the token contract. To drain pgala liquidity on PancakeSwap, the pNetwork developers minted billions of pgala tokens out of thin air and swapped them to BNB tokens. The team was able to mint these tokens because it had the privileged access from the contract. Despite this being a white hack event related to the tokenized version of gala, the incident still caused market turbulence and gala sits about 9% lower than it was before the event.

EU’s MiCA regulation vote deferred to February 2023: spokesperson

The Block
The European Union is now expected to adopt a benchmark framework for regulating crypto assets early next year. The European Parliament was to take its final vote on the Markets in Crypto-Assets (MiCA) legislation in an upcoming plenary session in November, but the draft needs to be translated into the 24 official EU languages. Since the text is technical and lengthy, the regulation’s adoption is now anticipated for February 2023, according to a parliament spokesperson. The MiCA legislation gives European regulators a period of 12 to 18 months to write and apply new rules based on the legislation. During this time, Europe’s financial supervisors and the European Commission will iron out final details as to how to implement the law.

Meta Announces New Product Allowing Creators To Build Instagram NFTs on Polygon (MATIC)

The Daily Hodl

Bitcoin Miner Argo Blockchain Shares Plunge 40% as $27M Raise Called Off

Argo Blockchain has revealed that a planned $27m raise will not go ahead, sending its share price plummeting. The business, which is listed on both the London Stock Exchange and Nasdaq, said in a statement to shareholders that plans to raise more cash by selling shares will no longer be completed under the terms previously announced. “While Argo is exploring other financing opportunities, there can be no assurance that any definitive agreements will be signed or that any transactions will be consummated,” the statement said. "Should Argo be unsuccessful in completing any further financing, Argo would become cash flow negative in the near term and would need to curtail or cease operations." It's been a very challenging period for Bitcoin miners as the price of bitcoin and transaction fees have plummeted while energy costs and network hashrate have soared. The news follows an announcement from leading Bitcoin miner Core Scientific last week that highlighted its near-term risk of bankruptcy.

Goldman Teams With MSCI and Coin Metrics to Create Digital Asset Classification System

Goldman Sachs has partnered with MSCI and Coin Metrics to launch a new digital asset classification system to better track coins and tokens to help investors and industry participants monitor the space. Dubbed datonomy, crypto market participants will be able to track trends in different segments of crypto including smart contract platforms and DeFi, and also screen various assets. The announcement detailed that, "MSCI is the owner and sole administrator of this new classification system and may receive input on potential changes from the datonomy Advisory Board as well as other market participants. The Advisory Board members will be comprised of Goldman Sachs, MSCI, and Coin Metrics, in addition to third-party members that can provide expertise on maintaining datonomy."


Lightning Network developers fix critical bug that caused node downtime
South African grocery giant ‘Pick n Pay’ intends to accept Bitcoin in all stores nationwide
Rogue Actor Disrupts Lightning Network With a Single Transaction
El Salvador and Lugano Sign Agreement to Spread Bitcoin Adoption
9 years after the first Bitcoin ATM, there are now 38,804 globally


'There Is No Second Best': Microstrategy Would Be Up $1.6B If It Invested in Ethereum
Arbitrum transaction activity rockets 550% since August: Delphi Digital
ZkSync adds support for new coding languages on its network
What to Expect From Ethereum’s Next Big Upgrade
Matter Labs releases first phase of zkSync 2.0 mainnet called ‘baby alpha’


dYdX introduces proposal for autonomous subDAO-based infrastructure
ApeCoin DAO approves $4.4 million bug bounty program on Immunefi
NFT Platform ImmutableX’s $66M Unlocking Looms, Putting Sell Pressure on IMX Token
Cronje Rejoins Fantom and DeFi After Posting Essay on Crypto Winter
Koinos to launch its free-to-use blockchain mainnet
BitGo Joins Dogecoin Frenzy as Crypto Custody Firm Rolls Out a Wrapped Version
Lending Protocol TrueFi Issues Notice of Default to Invictus Capital for Failing to Repay Loan
Programmer spends 69 nights in Bitcoin Cash City using only BCH: Here’s how it went
DeFi 2.0 makes a comeback with “Chicken Bondsâ€
Aave Votes to Deploy on Ethereum Layer-2 Solution zkSync
Layer 2 solution Boba Network integrates with BNB Chain
DeFi Debt Marketplace Credix to Open a $150M Stablecoin Credit Pool to Digital Lender Clave
Ripple XRP Ledger integrates NFTs, Euro Stasis stablecoin
PieDAO proposes token buyback after ending liquidity mining program
Aptos-based DeFi protocol Arco offers refund option after IDO issues
Blockchain Startup Chain Inks Web3 Sponsorship Deal With Miami Heat
Polkadot Privacy Project Manta Network Eyes Crypto’s Largest Trusted Setup Ever
Solana-based DEX Serum is considering changes to its DAO governance
THORChain network resumes following 20-hour chain halt
Cosmos to vote on new security model for network’s Hub next week
62% of Dogecoin hodlers in profit amid hopes of Twitter integration
DeFi Lender Arco Protocol, Launched on Aptos Blockchain, Goes Dark After Botched Fundraise


Aave's Stani Kulechov: What Sets Our GHO Stablecoin Apart
Stablecoin issuers Circle and Paxos gain approvals in Singapore
HUSD stablecoin sharply loses peg even further, drops to just $0.30


Zero Hash Launches Operations in Brazil as First Step in Latin America
Immunefi launches scoring system for Web3's elite white hats
Alchemy Launches NFT Allowlist Platform Spearmint for Ethereum, Layer-2 Projects
New oracle system to help DApps retrieve millions lost to MEV
Alameda sells over $200M in stablecoins to exchanges; FTT token comprises majority of its $14B in assets
Dapper Labs Cuts 22% of Staff as NFT Market Craters
Web3 Browser Opera Offering New NFT Analytics Tool
Cloud service provider Hetzner blocks access for Solana validators over TOS breach
Galaxy Digital, BitMex, DCG announce staff cuts
Crypto Trading Platform Talos Taps Amber Group for Liquidity Amid Increased Buying Demand
Leading Global Payments Network MoneyGram to Offer Cryptocurrency Services
Apollo Global Hires Anchorage Digital as Crypto Custodian
Multisignature crypto wallets are the safest bet for DAOs
Genesis loan originations down 79% during crypto winter
B2C2 Adds Electronic Crypto Options to Over-the-Counter Trading Platform


ASICS Taps STEPN to Launch Running Shoe, Solana NFT Collections
Boson Protocol revamps redeemable NFT marketplace
Your Diploma is an NFT — Mongolian Students to Receive Honors on a Polygon Chain
Art Gobblers’ Floor Price Drops 50% After Splashy Debut
Immutable unveils tool to enforce NFT royalties on Ethereum
Blockchain Startup Elrond Rebrands to Focus on Metaverse
SuperRare NFT Marketplace Launches RarePass for Exclusive Curated Art Drops
Final Fantasy Maker Square Enix Reveals Its First Ethereum NFT Game
Payments Giant Visa Partners With Crypto.com for New NFT Collection
Solana-Based NFT Marketplace Exchange.Art Creates Royalties Protection Standard
OpenSea Rolls Out Two New NFT Theft Protection Features
Rapid Insights: LooksRare’s Royalty Update Sees Limited Success
NFT Winter Isn’t Getting Any Warmer: Sales Down Another 25% in October
BAYC Owner Yuga Labs: Metaverse NFT Open Standards Coming ‘Very Soon’
MetaMask partners with NFTBank for improved NFT price tracking
Stepn’s New Solana, Ethereum NFT Marketplace Bucks Anti-Royalties Trend
GameStop Extends NFT Store to ImmutableX
‘Rick and Morty’ Co-Creator’s NFT Collection Sees $14M in Trade Volume Hours After Mint
Steph Curry files trademark for the Curryverse, where players earn NFTs


Iris Energy faces default by Nov. 8 on financed bitcoin miners
Bitcoin mining firm Bitdeer could delay public offering till 2023
Bitcoin Miner Stronghold Digital Completes Debt Restructuring
Bankrupt mining provider Compute North sells assets to its former lender
BTC miner CleanSpark scoops up thousands of miners amid ‘distressed markets’
Record hash rates may see Big Oil become a major BTC mining player
Digihost Bucks Bearish Trend Among Bitcoin Miners, Remains Cash-Flow Positive
MassMutual, BlockFi are among bitcoin miner Core Scientific’s biggest creditors
MPs Set to Vote on Mining Bill That Would Let Russians Pay Cross-border with Crypto


Coinbase Cuts Q3 Losses in Half, Sees Crypto Headwinds Continuing Into 2023
OKX plans to hire 100 after securing Bahamas license
Crypto Exchange Kraken Launches 'Gasless' NFT Marketplace
Zipmex close to signing $100 million rescue deal in return for a 90% stake
Binance CEO Zhao Considering Buying Banks: Report
Coinbase Chief Product Officer Steps Down: 'Time to Get Off the Ride’
Huobi Global reportedly plans relocation to the Caribbean
Crypto Exchange BitMEX Cuts Staff as It Pivots Back to Derivatives Strategy
Singapore-Based Digital Marketplace Alta Acquires Hg Exchange
Gemini Launches Its Crypto Services in Six European Countries
Huobi Global denies ‘large-scale layoffs’ and key exec resignations
Binance still serving non-sanctioned Russians while seeking clarity on EU crypto regulations
FTX US encourages staff to relocate to new Miami headquarters


Solana yield manager Texture raises $5 million, enters private beta
WalletConnect secures $12.5 million in an ecosystem funding round
Evmos developers raise $27 million in a token sale led by Polychain
DeFi protocol Centrifuge raises $4 million in strategic round: Exclusive
Coinbase Ventures participates in $4.2 million funding round for NiftyApes
Pantera Capital Leads $10M Funding Round for Crypto Wallet Firm Braavos
Caitlin Long’s digital asset bank Custodia raises $7 million
Blockchain.com Seeks New Funding at $4 Billion Valuation – 70% Decline From Previous Round
NFT marketplace Souffl3 closes $2 million in seed round


Singapore Approves In-Principle License for Crypto Fund Manager Hashkey
Founders of Crypto Exchange Bitpanda Set Up Investment Vehicle: Report
Crypto fund-of-funds Protocol Ventures is shutting down: Bloomberg
Bitwise jumps into active strategies, names alternatives team
New York-Based Investment Firm CoinFund Looking to Invest $250,000,000 in Crypto Startups
Cosmos Asset Management Intends to Delist Crypto ETFs in Australia
Web3 fund led by ex-Binance Labs executive Nicole Zhang lands $20 million
Crypto Hedge Fund Arca Nearly Doubles Sales for Flagship Fund Despite LUNA Exposure
Wisdom Tree takes 36% loss in crypto assets in Q3


Public.com plans global rollout of trading tools, including crypto
Santander imposes limits on UK crypto exchange transactions
Fidelity Is Offering Early Access to Its New Bitcoin Trading App
UBS AG unveils publicly traded digital bond that settles on blockchain
MoneyGram Allows Traders to Buy and Sell Cryptos via Own App
Digital Asset Platform Bakkt Agrees to Buy Apex Crypto for Up to $200M
Standard Chartered Invests in JPM and DBS-Backed Blockchain Payment Network Partior
Revolut chat function will integrate NFT profile pics, CEO Storonsky says
Meta to use decentralized data storage protocol Arweave to store NFTs from Instagram
TradFi Firm Marex Makes Crypto Hires to Lead Digital Assets Push
Andreessen Horowitz ‘Temporarily’ Helping Elon Musk With Twitter
Bank of America Posts New Job Listing for Crypto Policy Expert
Jack Dorsey retains voting power at Twitter fuelling rumors of crypto integration
Visa, PayPal, Western Union Among Fall Flurry of Crypto Trademark Filings
Neobank Unicorn Revolut, 1inch Launch ‘Learn & Earn’ DeFi Course
AMD, Seagate and EY Join Protocol Labs-led Decentralized Storage Alliance


Canada to examine crypto, stablecoins and CBDCs in new budget
eNaira CBDC ‘a massive failure’ despite Nigerian central bank’s claims to the contrary
Singapore's MAS Starts Wholesale CBDC Project Ubin+ for Cross-Border Payments
Another Digital Yuan Giveaway Will See $2.75m Distributed in China’s Fuzhou
Reserve Bank of India to reportedly launch digital rupee pilot in November
Singapore pilots tokenized fiat with smart contract capabilities


IRS prepares for an increase in crypto cases in the upcoming tax season
UK Powers to Regulate Crypto Ads Approved by Lawmaker Committee
The state of crypto in Southern Europe: Malta leads the way
Coinbase Says American Crypto Industry Depends on U.S. Treasury To Act on Regulation
Japan’s Digital Agency launches DAO to explore DAOs and Web3
Crypto Investor a16z Wants to Join Ooki DAO Defense Against CFTC
Switzerland’s financial regulator extends reporting requirements for crypto transactions
White House Convenes Summit for Stopping the Spread of Ransomware
Singapore leverages Polygon and Aave in first DeFi wholesale markets transaction
Europe targets crypto influencers with new MiCA clause
Coinbase-Backed Anti-Money Laundering Group Expands Into Europe
More than Just the Ooki DAO: Lessons for Web3 Companies About Control After bZx
Hong Kong financial regulator issues guidelines for crypto futures ETFs
Federal Prosecutors Take Over Tether Investigation, Looking Into Potential Fraud Committed by Executives: Report
SEC’s Hester Peirce Says Agency's Current Approach Is 'Not a Good Way of Regulating'
El Salvador Development Bank Refuses to Reveal Bitcoin Records
Ripple’s allies expand: Coinbase files amicus brief in fight against SEC
Costa Rican congresswoman proposes bill to regulate, recognize cryptocurrency
CFTC Staff Recommends Rejecting Kalshi's US Election Contracts: Bloomberg
5,000 miles apart: Thailand and Hungary to jointly explore blockchain tech


Canadian Energy Provider Hydro-Quebec Proposes Stopping Electricity Supply to Blockchain Industry
Green Crypto IMPT Raises $12 Million as Investors Snap up Tokens
In the Colombian Andes, Figuring Out How Crypto Can Save the Climate


Prosecutors: We Have Proof Do Kwon ‘Ordered Crypto Price Manipulation’
Elon Musk faces class-action suit over mass Twitter layoffs
Monkey Drainer Scammer Strikes Again, Steals $800K of NFTs
Terra’s Do Kwon Is in Europe After Fleeing Singapore: Report
Musk to offer Twitter account verification as a subscription service
38% of US voters will consider candidates’ position on crypto in midterms: Survey
Early MakerDAO Developer and Stablecoin Pioneer Found Dead in Puerto Rico
Crypto Exchange Deribit Hacked for $28M in Bitcoin, Ethereum, USDC
I’m the captain now: Musk chops Twitter board, becomes sole director
Elon Musk Tweet Sparks Flurry of Twitter-Themed Dogecoin Tokens
Over 95% of tokens launched on Uniswap are scams – Research
Hacktober ends with $3 billion in losses year-to-date: Peckshield
FriesDAO hacked for $2.3 million in latest Profanity exploit
Terrorists still predominantly use cash over crypto: UN officials
Terra Co-Founder Do Kwon Faces $57M Class-Action Lawsuit in Singapore
Crypto Lawyers Predict SEC Will Lose Lawsuit Against Ripple
Attacker Behind $14.5M Team Finance Exploit Returns $7M

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