š¤Ø Multichain Questioned About Management of Millions in User Funds
š¤Ø Multichain Questioned About Management of Millions in User Funds
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Trending in The Defiant
Near Protocolās USN Stablecoin Shut Down After Suffering $40M āCollateral Gapā
Celestiaās āModular Blockchainā Attracts Investors Looking for Scaling Breakthrough
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Special Report
š¤Ø Multichain Questioned About Management of Millions in User Funds
Bridging Platformās Use of Escrow Accounts Come Under Scrutiny
BRIDGES The vast majority of crypto lost to hacks this year was stolen from bridges, the technology that allows users to transfer digital assets between blockchains.
TRANSFER The reasons are clear: Bridges are complicated, giving attackers more avenues to exploit.Ā Moreover, they provide a single point of failure:Ā a smart contract holding user money in escrow while the ātransferredā tokens ā essentially IOUs ā are used on the destination chain.
THREAT So the researchers at L2 Beat were surprised when they dug into Multichain, a bridging platform with $1B in total value locked, and found an apparent threat from within.
šREAD THE FULL STORY IN THE DEFIANT.IOš
MakerDAO Reorg
š„ Christensen Under Fire After MakerDAO Members Vote for His Reorganization Plan
Christensen Tells The Defiant the Endgame Plan Will āOvercome Fundamental Challengeā
By Samuel Haig
NEWS Rune Christensen has won. But now the real contest begins. Thatās the upshot of a just-closed vote taken by MakerDAO members and the backlash to its implications in the DeFi community.
CHANGES The members of DeFi No. 1 protocol voted overwhelmingly in favor of making big changes to the projectās structure in line with the EndgameĀ roadmap laid out by Christensen, MakerDAOās founder, in May.
šREAD THE FULL STORY IN THE DEFIANT.IOš
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Market Action
š Ether Hits Six-Week High As Strong Earnings Fuel Stock Market Rally
Layer 1 Tokens Lead the Charge
By yyctrader
RALLY Stock markets rallied Tuesday on the back of better-than-expected earnings from General Motors, Coca-Cola and UPS. Treasury yields fell and the U.S. dollar weakened as investors cheered the latest sign of the economyās resilience in the face of the Fedās aggressive inflation-fighting measures.
šREAD THE FULL STORY IN THE DEFIANT.IOš
NFT Apps
š Apple Welcomes NFTs in App Store Under Tight New Rules
Crypto Proponents Fret Computer Giantās āLegacy Thinkingā Ill Suited For Crypto
By Owen Fernau
NEWS With an update to its App Store Review Guidelines, Apple reminded crypto proponents that regulators arenāt the only major players directing the spaceās trajectory.Ā On Monday, Apple made a number of changes to its on how users may access and use NFTs in its ecosystem. For starters, the policy said users may buy and sell NFTs on apps featured in its store but must use its in-app payment system.
šREAD THE FULL STORY IN THE DEFIANT.IOš
Crypto Laws
š¬š§ UK May Soon Recognize Cryptoassets As Financial Instruments
Amendment To Financial Services and Markets Bill Brings Crypto Regulations One Step Closer
VOTE U.K. lawmakers have voted in favor of recognizing and regulating cryptoassets on par with existing financial instruments.
šREAD THE FULL STORY IN THE DEFIANT.IOš
Defiant Video
šŗ Daily Defiant: Everything you need to know about Reddit Avatar NFTs
Shoutout
Looking for investment for your Web3 project? Want to get the full support of the BNB Chain ecosystem? Then you shouldnāt miss this - BNB Chain's first Innovation Pitch Day in San Francisco on Oct. 30.
Defiant Podcast Video
šŗ Ali Yahya of a16z: āWeāve Entered The Golden Era Of Blockchain Applicationsā
DeFi Explainers
š What Is 0x Protocol?
A Step-by-Step Guide to a Key Peer-to-Peer Software Network
TRANSFORM Ethereum is positioning itself as the open-source infrastructure for digital assets.Ā Smart contracts that automate loans, NFT trading, play-to-earn games, exchanges are just some of the offerings designed to transform traditional finance into decentralized finance (DeFi).
šREAD THE FULL STORY IN THE DEFIANT.IOš
Elsewhere
š The Crypto Story: Where it came from, what it all means, and why it stillĀ matters: Bloomberg BusinessWeek
There was a moment not so long ago when I thought, āWhat if Iāve had this crypto thing all wrong?ā
š The Crypto Winter of 2022: Andre Cronje
2022 has shaken the crypto market and seen two trillion dollars in losses caused by price drops in several cryptocurrencies, network and exchange failings.
Trending in The Defiant
Near Protocolās USN Stablecoin Shut Down After Suffering $40M āCollateral Gapā Decentral Bank, the DAO behind the Near-native USN stablecoin, is unwinding the project, it said on Oct. 24.Ā The reason: USN has become undercollateralized by around $40M.
Celestiaās āModular Blockchainā Attracts Investors Looking for Scaling Breakthrough Last week, a blockchain called Aptos launched its mainnet only to be slapped with withering criticism from a crypto crowd jaded by promises of decentralization for the masses.Ā
Bored Apes Dealt Marketing Jackpot by Bicycle Playing Cards If youāve ever played a game of poker or Go Fish, chances are you were dealt Bicycle playing cards.
š§āš» āļø Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Samuel Haig, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo.Ā Videos were produced by Alp Gasimov. Podcast was led by Camila, edited by Alp.
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