This week in review | PEPE officially announces "multi-signature selling"; Bit Browser's server-side cached data is hacked.
BlockBeats will compile industry news highlights for the week of 8.21-8.27 in this article, and recommend in-depth articles to help readers better understand the market and industry trends.
This Week's Important News Review
PEPE multi-signature wallet threshold changed from 5/8 to 2/8, over 16 trillion PEPE transferred to CEX
On August 25th, the PEPE multi-signature wallet changed its threshold from 5/8 to only 2/8, meaning it no longer requires 5 out of 8 wallets to sign transactions, but only 2 out of 8. In addition, over 16 trillion PEPE (approximately $15.5 million) flowed out of the PEPE multi-signature wallet to addresses associated with Binance, OKX, and Bybit. PEPE's 24-hour drop on that day was 15.45%.
PEPE founder's identity exposed, profits from buying luxury cars but fails to pay original copyright fees
On August 25th, CryptoPhunks and NFT market Not Larva Labs founder PAULY revealed the identity of a PEPE team member. The founder of PEPE is Zachary Testa, a US landscape photographer born in 1997 who graduated from Arizona State University in 2018 with a degree in marketing. He has a record of breaking the law in several wilderness areas, sacred indigenous areas, and other areas where drones are prohibited. PAULY has helped the PEPE team connect with the Binance listing team and Sushi team members. Zachary used PEPE's income to buy a purple Lamborghini worth $865,000, but his team did not pay any copyright fees to Pepe the Frog's original creator, Matt_Furie.
PEPE Official Reveals the Truth about "Multi-Signature Coin Selling": 3 Former Members Sold Coins Privately and Deleted Multi-Signature Permissions, and the Remaining 10 Trillion PEPE Coins are Safe
On August 26th, PEPE officials released a long article on social media, revealing the truth about the sale of 16 trillion PEPE coins yesterday. The officials stated that most of the early team members had distanced themselves from the project after the first week of launch. These members have hindered the team's progress in using multi-signature wallets for token donations or purchases due to the inability to sign, differences of opinion, and long-term inability to contact. The current PEPE project has completely rid itself of this burden. The truth about this coin selling event is that three former team members secretly returned on the 25th, logged into the multi-signature wallet, stole 60% of the tokens in the wallet, which is the 16 trillion PEPE coins, and sent them to the trading platform for sale. The officials confirmed that the control of the current Twitter account and the remaining 10 trillion tokens in the multi-signature wallet are safe, and former team members no longer have access.
On the evening of August 26th, NFT market Not Larva Labs founder PAULY posted on social media that the official PEPE team holds PEPE worth 16 to 17 million US dollars in at least 9 internal wallets.
SlowMist Cosine: Wallet addresses of over 100,000 Twitter accounts leaked through friend.tech, making users vulnerable to privacy breaches
On August 21st, Yearn's core developer banteg posted on social media that leaked databases showed that 101,183 people had granted friend.tech permission to post on their behalf. In response, SlowMist founder Cosine stated that "the wallet addresses of over 100,000 Twitter accounts corresponding to friend.tech have been leaked. By simply associating these wallet addresses with other information, even more privacy can be compromised."
Later, friend.tech responded to the "data leak" comments on social media, stating that the situation described in the report was only someone grabbing their public API, which displayed the association between public wallet addresses and public Twitter usernames. The term "data leak" is irresponsible reporting, just like saying that someone can attack a user by viewing their public Twitter information.
US Treasury: Tornado Cash co-founder Roman Storm arrested by FBI and IRS
On August 24th, according to the official website of the US Treasury, Tornado Cash co-founder Roman Storm has been arrested by the FBI and IRS on charges of "conspiring to launder money, conspiring to operate an unlicensed money transmitting business, and conspiring to violate sanctions." The other co-founder of Tornado Cash, Roman Semenov, is still at large. In addition, the statement pointed out that since its creation in 2019, Tornado Cash has been used to launder money for criminals, including obscuring hundreds of millions of dollars in virtual currency stolen by the Lazarus Group hackers.
Balancer: Multiple V2 pools have vulnerabilities, users are advised to immediately withdraw affected LP
On August 23rd, DeFi protocol Balancer announced that it has received reports of a serious vulnerability affecting multiple V2 pools. Emergency mitigation measures have been taken to ensure the security of most TVL, but some funds are still at risk. Users are advised to immediately withdraw affected LP. Balancer UI will notify all users if they hold liquidity in affected LP and provide step-by-step withdrawal instructions.
Curve Founder: Believes CRV OTC Buyers Will Honor 6-Month Lockup Commitment with No Negative Impact for Violators
On August 23, Michael Egorov, the founder of Curve Finance, stated that he believes CRV OTC buyers will honor the 6-month lockup commitment with no negative impact for violators. The Curve founder conducted OTC trading of CRV to repay on-chain borrowing at an average price of $0.4. 0xSifu, former CFO of Frog Nation, stated that there is a 6-month lockup period for CRV sold through OTC by Curve founder.
Binance Labs announces investment in zkWASM infrastructure provider Delphinus Lab
On August 21st, according to official sources, Binance Labs announced an investment in infrastructure provider Delphinus Lab, which has implemented the first known open-source zkWASM virtual machine that supports trustless computation and application SDK.
FTX: Bankruptcy claim agent Kroll attacked, some non-sensitive customer data leaked
FTX stated on its official social media platform that the bankruptcy claim agent Kroll experienced a cybersecurity incident, which resulted in the leakage of non-sensitive customer data of some claimants in pending bankruptcy cases. Kroll is directly notifying affected individuals to be vigilant against phishing emails, while FTX's own system is not affected by this incident.
Prime Trust lost $6 million in customer funds and $2 million in its own funds due to investing in Terra
Legal documents show that on August 25th, Jor Law, CEO of cryptocurrency custody firm Prime Trust, stated that the company lost $6 million in customer funds and $2 million in its own funds due to investing in the Terra algorithmic stablecoin. In addition, Jor Law also mentioned that in January 2021, due to incorrect instructions given to customers to send funds to an inaccessible wallet, the company spent $76 million to purchase ETH to fulfill user withdrawal requests.
Coinbase announces investment in Circle, plans to deploy USDC on 6 new chains
On August 22, according to official sources, Coinbase announced on social media that it has invested in Circle to continue its long-term success in adjusting and investing in stablecoins, especially USDC. The specific equity acquisition details have not been disclosed yet.
Coinbase added that it has simplified the operation and governance of Circle, and Circle, as the issuer of USDC, will assume all responsibilities and obligations. For Coinbase customers, there will be no changes to USDC on Coinbase, and Coinbase will continue to support USDC on all its platforms. Both Coinbase and Circle will continue to earn revenue from USDC reserve interest, and USDC also plans to launch on six new blockchains.
Mastercard and Visa gradually withdraw from credit card partnership with Binance
On August 25th, according to Bloomberg, a spokesperson for Binance stated that since July, Visa has stopped issuing new co-branded credit cards with Binance in Europe. At the same time, Mastercard Inc. will end its credit card partnership with Binance starting from September 22nd. This decision will affect all four co-branded card projects between Mastercard and Binance in Argentina, Brazil, Colombia, and Bahrain. Mastercard has refused to disclose the reason for this move.
Bit Browser: Server Cache Data Hacked, Reported to Authorities
0xAA, founder of WTF Academy, posted on social media that Bit Browser has issued a notice stating that its server cache data has been hacked. Bit has reported the incident to authorities. Users who have enabled extension data synchronization are at risk of having their wallets stolen. It is recommended to take immediate action and transfer wallet assets until the official repair is complete and users are notified. According to BlockBeats, several members of the crypto community have reported that their private keys have been stolen, and there are speculations that this may be due to the use of Bit fingerprint browser.
Blockchain Capital's co-founder Bart Stephens lost $6.3 million worth of cryptocurrency due to personal information leakage
On August 21st, Bart Stephens, co-founder of the cryptocurrency venture capital firm Blockchain Capital, revealed that he was a victim of a SIM swapping attack in May this year, resulting in the theft of $6.3 million worth of Bitcoin, Ethereum, and other cryptocurrencies.
It is reported that SIM swap attacks usually rely on hackers manipulating or "social engineering" mobile network customer service operators to disclose the victim's personal information. Then, the hackers use this information to pass security tests and transfer the victim's phone number to a new SIM card and phone under their control.
Mianyang police cracked a virtual currency money laundering and telecom fraud case involving over 30 million yuan
On August 21, according to Sichuan News Network, the Youxian District Branch of Mianyang Public Security Bureau recently cracked a telecom fraud and money laundering case, successfully dismantling a domestic telecom fraud and money laundering gang controlled by an overseas fraud base, arresting more than 90 suspects, destroying three dens, seizing more than 80 mobile phones, three vehicles, more than 100 bank cards involved in the case, and investigating more than 30 million yuan of funds involved in the case.
This Week's Popular Articles
《Crypto King Su Zhu Returns, OLAS Surges Over 10 Times in Half a Month》
A whale who had not held any Autonolas token OLAS since August 23rd has now become the 9th largest holder of the token on the chain after making multiple large purchases. Although the associated addresses with frequent transfers between addresses on the chain are not clearly attributed to anyone on Nansen, the large holdings coincide with the list of altcoins shared by Su Zhu, the founder of Three Arrows Capital, leading the community to speculate that he may be the owner.
This morning, the PEPE team's multi-signature address transferred 16 trillion PEPE coins (approximately $15.08 million) to four centralized exchanges, suspected of causing a market crash. In response, Pauly, the founder of Not Larva Labs, publicly disclosed information about the founder of PEPE on Twitter...
《friend.tech 怎么炒？5 个工具帮你看数据》 translates to
《friend.tech How to speculate? 5 tools to help you view data》 in English.
friend.tech allows users to purchase any user's share on friend.tech through the Ethereum network of the Base chain, which is tightly integrated with Twitter (now renamed X), giving them the right to communicate directly with the user and the potential to profit. The social concept and airdrop expectations of friend.tech have kept its market popularity high, and BlockBeats has compiled several popular tools for tracking friend.tech data.
《Friend.Tech：Web3 社交的新思路还是昙花一现?》 Translation:
《Friend.Tech: New Ideas for Web3 Social Networking or a Flash in the Pan?》
Within two days of going live, Friend.Tech, which uses a "one-for-three" invitation code mechanism similar to Clubhouse, has become the hottest Socialfi project in the current Base ecosystem, with revenue exceeding $500,000. The investment effect of Paradigm is also strong. After the financing news was announced, the active users of Friend.Tech grew rapidly, with more than 1.7k buyers in a single hour, setting a new historical record...
First batch of people using AI to trade stocks missed out on the bull market of US technology stocks
At least 13 exchanges traded funds (ETFs) have utilized AI applications to manage investment portfolios. However, almost all of these funds have not performed well in this year's market rally driven by technology stocks. Their performance has been inferior to benchmark indices such as the S&P 500. Considering investors' enthusiasm for the AI theme, this is ironic and reflects the limitations of technology in the highly competitive field of stock selection.《From Steemit to friend.tech, a review of the 7-year evolution of SocialFi》
The popularity of Friend.tech seems to have brought a glimmer of hope to the SocialFi track, but it remains to be seen whether Friend.tech will become the next "X" version of the cryptocurrency industry. Regardless, the popularity of this application can help us gain a deeper understanding of the history of cryptocurrency socialization. Jason Choi, founder of BlockCrunch and former partner of The Spartan Group, wrote an article introducing the "vertical history of cryptocurrency socialization".
《New Product Review | Have You Used DeBank's Social Products Besides friend.tech?》
Other than friend.tech, another noteworthy event in the social field of the cryptocurrency industry is the launch of Debank Chain based on the OP stack. This L2 aims to become the social layer of the cryptocurrency world (currently in testnet, expected to launch on mainnet in 2024), and DeBank's social applications seem to be doing very well.
《被指帮助朝鲜最大黑客，美国财政部制裁 Tornado Cash 创始人（全文）》
Translation: On August 24th, the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury imposed sanctions on Roman Semenov, one of the three founders of Tornado Cash, a virtual currency mixer, for providing substantial support to the Lazarus Group, a state-sponsored hacking organization supported by the Democratic People's Republic of Korea (DPRK or North Korea), and Tornado Cash. Since its establishment in 2019, Tornado Cash has been used for money laundering by criminals, including covering up hundreds of millions of dollars in virtual currency theft by the Lazarus Group hackers.《Tornado Cash co-founder arrested, is "code is speech" a false proposition?》On August 24th, the US Department of Treasury's Office of Foreign Assets Control (OFAC) sanctioned Roman Semenov, one of the three founders of Tornado Cash, a virtual currency mixer, for providing substantial support to Tornado Cash and the Lazarus Group, a state-sponsored hacking organization in North Korea. Since its founding in 2019, Tornado Cash has been used for money laundering by criminals, including covering up the theft of hundreds of millions of dollars in virtual currency by the Lazarus Group hackers.
《Bear Market Top Game Guilds: Some Grow in the Sun, Some Quietly Drop Out》
Over the past two weeks, the roller coaster ride of YGG prices has refocused the market's attention on the game guild track. At the beginning of the rise, the author shared on Twitter the MC he was most optimistic about at the time. Now the price has risen by 50%, while YGG's price has rapidly fallen back to the price before the summary was written. This article is a revision and expansion of the summary, conducting a complete inventory of the game guild track from the perspectives of business ability, investment ability, risk control ability, and valuation.
《Why Web3 Intents are the Next New Narrative?》
Intents are spreading rapidly and are one of the many user experience improvements achieved through account abstraction. They were also a hot topic discussed by Vitalik during his speech at EthCC. Intents allow users to define the on-chain results they expect and outsource the technical work of achieving these results to third-party solvers that interact directly with the network and protocol. Ultimately, the abstraction layer will make Web3 applications as easy to use as regular applications. It reduces the existing learning curve for technology and will attract millions of new users.
《Ethereum Layer2 Shibarium goes live, 10 noteworthy ecological projects》
The launch of Shibarium seems to declare to the cryptocurrency market that MeMe coins can also be productive and develop an ecosystem. According to KURO, the moderator of Shibarium's technical community, hundreds of cryptocurrency companies or development teams have already joined the Shibarium world or used the network to build DApps.
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