Headlines

Pump.fun suffered a flash loan attack, Bonkbot has banned trading on the platform

According to the data on the chain, the hacker @satcc is using flash loans to attack Pump.fun. Bonkbot said that for the sake of caution, it temporarily banned transactions on Pump.fun to ensure the safety of users. Marginfi team member macbrennan said that he is assisting the Pump team in handling this incident. Although the attacker used marginfi to attack, marginfi is still operating normally.

Pump.fun attackers are suspected of randomly airdropping stolen funds to holders of slerf, saga, etc.

According to the community, Pump.fun was attacked, and the attacker @STACCoverflow randomly airdropped assets worth $80 million to the following currency holding addresses. Currently, multiple addresses have received dozens to hundreds of SOL tokens. 1. slerf holders; 2. stacc holders; 3. saga holders; 4. risklol holders, and said that this airdrop of about $80 million may cause solana to fork. It is reported that multiple addresses have received dozens to hundreds of SOL tokens. The attacker is suspected of having a family member die, which triggered a revenge mentality.

pump.fun: Attack was carried out by a former employee, stealing approximately $1.9 million

pump.fun posted on the X platform that the attack was caused by a former employee who used his privileges in the company to illegally obtain withdrawal rights and carried out a flash loan attack with the help of the loan agreement, stealing about 12,300 SOL (worth about 1.9 million US dollars). According to previous news, pump.fun has upgraded the contract and the attacker can no longer steal any funds.

CME plans to launch Bitcoin spot trading

CME Group, the world's largest futures exchange, plans to launch spot trading in bitcoin. CME has held discussions with traders who want to buy and sell cryptocurrencies on regulated markets, three people familiar with the matter said. The plan, which has not yet been finalized, would mark a further intrusion by major Wall Street institutions into the digital asset industry if implemented. CME declined to comment. If CME introduces spot trading in bitcoin while already offering bitcoin futures trading, it would make it easier for investors to engage in basis trading. Basis trading is a common strategy among professional bitcoin traders and a staple in the U.S. Treasury market, involving borrowing money to sell futures and buying the underlying asset, and earning profits from the small difference between the two. Most of the Treasury basis trading occurs on CME trading venues. (Financial Times)

Industry News

CZ has not been imprisoned due to the US judicial system process. The judge may have authorized the relevant units to inform the imprisonment date.

Due to some procedures of the US criminal justice system and the protection of due process under the Fifth Amendment, despite receiving a four-month sentence, former Binance CEO CZ has not yet been imprisoned. According to the judgment signed by the judge, CZ should surrender after being notified by the probation or pretrial services office. At present, the relevant units have not notified CZ that he must enter that California prison.

According to federal regulations, an offender's sentence begins when the person is "taken into custody awaiting transport or voluntarily committed to an official detention facility where he or she will serve his or her sentence." While the sentence may begin immediately on the day of sentencing, there are three possibilities for delays: 1. The judge may force the defendant to surrender to the U.S. Marshals first, who may then escort or later notify the offender when he or she will be in jail. 2. The judge may authorize the probation or pretrial services office to notify the defendant of his or her jail date. 3. The judge may allow the defendant to voluntarily go to jail. Judges usually reserve this option for defendants with the shortest sentences or the least likely to flee. CZ may have received the second type of sentence, and since he was not sentenced to multiple years in prison, the U.S. Marshals did not take him into custody immediately. Instead, the judge gave CZ the second most lenient path, allowing him to wait for notification from the probation or pretrial services office.

Tornado Cash Developer Alexey Pertsev Appeals Guilty Verdict

Tornado Cash developer Alexey Pertsev has appealed to the s-Hertogenbosch Court of Appeal after being found guilty of money laundering on Tuesday, a Dutch court spokesman said. It may take several months before the first hearing is held. The court did not say whether the appeal was approved. If Pertsev wishes, he has the opportunity to seek to wait for the appeal trial at home. After Tuesday's verdict, he was immediately escorted to prison to begin serving his sentence. (CoinDesk) Earlier, a Dutch judge ruled at the s-Hertogenbosch Court that Alexey Pertsev was guilty of money laundering. The court sentenced Pertsev to 64 months in prison.

JPMorgan Chase: Bitcoin mining costs are expected to drop to $45,000

JPMorgan Chase (JPM) said in a research report on Thursday that the estimated cost of Bitcoin mining has dropped to $45,000 as inefficient miners exit. JPMorgan Chase said that it had previously expected that the computing power would drop significantly after the halving due to unprofitable miners exiting the network. This is now happening, but with some delays. (Coindesk)

Fed's Mester: Will not launch digital currency without Congressional involvement

Fed's Mester said that no decision has been made on the central bank's digital currency, and the Fed will not launch a digital currency without the participation of Congress. (Jinshi)

Project News

Aevo: The team voluntarily re-locks 15% of the token supply until the end of 2024

Aevo posted on the X platform that the conversion of RBN to AEVO has been completed. This is a conversion rather than a token unlocking, and AEVO is close to full circulation. Aevo said that in order to demonstrate the team's long-term construction concept, the team and supporters voluntarily re-locked 15% of the supply of tokens until the end of 2024.

DRIFT token airdrop claim is now live and is scheduled to end at 2 am on August 17

According to the Drift Foundation’s announcement on the X platform, the DRIFT token airdrop claim is now live, and the claim period is open for 3 months, which will close at 18:00 UTC on August 16, 2024 (2:00 am Beijing time on August 17). In addition, the bonus has begun to unlock. The airdrop for all eligible drifters has 2 components: - Initial allocation; - Bonus allocation. The initial allocation is available at launch, and the bonus unlocks linearly within 6 hours, fully unlocking at 6 pm UTC (2 pm EST).

Scroll retroactively issues points to early users to compensate for their gas costs

Layer 2 network Scroll launches loyalty program Session Zero points system. Scroll announced retroactive points distribution to early on-chain contributors before the Bernoulli upgrade to compensate them for the gas fees they previously incurred when using the Scroll network. Eligible users do not need to take any action, and the additional points have been automatically added to their personal data dashboard and can be viewed through the new user interface.

Character*Voice

Eclipse CEO Neel Somani resigns amid sexual harassment allegations, replaced by Vijay Chetty

Neel Somani, founder and CEO of Ethereum SVM Layer 2 network Eclipse, is leaving, and Vijay Chetty will be appointed CEO of Eclipse Labs. Chetty will be promoted from Chief Growth Officer and assume all responsibilities of CEO. Chetty has more than ten years of experience in cryptocurrency natives, and in addition to his investment experience at BlackRock, he has also held leadership positions at Uniswap Labs, dYdX Trading, and Ripple Labs. Earlier on May 10, Eclipse CEO Neel Somani announced that he would "temporarily withdraw" from his duties at Ethereum Layer 2 solutions due to sexual harassment allegations. Despite multiple allegations of sexual misconduct, Somani insisted in a post that he was innocent. After the decision came out, Somani said it was a fair treatment of the Eclipse team, investors, and developer ecosystem. Eclipse also issued a statement saying that it would share more background and details about senior leaders in the next few days. Somani promised to "work hard to clarify his reputation and defend" himself, while emphasizing that this power transition will promote the emergence of the truth. Somani and Eclipse have not yet responded to media requests for comment on this move.

Hack VC, the lead investor in Eclipse’s Series A round, says it has zero tolerance for sexual harassment or inappropriate behavior and fully supports the new CEO

Hack VC, a Web3 venture capital firm that led Eclipse's $50 million Series A financing, said it was deeply disturbed by the sexual harassment allegations against Eclipse founder Neel Somani. Hack VC itself will never tolerate any form of sexual harassment or misconduct, and has the same high standards for founders and invested companies. After learning the news, Hack VC worked with other investors and teams to urge Neel Somani to resign and expressed a strong belief in the mission of the Eclipse team and project. They fully support Vijay Chetty as the new CEO and believe that he is the ideal person to move his project forward. It is reported that in March this year, Eclipse Labs announced the completion of a $50 million Series A financing, led by Placeholder and Hack VC, and participated by RockTree Capital, Polychain Capital, Delphi Digital, Maven 11, DBA, Apollo-managed funds, Fenbushi Capital, ParaFi Capital, etc. Earlier today, it was reported that Eclipse founder and CEO Neel Somani is leaving and Vijay Chetty will be appointed CEO of Eclipse Labs. Chetty will be promoted from Chief Growth Officer and assume all responsibilities of CEO. On May 10, Neel Somani announced that he would "temporarily withdraw" from his duties as Ethereum Layer 2 solution due to sexual harassment allegations. Despite multiple allegations of sexual misconduct, Somani insisted in a post that he was innocent. After the decision came out, Somani said it was a fair treatment for the Eclipse team, investors and developer ecosystem.

Investment and Financing

Web3 gaming platform Param Labs completes $7 million in financing, led by Animoca Brands

Web3 gaming platform Param Labs announced the completion of a $7 million financing led by Animoca Brands, with participation from Delphi Ventures and Cypher Capital. Param Labs aims to build a gaming ecosystem governed by its native PARAM token, which will be launched soon. (TheBlock)

Web3 infrastructure company Chainstack completes $6 million in financing, with SBI Ven Capital and others participating

Web3 infrastructure company Chainstack has completed a $6 million financing round, with participation from SBI Ven Capital, Sygnum, Azimut Group, Unicorn Factory Ventures and others. It is reported that Chainstack provides tools and services that allow developers to create, deploy and scale blockchain applications without having to manage the underlying infrastructure. Chainstack works with more than 25 public chains and provides services to more than 100,000 Web3 developers. Chainstack claims to process more than 100 billion requests per month with an uptime of more than 99.99%. (Tech in Asia)

TON Ecosystem Decentralized AMM STON.fi Completes New Round of Financing, CoinFund Participates

TON Ecosystem decentralized automated market maker STON.fi announced the completion of a new round of financing, with CoinFund participating. The specific financing amount and valuation data have not yet been disclosed. The new funds will be used to further strengthen its operations, thereby expanding financial services to Telegram users, allowing users to trade encrypted assets across multiple blockchains without bridging or packaging. (finsmes)