Hacktober, Tesla’s BTC, And More

Hacktober continues wreaking havoc on DeFi and other protocols in the crypto space. This week BitKeep Wallet, Olympus DAO, and Mango Markets were targeted by hackers who siphoned away millions of dollars of assets by exploiting security bugs. Let’s find out more. 

Bitcoin 

After selling 75% of its BTC holdings in the second quarter of 2022, Elon Musk’s company Tesla did not buy or sell any BTC in the third quarter. 

In its latest edition, Guinness World Records included Bitcoin and several other blockchain events under the category of “Cryptomania.”

Bitcoin Satoshi Vision (BSV) has been taken over by a single miner who is contributing around 80% of the network’s hash rate. 

Ethereum

The Ethereum Alarm Clock service has fallen victim to the latest Hacktober exploit resulting in losses worth $260,000. 

DeFi

DeFi protocol Olympus DAO became the latest to be hacked in October, as a hacker siphoned off $300,000 in a major security exploit.

A core contributor of the SushiSwap community has proposed restructuring the protocol by creating a new DAO structure. 

The hacker behind the $9 million Moola Market hack has chosen to return a majority of the cryptocurrency stolen during the exploit. 

BitKeep Wallet was hacked in the early hours of Tuesday, in which BNB Chain and Polygon-based tokens worth $1 million siphoned off. 

Solana-based trading and lending platform Mango Markets was the target of a significant hack, resulting in a staggering $117 million loss. 

An individual named Avraham Eisenberg has come out and claimed responsibility for the $117 million exploit on the Mango Markets platform. 

Altcoins

The Terra Classic community has passed a vote to reduce the “burn tax” as they look to revive the protocol’s on-chain activity. 

Co-founder of Polkadot, and CEO of Parity Technologies, Gavin Wood, the key backer behind the ecosystem, announced that he is stepping down from the role.

Technology

The Aptos Layer-1 blockchain launch has not been particularly successful as the new supposed competitor to Bitcoin and Ethereum is only processing 30 tps. 

Walmart CTO Suresh Kumar believes that customers will use crypto to pay for virtual goods and services in the future.

Business

European digital bank N26 has partnered with Austrian crypto trading and custody platform Bitpanda in order to offer crypto access to its customers.

Blockchain startup Shardeum recently conducted its seed funding round, where it raised $18.2 million from over 50 investors. 

Regulation 

Ripple has gained a small victory over the SEC as the latter has finally handed over the Hinman documents, which can help the crypto company prove its case that XRP is not a security. 

On Wednesday, South Africa’s financial regulator issued a notice to declare cryptocurrencies as a financial product. 

The CFTC is starting to come down harder on the digital assets space and has published a report stating that more than 20% of its enforcements this year were related to crypto.

Hong Kong will be reconsidering its crypto trading requirements in order to try and differentiate from China’s all-out ban, as its securities regulator wants to allow investors to invest directly in virtual assets.

Web3

Anime-themed NFT project Azuki has introduced the Physical Backed Token (PBT) as it continues its foray into Web3 to enable on-chain ownership of physical items. 

New gaming experiences, player ownership, long-term gameplay design, and accessibility for all are creating a new casual gaming culture that will take market share away from mobile puzzle games and consoles.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.