The Daily Index — Tuesday, September 5, 2023 · TLDR Index

MARKETS & BUSINESS

TLDR Crypto

TLDR Crypto

CRYPTO CASINO STAKE TARGETED IN REPORTED $40M EXPLOIT

Australian crypto casino and sportsbook, Stake, was hit with a $40m exploit involving insecure private keys. Cyvers reported that over $15m in ETH had been withdrawn from the wallet and another $25m was moved out across Polygon and Binance Smart Chain bridges. The exploit appears to be limited to just this wallet, and while a sizable sum was lost, it’s relatively small for Stake, which generated $2.2B in revenue in 2022.

coindesk.com · 2 min

TLDR Crypto

THE WILDCAT PROTOCOL: BANKING, BUT WORSE

This whitepaper introduces a novel protocol called Wildcat, aimed at addressing the issues with current undercollateralized lending protocols that include the choice of underlying assets, the interest rate methodology, and their usage of middlemen. With a wide range of unique features, it essentially aims to provide a more flexible lending protocol for market makers and the broader DeFi ecosystem.

github.com · 10 min

TLDR Crypto

THE SAFE{CORE} PROTOCOL

The Safe{Core} Protocol has introduced a new framework for smart accounts, aiming to reduce fragmentation, vendor lock-in, and security risks. The open-source protocol includes components such as modules, registries and accounts to facilitate interoperability, security, and portability. Development plans include introducing fee mechanisms, supporting more module types, and enabling cross-chain access.

github.com · 8 min

TLDR Crypto

TRACKING SENTIMENT VIA LIQUIDITY POOLS

This article examines the recent volatility in crypto, using activity in liquidity pools to get a better understanding of what’s happening in the space. Liquidity has been drying up as the market has remained risk-off. This has been exacerbated before each major negative event the space has seen as large amounts of capital flowed out of liquidity pools before those events. The article goes on to interpret sentiment of the space based on these movements in liquidity.

insights.glassnode.com · 8 min

TLDR Crypto

FTX’S COLLAPSE

This thread is the second part in a story from the founder of a small crypto exchange that was acquired by FTX in 2021. It tells the story of the acquisition and explains how this acquisition ultimately played a big role in FTX’s demise. While there were many other issues that led to FTX’s undoing, this particular acquisition was what led to CZ of Binance holding a $2B stack of FTT tokens, which eventually became the last domino to fall in the implosion of FTX.

twitter.com · 5 min

TLDR Crypto

TARGETING BINANCE, COINBASE, AND TRUST WALLETS

A new malware called Infamous Chisel has been connected to Sandworm, a well-known Russian hacker group. This malware particularly targets mobile crypto wallets such as Binance, Coinbase, and Trust wallets as well as in-browser wallets like the Brave wallet and Opera Wallet. While it’s not clear whether this malware has led to any stolen funds, U.K.’s National Cyber Security Centre has confirmed that it is capable of extracting data from these applications.

cryptoslate.com · 1 min

TLDR Crypto

SPECULATION ON SBF’S EXPERIENCE IN JAIL

This post provides a summary of a space held by Martin Shkreli and Jason Lorenzo, two men with firsthand jail experience, explaining what SBF might be experiencing in jail so far.

twitter.com · 2 min

TLDR Crypto

LIDO DOMINANCE PROMPTS WARNINGS ABOUT LIQUID STAKING DERIVATIVES

As Lido continues to inch toward 33% staked ETH market share, debate has been heating up over whether or not this is a problem for the protocol and Ethereum as a whole.

decrypt.co · 3 min

TLDR Crypto

OP STACK ADOPTION IS ON THE RISE

This post gives an overview of the OP stack landscape, lists the protocols that have built on top of it, and explains how this could benefit OP as the so-called ‘Superchain’

twitter.com · 2 min

TLDR Crypto

BINANCE'S HEAD OF PRODUCT DEPARTS AS EXECUTIVE EXODUS GATHERS STEAM

Another high-profile exec, Global Product Lead Mayur Kamat, has left Binance. Binance has been losing executives left and right as CZ’s fight with regulators has been heating up.

coindesk.com · 1 min