TLDR CRYPTO 2024-02-14

CRYPTO GAMING PLATFORM PLAYDAPP LOSES $290 MILLION WORTH OF TOKENS IN TWO EXPLOITS

PlayDapp, a crypto gaming and NFT platform, has been exploited twice within the past few days. A hacker minted 1.79 billion PLA tokens worth over $290 million and then laundered the funds via crypto exchanges. The gaming platform failed in its attempt to negotiate the return of the stolen funds for a $1 million reward. PlayDapp is currently working with law enforcement, crypto exchanges, and blockchain forensic firms to mitigate the situation.

RIPPLE TO BUY NEW YORK CRYPTO TRUST COMPANY TO EXPAND U.S. OPTIONS

Ripple is set to acquire Standard Custody & Trust Co., a move that could expand the firm's business operations within the US. The deal, still subject to regulatory approval, can potentially move Ripple beyond its established role as a payments network. The acquisition follows Ripple's purchase of another custody business and signals the firm's intent to confront regulatory uncertainties and stiff competition.

BITSTAKE: A PROOF OF STAKE BRIDGE BASED ON BITVM

This paper introduces Bitstake, which unlocks the ability to compute anything on bitcoin. It is an upgraded version of a permissioned optimistic bridge that relies on a 1-of-N trust model, incorporating new proof of stake protocols for selecting bridge participants. The system allows anyone to partake in the bridging process, providing they hold enough stake, increasing accessibility while maintaining security.

LEADERLESS AUCTIONS

A new concept called Leaderless Auctions could be the solution for "last look" problems that arise in decentralized auctions. Leaderless Auctions require participants to commit all their bids simultaneously, making for a more even playing field. Auction results can be finalized on-chain and efficiently verified via signature aggregation. The protocol has limitations such as latency variations and undisguised public bids.

ORDINALS & BTC DEFI: START HERE

Both Ordinals and BTCFi have been gaining momentum in the space over the past year, sparking a wave of innovation building on bitcoin. This guide provides an overview of different Ordinals and BTC DeFi projects to check out. It attempts to provide a good launching point for those new to the bitcoin landscape.

WEB3 SECURITY: IN-DEPTH

This post emphasizes the importance of smart contract security in web3. It explains what roles audits and bug bounty programs play in security and how they differ from each other. Auditing and community-based bug bounty programs are integral parts of the security process. Bug bounty programs attract cybersecurity experts to identify system vulnerabilities, while comprehensive audits root out inconsistencies and logical errors.

AS ETHERROCKS HIT SOTHEBY’S, WHO IS LAUGHING HARDEST?

Sotheby's auction house will auction EtherRock NFTs, a move that has caused a bit of a stir in both the traditional art space and the crypto scene. Launched before NFTs became widespread, EtherRocks are simply clipart images of rocks and are considered both an absurdity and a commentary on the nature of valuables. These 'useless' items have sparked controversy, highlighting debates about what the NFT space should represent. However, they are not all that different from other forms of modern art.

SOLANA-BASED DEFI, AIRDROPS PROPEL CRYPTO WALLET PHANTOM’S USER BASE TO NEW HEIGHTS

Crypto wallet Phantom has seen its active user base increase by 220% to 3.2 million monthly in the past year, bolstered by attention from massive airdrops in the Solana ecosystem. The popularity of Solana memecoins and Phantom’s especially smooth interface as an entry point to crypto contributed to the boom. Phantom's CEO is planning for further growth before turning attention to revenue. They anticipate that crypto wallets will do more than simply buy, hold, and sell crypto in the future.

THY STRENGTH BEFITS BITCOIN - BOB LOUKAS

This post summarizes Bob Loukas’ latest thoughts on Bitcoin and where we may be in the cycle. Loukas makes the case for a left-translated (or shorter) cycle this time around.

ARE YOU READY FOR CRYPTO TAX SEASON?

This article explains how this year, with the IRS intensifying crypto taxation scrutiny, US crypto investors need to declare holdings on forms 1040, 1099-MISC, and 1099-B.

ENS COMMUNITY MULLS $300,000 SETTLEMENT WITH MANIFOLD IN ETH.LINK DOMAIN DISPUTE

ENS Labs is considering paying a $300,000 settlement to Manifold Finance over the eth.link domain dispute. To help with this, the ENS DAO is voting on a $750,000 legal fee reimbursement back to the Labs team.

CZ SENTENCING POSTPONED UNTIL END OF APRIL

CZ's sentencing for his money laundering case is being delayed to April 30. He is facing up to 18 months in prison and has already paid $50 million in fines on top of Binance paying $4.3 billion in penalties.

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