Breaking News –
Curve Finance Drained of $50M While CRV Token Sinks 12% in Latest DeFi Exploit
Curve, a stablecoin exchange at the heart of decentralized finance (DeFi) on Ethereum, has been the victim of an exploit. Upwards of $100 million worth of cryptocurrency are at risk due to a “re-entrancy” bug in Vyper, a programming language used to power parts of the Curve system.
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Crypto Market Cap Overview
| 31/7/2023 | 7/8/2023 | ||
| Market Overview | Weekly numbers ($mUSD) | Weekly numbers ($mUSD) | WoW %
weekly change |
| S&P | 4,582.23 | 4,478.03 | -2.27% |
| Nasdaq | 14,316.66 | 13,909.24 | -2.85% |
| US 10-year Treasury Rate | 3.96% | 4.05% | 0.09% |
| Crypto Marketcap | $1,230,755 | $1,204,653 | -2.12% |
| BTC dominant | 49.65% | 50.26% | 0.61% |
| ETH dominant | 19.64% | 19.56% | -0.08% |
| Percentage of Staked ETH | 20.99% | 21.14% | 0.15% |
| Lido Dominance in all ETH Staking | 31.66% | 31.73% | 0.07% |
| Lido Dominance in ETH LSD Staking | 86.23% | 86.39% | 0.16% |
| stablecoins | $126,803 | $125,726 | -0.85% |
| Defi | $49,954 | $47,968 | -3.97% |
| Defi: Eth ratio | 22.20% | 21.80% | -0.40% |
| TVL | $43,685 | $40,733 | -6.76% |
| nft | $5,755 | $5,756 | 0.03% |
The exploit of Curve caused a huge escape from the defi sector. Between July 30th and roughly 7 pm ET, an estimated $452 million had been withdrawn from Aave v2 accounts. An additional $26 million in withdrawals from Morphon, $32.7 million from Egorov, and $12.1 million from Falmincome Protocol. These activities led to an almost 7% decrease in defi TVL.
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Comma3 Opinions
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Fundraising events by Sectors
Infrastructure
Binance Labs, Sequoia China and others invest $2.5 million in zkPass
Privacy preserving protocol zkPass raised $2.5 million in a seed funding round. zkPass uses a combination of three types of technology: zero-knowledge proofs, multi-party computation and three-party transport layer security. This gives users the ability to disclose personal data on any website without revealing or uploading the documents themselves. Investors included Binance Labs, Sequoia China, OKX Ventures, dao5, SIG DT Investments — a Susquehanna International Group company — Cypher Capital, Leland Ventures and Blockchain Founders Fund.
DeFi
Nomura Backs $6M Round for On-Chain Fund Platform Solv Protocol
Singapore-based on-chain fund protocol Solv Protocol raised $6 million in a funding round. Investors in the round included Laser Digital, a subsidiary of Japanese banking giant Nomura Securities. Other investors in the round included UOB Venture Management, Mirana Ventures, Emirates Consortium, Matrix Partners, Apollo Capital, HashCIB, Geek Cartel, Bing Ventures and Bytetrade Labs.
NFT
Gamefi
Conductive.ai launches engagement platform for game developers
Conductive.ai’s seed round was led by Animoca Brands, with participating investors that included Kraken Ventures, Bixin Ventures, Sound Ventures, Rubik Ventures, Sfermion, Oyster Ventures, Blue Lion Global, Axia8 Ventures, Unanimous Capital and Everest Ventures.
Dragonfly Backs $12M Round For Web3 Mahjong Game Mahjong Meta
Mahjong Meta is a mahjong esport project. The $12M round was led by Dragonfly Capital and Folius Ventures. Other investors include Meteorite Labs, Find Satoshi Labs, Parallel Ventures, and Emoote.
Metaverse
Yuga Labs Agrees to Acquire Technology Innovator Roar Studios
Yuga Labs, web3 leader and home of Bored Ape Yacht Club (BAYC), CryptoPunks, Meebits, 10KTF, and Otherside today announced it has agreed to acquire Roar Studios, a company at the convergence of gaming, social media, and the metaverse with deep technology and AI roots.
Social / Identity
The first Web3 membership platform VIP3 raised $2 Million in seed round
VIP3 raised $2 million in seed round from IOBC Capital, Ankr, PAKA, and other investors. VIP3 is the FIRST all-in-one web3 membership platform, providing users with bonus and discounts over 30 web3 apps including Binance, HashKey Exchange, OKX, TP Wallet, Ankr, Mahjong.
Security
Socket lands $20M investment to help companies secure open source software
Socket, a startup that provides a scanning tool to detect security vulnerabilities in open source code, today announced that it raised $20 million in a Series A round led by Andreessen Horowitz (a16z). Their customers include Metamask, Brave, Magic Eden, Figma, Vercel, etc.
Others
London-based blockchain payments platform Orbital raises £5M in first capital raise
Orbital, a London-based traditional finance and crypto solutions platform for global enterprises, has raised £5 million in a growth round. The investment round was led by Golden Record Ventures.
Emtech to advance its regtech and CBDC stack solutions with $4M led by Matrix Partners India
Emtech, an African provider of central banking infrastructure, introduced its Central Bank Digital Currency (CBDC) Innovation kit last month. The New York-based business is today announcing a $4 million seed investment led by Matrix Partners India.
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Market Movement
Curve Finance Drained of $50M While CRV Token Sinks 12% in Latest DeFi Exploit
Curve, a stablecoin exchange at the heart of decentralized finance (DeFi) on Ethereum, has been the victim of an exploit. Upwards of $100 million worth of cryptocurrency are at risk due to a “re-entrancy” bug in Vyper, a programming language used to power parts of the Curve system.
Franklin Templeton plans blockchain money market funds on Avalanche, Aptos, Arbitrum
Franklin Templeton’s $300 million tokenized money market, the Franklin Onchain U.S. Government Money Fund (FOBXX), is primarily issued on the Stellar public blockchain. In April it expanded to Polygon, and now it says it may also issue tokens on the Avalanche and Aptos blockchains and the Arbitrum sidechain that’s linked to Ethereum.
Mysten Labs’ Sui enables liquid staking with network upgrade
Mysten Labs’ Layer 1 blockchain Sui Network’s latest network upgrade has added support for liquid staking of its native token.
OKX, a leading crypto exchange, today announced the launch of a new account abstraction-powered Smart Account feature on its OKX Wallet, enabling users to pay for transactions on multiple blockchains using USDC or USDT.
TradFi Giant Direxion Joins Crypto ETF Race by Filing for Combined Bitcoin and Ether Futures Fund
Exchange-traded fund (ETF) issuer Direxion filed for a Bitcoin and Ether futures product Wednesday, joining a whole raft of companies hoping to launch similar crypto-related trading products in the U.S.
BOLD, Permissionless Validation for Arbitrum Chains
Offchain Labs announced BOLD (Bounded Liquidity Delay), a dispute protocol we invented at Offchain Labs that can enable permissionless validation for Arbitrum chains. It is a new approach to validation that gives us a fixed, upper bound 7 days of additional delay on confirmations without suffering from delay attacks.
Trader Joe Debuts on Ethereum; JOE Jumps 3%
Decentralized crypto exchange Trader Joe has introduced its stablecoin pools on the Ethereum blockchain.
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Regulations
Australia’s Bendigo Bank blocks high-risk payments to crypto exchanges
Australia’s Bendigo Bank has become the fourth major bank in the country to announce blocks for “high-risk crypto payments,” citing the need to protect customers from investment scams.
Binance’s Activities Are Illegal in Nigeria, Securities Regulator Says
Crypto exchange Binance’s activities are illegal in Nigeria, the country’s Securities and Exchange Commission said in a Friday notice that also ordered all crypto platform providers to stop soliciting Nigerian citizens.
U.S. SEC Sues Richard Heart, Hex, PulseChain on Unregistered Securities, Fraud Allegations
The U.S. Securities and Exchange Commission (SEC) sued internet marketer Richard Schueler, known online as Richard Heart, and his projects Hex, PulseChain and PulseX, alleging he raised over $1 billion across three different unregistered securities offerings beginning in 2019.
IRS: Crypto Staking Rewards Taxable Once Investor Gets Hands on Tokens
A cryptocurrency investor given rewards for validation activity on a proof-of-stake network should count the rewards as income in the year the investor gets control of those tokens, according to a ruling issued Monday by the Internal Revenue Service (IRS).
Comma3 Investment Team