DeFining news: March 18th, 2023
The biggest news was obviously the sudden failure — and now bankruptcy — of Silicon Valley Bank and its subsequent FDIC takeover. Signature bank was taken over too. Circle held $3.3B in SVB and both banks were among the friendliest to crypto. While Circle-backed USDC recovered from a shocking drop to 87 cents pretty quickly, it took the weekend for the market selloff to be reversed by the US regulator’s announcement that all of the deposits of both banks will be returned in full. Still, SVB’s and Signature’s demise makes crypto’s interaction with the CeFi banking system challenging at best.
A hacker stole $200M from Euler Labs using a self-liquidation exploit of all things. Worse yet, it was made possible by the function Euler added 8 months ago that allowed users to donate small balances to the protocol’s reserve. No good deed goes unpunished, eh?
Meanwhile, BlockSec helped ParaSpace prevent nearly 3k ETH (~$5M) from being stolen by a hacker. Security audits do matter.
Uniswap’s V3 is going live on the BNB Chain, expanding the reach of the biggest and most known AMM.
Apparently, the newly released ChatGPT 4 can identify vulnerabilities in ETH contracts. Certainly, both white and black hat hackers will use this to try to gain an edge. And so will code auditors. Look for “Audited via ChatGPT 4” stickers on the next crypto project you invest in.
A 40 billion won (~$30M) Metaverse fund partially funded by the South Korean government is intended to boost local development. South Korea is one of the few national governments making a strong push into crypto instead of trying to ban or overregulate it.
The Doodles DAO has a proposal to launch a community fund with a 6-month trial run capitalized at 9.99 ETH. Doodles went from yet another NFT collection to a strong DAO community with a number of initiatives to create an ecosystem around its popular and much prized NFT collection.
Stay tuned!
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