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Decentralized Exchange Transit Swap loses over $21M due to internal bug hack, issues apology

Transit Swap, a multi-chain decentralized exchange (DEX) aggregator, lost roughly $21 million after a hacker exploited an internal bug on a swap contract. Following the revelation, Transit Swap issued an apology to the users while efforts to track down and recover the stolen funds are underway. “We are deeply sorry,” stated Transit Swap while revealing that a bug in the code allowed a hacker to make away with an estimated $21 million. Blockchain investigator Peckshield narrowed down the attack to a compatibility issue or misplaced trust in the swap contract.
CryptoPunks, originally created by Larva Labs and now owned by Yuga Labs, are one of the most recognizable NFT collections out there , Originally minted in June 2017, the project can be credited with creating the NFT PFP ecosystem that makes up the majority of the space today.

Today’s big sale takes things a whole step further, as it isn’t every day you see NFTs selling for millions. However, CryptoPunk connoisseur and DJ Seedphrase just sold one of the rarest punks in the entire collection for a whopping 3300 ETH (~$4,428,435).

The CryptoPunk in this case (2924) possesses not one, but two of the most highly sought after and limited traits in the entire collection. CryptoPunks with the “Hoodie” trait are extremely rare, comprising only about 3% of the collection. Add in the even rarer “Ape” trait (found on a small total of 24 CryptoPunks), and you’ve got the makings of a nearly $4,500,000 NFT.
​​Korea’s DAXA to Implement Consumer Protection Measures for Crypto

Korean Crypto Alliance DAXA announces guidelines for consumer protection.

The guidelines cover various risk assessment measures.

The exchanges will offer transaction support to its consumers.

The Digital Asset Exchange Alliance (DAXA) detailed its intention to implement universal standards for transaction support and review, beginning October 10.

The DAXA is a consortium of the five largest cryptocurrency exchanges in Korea: Upbit, Bithumb, Coinone, Korbit, and Gopax. The group banded together in June of 2022 with the aim of fostering the industry’s long-term growth in the region and developing strategies to safeguard consumers better.

Per the announcement, the guidelines cover measures such as intrinsic risk assessment, technical risk assessment, and commercial risk assessment.

In addition, the five exchanges will make their own decisions about transaction support during the listing review process in accordance with their own procedures and standards; however, item evaluation will be in accordance with common guidelines.

However, DAXA is debating the best ways to track and assess the risks associated with various crypto assets. A special focus will be given to the process of selecting and tracking risk indices for LUNA-related stablecoins and coins issued by international trading operators.

If the agreed-upon risk indicators are discovered, the consortium expects to collectively respond within a specific time period, for example, by designating key assets or opting to cease transaction support.

The alliance has also decided upon how many external experts are to be included when evaluating token listings. Every company’s listing review committee must include at least two external experts or at least 30% of the entire review committee.

Finally, DAXA has chosen to create internal guidelines for a virtual asset warning system for each exchange, which will allow it to swiftly notify investors of sudden movements in price, trading volume, or deposit amounts. It is anticipated that the advisory committee will meet by the end of next month to discuss the standard value and implementation date after developing a framework for internal standards.
Despite some concern over their past handlings of cryptocurrency listings, major financial service company Robin Hood App has made another big move towards the crypto space. The platform has integrated and begun offering the most widely used cryptocurrency stablecoin - USDC.

Since first making cryptocurrency available to their millions of retail users back in 2018, Robinhood has added a total of 17 to their platform. The latest, USDC demonstrates a key understanding in the wants and needs of crypto traders. USDC as a stablecoin is often used by traders looking to take a step back from the volatility of the crypto scene, without converting their coins into FIAT.
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Sushi DAO votes Jared Grey as new 'Head Chef'

The
Sushi DAO community has a new “Head Chef,” following the outcome of a governance vote. The vote began on September 26 and ended at 08:00 AM EST today with Jared Grey emerging as the winner. Grey was among five candidates for the Sushi chief executive (Head Chef”) position. Today’s vote could mark the end of the Sushi DAO leadership saga that has gone on for almost as long as the protocol has been in existence. It all began in September 2020, when the pseudonymous “Chef Nomi,” Sushi’s first Head Chef stepped down. This came after accusations that Nomi tried to “rug pull” SushiSwap users by siphoning over $14 million from the project. Chef Nomi later returned the funds as well as control of the SushiSwap
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On September 30th, Azuki, one of the biggest and most successful NFT collections Tweeted, saying: “We have reached out to OpenSea about the delisting emails sent to Azuki holders, awaiting a response. Our working theory is that we are facing a similar error/issue as this one (referring to a previous BAYC delisting). Check Discord for live updates, @DemnaAzukiwill also be tweeting as we work to resolve this issue.”

OpenSea resolved the issue in only an hour and six minutes after the initial tweet. Therefore, all of the previously delisted NFTs became reinstated to their rightful owners’ wallets.

OpenSea blamed the inconvenience on their ‘Trust & Safety Flagging System’, mentioning that this was the issue in the Azuki delisting on their platform.
$1.5 billion Web3 VC firm founder projects NFTs to rebound powered by more use cases

After recording a surge in popularity in 2021, the non-fungible tokens (NFTs) market is now in dire straights in correlation with the general crypto sector. However, a section of the market is projecting a rebound in the NFT space with a possible increase in use cases. Haun, the CEO of the $1.5 billion VC firm, noted that a return of NFTs would also be powered by the increasing.

In particular, the founder of Web3-focused venture capital (VC) firm, Haun Ventures, Katie Haun, has suggested that NFTs will make a comeback mainly inspired by the general shift to the digital world, she said during an interview with Bloomberg Crypto on October 4. It is worth noting that the collapse of the NFT market was recently highlighted by the significant plunge in the trading volume. As reported by Finbold on September 29, NFT trading volume dropped by 97% since the high recorded in January.
Citi Says Decentralized Crypto Exchanges Are Gaining Market Share From Centralized Peers

Decentralized cryptocurrency exchanges (DEXs) have grown faster than centralized exchanges (CEXs) over the past two years, Citigroup (C) said in a research report Thursday. The gap is likely to widen as users move away from centralized platforms to avoid their more onerous know-your-customer procedures. DEXs are blockchain-based apps that coordinate large-scale trading of digital assets between many users by using automated algorithms, instead of the traditional approach of acting as a financial intermediary between buyers and sellers. DEXs offer distributed revenue, like dividends, to token holders and the ability to self-custody funds, the report said. Once the trading rewards are included, these exchanges have comparatively lower fees than platforms such as Coinbase Pro, Citi added.
Decentralized Exchange Token GMX Surges After Binance, FTX Listings

The
token of the decentralized exchange GMX surged close to its all-time high Wednesday as Binance and FTX, two of the world’s most widely used crypto exchanges, announced plans to list the token. GMX jumped to as high as $60 from around $40, data on crypto price tracker CoinGecko shows, the highest since January, when the price hit $62. The token has since pared some of the gains, changing hands at $48 at press time. Trading volume soared, reaching $150 million in the last 24 hours, almost 20 times more than the previous day, CoinGecko data shows.
NFT Collection Veefriends Physical Collectibles to Debut at Macy's and Toys'R'Us

On
October 4, the NFT project called Veefriends revealed that the team is launching its limited edition series of collectible characters exclusively at Macy’s and Toys”R”Us. Veefriends holds the 20th position in terms of all-time NFT collection sales, with approximately $240.15 million in sales since the NFT project launched.

The non-fungible token (NFT) project created by the serial entrepreneur Gary Vaynerchuk aims to debut in both physical and digital form at the retail stores Macy’s and Toys”R”Us. The collection is starting its pre-sale today and will officially launch on October 17. The collection will feature plush and vinyl characters of the Veefriends, and people can pre-order leveraging the Macy’s mobile app, at all Toys”R”Us locations, and via the website shop.veefriends.com.
💰 SUSHI Jumps 14% After Asset Manager GoldenTree Reveals $5.3M Stake in SushiSwap

GoldenTree
has around $50 billion in assets under management and said it had been “following SushiSwap for a while.” The asset managers recently launched their crypto-focused GoldenChain Asset Management division and said they were “psyched to be more active in all things Sushi.”. GoldenTree said it plans to focus on helping SushiSwap work on its tokenomics and general strategy, among other objectives. SushiSwap is a fork of another popular DEX, Uniswap, and was launched in 2020. GoldenTree’s disclosure comes just days after the DAO behind SushiSwap elected Jared Grey as the new “head chef,” or CEO.
WhiteBIT Has Added the Polygon Network to Its Decentralized Exchange WhiteSwap

WhiteSwap, a decentralized exchange that enables users to change contract code through self-governance, has announced that the Polygon network was added to the platform. Previously, the exchange only worked with Ethereum and Tron. This decision will speed up the transaction time and reduce its cost. In addition, with the connection to the Polygon network, WhiteSwap will be able to collaborate with blockchain projects whose tokens are made on Polygon. The WhiteSwap team also promises to increase TVL and the number of liquidity pairs.
​​Bitcoin Miner Marathon Invested $31.3M in Bankrupt Data Center Compute North

One of the largest bitcoin (BTC) miners, Marathon Digital (MARA), said it had invested $10 million in convertible preferred stock and $21.3 million unsecured senior promissory note in different entities within bankrupt data center Compute North.

Marathon, which doesn’t own its mining facilities and uses third party data centers to park their computers, also has paid about $50 million in operating deposits to Compute North, according to a statement on Thursday. These deposits were mainly related to security deposits and prepayments associated with the ongoing operation of King Mountain and Wolf Hollow mining facilities in Texas, the company said.

Compute North was the latest victim of the crypto winter and filed for bankruptcy last month citing severe bear market, supply issues and trouble with its largest lender. Marathon is one of their largest clients, who placed its miners in its data centers, for a fee, to mine bitcoins.

Marathon said that the bulk of its mining operations are hosted by a Compute North and NextEra joint venture at the King Mountain facility. It also has operations hosted by Compute North in the Wolf Hollow site, as well as minor operations in Compute North’s facilities in Nebraska and South Dakota.

However, the miner said its King Mountain and Wolf Hollow sites are not directly subject to Compute North’s bankruptcy process. Marathon said it didn’t face any significant impact at its King Mountain site, however, there were some delays at Wolf Hollow, unrelated to the bankruptcy process, according to the statement.

Currently, the miner has 5.7 exahash per second (EH/s) of computing power and expects to reach 23 EH/s mid-2023. In comparison, its peer Riot Blockchain (RIOT) has 5.6 EH/s of mining power and expects to reach 12.5 EH/s by the first quarter of next year.

The shares of Marathon have fallen 61% this year, while bitcoin lost more than 50% of its value.
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NFT games allow players to take ownership of their in-game assets. They combine traditional gaming designs with blockchain technology, making it possible to earn real money while playing.

Research found that the best NFT games available in the market today are those listed below:

1. Tamadoge - Overall Best NFT Game to Play
2. Battle Infinity - Play Fantasy Sports in the Metaverse
3. Lucky Block - NFT-Based Competitions and Prize Draws
4. Axie Infinity - Pokemon-Inspired NFT Game
5. Decentraland - Buy and Sell Virtual Land
6. PirateXPirate - Earn PXP Tokens in a Pirate Metaverse
7. The Sandbox - Invest in the Future of P2E and Metaverse Gaming
8. STEPN - Win Gaming Rewards for Walking and Running
9. Splinterlands - Blockchain-Based NFT Card Game
Bitcoin was the ₿est thing you could have bought last quarter
1inch Partners With Unstoppable Domains to Compete With ENS

The 1inch decentralized exchange aggregator protocol has entered into a new partnership that could see it offering services to rival the Ethereum Name Service (ENS). On Oct. 4, the 1inch network announced a partnership with nonfungible token (NFT) domain name provider and digital identity platform Unstoppable Domains. According to the announcement, the partnership will allow 1inch Wallet users to perform transactions in a more user-friendly way by replacing complex addresses with domain names. This is precisely what ENS offers – replacing Ethereum addresses with web-friendly domain names.
Avalanche (AXAX) Decentralized Exchange Altcoin Skyockets After Coinbase Listing Announcement

US-based crypto exchange giant Coinbase is adding the first ever Avalanche (AVAX)-based token on its roster of altcoins. The largest digital assets exchange in the US announces that it will support trading for Pangolin (PNG) starting October 6th once liquidity conditions are met. The token is the asset of the Pangolin decentralized exchange (DEX), which runs on the Avalanche network. The platform allows users to swap, stake, farm and bridge crypto assets from different blockchains. Coinbase will add support for Pangolin (PNG) on the Avalanche network. Pangolin (PNG) is the first Avalanche ARC-20 token to be offered on our exchange. Do not send this asset over other networks or your funds may be lost.
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Hackers are airdropping NFTs to Solana cryptocurrency owners pretending to be alerts for a new Phantom security update that lead to the installation of password-stealing malware and the theft of cryptocurrency wallets.

This ongoing attack started two weeks ago, with NFTs titled 'PHANTOMUPDATE' or 'UPDATEPHANTOM' sent that claim to be warnings from the developers of Phantom.

When opening the NFTs, wallet owners are told that a new security update has been released and that they should click the enclosed link or visit the site to download and install it.

Stay Alert❗
ParaSwap Deny Potential Profanity Exploit, Promising Analysis Later

Blockchain
security company Supremacy Inc. has tweeted that DeFi aggregator ParaSwap may have been compromised, leading to multiple chains’ stolen funds. The exploit may be a result of a profanity vulnerability. Updated 11 Oct., 10:00UTC: ParaSwap have denied any vulnerability and have said they will release a fuller explanation later. The ParaSwap team did offer an update saying that it was investigating the issue but that the address has no power after the deployment. Supremacy said that the deployer’s address is associated with multiple multi-sign wallets. It recommended to ParaSwap that it ensure that other multi-sign addresses are not generated by profanity.