Topics

1. Whales on Arbitrum increase their holdings in governance tokens

2. New zkSync exchange hacked after security audit

• Whales on Arbitrum increase their holdings in governance tokens

It seems that Arbitrum (ARB) whales a are increasing their holdings even further by massively acquiring governance tokens.

Today, an address holding over 1.9 million coins received more than 142,000 ARB tokens from a centralized cryptocurrency exchange.

Adding the additional amount to the initial one, there are now more than two million ARB governance coins worth approximately $3 million. Shortly before, another wallet address holding over 1.7 million ARB invested over 80 Ether in purchasing more than 108,000 ARB governance tokens.

According to the market analysis account on Twitter, LookonChain, the second address appears to belong to an individual or group of people engaged in cryptocurrency trading because the same address has been accumulating positively throughout the week.

The Arbitrum network has also begun distributing ARB governance tokens to eligible decentralized autonomous organizations (DAOs) that will help boost activity on the network. These are intended for organizations such as Uniswap, Sushi, Aave, GMX, Hop Protocol, Balancer, and others and can be allocated to the treasuries of those projects or used for goals set by the organizations.

New zkSync exchange hacked after security audit

Merlin Exchange Hacked: Code audit gone wrong and platform lost $1.82 million

Merlin Exchange is a platform that uses the zkSync protocol and apparently was hacked shortly after undergoing a smart contract code audit by experienced auditing firm Certik.

The hack amounted to over $1.8 million, and according to Certik, which is investigating the incident, there is a potential issue with the contract management private key and not with the code, ensuring that although they cannot prevent private key management failures of projects, they will work with competent authorities and share information to help resolve the case.

This news is still being updated, so stay tuned for more clarification on appropriate channels.

In conclusion, it seems that Arbitrum protocol whales know something that the rest of investors do not yet know, and are stockpiling more governance tokens by investing thousands of dollars in this Ethereum Layer 2 cryptocurrency.

Meanwhile, a new exchange operating on the zkSync protocol has been hacked, losing more than $1.8 million shortly after passing an audit by Certik, starting off poorly in the security verification of their smart contracts. Despite this unfortunate event, Certik guarantees that the issue does not originate from the code but rather from the management private key, and that they will work with the team and competent authorities to ensure that the culprits are held accountable.

In yet another round of crypto market news, what do you think of this new development?