Welcome to our very first Krystal Newsflash, where we recap what’s been happening in the crypto world!
Here are the top stories that happened this week:
#1 Metamask iCloud Exploit
When you create a new Metamask wallet, you are usually recommended to keep your seed phrase in a secure place (preferably not on your computer).
However, did you know that if you enable iCloud backups on your iOS phone, your seed phrase will be stored on iCloud!
A Metamask user (@revive_dom) had his iCloud account compromised, which ultimately led to his funds being stolen. This included $650,000 worth of digital assets and NFTs!
If you are using iCloud to backup your iPhone, you are strongly recommended to disable the option for backing up Metamask on iCloud.
Otherwise, you can disable iCloud backups completely, so that no data from your phone will be backed up.
Alternatively, do be extremely careful if anyone asks for any of your personal information over the phone or via email! There are many scammers around, so do not trust anyone!
If you are looking for an alternative wallet to use, why not try out our very own Krystal Wallet?
We allow you to store and swap assets on 7 different blockchains (Ethereum, BNB Smart Chain, Polygon, Avalanche, Fantom, Cronos and Arbitrum), all within the convenience of one app.
#2 UST Overtakes BUSD
The Terra ecosystem just keeps expanding, and UST is now the third-largest stablecoin in market cap, overtaking BUSD along the way.
UST is a unique stablecoin that uses an algorithm, rather than assets, to stabilise its peg to the US dollar.
This involves a mint and burn mechanism for both UST and LUNA, the native token of the Terra ecosystem.
Most of you may have heard of the popular Anchor Protocol (providing up to 19.5% on UST), which could be one of the reasons why the demand for UST has been increasing.
You can use our SmartSwap feature to achieve the best rates with minimum slippage.
However, you may need to import wrapped UST and Wormhole UST as a custom token, and you can check out our guide here.
We currently do not support the Terra network, but you never know in the future 😉.
#3 Coinbase Launches NFT Marketplace
Coinbase’s NFT marketplace is now in beta, providing another avenue for you to buy and sell NFTs.
The marketplace allows you to connect non-custodial wallets such as Metamask and the Coinbase wallet.
We will keep you updated if you are able to use the Krystal wallet on the Coinbase NFT marketplace with our DApp browser!
However, the marketplace is only limited to the Ethereum network. This may deter you from using it, as the Ethereum network has rather high gas fees.
You may have heard of the EIP-1559 upgrade on Ethereum, and you can find out more about how it affects gas fees here.