Sadly there have been some more bad news in crypto the last couple of days. But nothing really major. Hence I thought I would spare you a ton of posts about small stuff and condense it into one post for easy digestion instead. =)
Former OpenSeas managed found guilty of insider trading
This is a mixed bag, as it again shows the wild west nature of crypto adding water on the pro regulator's water wheels. But on the other side, we have one less bad actor in the crypto space. So that's a good thing in my book. This is also a landmark case as it is the first insider trading case pertaining to NFTs. And depending on how NFTs will do during the next full run it might also be the last NFT anything. Well at least hopefully the last .jpg case at least. Fingers crossed for the actual NFT use cases to establish themself and take over the NFT side of crypto.
The manager was accused of frontrunning his employee's trades. Meaning he took advantage of trades he knew were going to happen and placed his own trades in front. He was found guilty by a jury of his peers and sentenced to three months in prison, three months of home confinement, and three years of supervised release in addition to being ordered to pay a $50,000 fine. He will also forfeit any Ethereum gained from the illegal trades.
Terra.money site hacked
As if Terra has not seen its fair share of problems already with the crash and then the epic "I´m not on the run I am just coding in my living room" Do "run run" Kwon story. It appears they also have been hacked. This forced the site to shut down in an attempt at damage control. It was done to stop an alarming amount of fishing scams that were undertaken during the weekend.
The Terra team has put out an official announcement asking its users to not interact with any terra.money domains until they have given the all-clear. And they ask you to look for updates on their account on the platform formerly known as twitter, on telegram or on their discord channel. Fingers crossed that this will be resolved in a deficient and fast manner. And I hope that none of you have been affected by this hack.
Balancer v2 pools have vulnerabilities in them
It appears that the liquidity protocol Balancer has found a critical vulnerability among its v2 pools. This seems to affect over 100 of the liquidity pools they have on eight blockchains. There is however some good news coming out of this, or I should say less bad maybe? As this vulnerability was discovered and reported by Balancer themselves, they have been able to mitigate it in 80% of its pools. Securing up around 96% of the liquidity. This means that the remaining 20% of the affected pools have a fairly low amount of liquidity in them. Indicating they are most likely tied to smaller altcoins.
We believe funds in the mitigated pools (labeled ‘mitigated’) are safe, but nevertheless strongly recommend timely migration to safe pools, or withdrawal, -Jeff Bennett, a software engineer at Balancer Labs
The team at Balancer however wants you to proceed with causing. And is asking their users to temporarily migrate to safe pools or simply withdraw the funds for now. Something that in my book puts the company very high. Protecting customer's funds above profits, check.
This is as I said some of the bad news I deemed most noteworthy in the last couple of days. Hopefully, it is not something that has adversely affected you in your crypto undertakings. And your crypto is safe with your own keys. =)
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