AllianceBlock hacked for $12 million; Nostr launches the Damus app

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The biggest news in the cryptoverse on February 1 saw DeFi platform AllianceBlock fall victim to a $12 million exploit. Meanwhile, decentralized social media project Nostr has launched a mobile app called Damus. Additionally, FTX released a financial update that contradicts court filings, former FTX CEO Sam Bankman-Fried was banned from using Signal and communicating with FTX associates, and the Shredded Apes NFT project has been the victim of theft. Plus, comments from CoinShares and M13 Capital.

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AllianceBlock targeted by $12 million exploit

AllianceBlock was attacked in a multimillion-dollar exploit, according to a February 1st announcement of the DeFi project.

This report states that an attacker gained access to 110 million ALBT tokens, which were worth around $12 million before the attack.

The price of ALBT fell dramatically, with its value falling from $0.11 to $0.04 within hours of the attack. Further losses are expected.

AllianceBlock said the attacker breached individual “Troves” – user-controlled smart contracts used to manage deposits – on the associated Bonq platform. AllianceBlock added that its own smart contracts were not compromised.

Also unconfirmed reports suggest that the attacker earned at least $500,000 worth of stablecoins by selling Bonq’s BEUR token.

Decentralized social network Nostr launches ‘Damus’ mobile app

Decentralized social network Nostr’s mobile app Damus launched on Google Play and AppStore on February 1, as announced by the app’s Twitter account.

co-founder of Twitter Jack Dorsey retweeted the app announcement post and said it was “an important step for open protocols”. Dorsey had previously donated Bitcoin (BTC) to the Nostr protocol and added his Nostr address to his Twitter bio.

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The Damus application works similarly to Twitter and describes itself as a social network that can be controlled by users. The app claims that it gives users full control over their data. It does not require a KYC process and secures all messages with end-to-end encryption.

FTX Group’s interim financial update contradicts court filing, shows exchange had $1.43 billion in cash

FTX Group released an interim financial update showing the company held $1.43 billion in cash at the end of 2022, more than the $1.24 billion reported on Nov. 20, 2022, according to a court filing.

Sister company Alameda Research reported $876.6 million in the filing, up from $401 million reported in November 2022.

Shredded Apes LP drained, 78 million tokens liquidated

Shredded Apes announced on February 1 that its main wallet containing royalties and the native token (WHEY) had been hacked.

The Shredded Apes official explained that all funds have been transferred to ”EgnTKUUsN1nyq4ap7hK9VSqSettH6T4gvLvdj3spneCg‘about 2-3 hours ago’, at the time.

Approximately 78 million WHEY tokens were transferred to the Shredded Apes royalty wallet the week of January 23, during the token migration to Mintinglab V2.

SBF Prohibits Using Signal and Communicating with FTX Employees

Federal Judge Lewis Kaplan imposed communication restrictions on former FTX CEO Sam Bankman-Fried, as seen in a February 1st filing in court.

The decision imposes two restrictions. First, Bankman-Fried won’t be able to use encrypted, self-erasing messaging apps, including Signal ⁠, a popular messaging app he’s used to contact associates in the past.

Second, Bankman-Fried will not be permitted to communicate with current and former employees of FTX and Alameda Research unless such individuals are exempt, are immediate family members, or he is in the presence of a lawyer.

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CoinShares CEO says lack of political will is hampering US regulatory landscape

Co-founder and CEO of CoinShares Jean-Marie Mognetti said a lack of political will is holding back the development of a strong regulatory framework for digital assets in the United States

Commenting on the contrasting regulatory styles in the US and Europe, Mognetti said a top-down approach from European political leaders makes the difference.

Citing France as an example, the CEO of CoinShares pointed out that the French President Emmanuel Macron “advanced a law in 2017”, which went on to form the basis of the country’s regulatory approach to digital assets.

M31 Bullish capital on BTC price, adoption in 2023 forecast

Crypto Investment Company Capital M31 shared his forecast for 2023 and said he expects Bitcoin (BTC) to skyrocket.

The firm said in its 2022 summary report that he expects adoption to increase further.

The document also indicates that chains and NFTs could evolve in a new direction and that privacy technology could gain prominence.

Considering BTC’s price performance during the bear market, M31 Capital said it was “incredibly bullish” for the cycle ahead. The report states that “no one voluntarily sold BTC”, which shows the community’s trust in BTC. The report finalized its remarks on BTC by quoting Ryan Selkiswho said, “We’re in territory where you sell a kidney to buy more.”

Crypto market

Over the past 24 hours, Bitcoin (BTC) has gone up 3.67% to trade at $23,756.04, while Ethereum (ETH) was up 4.39% at $1,643.24.

The biggest winners (24h)

  • Bitgert (BREEZE): 23.63%
  • Status (SNT): 20.96%
  • Render Token (RNDR): 18.28%
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The Biggest Losers (24h)

  • Eternal Scale (EVER): -16.56%
  • MobileCoin (MOB): -13.25%
  • Wrapped Everscale (WEVER): -11.98%


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