In a time when the last thing you want to do is monitor crypto markets, a hacker leaked a database of 3Commas API keys that are used to trade on exchanges. This is a pretty substantial hack.
In a time when the last thing you want to do is monitor crypto markets, a hacker leaked a database of 3Commas API keys that are used to trade on exchanges. This is a pretty substantial hack. Anybody who utilizes API keys to trade on their favorite exchange was briefly vulnerable. A malicious party can use a leaked API key to control a user's trading account to pump or dump any token they want and obliterate a user's PnL. As a result, Binance, Kucoin, and other supported exchanges revoked all keys connected to 3Commas, so the crisis is averted for now. In other news, BitDAO's BIT token is up 20% on the day. We highlighted this opportunity in the Degen Corner last week. The DAO passed a proposal to initiate a $100M buyback of BIT tokens over 50 days, starting January 1. It is important to note that BitDAO has the second biggest DAO treasury in crypto, weighing in at a whopping $1.6B and properly diversified in various stables, ETH, and some BIT. A few weeks ago, Sam wrote a report discussing Mantle, their upcoming modular EVM rollup that will utilize Eigen Layer. This is one of those situations where the alpha was in plain sight for any of our loyal subscribers here at Blockworks Research. When nobody is talking about edge, it is likely you are sitting on some serious edge. - 0xpibblez |
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Liquid staking derivative (LSD) protocols really found their PMF over the past year. This chart highlights the growth of the LSD supply in 2022. One interesting takeaway here is that even with ETH price crabbing down, staked ETH supply is growing. These purchasers are here for the long term. While Lido still control's the lion's share of the LSD market, we have to shout out Frax as an honorable mention. frxETH supply has grown to 46K ETH ($55.2M) in only three months. More competition among LSD protocols is healthy for the network and enhances decentralization. For more details on LSDs, and tons of other dApp-level insights, be sure to read the second part of our year-end report, coming out later today. |
Ladies and gentlemen, we have lift off. BitDAO's proposal to purchase $100M worth of BIT tokens over 50 days officially reached quorum last night. It is important to note that they will be buying this off of the open market and taking these tokens into the treasury. Also, 0.025% of all futures trading volume on Bybit is used daily to burn BIT tokens from the fully diluted supply. These burns have been rolling for a few months and on average amount to $800K a day. Once again, BWR Degen Corner hit a dinger in some of the most predatory market conditions to date. |
The wonderful team at Consensys sponsored and unlocked two free reports for the upcoming week. Part one, a 2022 Year End Review report covering all things networks and infrastructure was published this morning. Don't want to read another 100 page report? Well we packed it up concisely into just 14 pages. We talk all things ETH, L2s, Alt L1s, and bridges, so be sure to check it out. |
Our new Dune Dashboard tracks KPIs for Ethereum, the most developed Layer-1 blockchain. |
Arweave allows permanent data storage across a decentralized network of hardware for a one-time fee, and ensures its integrity and accessibility. |
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MicroStrategy sold 104 BTC before re-purchasing 810 BTC two days later. |
After weeks of speculation that API keys had been leaked online, 3commas' founder now says the incident is very real. |
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm's Financial Disclosures. |
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