Weekly News Highlights | Cross-chain bridge Horizon suffers a hack with losses of approximately $100 million; Solana Labs to release Web3 phone Saga

Organizer: Linqi, Chain Catcher

Important News

1. Cross-chain bridge Horizon announces hacker attack, with approximately $100 million stolen

On June 24, the public chain project Harmony's cross-chain bridge Horizon announced that it had suffered a hacker attack, resulting in a loss of approximately $100 million. The project is currently cooperating with relevant departments and experts to trace the attackers and recover the stolen assets. Additionally, Harmony stated that the trustless Bitcoin cross-chain bridge was not affected and has notified exchanges to suspend the Horizon cross-chain bridge.

It is reported that the attacker's address is 0x0d043128146654C7683Fbf30ac98D7B2285DeD00. (Source link)

2. Zigzag: $20 million loss for its own fund due to UST de-pegging

On June 24, decentralized trading protocol Zigzag published a detailed introduction to its token economic model, stating that 57% of tokens are used for the treasury, 30% for the founding team, 10% for the insurance fund, and 2% for IDO. Additionally, the IDO will take place tonight at 11 PM.

The project also stated that during the UST de-pegging incident, its own fund paired UST with ETH, WBTC, and other currencies in LP, leading to a loss of $20 million for its market makers. To compensate for the loss, the team will deposit 10% of the tokens into the insurance fund and expects to enter the liquidity market within two years. (Source link)

3. Solana Labs to launch Web3 phone Saga and establish a $10 million ecosystem fund

On June 24, Solana Labs CEO Anatoly Yakovenko announced that the team is developing a new Android phone called Saga, which focuses on Web3 and will include a Web3 dapp store, integrated "Solana Pay" for QR code-based on-chain payments, a mobile wallet adapter, and a "seed vault" for storing private keys. Anatoly Yakovenko stated that its cost is approximately $1,000, with plans to start deliveries in early 2023.

Additionally, the Solana Foundation has committed to providing $10 million to incentivize developers to build applications using its Solana Mobile Stack (SMS). (Source link)

4. Solend community proposal to revoke previous takeover of whale account passes with 99.8% support

On June 20, the Solana-based lending protocol Solend announced that the SLND2 proposal vote passed with 99.8% support. The proposal includes: invalidating proposal SLND1; extending the governance voting period to one day; and formulating a new proposal that does not involve emergency takeover powers.

Previously, Solend urged a certain whale (address starting with 3oSE) to repay the loan quickly to avoid liquidation risks. Last night, the Solend community approved governance proposal SLND1, which set special margin requirements for the whale and allowed for temporary takeover of the whale account. (Source link)

5. SBF responds to market confidence crisis: We have a responsibility to seriously consider intervening and stopping contagion

On June 20, in response to the recent panic and confidence crisis in the crypto market, SBF stated in an interview, "I do feel we have a responsibility to seriously consider intervening, even if we ourselves are at a loss, to stop contagion." "Even if we are not the ones causing it or involved in it. I think this is healthy for the ecosystem, and I want to do things that can help it grow and thrive." (Source link)

6. Binance: We have a responsibility to protect users and help industry participants survive in a tough market

On June 23, Binance published a blog stating that as one of the largest industry participants with healthy cash reserves, Binance has a responsibility to protect users and help industry participants survive in the current tough market environment, even if this does not provide direct benefits or a positive return on investment for Binance.

Additionally, Binance clarified the criteria for rescue projects: rescuing poorly designed, mismanaged, or poorly operated projects that fail solely due to these reasons is meaningless; Binance will rescue projects that have a high product-market fit, good business models, and decent teams but have made minor mistakes such as under-reserving. (Source link)

7. CoinList announces the list of seed projects for the summer 2022 batch, including Mystiko.Network, TeleportDAO, and others

On June 24, CoinList announced the list of seed projects for the summer 2022 batch, which includes six projects, such as the Avalanche-based options trading platform Arrow Markets, the Solana-based NFT marketplace protocol Candy Shop, the asset cross-chain protocol TeleportDAO, the Web3 privacy infrastructure Mystiko.Network, the Web3 automation tool Loop Crypto, and the music NFT platform Decent. (Source link)

8. Decentralized derivatives protocol dYdX plans to develop Layer 1 blockchain on Cosmos

On June 23, decentralized derivatives protocol dYdX announced plans to launch its own Layer 1 blockchain using the Cosmos SDK in the coming months to provide a competitively long-term product experience. This blockchain will be controlled by a group of distributed validators rather than solely by the founding team, which helps to make the project more decentralized. (The Block)

9. Rumors say Bybit CEO issues internal open letter, may lay off 20%-30% of staff due to market conditions

On June 20, it was reported that Bybit co-founder and CEO Ben Zhou issued an internal letter stating that due to the global economic impact, both the stock market and digital currencies have been affected, including the digital currency industry. Since 2020, Bybit's organization has grown threefold, but the platform's growth index and revenue have not increased at the same scale, indicating that operational efficiency is not as good as before and resources have not been utilized properly. In light of this, some internal functions and positions at Bybit will be evaluated for consolidation or optimization. For affected team members, Bybit will provide economic compensation and an employee counseling hotline.

Additionally, sources revealed that Bybit currently has over 2,500 employees, but the internal organizational structure is chaotic, and coupled with the industry's downturn, relevant business units have been in a cash-burning state, leading to this round of layoffs. Regarding the rumored 50% layoffs in the "options division," the source stated that the specific layoff ratio and list have not yet been disclosed, but it is conservatively estimated that the layoff ratio will reach 20%-30%.

10. Voyager Digital: Unpaid loans from Three Arrows Capital valued at approximately $660 million, may issue default notice

On June 22, crypto broker Voyager Digital stated in a press release that its operating subsidiary Voyager Digital, LLC may issue a default notice to Three Arrows Capital for failing to repay loans. Voyager's exposure to 3AC includes 15,250 BTC and $350 million USDC, currently totaling approximately $660 million.

The company initially required Three Arrows Capital to repay $25 million USDC by June 24, 2022, and subsequently required repayment of the full balance of USDC and BTC by June 27, 2022, but these amounts have not been repaid. Three Arrows Capital's failure to repay any of the requested amounts by these specified dates will constitute a default event. Voyager intends to recover from the Three Arrows Capital incident and is discussing available legal remedies with the company's advisors. The company is currently unable to assess the amount it can recover from Three Arrows Capital.

Previously, on June 18, Voyager Digital signed terms for a $200 million and 15,000 BTC revolving credit facility with Alameda Research, with the proceeds intended to protect customer assets. As of June 20, Voyager had approximately $152 million in cash and its own crypto assets, as well as about $20 million restricted for purchasing USDC. (Source link)

11. zkSync releases V2 update information: adds "account abstraction" feature, increases compatibility with Ethereum EVM

On June 23, according to an official announcement, zkSync, an Ethereum Layer 2 scaling solution based on ZKRollup, released its V2 update, which aims to improve user experience, increase compatibility with Ethereum EVM, and upgrade the performance of the zkSync v2 test network.

This upgrade adds "Account Abstraction," which can reduce the number of account types or the number of entities that can send transactions with ETH balances. The upgrade also adds messaging from L2 to L1 and support for transaction attribute msg.value. Additionally, the addition of L2 to L1 messaging allows for a simplified protocol interface and replaces hard-coded operations with general L1 inter-chain L2 communication. To implement these changes, the zkSync 2.0 testnet has been reset, contracts redeployed, and account balances and transaction statuses have been reset. (Source link)

12. Insider: Tencent officially announces the establishment of "XR" department, betting on the metaverse

On June 21, according to Caixin, citing three insiders, Tencent Holdings announced to its employees on Monday the official establishment of an "Extended Reality" (XR) department, officially betting on the metaverse concept in the virtual world.

Insiders stated that the department's mission is to establish extended reality business for Tencent, including both software and hardware, and will become part of the company's Interactive Entertainment Group (IEG). (Source link)

13. Singapore digital securities trading platform ADDX partners with China Construction Bank to provide digital securities products for Chinese investors

On June 24, Singapore digital securities trading platform ADDX announced that it has signed a memorandum of understanding and established a partnership with China Construction Bank (Chongqing Branch and Singapore Branch) to implement the QDLP (Qualified Domestic Limited Partner) program for Chinese investors.

According to the memorandum of understanding, China Construction Bank (Chongqing Branch) can be designated as the custodian bank for a $200 million investment in ADDX, while it can allocate fund units under the QDLP configuration to its wealth clients, providing Chinese investors with private market opportunities issued in the form of digital securities, covering a wide range of asset types, including private equity funds, venture capital funds, real estate funds, hedge funds, pre-IPO stocks, bonds, and structured products.

It is reported that ADDX was established in 2017 and uses blockchain and smart contract technology to automate manual processes to address inefficiencies in the division of private market securities. It has obtained licenses from the Monetary Authority of Singapore for digital securities issuance, custody, and secondary trading. According to the project's official website, digital securities are digitized stocks, bonds, funds, and other financial securities on the blockchain. (Source link)

Important Financing/Venture Capital News

1. Web3 venture capital firm AC Capital launches $20 million investment fund

On June 21, Web3 venture capital firm AC Capital announced the establishment of its second fund with a scale of $20 million.

It is reported that AC Capital was established in Asia in 2020, and its portfolio over the past two years includes over 100 projects such as Metis, Derace, Gamestarter, Portal, and StarSharks. This fund will primarily be used to invest in GameFi, Web3 infrastructure, NFTs, and other sectors. (Source link)

2. Venture capital firm 1confirmation announces the launch of a $100 million NFT fund

On June 22, venture capital firm 1confirmation announced the launch of a $100 million NFT fund, which will directly invest in NFTs with a management cycle of 10 years. 1confirmation founder Nick Tomaino stated: NFTs will disrupt cryptocurrency in ten years, as people care more about culture (games, art, music, etc.) than finance; although NFTs carry higher risks, 1confirmation remains optimistic about NFT assets. (Source link)

3. Crypto financial services company FalconX completes $150 million Series D financing at an $8 billion valuation, led by GIC and B Capital

On June 22, crypto financial services company FalconX completed $150 million in Series D financing at an $8 billion valuation, led by GIC and B Capital, with participation from Thoma Bravo, Wellington Management, Adams Street, and Tiger Global Management. It is reported that the FalconX platform provides institutional investors with access to crypto strategies in one interface while enabling banks and fintech companies to offer crypto products. (The Block)

4. NFT project Doodles completes first round of financing led by Seven Seven Six, will issue Doodles 2 series NFTs

On June 22, NFT project Doodles announced at the NFT NYC conference that it has completed its first round of financing, led by Reddit co-founder Alexis Ohanian's venture capital firm Seven Seven Six, with the specific amount not disclosed. The project also announced the issuance of a new NFT series, Doodles 2, which will cover millions of avatars and feature a wider range of traits and wearable items.

Additionally, renowned music producer Pharrell Williams will join the Doodles team as Chief Brand Officer, helping Doodles shape the strategic direction of the NFT series in music, art, consumer goods, animation, and events. Williams will also serve as the executive producer of the Doodles-related music album "Doodles Records: Volume 1," which will be released in collaboration with Columbia Records. (Decrypt)

5. Uniswap Labs acquires NFT aggregation market Genie, plans to airdrop USDC to Genie users in August

On June 22, Uniswap Labs announced that it has acquired the NFT aggregation market Genie, with specific transaction terms not disclosed. Uniswap Labs stated that this acquisition will integrate NFTs into its products, starting with the Uniswap web application, allowing users to buy and sell NFTs on its market soon. Uniswap Labs will also integrate NFTs into developer APIs and widgets.

Additionally, Uniswap Labs plans to airdrop USDC to Genie’s historical users, with the airdrop set to start in August. Based on snapshots already taken, claims can be made within 12 months.

Uniswap Labs stated that this acquisition is conducted by Uniswap Labs and does not affect the Uniswap protocol, Uniswap governance, or UNI tokens. Until the new Uniswap NFT experience is available, Genie users will continue to receive services on the Genie website. (Source link)

6. Magic Eden completes $130 million Series B financing at a $1.6 billion valuation, led by Electric Capital and Greylock

On June 22, according to CoinDesk, Solana-based NFT marketplace Magic Eden completed $130 million in Series B financing at a $1.6 billion valuation, co-led by Electric Capital and Greylock. Magic Eden plans to use this funding to expand its primary and secondary markets and explore multi-chain opportunities. (CoinDesk)

7. Crypto infrastructure company Prime Trust completes $107 million Series B financing

On June 23, crypto infrastructure company Prime Trust announced the completion of $107 million in Series B financing, with specific financing details not disclosed. The funds from this round of financing will be used to expand its product categories, including cryptocurrency retirement products and asset tokenization products.

Previously, it was reported that Prime Trust announced the completion of $64 million in Series A financing in July 2021, led by Mercato Partners' growth equity fund Traverse, with participation from Samsung Next, Kraken Ventures, and Seven Peaks Ventures. (Source link)

8. Insider: Goldman Sachs plans to raise $2 billion to acquire bad assets from Celsius

On June 24, according to CoinDesk, citing insiders, Goldman Sachs is seeking to raise $2 billion from investors to acquire bad assets from the troubled crypto lending platform Celsius. The proposed deal would allow investors to purchase Celsius's assets at a potentially significant discount in the event of bankruptcy. Insiders revealed that Goldman Sachs appears to be seeking funding commitments from Web3 crypto funds, funds specializing in bad assets, and traditional financial institutions with ample cash on hand. (Source link)

9. Insider: FTX is negotiating to acquire a stake in crypto lending institution BlockFi

On June 25, according to the Wall Street Journal, citing insiders, FTX is negotiating to acquire a stake in crypto lending institution BlockFi. Insiders stated that negotiations between BlockFi and FTX are ongoing, and no equity agreement has been reached yet. Foresight News previously reported that BlockFi announced on June 21 that it had obtained a $250 million revolving credit facility from FTX. (Source link)