Evening News | Nomad cross-chain bridge stolen over $190 million; Binance to launch soulbound tokens as KYC credentials

Organizer: Cookies, Chain Catcher

"What Important Events Happened in the Last 24 Hours"

1. Nomad Bridge Hacked, 41 Addresses Profit Approximately $152 Million

DeFi auditor @0xfoobar tweeted this morning Beijing time: The cross-chain interoperability protocol Nomad Bridge is being hacked, with WETH and WBTC being transferred out at a rate of millions of dollars each time. PeckShield monitoring shows that about 41 addresses have profited approximately $152 million (80%), including about 7 MEV bots (approximately $7.1 million), the Rari Capital hacker (approximately $3.4 million), and 6 white hat hackers (approximately $8.2 million), with about 10% of ENS domain addresses profiting $6.1 million.

The Nomad team stated that an investigation is underway and has contacted blockchain intelligence and forensics companies to preserve evidence, while "law enforcement has been notified, and we are working around the clock to resolve this situation and provide timely updates, with the goal of identifying the accounts involved and tracing and recovering the funds." (Source link)

2. Binance Releases BUSD Reserve Details, Including 60.5% U.S. Treasury Bills and 4.21% Cash

Binance exchange and trust company Paxos released an unaudited report on BUSD reserves, stating that as of June 30, BUSD has $738 million in cash support, accounting for 4.21% of total reserves, and $10.6 billion in U.S. Treasury bills with maturities under 90 days, accounting for 60.5% of total reserves, while repurchase agreements account for over 35% of reserves.

The report shows that the circulating 17.4 billion BUSD tokens are also supported by an additional $6.2 billion in overnight maturity collateralized reverse repurchase agreements from the U.S. Treasury. Additionally, the report disclosed the cash custodians, most of which are insured by the Federal Deposit Insurance Corporation (FDIC).

It is reported that BUSD is issued by Paxos, both of which are regulated by the New York Department of Financial Services (NYDFS). Binance stated that Paxos keeps customer assets in accounts separate from company funds, and if the company goes bankrupt, NYDFS will return the assets to users. (Forkast)

3. Chiliz Acquires Nearly 25% Stake in Barcelona's Digital Content Creation Center Barca Studios for Approximately $100 Million

Fan token platform Socios.com announced a strategic and technical partnership with FC Barcelona to support the club in blockchain, NFTs, digital assets, and Web3 strategies. Additionally, Socios.com developer, sports and entertainment blockchain solution Chiliz will invest $100 million in Barca Studios, the digital content creation and distribution center of FC Barcelona, acquiring a 24.5% stake. It is reported that FC Barcelona launched the fan token BAR on Socios.com in February 2020. (Source link)

4. Binance to Launch Soulbound Token BAB as KYC Credential

Binance will launch the soulbound token Binance Account Bound (BAB), which users who have completed KYC can mint directly in their accounts or choose to store the token in other wallets. Currently, BAB will serve as a KYC credential, and in the future, Binance is expected to create more soulbound tokens for security and other applications. (Tech in Asia)

5. Polygon Unlocks Approximately 1.39 Billion MATIC, Major Announcement Expected Tomorrow

According to the Etherscan blockchain explorer, the Polygon contract address has released 1,386,609,632 MATIC (approximately 13.87% of the total supply) to the Polygon Foundation contract address.

Of the approximately 1.39 billion MATIC released, 640 million MATIC is allocated to the team, which will be directly staked by the co-founders after claiming; 546 million MATIC is allocated to the foundation, and the team will update the community on any movements of the foundation wallet in advance; 200 million MATIC is for staking rewards from May 2021 to December 2021.

Polygon co-founder Sandeep responded that this is a planned action, and the tokens were unlocked a year ago. This movement is part of the staking activity and foundation treasury plan, with a major announcement expected tomorrow. (Source link)

6. ZB Exchange Suspends Deposit and Withdrawal Services Due to Core Application Failure

Cryptocurrency trading platform ZB announced that "due to a failure in some core applications, we need to investigate the issue, and deposit and withdrawal services have been suspended. Please do not deposit any digital currency until services are restored. Any changes will be based on the announcements from ZB." (Source link)

7. Aave Community Proposes to Freeze Aave V3 Fantom Market Due to Imbalanced Risk and Reward

The Aave community has proposed to freeze the Aave V3 Fantom market, allowing users to repay debts, liquidate, withdraw, and change interest rates without interfering with the transfer of any aToken, but preventing users from making deposits and further borrowing in that market.

It is reported that the proposal's initiator, MarcZeller, believes that the Aave V3 Fantom market has not gained significant traction, with the current market size being $9 million in deposits and $2.4 million in outstanding loan positions, generating an average of $300 in protocol fees daily, resulting in only $30 in revenue for the Aave treasury. Additionally, the Aave V3 Fantom market is currently not supported by the Aave security module, making it vulnerable to hacks when users transfer assets via cross-chain bridges. (Source link)

8. Web3 Insurance Protocol InsurAce Completes Approximately $12 Million in Insurance Payouts for UST Depegging Policyholders

According to Cointelegraph, approximately 155 investors purchased UST depegging policies from InsurAce. Following the UST depegging incident, InsurAce processed claims according to the insurance contract, completing the payout process and paying out approximately $12 million to policyholders, with 98% of claims approved. This is the largest payout case in the Web3 insurance field to date and highlights the significant value of insurance as a risk management tool. (Cointelegraph)

"What Interesting Articles Are Worth Reading in the Last 24 Hours"

1. “Nomad Bridge Hacked: The Most Chaotic 'Decentralized' Robbery in DeFi History?”

On August 2, another tragedy struck the history of cross-chain bridges, with the Nomad Bridge hacked for over $190 million, evolving into the largest and most chaotic "decentralized" robbery in DeFi history. Why did Nomad suffer such a severe attack? How professional is the Nomad team? How long can other well-known cross-chain bridges hold out? This article reflects on the Nomad hacking incident and its implications for cross-chain bridges.

2. “CCTV Calls Out for Bored Apes? When Bored Apes Enter China's 'Parallel Universe'”

CCTV actually called out for "Bored Apes"? With the continuous improvement of the NFT user base and the boost of traffic effects, domestic commercial companies actively embracing NFT artworks represented by Bored Apes is a natural choice. It is foreseeable that more Chinese companies seeking the young user market will purchase "Bored Apes" to build brand images or engage in secondary derivative creations.

3. “Detailed Progress of Ethereum Merge and MEV and Miners Post-Merge”

The merge is approaching. Ethereum will transition from proof of work to proof of stake, enhancing its security and sustainability. However, questions remain about what the merge actually does, how it affects various stakeholders, and when it will actually happen. This report covers the current status of the merge, key impacts before and after the merge, and a series of measures to gauge market sentiment.