Evening News | pGALA contract attacked, causing GALA to drop over 20% temporarily; Lens Protocol receives investment from FTX Ventures

Organizer: Biscuit, Chain Catcher

"What Important Events Happened in the Last 24 Hours"

1. pGALA Contract Attacked, Causing GALA to Drop Over 20% Temporarily; An Arbitrage Trader Profited Nearly $6.5 Million

An address on the BNB Chain minted over $1 billion worth of pGALA tokens out of thin air and sold them for profit through PancakeSwap, leading to a temporary drop of over 20% in GALA. The multi-chain routing protocol pNetwork tweeted that due to a cross-chain bridge configuration error, the pGALA contract on the BNB Chain needs to be redeployed, and they are currently working with the Gala Games team and PancakeSwap to obtain user pGALA account balances and restore deposit and withdrawal functions.

According to Lookonchain data, during the GALA attack incident, a SmartMoney address arbitraged nearly $6.5 million. (Source link)

2. Huobi Global Renames GALA Assets to Pgala After the Incident and Will Compensate Users Who Held GALA Before the Incident

Huobi Global announced that for users who executed buy operations after the GALA incident, the platform will rename their purchased GALA assets to Pgala. Pgala is unrelated to the original GALA token and is considered a meme coin. Deposits have been closed, and only withdrawals and trading are supported.

Subsequently, Huobi released a progress announcement stating that through communication with the Gala project, the Gala project team has agreed to fully compensate users who held Gala before the incident. (Source link)

3. He Yi: Binance is Actively Seeking Quality IE0 Projects

Binance co-founder He Yi posted on social media, "Thank you all for your enthusiasm for Launchpad and Launchpool. Binance is committed to meeting community needs. We are now actively looking for quality projects for users." (Source link)

4. HashKey Capital Obtains License from Singapore Regulator to Provide Fund Management Services

Digital asset financial services group HashKey Group's investment division, HashKey Capital, has obtained a capital markets services license from the Monetary Authority of Singapore and will provide fund management services in Singapore.

HashKey Capital's CEO in Singapore, Deng Chao, stated that after obtaining the CMS license, HashKey Capital will be able to serve institutions and qualified investors.

It is reported that in early September, HashKey's venture capital division received regulatory approval from the Hong Kong Securities and Futures Commission to manage a 100% virtual asset investment portfolio. Additionally, HashKey will manage funds specifically invested in virtual assets as a licensed virtual asset management company in accordance with the regulations of the Hong Kong Securities and Futures Commission. (The Block)

5. Circle Begins Transferring Part of USDC Reserves to BlackRock's SEC-Registered Fund

Circle has begun transferring part of its USDC reserve funds to the "Circle Reserve Fund" established by BlackRock and registered with the U.S. Securities and Exchange Commission (SEC), with the transfer expected to be completed by March next year.

Circle's Chief Financial Officer Jeremy Fox-Geen stated that all short-term treasury bonds will be phased into the fund, but cash reserves (approximately 20% of the total) will still be held by partner banks. BlackRock plans to include the fund in the Federal Reserve's reverse repo program, and Jeremy Fox-Geen expressed hope that the reserves will ultimately remain at the Federal Reserve. (CoinDesk)

6. zksync Co-Founder: Major News is Coming Soon

zksync co-founder Alex G tweeted, "Until the mission of zksync is completed, ensuring that cryptocurrency becomes mainstream in a way that personal sovereignty is inviolable, I will not rest. Currently, every technical and organizational decision we make is judged based on this purpose." Additionally, Alex G mentioned that some major news is coming soon. (Source link)

7. Web3 Social Protocol Lens Protocol Receives Investment from FTX Ventures

According to Fortune magazine, the Web3 social protocol Lens Protocol has received investment from FTX Ventures, with the investment amount undisclosed. A spokesperson for the Lens Protocol development team confirmed that Lens Protocol is in the process of raising funds but did not confirm the scale or end date of the financing. (Fortune)

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

1. "Hong Kong Web3 Atlas: Which Web3 Companies Are Worth Noting"

The Hong Kong Financial Secretary (Financial Services and the Treasury Bureau) officially released the "Policy Declaration on the Development of Virtual Assets in Hong Kong," which undoubtedly gives practitioners great confidence and encouragement to develop Web3 in Hong Kong. Now, the well-known crypto companies still remaining in Hong Kong are few. So what is the current state of Web3 development in Hong Kong, and which Web3 companies are worth noting?

2. "A Week with Musk: Twitter's Decade"

If Twitter employees were given a chance, they would likely wish time could stop on October 26, 2022—before Musk officially took over Twitter headquarters. At least before that, they were only troubled by rumors of an "acquisition," rather than being tossed around by the new boss as they are now. At least those who haven't been laid off might think this way. In the past week, the changes Musk has made to Twitter have surpassed the total changes the company has undergone in the past decade.

3. "Review of Nearly 30 Ecosystem Projects Worth Noting in Web3 Social Protocol Lens"

The Web3 social track is gradually emerging, and social applications and tools based on the decentralized social graph protocol Lens Protocol are springing up like mushrooms after rain. Lens Protocol is built on Polygon and launched by the lending protocol Aave, providing a composable decentralized trading graph protocol in the form of "homepage Profile as NFT," allowing any DApp to integrate. This article will review nearly 30 ecosystem projects worth noting in the Web3 social protocol Lens.