The recap: NFT, BlackRock and BTC gems; Summer hacks, cryptocurrencies …

No vacation for the hacker; Black rock joins forces with Coinbase; They crypto startups they have already got up 30 billion dollars; the volatility from BTC seduced the institutional; They NFT panic the sector luxury… L’news of the week.

The pirate don’t take your time off, unlike many cybersecurity experts. They are therefore particularly active and the attacks remain numerous during the summer period. And in a universe that is still very immature in terms of practices, they can win big. This is a weakness that the cryptocurrency industry will collectively address.

The bridge between blockchains therefore remain particularly problematic. Chainalysis believes it Token worth 2 billion dollars were stolen via the cross-chain bridges in 2022. Presumably safe, Nomadic he took up to $ 200 million for his rank with the theft of tokens.

The cryptocurrency stock market stopped withdrawals. Would she have been the victim of a hack .. or an exit scam? No news since July 2nd. The biggest scare, however, came from the Solana ecosystem.

Solana and its users victims of a vulnerable wallet

Heat stroke this week in the Solana blockchain universe. No, the network has not experienced congestion due to a hyperactivity of bots looking for NFTs. The fault lies with a mobile wallet that is sensitive to IT security and the basic rules of IT hygiene.

The alert went off after hacking of several thousand Solana addresses, emptied of their tokens. Quickly, the toll rose to 5,000 casualty addresses, before reaching the 8000. Who was responsible? Investigations were quick to identify the cause and the “culprit”. Solana was quickly cleared of any responsibility. The fault lies with Slope Finance, of which Portfolio slope forwards the users’ passphrase to a central server, where it is stored in the clear. A gross negligence for safety.

The NFT, a luxury product par excellence

The activity on the NFT markets declines, as has the price of cryptocurrencies in recent months. This does not mean, however, that the uses do not exist. The potential is considered to be considerable in many areas. To the point that the domain name sold like hot cakes for the $ 15 million nonsense. At this price, we can without hesitation talk about a luxury product.

The luxury industry is passionate about NFT and more generally about Web 3.0. Gucci, for example, has already launched several NFT collections and joined The Sandbox. The prestigious brand now also accepts ApeCoin as a means of payment. The jeweler Tiffany is very interested in licensing CryptoPunk – owned by Yuga Labs as BAYC. The company offers holders of these NFTs the opportunity to purchase a luxury necklace with the image of their avatar and the resulting NFT.

Billions are pouring into cryptocurrencies

The cryptocurrency market has been in trouble since the beginning of the year. This is even more true in the second quarter due to a liquidity crisis and a bear market cycle. If the business financing slows down, however it does not dry completely. According to Messariin the first half of 2022, more than $ 30 billion was invested in companies in the cryptocurrency sector. This is one more figure than last year as a whole.

The funds themselves raise considerable sums to finance projects. These are mainly crypto funds. GPs are also active. By way of illustration, Aglae Ventures is in the process of raising € 100 million for the benefit of Web3 startups. Ledger, the French unicorn, would aim to raise at least an equivalent amount. The crisis is not experienced in the same way by everyone. It also represents chance.

Institutional lurking on Bitcoin

A price drop is an opportunity to acquire tokens at a more attractive price than a bull run. Uncertainty and volatility increase risk, but with it comes greater earning potential as well. In Europe, CME wants to offer institutional investors the opportunity to invest in Bitcoin and Ethereum futures contracts denominated in euros.

To satisfy this same institutional clientele, the global asset management giant, Black rock, simplifies their access to cryptocurrencies, starting with Bitcoin. The company wants to make it easier for them to manage their investments on its platform Aladdin through an alliance with Coinbase and its Prime service. US stockholders are appreciating and the stock has regained ground after months of scarcity.

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