A DeFi Exploitation During ETHDenver

Plus millions for crypto custody and the launch of Binance Cloud.

Happy Presidents’ Day, Blockfolians

The Lede

ETHDenver was this past weekend, with much of the energy and attention around the burgeoning field of DeFi. Due to an attack on bZx that saw the attacker get away wuth ~$350,000, however, the focus ended up not on interesting innovations but about the challenges of warding off attacks and exploits around new money technology.

Highly Relevant Reading

👨‍⚖️Telegram community not going down without a fight | Despite ongoing legal battles with the SEC, a group of Telegram investors and developers have formed the TON Community Foundation for community governance. Their first act? Filing a friend of the court brief supporting Telegram in their case.

💸Another player in the custody market raises $8m | Showing just how big a market investors believe crypto custody will be, London-based Copper has just raised a big round to go after overseas expansion.

☁️Binance Cloud to power smaller exchanges in regional markets | A new product from Binance is designed to allow small exchanges to spin up using Binance’s back end for security, scalability and liquidity. This could mean many more local fiat onramps.

Community Commentary

The head of crypto at Visa discusses why microtransactions could matter and why bitcoin is well suited for them
Arca CIO Jeff Dorman likens Tron to distressed asset investors

A Really Big Number You Should Be Paying Attention To


That’s the shortfall faced by FCoin, an exchange who weren’t hacked or running an exit scam, but appear to have done the math wrong on their complicated fee model, leaving a gap of between 7000 and 13000 bitcoin. Oops.

Final Thought

The market can go ahead and stop retracing now, thank you very much.

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