Aug 2022 Crypto Industry Updates

Content will be sorted chronologically with latest at the bottom.

• Warren Buffett backed Nubank hits 1 million crypto users in less than a month
  • The crypto service dubbed Nucripto was launched in May this year to 46.5 million Nubank users.
  • Through the platform, customers can buy and sell Bitcoin (BTC) and Ethereum (ETH) via a crypto trading and custody service provided by Paxos’ infrastructure.
• Cross-chain bridge protocol Nomad was exploited and drained of approximately $200M
  • the bridge’s smart contract had been updated in a way that approved incorrect transactions as valid and allowed improper withdrawal of funds.
  • first exploit took place on 1 August 2022, which drained 400 Bitcoin (BTC) in four different transactions.
  • hundreds of exploiters just had to find a transaction that worked, find/replace the other person’s address with theirs, and then re-broadcast it.
  • normal community members were involved
  • whitehat hackers have returned $11.2 million
• Solana Wallets Targeted in Latest Multimillion-Dollar Hack
  • Over 8,000 internet-connected “hot” wallets including Phantom, Slope and TrustWallet have been compromised so far, but the source of the attack remains unknown.
• Revolut launched its new cryptocurrency service in Singapore [5 Aug 2022]
  • customers can securely buy, hold and sell cryptocurrencies.
  • more than 80 tokens available via its app.
  • several ways to buy and sell crypto:
    • stop or limit order
    • recurring buy feature
    • round up any spare change in a cryptocurrency of choice
  • 2.5% transaction fee for Standard customers and a 1.5% transaction fee for Premium and Metal customers.
• Global financial superapp Revolut announced that it has appointed Raymond Ng as Singapore CEO
  • appointment follows Revolut’s recent launch of its crypto products in Singapore
  • Prior to joining Revolut, Raymond was the Chief Commercial Officer at payment network company Liquid Group