Elephant Money is a defi project with some questionable promises—its Twitter account advertises that people can "earn 672% APY", and a recent tweet encouraged people to use Elephant Money "as your new bank: Your share of ELEPHANT tokens can be compared to your debit account, except that it also generates you money. Stampede Perpetual Bonds is your retirement fund." Hopefully no one took them up on their suggestion to put their debit account balance or retirement money into the project.
Individual accreditation is based on net worth or income: only those with net worth above $1 million, or yearly income above $200,000, qualify. American Celsius users were largely unhappy with the change, with one writing, "Celsius Network making the rich richer. Shameful."
One Rari developer blamed Ichi for the disaster, writing, "Fuse is a permissionless protocol. Pool operators are responsible for following best practices to avoid situations like this one". Rari Capital's official Twitter account also blamed Ichi, stating, "This is a permissionless pool that is owned and operated by Ichi. We hope to see an announcement from Ichi regarding redemption strategies and next steps to make users whole."
In the FAQ about the incident, Ichi wrote that they had allowed such a high LTV ratio in the pool because they expected "users would make responsible decisions that would benefit the community". There is currently around $30 million of bad debt in the liquidity pool.
Attacker drains Creat Future tokens through flaw that allows anyone to transfer the contents of another person's wallet
$CF was an asset belonging to Creat Future, an early-stage defi project. Some have speculated that the hack was an inside job, and the vulnerable function was added intentionally.
A customer ordered two combo meals, which he purchased by using his mobile crypto wallet to transfer 2 $APE. I was able to track down the transaction, and at the exact time of transfer, 2 $APE were priced at $21.92. The value of $APE has increased by 20% since then, so the purchaser lost out on those earnings by spending them at that time (compared to cash, which is worth roughly the same as it was 10 days ago). This is a (very small) example of why people don't tend to use as currency the same assets they are expecting to increase substantially in value. Furthermore, the purchaser had to agree to an estimated $10 in gas fees when he confirmed the transaction—half as much again as the price of the meal. The transaction ultimately cost the purchaser $4.66 in gas due to fortunately low rates that day, but it was a transaction fee that wouldn't exist if they used cash, or would be substantially smaller and typically absorbed by the restaurant if using a credit card.
Painful financial implications aside, a public transaction record means it's now trivial for anyone to see who is purchasing food at the restaurant using crypto in real time—something that has concerning implications for victims of stalking and other abuse if implemented more widely, as well as just for average people who enjoy having some degree of privacy.
Anyway, hopefully the food's good—assuming the person had any appetite left after looking at their food containers depicting an ape with green skin sloughing off its face.
A company called Gripnr is already working to line up NFT pre-sales, despite acknowledging that they have no idea how they will prevent fraudulent data input—an issue commonly known as the oracle problem. It's also unclear how they intend to change the game so that it's sufficiently different from the Wizards of the Coasts game that they will not face legal action (an issue that ended another crypto project planned to be based around a WotC game). We can only hope that none of this may last long enough to become an issue, given that Gripnr have come up with an idea that I can't imagine appealing to a single person who's ever played D&D.
- "NFTs Are Here to Ruin D&D", Gizmodo
Legal action begins against developer who solicited investments to build an OpenSea competitor, then used it to fund his NFT trading
Meanwhile, Gaye used the project Twitter account to promote his own NFT collection. He also took the donated funds and used them to buy NFTs. When pressed on this in the project's Telegram chat, he wrote, "Im buying NFTs because its my ETH and thats what I wanted to do." After crypto scam investigator zachxbt wrote about Gaye's scams, Gaye threatened to "put him in the ground if we ever meet in person".
Gaye has spent almost 400 ETH on NFTs since beginning to collect donations for his project—equivalent to over $1 million. He has also sold NFTs for a total of around 315 ETH (roughly breaking even with the amount he spent on NFTs, if looking at the ETH prices at time of trade), and amassed a substantial number of NFTs he still holds.