...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet.
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However, the Huobi crypto exchange has claimed that pNetwork's actions were not white hat, and that they profited $4.5 million from their actions. pNetwork rebutted that they had not made any money from the operation, and threatened to sue Huobi over the accusations.
Some traders who attempted to "buy the dip" and profit from the plunge in value of the GALA tokens were also upset with Huobi, when they found that the exchange had replaced their tokens with new, worthless $pGALA tokens.
The project was unusually frank in their announcement, writing on Twitter that the hack had "render[ed] the Treasury and the $SKYWARD token effectively worthless... We recommend users to withdraw their funds safely where they can and for the community to no longer interact with Skyward."
The enormous sale caused the token price to plummet from $0.082 to $0.016, an 80% decrease. The stolen tokens were nominally worth almost $2.8 million (priced at the value before the theft), but it's not likely the attackers were able to exchange them for that much given the lack of liquidity to absorb such a huge sale.
Deribit is also among the primary creditors of failed crypto hedge fund Three Arrows Capital, which defaulted on an $80 million loan from the exchange.
Sounds like everything's above board over there! It was also exposed in August that the company had lied to its users about their exposure to the Terra collapse.
Anyway, friesDAO seems to have fallen victim to the same Profanity vulnerability that has affected projects who used the tool to generate vanity wallet addresses. friesDAO wanted a wallet address beginning with 51D35 ("SIDES"), and as a result they opened themselves up to a major loss.
The project had previously announced that they had raised $5.4 million in funding, suggesting this attack drained almost half of the project's funds.
Core Scientific blamed their precarious financial situation on "the prolonged decrease in the price of bitcoin, the increase in electricity costs, the increase in the global bitcoin network hash rate and the litigation with Celsius Networks LLC and its affiliates". Bankrupt crypto platform Celsius owes Core Scientific around $5.4 million.
Core Scientific's stock plummeted from around $1 a share to around $0.20 on the news, an 80% decrease. The stock started the year at $10.43 a share, and has decreased in value by 98% year-to-date.
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