This is hardly the first instability the network has demonstrated, much to the chagrin of its users. Transaction flooding is an issue on Solana in part because of the low transaction fees compared to networks like Bitcoin and Ethereum, which have relatively high gas fees that would make flooding extremely expensive.
Solana goes down again
"Official" Teenage Mutant Ninja Turtles NFT project buys a fake IP rights contract
In late April, the Twitter account was suddenly suspended. On April 30, the TMNT project announced in their Discord that they had discovered that they had been sold a "fake IP rights contract", which they learned after communication from Paramount. They, probably overly optimistically, wrote that they would be pausing the project but they were hoping to "continue the project hand in hand" with Paramount.
Saddle Finance loses more than $11 million to hack
Saddle Finance had lost money once before, right after it launched in January 2021. An individual was able to arbitrage Saddle Finance pools for a profit of around $275,000.
- Tweet thread by PeckShield
- "Update on Saddle’s Launch", Saddle Medium
$80 million stolen from Fei Protocol and Rari
Fei Protocol tweeted that they had paused borrowing to avoid further thefts, and offered a $10 million bug bounty if the hacker returned the money.
SEC files fraud complaint against NASGO organizers
- "SEC Alleges Fraud in Digital Asset Securities Offerings", U.S. Securities and Exchange Commission
Deus Finance exploited for $13.4 million in the second hack in two months
Deus had suffered a similar attack in March, with an attacker using a flash loan attack to steal more than $3.1 million. Deus reimbursed users who were liquidated in the incident.
According to Deus' CEO, the exploit in this incident was not the same one used in the previous attack. He wrote on Twitter that the exploit was "the first of its kind, a zero-day exploit on Solidly [decentralized crypto exchange] swaps".
Central African Republic adopts Bitcoin as legal tender
The Bank of Central African States (BEAC) has expressed surprise at the CAR's choice, saying that they only learned about it along with the rest of the public. Two former prime ministers of the CAR co-authored a letter stating that adopting Bitcoin as legal tender without guidance from the BEAC was a "serious offence".
Scammers create fake Louis Vuitton NFT project
The project airdropped these NFTs to NFT whales, causing some trackers used by people who follow and imitate whales' behavior to believe the whales themselves had minted the NFTs. The site then used a random counter to make it appear that the NFTs were quickly selling out, causing people to quickly mint their NFTs in fear of missing out. One NFT collector recounted her experience falling for the scam, buying five of the NFTs for a total of 0.6 ETH (~$1700) in hopes of striking it rich on a newly-launched project before it became widely known.
An examination of the website source code shows that the project is reusing code from a different scam based around World Cup themed NFTs.
Representative Madison Cawthorn faces accusations of insider trading and disclosure violations related to Let's Go Brandon coin
Fidelity plans to allow people to put retirement savings into Bitcoin
The Employee Retirement Income Security Act of 1974 requires plan fiduciaries to act solely in the financial interest of plan participants, and the U.S. Department of Labor issued guidance in March reminding plan fiduciaries of this duty, urging them to "exercise extreme care before including direct investment options in cryptocurrency". In a blog post shortly after, the DoL wrote that they had "serious concerns" about plans that would expose participants in cryptocurrencies and related products, outlining risks including valuation concerns, obstacles to making informed decisions, price volatility, and a still-developing regulatory landscape.
A Fidelity executive said that the company "believe[s] they should withdraw that guidance".