Over $35M Lost in Atomic Wallet Hack 👛

GM. This is Degen Scoop with your daily update. It’s Monday and it’s officially summer, let’s get into it:

• Atomic Wallet Hacked For $35M 👛

• Japan’s Largest Bank To Issue Stables 🪙

• Airdrop Hunters Days Are Numbered 🪦

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Crypto Wallet ‘Atomic’ Experiences Over $35M Losses in Hack

Early Saturday morning, the official Atomic Twitter account opened the morning with the following tweet:

As of yesterday morning, the team was still conducting an exhaustive investigation into the hack. All possible attack vectors were being looked into, but the reason by the hack had yet to be found as of yesterday evening.

It’s likely that losses will be greater than $35M once all is said and done. For a more in depth look, this Dune dashboard will provide more clarity. We’re hoping the root cause is discovered soon, hacks are never good for the ecosystem.

Largest Bank in Japan MUFG To Issue Native Stablecoin

The largest bank in Japan, MUFG, is set to launch their stablecoin. Their native stable will be collateralized by assets held in the bank. At launch, the chains that it will be available on are Ethereum, Avalanche, Cosmos, and Polygon. If successful, the bank will likely add other EVM chains where there is sufficient demand from their customers.

This initiative will be made possible by a collaboration with DataChain. DataChain is an organization that specializes in blockchain interoperability which will help MUFG achieve their multi-chain goals. In order to use the stable, their will be strict KYC requirements as one would expect from a TradFi institution. One step at a time for TradFi to embrace crypto products.

Sybil Hunter Tool From Hop Will Stop Airdrop Hunters

For those not active on crypto Twitter, a popular method to make money is airdrop hunting. Protocols will issue their token to users that use their protocol and incentivize further usage. However, airdrop hunters will exploit this in the hopes for an airdrop. Some go even further and do this with additional wallets. It’s a concern for protocols that want to reward actual users.

While requirements for an airdrop aren’t normally known until afterwards, this doesn’t stop airdrop hunters. Money is money, it only makes sense. Hop Protocol enlisted its users to sniff out airdrop hunters to be eligible for an additional airdrop. This initiative ultimately led to over 10,000 addresses being omitted from the airdrop.

There are likely better methods to achieve their goals, but Hop’s initiative appears to have been successful. This may have been easier to achieve with some code, but the results are hard to argue with when offering additional airdropped tokens for a little work.

Notable NFT Sales in the Last 24 Hours / Over the Weekend:

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.