Alameda Lost $100M To Phishing 😲

GM. This is Degen Scoop. It’s FRIDAY, here’s the scoop:

• Alameda Lost $100M To Phishing 😲

• Uniswap Drops Mobile Wallet👛

• Trezor Unveils New Wallets 💰

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Alameda Lost $100M After Clicking Phishing Link

Aditya Baradwaj, former employee of Alameda Research, on X revealed multiple security incidents faced by FTX's sister fund. The most notable involved a trader losing over $100 million after clicking on a malicious link for a DeFi app promoted at the top of Google Search results. Another incident related to Alameda's participation in yield farming on a blockchain of "questionable legitimacy," leading to losses exceeding $40 million.

Baradwaj also mentioned an old version of Alameda’s plaintext keys file being leaked, resulting in an additional loss of $50 million. He also highlighted the focus on speed which often led Alameda to overlook standard security and accounting practices. Code testing was reportedly minimal, and safety checks for trading were implemented only when deemed necessary.

Uniswap Dropped A Mobile Wallet For Android Users

Yesterday Uniswap launched a beta version of its mobile crypto wallet for Android; the iOS version had already been released. The beta is open for testing and promises split-second swaps, easy token discovery, and transparent pricing. It also features automatic switching between blockchains, a feature needed by the most degen of traders. To protect users against sandwich and frontrunning attacks, Uniswap has added "swap protection" by defaulting swaps to a private transaction pool.

Uniswap Labs plans to open-source the code as part of its Trail of Bits audit. The success of $UNIBOT and other Telegram wallets has highlighted the need for improved wallet UX which has been sorely lacking across the board. All in all, the new wallet offers traders plenty of features that will be beneficial to those looking to trade on mobile.

Trezor Releases New Hardware Wallets

Trezor has unveiled a trio of products geared toward safe self-custody. Of these, they revealed a new hardware wallet, a sheet of metal to retain recovery seeds, and a Bitcoin-only wallet for the laser-eyed patriots. There’s a bit more story to it than that, this wallet is to celebrate the company's 10-year anniversary and will be kept to 2,013 units.

The focus of this release is accessibility for newcomers which is needed if we want this industry to keep growing. Trezor CEO Matěj Žák emphasized the user-friendly design of the new wallets and backup solution which is the only way the masses begin to migrate. The Trezor product suite aims simplify the management of crypto assets, addressing the need for secure storage and self-custody education. The products are available for pre-order, with shipping scheduled for mid-November.

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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.