Arbitrum Ran Out of Gas Money ⛽

GM. This is Degen Scoop. It’s Thursday, these are the day’s headlines:

• Arbitrum Ran Out of Gas Money ⛽

• North Korea Behind Atomic Wallet Hack 🇰🇵

• Soros Fund Sets Eyes on Crypto 👀

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Arbitrum Stopped Processing Transactions For An Hour on Wednesday

Around 5:30 AM EST yesterday morning, Arbitrum stopped processing transactions for roughly an hour. If you check the chain, you’ll see that the account had run out of gas in order to post transactions on mainnet. You’ll find the first and last stutter on chain until a legend topped off the account with 0.2 ETH. The stoppage was relatively brief in nature and it appears that minimal damage was done.

In light of Arbitrum’s extreme success as a Layer 2 solution on top of Ethereum, it’s curious why the sequencer requires a manual refill of gas. Decentralization of the sequencer would have helped in avoiding this problem. It would be prescient to decentralize this process or add more than one sequencer to prevent this from happening again. A single point of failure isn’t the most attractive product feature.

North Korean Hackers Are Behind the $35M+ Atomic Wallet Hack

Earlier this week, we spoke about the Atomic Wallet hack that saw over $35M get stolen from users. After some investigative work it has been found that the Lazarus group, which is attached to North Korea, is behind the hack. Lazarus was behind the gargantuan $540M hack of Ronin in 2022.

Rather than use Tornado Cash, Lazarus sent the funds to Sindbad which is another mixer. Hackers will use mixers such as those so as to anonymize and obfuscate the location of the funds. It’s unfortunate because Atomic was made aware that there was a vulnerability late last year but clearly didn’t make the necessary changes to avoid a hack. The takeaway here is to always check for audits and get your funds on a trustworthy hardware wallet.

Soros Fund Looking to Buy The Dip?

Whether you keep up with the industry or not, it’s apparent that crypto is here to in stay. This is what Dawn Fitzpatrick, CEO of Soros Fund Management, noted in an interview. Fitzpatrick asserted that amidst the setback of the bear market and regulatory climate “it’s a huge opportunity for the incumbent financial firms” to take advantage of. The builders will continue to build and TradFi is getting ready to buy our bags in preparation for an anticipated bull market.

There isn’t exactly a flood of TradFi money looking to invest in crypto at the moment. Between the regulatory climate and elevated interest rates, their priorities are set on surviving. The tokenization of financial assets will only grow in the coming years regardless of what TradFi companies are doing today. It should be noted that Soros Fund Management is owned by George Soros and presides over some $30B of capital.

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

Notable Threads You May Have Missed:

Meme of the Day

If you think your memes are better, submit them to the newsletter and get featured for your work!

Conclusion

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

Thank you for reading, if you enjoyed this please subscribe if you haven’t already! If you’ve already subscribed, please consider sharing this!

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.