Fantom Foundation Hacked For $500K 💰

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

• Fantom Foundation Hacked For $500K 💰

• SBF Trial: Nishad Singh Becomes Star Witness 🌟

• Israel Freezes Suspected Hamas Binance Accounts 🥶

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Fantom Foundation Hot Wallet Suffers $500K Hack, Cold Wallets Untouched

The Fantom Foundation fell victim to a hack resulting in the loss of over $550,000 worth of funds. The initial figure was $7 million, but the foundation clarified that not all the funds belonged to them, and the majority belonged to individual users. This isn’t necessarily an improvement, but it shouldn’t be a concern for the foundatin. The investigation is ongoing, with the team working to understand how the compromised wallets were accessed.

The attack came to light yesterday, on October 17th. Analysis of blockchain data revealed transactions from accounts labeled as "Fantom Foundation Wallets" to suspicious wallets, indicating potential compromise of private keys, a serious security concern for the foundation and users alike. The investigation is ongoing as the hacker is tracked and funds are attempted to be retrieved.

Nishad Singh, The New Star Witness in The SBF Trial

Former FTX head of engineering, Nishad Singh, testified yesterday in the trial against FTX founder Sam Bankman-Fried with key revelations. Singh claimed that in a September 2022 meeting with Bankman-Fried, he learned that Alameda, FTX's sister trading firm, had spent billions of dollars of FTX user deposits. Singh admitted to making code changes that gave Alameda special privileges, and despite his realization of the misuse of customer deposits, he stayed with the company as it sought investors to address the balance sheet gap.

The testimony also shed light on the sophisticated campaign finance operation allegedly run by SBF, where political consultants recommended fund movements in a group chat. Singh claimed to have signed "blank checks" sent to Sam's brother, who would then distribute them for political contributions. The trial continues to uncover details of the complex financial and operational aspects of FTX, with Singh portraying himself as both complicit and a victim.

Israel Begins to Freeze Suspected Hamas Accounts on Binance

Binance again finds itself in the spotlight, this time working with Israel. It has come to light that Binance has frozen over 100 accounts at the request of Israeli law enforcement following the recent attacks by Hamas, aiming to impede funding for the Palestinian militant group. Whether this is accurate goes to show that crypto has become a new frontier for the funding of war that exists alongside traditional finance.

Additionally, Israeli authorities have sought information on an additional 200 crypto accounts which may posses ties to Hamas. In response to the conflict, Binance is working with Israeli officials to block terror financing and has confirmed blocking a "small number" of accounts while emphasizing adherence to internationally recognized sanctions rules. The amount of funds that have been frozen from this operation remains unknown.

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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.