Millions Drained From Lastpass Users 😱

GM. This is Degen Scoop. It’s Tuesday, here’s the stories that started the week off:

• Millions Drained From Lastpass Users 😱

• Steve Aoki 🤝 Stepn

• Do Kwon Fights The SEC ⚔️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Hacker Drains $4M+ From Lastpass Users That Stored Keys in Program

LastPass, a popular password manager, faces renewed controversy as a hacker stole around $4.4 million worth of assets from 80 distinct addresses belonging to 25 victims by compromising seed phrases. Blockchain sleuths ZachXBT and Tayvano traced the hacker's movements in the below thread.

The investigation revealed that those affected were long-time LastPass users who stored their keys or seeds in the application. The incident is linked to a security breach identified in December 2022, where LastPass notified users of unauthorized access to a third-party cloud-based storage service storing archived backups.

Earlier reports had suggested LastPass as the source of a $10 million crypto theft operation between December 2022 and April 2023, and the recent incident shows the hacker continues to exploit compromised seed phrases. This is a reminder: never store your keys digitally, keep backups physical.

Steve Aoki Partners With Stepn, Move-to-Earn Game on Solana

Mobile move-to-earn game Stepn has teamed up with Steve Aoki for a collab, launching an exclusive collection of digital sneakers via Solana NFTs. The Steve Aoki x Stepn collection will feature 300 collaborative sneakers in four designs.

The drop will be released on the MOOAR marketplace from October 31 to November 4, with 60 editions of each design priced at 3,500 GMT (~$700). Additionally, 60 NFTs will be distributed to Aoki's fan community.

Stepn, is a move-to-earn game with over 2 million monthly active users, where users buy NFT sneakers and earn rewards for physical activity. Steve Aoki has been a notable participant in the crypto ecosystem in the past and will be continuing with the trend in this phygital pursuit.

Do Kwon Aims To Get SEC Charges Dismissed

Terraform Labs and its co-founder, Do Kwon, are vehemently contesting the SEC’s fraud case against them, urging a federal judge to dismiss the charges. In their motion for summary judgment, Terraform argues that the SEC has failed to provide evidence demonstrating that the company was offering securities.

The $40 billion collapse of Terraform in 2022, involving the failure of UST and Luna, led to accusations from the SEC that Terraform and Kwon engaged in a massive fraud by selling unregistered securities. The company is now pushing for the court to dismiss the case. This is unlikely to happen given the destruction this failure caused.

Earlier attempts to have the case dismissed have been rejected by the court; this will likely receive the same treatment. Kwon, who remains detained in Montenegro with extradition requests from both South Korea and the U.S., is opposing the SEC's request to question him in the U.S., arguing that it would be "impossible" to bring him to the U.S. for testimony.

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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.