Welcome to Around the Blockchain, Huobi Learn’s daily rundown of the crypto markets.
Within 24 hours of the Deus Finance exploit being reported, a hacker has stolen around $11 million in Wrapped ETH, Wrapped BTC, Chainlink, USDC, Gnosis and Wrapped XDAI through a ‘re-entrancy’ attack on DeFi lending protocol apps Agave and Hundred Finance. Following this, Agave’s token AGVE fell 20% and Hundred Finance’s token HND fell 3.5%, though the latter has since recovered and even reached a 24-hour high. On-chain analysis has found that the address linked to the hacker sent over 2,100 ETH (worth more than $5.5 million) to a crypto mixer to try to launder the stolen tokens. Both companies are currently investigating the exploit.
Amid ongoing Russian aggression, the Ukrainian government has launched an official crypto donation website, Aid for Ukraine, to strengthen financial support for its armed forces and humanitarian aid programs. The website was set up via a partnership between the country’s Ministry of Digital Transformation, crypto exchange FTX and staking provider Everstake, and directs donors to crypto addresses and bank account information for the Ukrainian government. Donors can send BTC, ETH, USDT, DOT, SOL, DOGE and XMR, as well as fiat donations in USD, EUR, GBP, AUD and CAD. The Ministry of Digital Transformation said the funds would be spent on military equipment, “informational counteraction to Russian propaganda”, a “global communication campaign on true events in Ukraine”, and “cybersecurity and digital infrastructure recovery”. So far, the site has received over $50 million in donations.
Asia-based crypto custody provider Hex Trust has raised $88 million in a Series B funding round co-led by Animoca Brands and Liberty City Ventures. The funding round will be used to expand Hex Trust’s business — currently in Hong Kong, Singapore and Vietnam — to Europe and the Middle East, as well as to obtain more licenses. This comes after Hex Trust raised $6 million in a Series A funding in Q1 2021 and Animoca Brands led an additional $10 million in fresh funding in Q4 2021. Other participants in the latest funding round included Ripple, Terraform Labs, Morgan Creek, Primavera Venture Partners, LeadBlock Partners, Protocol Labs, and New World Development CEO Adrian Cheng.
Ethereum developer Tim Beiko tweeted yesterday that Kiln had successfully passed the Ethereum Merge, with validators producing post-merge blocks containing transactions. However, there were a few errors in contract creation — Ethereum developer Marius van der Wijden said Go programming language Prysm was proposing bad blocks during the transition on Kiln, with one block having the incorrect base fee per gas value. Still, substituting it with the actual expected base value seemingly solved the problem, and Beiko said the network was “stable, with >2/3 of validators correctly finalizing”. The Ethereum Foundation said the Merge upgrade would be shipped by the end of Q2, though features like staked ETH withdrawal will not yet be available.
The South China Morning Post (SCMP) will use multi-chain NFT ecosystem Artifact Labs to “explore the potential of blockchain applications for media” in a “transformational step” for the 118-year-old organization, according to SCMP chairman Joe Tsai. Through Artifact Labs, SCMP will sell NFTs of its front pages, which feature historical events like the 1997 handover of Hong Kong to China, the Avian flu outbreak and the Asian Financial Crisis. The NFT collection is available on Dapper Labs’ blockchain Flow, and buyers can bid on specific NFTs from historical events or purchase a mystery box of front pages from selected events. SCMP will seek third-party capital to drive growth for Artifact Labs, of which SCMP is a shareholder.
Show me the money
According to data from Huobi Global, BTC continued to move sideways today, with no significant increase in trading volume. On the other hand, ETH rose slightly, with a small increase in trading volume. Daily charts for both BTC and ETH show low consolidation. In terms of contracts, Huobi Futures data show stable open interest (OI) in both BTC and ETH futures, with slightly decreased volume a relatively inactive contract market.