Welcome to Around the Blockchain, Huobi Learn’s daily rundown of the crypto markets.
Terra USD (UST) has overtaken Binance USD (BUSD) to become the third-largest stablecoin on the market, after the former’s total market cap surged by over 15% to around $17.5 billion in the last month. UST now trails behind USDT ($82.8 billion) and USDC ($50 billion) and is marginally ahead of BUSD ($17.46 billion). Still, trading volume for UST remains significantly lower than that for BUSD, with the latter seeing $2.26 billion worth of trading volume in the last 24 hours, compared to UST’s $431.79 million.
Ethereum-based stablecoin protocol Beanstalk Farms was exploited for $182 million yesterday. The hacker made off with at least $80 million in crypto, and the protocol’s BEAN stablecoin fell 86% from its $1 peg. The attacker had taken out a flash loan on Aave, allowing them to gather a large amount of Stalk, Beanstalk’s native governance token. This gave them enough voting power to swiftly pass a malicious governance proposal that drained all protocol funds into a private Ethereum wallet. Beanstalk has not confirmed if users will be reimbursed but said a town hall next Sunday would offer more information. Blockchain security firm PeckShield said the hacker seemed to have donated $250,000 of the stolen funds to a Ukrainian relief wallet.
ConsenSys-owned crypto wallet provider MetaMask has issued a warning on Apple iCloud phishing attacks. Currently, default settings on Apple devices store users’ seed phrases or “password-encrypted MetaMask vaults” on the iCloud if automatic back-ups are enabled for app data. MetaMask tweeted earlier today that users risked losing their funds if their Apple passwords were not “strong enough”, potentially allowing attackers to phish their account credentials, and advised users to disable automatic iCloud back-ups to fix the issue. The warning came after NFT collector revive_dom claimed their entire wallet of $650,000 in digital assets and NFTs was wiped through this security issue.
Russia’s Ministry of Finance (MinFin) has finalized a draft bill on the regulation of crypto trading and mining and sent it to the government for approval to be passed as law. Crypto twitter was abuzz with activity after local Russian daily Kommersant claimed to have obtained the authentic final version of the draft bill and said it recommended accepting digital currency “as a means of payment that is not the monetary unit of the Russian Federation”. However, an official announcement on its approval as law has yet to be made, with no known timeline for such an announcement.
Square Enix president Yosuke Matsuda has reiterated his hopeful stance on blockchain and token / NFT technology, suggesting that providing “incentives to those who contribute to development by utilizing technologies such as blockchain” may lead to “innovative and interesting content” from users. He added that while Square Enix provided games as “a finished product” for end-users, there were “a certain number of players” who wanted to “contribute to making games more interesting by creating new settings and ways of playing”. These statements stand out against widespread skepticism of token and blockchain games, which are often targeted by hackers and scammers.
Nigerian crypto bank Xend Finance has announced that over 50,000 people in the country now use their savings platform. This marks a more than five-fold increase from 10,000 users as of end-Jan this year, after the bank released its free mobile app in Dec 2021. Xend Finance caters to customers in under-served areas; users can convert their local fiat currency to stablecoins and USD to access the highest APYs across Binance Smart Chain and Polygon by staking, or locking up their crypto for a period of time. CEO Ugochukwu Aronu said the bank had seen “tremendous response from first-time crypto purchasers and savers” whose native currency was “constantly devalued and suffering from inflation”.
Show me the money
According to CoinDesk data, both BTC and ETH spent the long weekend largely stagnant. The former rose slightly before seeing a 1.2% decline over the last 24 hours to $39,928 and similarly, the latter fell by 1.23% within the same period to $3,026 — almost identical to its price since last Monday. Other major tokens were mostly in the red, with SOL one of the few exceptions as it saw an increase of approximately 1%.