🏗️ Friend.tech Moving to Its Own Blockchain
In today’s edition: 🚨 $5M stolen in Loopring wallet hack, 🗳️ Arbitrum $237M gaming fund passes, 🌟 Coinbase Wallet to subsidize gas costs, and more!
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How Coinbase Might Bring 1 Billion People Onchain Using Its Smart Wallet
Coinbase’s “onchain summer” has kicked off with the launch of its new smart wallet. This interview with Luke Youngblood, founding contributor to Moonwell, gives a peek at how it’s sweetening the pot for developers and users alike.
In this episode, Youngblood describes how smart wallets are different from traditional wallets, how they do away with past security issues, and the more minor potential risks that still do exist with smart wallets. He also gives details on the ways that Coinbase is trying to use its smart wallet to get users onchain: making it much easier to transact onchain directly from their Coinbase accounts, subsidizing gas costs for certain dapps, and making sure everything is web-accessible.
Plus, he explains why Moonwell chose Base, how it is branching out to non-crypto native DeFi users, such as populations that only have mobile phones and not desktop computers in geographies like Africa, Latin America, and Asia, and how the DeFi lending protocol differentiates itself from bigger ones that have established a beachhead on Base.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Sage Young, Laura Shin, and Sam Sriram
Friend.tech to Migrate From Base to Its Own Blockchain
Friend.tech plans to build its own blockchain, Friendchain, utilizing FRIEND as a fully transferable gas token.
Loopring’s ‘Guardian’ Smart Wallets Hacked for $5 Million
An attacker breached the 2FA authentication service for Loopring’s smart wallets, impersonated wallet owners and siphoned around $5 million from what Loopring markets as “Ethereum’s most secure wallet.”
Arbitrum’s $237 Million Catalyze Gaming Proposal Passes Despite Substantial Opposition
23.7% of total votes that participated in the onchain vote were against the proposal to use 225 million ARB tokens from Arbitrum DAO’s treasury, which included Bitcoin OG Eric Wall, GFX Labs, Michigan Blockchain, and Camelot.
Coinbase Smart Wallet Could Offer Free Transactions ‘in Perpetuity’ for Some Dapps
Coinbase smart wallet, which launched this week, is subsidizing gas costs for users’ transactions for some dapps on Base. But a launch partner says one aspect of the setup could enable the company to do this forever.
Daily Bits… ✍️✍️✍️
🇺🇸 Donald Trump told a $12 million fundraiser in San Francisco that he would be the "crypto president," criticizing current regulatory measures under the Biden administration. The event saw attendance from several venture capitalists and crypto investors.
🌐 The exploiter behind the $82 million Orbit Chain hack moved $48 million through Tornado Cash after months of inactivity, according to Arkham Intelligence.
🚫 The Solana Foundation expelled several validator operators from its delegation program for conducting sandwich attacks on users.
🇳🇴 The Norwegian government froze and returned $5.7 million connected to the 2022 Ronin hack, which saw over $600 million stolen. Sky Mavis, the developer of Axie Infinity, coordinated with multiple agencies for the recovery.
💸 Gemholic, a crypto project, faces rug pull accusations after moving $3.3 million in recently recovered funds and disappearing from social media. The funds were unlocked following a zkSync network upgrade.
🧠 AI technology is increasingly being used in crypto scams, with deepfakes of celebrities like Elon Musk and Singapore’s former Prime Minister Lee Hsien Loong promoting fraudulent schemes, according to Elliptic's report.
⚖️ The Crypto Open Patent Alliance (COPA) is seeking 85% of its legal costs from Craig Wright after a court ruled he is not the creator of Bitcoin, Satoshi Nakamoto. COPA also requests a civil restraint order to prevent Wright from pursuing further legal cases.
What Do You Meme?
📈 Your Market Update 📉
BTC is up .1%, trading at $69,398
ETH is down .3%, trading at $3,676
BTC dominance: 51.26%
Crypto market cap: $2.67T
*All data as of today, 07:00 am ET. Source: CoinGecko
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The Defiant: Crypto Community Torn Over ‘Bonk Guy’ Who Wants To Emulate Roaring Kitty
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