🗿 Gambling Giant Stake Faces Historic Hack 😓

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GM. A lot to unpack this week as we jump into Q4. Crypto faced another historic hack yesterday, but there is reason to be hopeful. Turns out there is some assumed risk associated with crypto gambling. Who knew.

Without Further Ado. ☕ *knuckle cracks* ☕ Let’s get into it.

Today’s Specials:

No FOMO 🗿 : Gambling Site Stake Faces $41M Hack 😓

No FOMO News 📰 : Lawyers Cash in on Crypto Fraud 💰

Market Alpha 💱 : Liquid Staking Back Near Record-High 🐂

AI Intel 🤖 : ByBit Launches AI Trading Assistant 📈

Conference Corner 📅 : Rooftop at NYFW, Coffee at Permissionless ☕

This IS Financial Advice 🤑 : China Reacts to Japan’s Nuclear Waste Dump 🚮

No FOMO News 📰

• A $700 Million Bonanza for the Winners of Crypto’s Collapse: Lawyers (New York Times)

• Future Ethereum Upgrades Could Allow Full Nodes to Run on Mobile Phones: Vitalik Buterin (Decrypt)

• MetaMask scammers take over government websites to target crypto investors (Cointelegraph)

• Crypto Scam Accounts Still Plague X Despite Elon Musk’s Promises (Beincrypto)

• Turkey Sees Increased Crypto Adoption Amidst Inflation Concern: Report (Yahoo! Finance)

• G20 chair India says talks underway for global framework on crypto rules (Reuters)

• 99% of Nigerians are crypto aware — ConsenSys report (Cointelegraph)

• Cronos Labs begins recruitment phase for $100M accelerator program (Cointelegraph)

Crypto Gambling Giant ‘Stake’ Faces $41M Hack

The hack was first alerted on Monday, September 4th with some suspicious outflows on ETH, BSC, and Polygon.

Stake later confirmed the hacks and were able to return operations to normal within a few hours. But the damage is clear.

Fast facts

• Stake was hacked on September 4, 2023, resulting in the withdrawal of $41.35 million in cryptocurrency.

• The hack affected Stake's hot wallets on Ethereum, Binance Smart Chain (BSC), and Polygon.

• The stolen funds were converted to ether (ETH) and transferred to several externally owned wallets.

• Stake has confirmed the hack and said that it is investigating the incident.

• The company has also said that it will reimburse all affected users.

• The hack is one of the biggest in the history of crypto gambling.

• It is still unclear how the hackers were able to access Stake's hot wallets.

• Stake has said that it will increase its security measures to prevent future hacks.

Potential market implications

• Increased regulation of crypto gambling

• Increased operational fees to cover the costs of added security measures

The silver lining

With or without overt public interference, companies like Stake will be forced to discover new ways to improve security measures and boost user experience so this doesn’t happen again.

Plus, if bettors are more aware of the risks of crypto gambling with big headlines like this, maybe people will make more informed decisions about where to gamble their money?? Probably not lol.

AI Intel 🤖

• US restricts exports of Nvidia AI chips to Middle East (Guardian)

• AI predicts chemicals’ smells from their structures (Nature)

• AI-powered drone beats human champion pilots (Guardian)

• Backed by Google and Nvidia, Israel AI startup nabs $155m, soars to $1.4b valuation (IsraelTimes)

• How to ask Facebook's Meta to not train its AI models on some of your personal info (TheRegister)

• OpenAI angles to put ChatGPT in classrooms with special tutor prompts (TechCrunch)

Market Alpha 💱

Brought to you by Zelus — the mobile wallet for everyone

The good, the bad, and the ugly. The latest of what we’re seeing, hearing, and reading on the human (and not so human) side of market news & analysis.

1. Liquid Staking propels back near record high in an otherwise slumping digital asset sector.

2. The London Stock Exchange Group announces plans to explore blockchain for cross-asset digital 'ecosystem’.

3. Bloomberg reports market-making profit margins sink below 30%.

4. Veteran VC predicts 10-20x Bitcoin growth fueled by an untapped utility surge.

Conference Corner 📅

New York Fashion Week (NYFW) runs from September 8th-13th. Our readers have the exclusive opportunity to attend Nolcha Shows official afterparty on September 13th.

Celebrating its 15th year of experiential programming, The Nolcha Shows will be unveiling an innovative take on NYFW by producing a multi-faceted fashion tech experience on September 10, 2023 at the iconic Mercedes-Benz Manhattan located at 54th and 11th Avenue.

(reply to this email or DM us on Twitter for the access code).

This IS Financial Advice 🤑

Here’s an update on the story we covered a couple of weeks ago about Japan dumping treated nuclear waste water into the Pacific. China has responded by instituting a seafood ban that could create billion-dollar losses for Japan.

Shameless Shill + Alpha

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