Weekly Newsletter

“Biggest month in the biggest year ever for crypto hacks”- Weekly Newsletter, 14/10/2022

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Weekly Summary

- OECD Releases New Global Tax Reporting Framework for Crypto Assets
- Google now displays Ethereum wallet balances, soon to accept cloud payments with crypto
- BNB Chain suspended and resumed operation after its US$100M cross-chain exploit
- Solana-Based DeFi Platform Mango Markets loses US$100M in recent exploit
- Meta partners with Microsoft, introducing VR headset that ‘will bring Office apps to the metaverse


Industry Stories

OECD releases new global tax reporting framework for crypto assets: On October 10, the OECD delivered a new global trax transparency framework to provide for the reporting and exchange of information with regards to crypto assets. The Crypto-Asset Reporting Framework (CARF) will be presented to G20 Finance Ministers and Central Bank Governors for discussions in the same week. 

Google now directly provides data of searched Ethereum addresses: world’s biggest search engine Google now displays the balance of an Ethereum address when it is pasted into the search bar, with data collected from Ethereum block explorer Etherscan. The internet giant is becoming more crypto-focused, and as reported by CNBC, it will start letting some customers pay for cloud services with cryptocurrencies in early 2023 partnering with Coinbase. 

BNB Chain halted and resumed after 'potential exploit' drained estimated US$100m in crypto: BNB Chain, the blockchain tied to crypto exchange Binance, was paused on October 6 due to an exploit on its cross-chain bridge and resumed the operations on October 7. Attackers made off with an estimated $100 million worth of cryptocurrency. Meanwhile, Patrick Hillman, CCO of Binance said in an interview that the potential amount could have been as much as $570 million. 

US$100M drained from Solana DeFi platform Mango Markets: Defi trading platform Mango Markets confirmed its latest massive exploit on October 11, with its native token MNGO plunging over 50% after suffering from the hit. The attacker managed to take out large loans against MNGO, inflate the token and then drain Mango's liquidity pools. Three other hacks happened on the same day. 

According to Chainalysis, consultancy that has detected 125 hacks as of 2022, $718 million has been stolen from #DeFi protocols across 11 different hacks in October alone. 

Meta and Microsoft partner to move work into metaverse: Meta announces its partnership with Microsoftboost for enterprise adoption of the metaverse, and debuts a US$1,500 virtual reality headset, targeting professionals and remote workers using Microsoft platforms. The companies will seek to integrate key Microsoft apps with Meta’s VR and metaverse technology.

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Matrixport News

Matrixport’s Head of Research, Markus Thielen, shares with Forkast.News his take on signs of the crypto market bottoming out:
1)The US economy is clearly slowing, with the Fed possibly slowing the rate hiking cycle.
2)BTC's limited supply and ETH as a yield asset will draw institutional interest.
3)Clearer regulatory guidance will widen the door for a lot more institutional crypto adoption.
Watch the episode #MarketMovers to find out.

Matrixport partnered with RSG, a professional esports club in Southeast Asia, for a joint educational event in Kuala Lumpur, Malaysia. Players, management and members from the general public attended as part of a broader effort to enhance crypto literacy.

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