NFT marketplace Magic Eden announces its deployment on the Ethereum blockchain on the same day a hack drains thousands of wallets on Solana. This and more news in this handy daily digest so you're always up to date with the latest events happening in the crypto world.
A Solana NFT marketplace integrates with Ethereum
📍Magic Eden, the largest NFT trading platform Solana, is deployed on the Ethereum blockchain to expand its market. Magic Eden developers have announced that the NFT marketplace will now integrate Ethereum NFT crypto collections, in a move that will allow it to expand its presence in Web3 communities.
However, Magic Eden's announcement coincides with the ongoing hack that the Solana network is sufferingAt press time, several investors and network users are reporting that their funds have been drained from wallets such as Phantom and apps such as Sople Finance and Magic Eden.
The ongoing hack has been confirmed by Solana and the NFT marketplace. On Twitter, Magic Eden noted that this is a widespread attack that is draining wallets across the Solana ecosystem. The marketplace platform's developers recommend investors move their funds to a new wallet to protect themselves from the exploit.
Investor @TurnerNovakArt reported losing $14.000 of his funds due to the attack. Meanwhile, Binance CEO Changpeng Zhao reports that more than 7.000 Solana wallets have been affected so far.
The network's developers claim that hardware wallets are safe from the attack. However, they have not yet published the cause of this massive hack or counted the losses of affected investors.
Solana said engineers from multiple blockchain ecosystems and several security firms are investigating the hack and the affected wallets.
The Nomad blockchain bridge was also hacked
📍Nomad Protocol lost nearly $200 million in a hack. Blockchain bridge Nomad, which connects assets on different, incompatible blockchains, lost $200 million worth of cryptocurrency due to a vulnerability in its smart contract.
According to The Defiant, the vulnerability in the code allowed several attackers to drain the protocol's funds in Wrapped Bitcoin (WBTC), Ethereum (ETH) and other cryptoassets. The attack occurred just days after closing a $22 million funding round, in which several of the most important investors in the crypto industry participated.
On Twitter, the protocol developers confirmed the hack and reported that they had begun the corresponding investigations.
In addition to the hack, attackers are taking advantage of the situation to expand a phishing campaign against affected users. Nomad developers warned users about fake accounts and impersonators impersonating Nomad to collect funds at fraudulent addresses. “Ignore communications from all channels other than the official Nomad channel”, the protocol developers wrote on Twitter, reporting that there is still no plan in place to reimburse affected investors.
Sygnum Bank adds ADA to its products and services
📍Sygnum bank, regulated by Switzerland's financial authority FINMA, announced the addition of ADA to its products. Sygnum Bank customers can now trade Cardano (ADA) from the bank, according to a release shared this Monday.
Thomas Eichenberger, head of Sygnum Bank’s business unit, said that the integration of ADA will allow the bank to meet the growing institutional demand for cryptocurrencies. Meanwhile, Frederik Gregaard, CEO of the Cardano Foundation, welcomed Sygnum Bank to its blockchain ecosystem.
Singapore to consult on stablecoin regulation
📍Singapore is reviewing its approach to stablecoin regulation, MAS says. The Monetary Authority of Singapore (MAS) has informed that the country considers stablecoins, along with other cryptocurrencies such as Bitcoin, as digital payment tokens (DPT) under Singapore's Payment Services Act.
According to the financial regulator, DPT assets are subject to regulation to prevent the risk of money laundering and other financial crimes. Because of this, the country's authorities are evaluating the establishment of a new regulatory regime tailored to the specific characteristics and risks posed by stablecoins.
Regarding this new regulatory regime, the MAS will open a public consultation in the coming months to obtain the opinion of interested parties.
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