🤨 Multichain Questioned About Management of Millions in User Funds

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Special Report

🤨 Multichain Questioned About Management of Millions in User Funds

Bridging Platform’s Use of Escrow Accounts Come Under Scrutiny

By Aleksandar Gilbert

BRIDGES The vast majority of crypto lost to hacks this year was stolen from bridges, the technology that allows users to transfer digital assets between blockchains.

TRANSFER The reasons are clear: Bridges are complicated, giving attackers more avenues to exploit. Moreover, they provide a single point of failure: a smart contract holding user money in escrow while the “transferred” tokens — essentially IOUs – are used on the destination chain.

THREAT So the researchers at L2 Beat were surprised when they dug into Multichain, a bridging platform with $1B in total value locked, and found an apparent threat from within.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

MakerDAO Reorg

🔥 Christensen Under Fire After MakerDAO Members Vote for His Reorganization Plan

Christensen Tells The Defiant the Endgame Plan Will ‘Overcome Fundamental Challenge’

By Samuel Haig

NEWS Rune Christensen has won. But now the real contest begins. That’s the upshot of a just-closed vote taken by MakerDAO members and the backlash to its implications in the DeFi community.

CHANGES The members of DeFi No. 1 protocol voted overwhelmingly in favor of making big changes to the project’s structure in line with the Endgame roadmap laid out by Christensen, MakerDAO’s founder, in May.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

$1.5 BILLION were stolen from cross-chain bridges in 2022.

It’s obvious that the crypto industry needs to create a more secure way to make cross-chain trades.

Project TXA will allow ANY EXCHANGE to do cross-chain trading WITHOUT bridging assets while still having decentralized settlement.

Those who provide their services to secure decentralized settlement will receive half of the fees that are typically reserved exclusively for exchanges.

You can be one of them.

TXA’s newtworkis comprised of Settlement Data Providers (SDPs) to listen to and propagate all trades happening on participant exchanges.

They maintain a register of each trade and and obligations between users.

Settlement is entirely P2P and neither the exchanges nor Project TXA touch the assets at any point.

Anyone can become a Settlement Data Provider operator and validate trading data.

They earn fees from each validated trade.

No shady tokeconomics involved.

Protect TXA has been building through two bear cycles and we aren’t going anywhere. We are very close to alpha and have considerable support from partners and the community alike.

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Market Action

📈 Ether Hits Six-Week High As Strong Earnings Fuel Stock Market Rally

Layer 1 Tokens Lead the Charge

By yyctrader

RALLY Stock markets rallied Tuesday on the back of better-than-expected earnings from General Motors, Coca-Cola and UPS. Treasury yields fell and the U.S. dollar weakened as investors cheered the latest sign of the economy’s resilience in the face of the Fed’s aggressive inflation-fighting measures.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

NFT Apps

🍎 Apple Welcomes NFTs in App Store Under Tight New Rules

Crypto Proponents Fret Computer Giant’s ‘Legacy Thinking’ Ill Suited For Crypto

By Owen Fernau

NEWS With an update to its App Store Review Guidelines, Apple reminded crypto proponents that regulators aren’t the only major players directing the space’s trajectory. On Monday, Apple made a number of changes to its on how users may access and use NFTs in its ecosystem. For starters, the policy said users may buy and sell NFTs on apps featured in its store but must use its in-app payment system.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Crypto Laws

🇬🇧 UK May Soon Recognize Cryptoassets As Financial Instruments

Amendment To Financial Services and Markets Bill Brings Crypto Regulations One Step Closer

By Tarang Khaitan

VOTE U.K. lawmakers have voted in favor of recognizing and regulating cryptoassets on par with existing financial instruments.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Defiant Video

📺 Daily Defiant: Everything you need to know about Reddit Avatar NFTs

Shoutout

Looking for investment for your Web3 project? Want to get the full support of the BNB Chain ecosystem? Then you shouldn’t miss this – BNB Chain’s first Innovation Pitch Dayin San Francisco on Oct. 30.

Defiant Podcast Video

📺 Ali Yahya of a16z: “We’ve Entered The Golden Era Of Blockchain Applications”

DeFi Explainers

🐂 What Is 0x Protocol?

A Step-by-Step Guide to a Key Peer-to-Peer Software Network

By Rahul Nambiampurath

TRANSFORM Ethereum is positioning itself as the open-source infrastructure for digital assets. Smart contracts that automate loans, NFT trading, play-to-earn games, exchanges are just some of the offerings designed to transform traditional finance into decentralized finance (DeFi).

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Elsewhere

🔗 The Crypto Story: Where it came from, what it all means, and why it still matters: Bloomberg BusinessWeek

There was a moment not so long ago when I thought, “What if I’ve had this crypto thing all wrong?”

🔗 The Crypto Winter of 2022: Andre Cronje

2022 has shaken the crypto market and seen two trillion dollars in losses caused by price drops in several cryptocurrencies, network and exchange failings.

Check out all of the projects from the #AvalancheHacks Virtual Summer Hackathon in more detail!https://t.co/zPEZCMzgKD pic.twitter.com/FNDKeNltDD

— Avalanche 🔺 (@avalancheavax) October 25, 2022

Trending in The Defiant

Near Protocol’s USN Stablecoin Shut Down After Suffering $40M ‘Collateral Gap’Decentral Bank, the DAO behind the Near-native USN stablecoin, is unwinding the project, it said on Oct. 24. The reason: USN has become undercollateralized by around $40M.
Celestia’s ‘Modular Blockchain’ Attracts Investors Looking for Scaling BreakthroughLast week, a blockchain called Aptos launched its mainnet only to be slapped with withering criticism from a crypto crowd jaded by promises of decentralization for the masses.
Bored Apes Dealt Marketing Jackpot by Bicycle Playing CardsIf you’ve ever played a game of poker or Go Fish, chances are you were dealt Bicycle playing cards.

🧑‍💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Samuel Haig, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo. Videos were produced by Alp Gasimov. Podcast was led by Camila, edited by Alp.

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🤨 Multichain Questioned About Management of Millions in User Funds

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