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💥Blast Ecosystem Grapples With $63M Hack

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Blast grappled with its first major incident following its mainnet launch four weeks ago. The GameFi farm Munchables suffered a $63 million hack. While the incident ignited debate on whether the project should roll back the malicious transaction, the stolen funds have since been secured by the Blast team.

In other news, memecoin mania has spread onto BNB Chain, KuCoin is facing U.S. criminal charges, and Nomura’s web3 subsidiary is launching an institutional fund offering exposure to liquid MATIC staking.

Plus, Fetch, SingularityNET, and Ocean Protocol are joining forces to merge their tokens and collaborate on AI development.

✍️ In today’s newsletter:

  • Blast-based Munchables suffers major hack
  • On-chain volume explodes on BNB Chain
  • U.S. law enforcement charges KuCoin
  • Laser Digital launches institutional Polygon fund
  • Three web3/AI projects join forces

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TickerValue24h
Bitcoin$70,2580.46 %
Ethereum$3,602 0.38 %
Gold 1st Future$2,176 0.04 %
S&P 5005203.58 -0.28 %
Arch Web33.00 1.14 %
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Check out our video exploring Base’s booming memecoin ecosystem. Also watch our podcast with Erica Kang, the CEO and founder of KryptoSeoul, to learn about her work bridging the eastern and western blockchain industries.

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👀 Analysts Believe Munchables’ $63M Exploit Was Internally Engineered

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Munchables, a GameFi farm operating on Blast, suffered a $63 million hack perpetrated by a former developer. While the stolen assets were later secured, the incident initially sparked widespread discussions on whether the highly centralized Layer 2 should reverse the malicious transactions.

🚀 DEX Trading Volumes on BNB Chain Flip Ethereum and Solana

The recently soaring momentum surrounding memecoins has spread onto BNB Chain, with the network hosting $2.2 billion worth of on-chain trades on March 24. The BNB token’s market cap has also doubled since Binance settled with the SEC in November.

👮‍♂️ Major Crypto Exchange KuCoin Faces U.S. Criminal Charges

The KuCoin centralized exchange and two of its executives were charged by the U.S. Department of Justice for allegedly violating the Bank Secrecy Act and carrying out unlicensed money transmission activities. Authorities accuse KuCoin of skirting U.S. regulations and licensing to emerge as a leading global exchange despite its operations falling under the regulatory purview of FinCEN and the CFTC.

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🏦 Nomura’s Laser Digital Unveils Institutional Polygon Fund Embracing Liquid Staking

Laser Digital, the digital asset subsidiary of the Japanese banking giant, Nomura, is launching a fund offering exposure to Polygon’s MATIC token and staking yields for institutional investors. The news comes just one week after Laser Digital completed pilots exploring a wrapped USDC token.

🤖 Fetch, SingularityNET, and Ocean To Merge Assets and Forge Shared ‘Tokenomic Network’

Three major web3 AI projects are joining forces to collaborate on research and development into artificial intelligence and merge their respective tokens. FET, AGIX, and OCEAN will each migrate to the new ASI token, pending approval from each project’s governance.

🌍 ELSEWHERE

  • KuCoin Withdrawals Spike to $1B in Crypto Amid U.S. Regulatory Clampdown (CoinDesk)
  • 21Shares launches Toncoin staking ETP on SIX Swiss Exchange (The Block)
  • HSBC launches tokenised gold for retail customers in Hong Kong as government pushes for publicly accessible digital assets (South China Morning Post)

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