💻Ledger Compromise Drive Panic Across Web3

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TLDR Unsuspecting users lost $480,000 after malicious code was injected into the connector library for Ledger, the popular hardware wallet manufacturer. Ledger has since addressed the vulnerability.

SO WHAT The incident triggered panic across the web3 community as users were urged not to interact with any DeFi dApps as a precaution after the exploit was spotted. The attack targeted Ledger's connector, which facilitates interactions between web3 wallets and decentralized applications.

READ MORE: Ledger Code Library Attacker Drains $480k After Compromising Dozens of Web3 Dapps

TLDR Top digital assets have made back most of their early-week losses after the broader markets rallied in response to the U.S. Federal Reserve leaving interest rates steady. The news follows strong U.S. economic performance, with The Fed hinting it could begin cutting interest rates next year.

SO WHAT Expectations that The Fed's wave of rate hikes could be over has recently fueled momentum in multiple asset classes, with both the Dow Jones index and gold trading at all-time highs in recent weeks. According to CoinMarketCap, the recovery has placed the combined crypto capitalization just 1.2% shy of its 2023 high.

Read More: Crypto and Mainstream Markets Rally After Fed Foreshadows 2024 Interest Rate Cuts

TLDR Donald Trump has launched a new collection of Polygon-based NFTs designed to poke fun at the controversial former U.S. president's ongoing legal proceedings. The buyers of 47 NFTs from the "Mugshots" collection will also receive a piece of the suit worn by Trump at the time of his arrest.

SO WHAT Donald Trump has long made a career out of monetizing his name and brand. The former president first jumped on the NFT bandwagon in February 2022 and followed up with a second collection last December. However, the NFTs have since crashed significantly in price.

Read More: Trump Cuts Up His Suit in New NFT Card Collection

TLDR Rainbow Wallet announced it will distribute "Rainbow Points" to past users and the broader Ethereum community. It is also offering extra points to users who import their account from MetaMask to Rainbow.

SO WHAT Rainbows vampire attack appears to be working, with the wallet's daily active users jumping from 2,200 to just 100. Rainbow's swap feature drove $5.4M in volume, equating to $47,000 worth of revenue for the Rainbow team.

Read More: Rainbow Wallet's Points Are Attracting Thousands of MetaMask Users

TLDR LayerZero, the popular cross-chain messaging protocol, deployed its forthcoming v2 iteration across more than 40 networks supported by the protocol. The newly unveiled LayerZero v2 will focus on bolstering decentralization, security, and throughput.

SO WHAT LayerZero critics have decried the protocol's reliance on a multisig account guarantee its security, arguing that LayerZero users must place faith that its two multisig signers do not become compromised. By allowing developers to select from an ecosystem of Decentralized Verifier Networks, LayerZero hopes to win over naysayers.

Read More: LayerZero Launches 40+ Testnets For Newly Announced V2 Iteration

TLDR Immutable announced that its forthcoming zkEVM rollup will allow developers to abstract transaction fees away from the user experience of gamers. Developers building on Immutable zkEVM will be able to "sponsor" users' gas fees, with Immutable estimating an expense of between $500 and $1,000 per 100,000 active users.

SO WHAT Immutable argued that managing gas fees creates in-game friction and poses a significant barrier to onboarding mainstream gamers. Immutable zkEVM is slated for mainnet launch next month.

Read More: Immutable zkEVM Invites Developers To Offset Gamer Gas Fees

TLDR Unstoppable Domains, a leading web3 domain company, is expanding into latin American and Southeast Asian markets. The company added 12 new registrars as part of the move.

SO WHAT Unstoppable Domains seeks to capture market share in emerging markets boasting significant crypto adoption. “This strategic expansion is a calculated move,” said Sandy Carter, COO of Unstoppable Domains.

Read More: Unstoppable Domains Expands Into LatAm And Asia in A ‘Calculated Move’

• Circle announces fee-free USDC transfers for frontier markets
• Ethereum developers say Dencun testnet is coming soon
• EthStaker launches campaign subsidizing expenses of new solo validators

• Deutsche Bank-Backed Taurus Starts Tokenizing German SME Loans (CoinDesk)
• Nirvana Finance hacker pleads guilty, agrees to pay restitution to victims (The Block)
• Russia draws up plans to classify mined crypto as an exportable commodity (CryptoSlate)