🕵🏻FBI blames North Korean hackers for the $620 million theft from Axie Infinity
GM everyone 🧠 and TGIF🤌
Lot of stuff happening on the crypto space, yet we are still in the red zone. Life will get better though, we still have hope for FIRE[Financial Independence & Retiring Early] ( btw, you should join this reddit group, definitely worth it).
Our lunch menu for today
🕵🏻♂️FBI blames North Korean hackers for the $620 million theft from Axie Infinity
💁🏻♂️Elon Musk sends an offer to buy Twitter
🧙🏻♂️Ethereum shift to PoS has been delayed again
🕵🏻FBI blames North Korean hackers for the the theft of $620 million in Ethereum back in March
North Korean hackers have been notorious in the crypto space. According to CNN, there were stolen nearly $400 million in cryptocurrencies during 2021 from them. Sure enough, they are back again this year. They are back with the recent hack on Axie Infinity, which is a crypto based video gaming company. They did manage to steal $620 millions worth of Ethereum, what it is considered to be one of the biggest hacks in the crypto space.
According to FBI Statement (you can read it here), this malicious cyber activity was executed by Lazarus Group and APT38, groups of hackers associated with the DPRK (Democratic People’s Republic of Korea).
Most of the ETH is still sitting in the hacker’s wallet, while some of it has already been transferred in different exchanges. You can see that here - https://etherscan.io/txs?a=0x098b716b8aaf21512996dc57eb0615e2383e2f96&p=1
The US Treasury Department sanctioned Lazarus Group as well as the wallet address which was used to cash out on the Axie Infinity hack.
💁🏻♂️Elon Musk to buy Twitter
The richest person in the World, Elon Musk a.k.a coin meme master has a Net Worth of around $265B as per Real-Time Billionaires List. He sent an offer to buy Twitter. Yes, just like that. It is probably more challenging for me to buy groceries than for him to buy a publicly traded company. Here is the official offer filed with SEC. 🕵️♀️
As we explained in our previous newsletter, it was expected that Elon will join Twitter board but that would not allow him to send an offer, so he refused it and sent the offer letter instead. He sent out a pretty reasonable offer as per filing docs where his offer had a valuation for the Common Stock at $54.20 per share, which is more than 38% premium over the closing price of the Common Stock on April 1, 2022.🕺
Twitter board is not really interested in Elon Musk’s offer ($43 billion), although they are still discussing other alternatives to make it harder for him to take over the company. Of course, Elon being Elon had to say something about it. 😂
👨🏻🔧Ethereum shift to Proof of Stake (PoS) has been delayed again
We talked about the switch from PoW to PoS in one of our previous newsletters with the expectation that it will be happening by the end of Q2 2022. Unfortunately according to Ethereum core developer Tim Beiko, there might be a delay again. Whether this is final final of the final, we don’t know it anymore but it would be good to avoid buying more mining equipment as we are really close to the switch to PoW.
👩🏽🎓 Degens Vocabulary
This will be a daily section where we will keep you updated with the web3 space vocabulary (will be using them more often once audience gets more familiar with them).
HODL,- It initially started as a type mistake for HOLD and people kept typing it HODL since then. It refers to the people who are long-term holders in a particular investment. WHALE,- It refers to those investors who hold a huge amount of exposure in cryptocurrency.
🗞️ Other news in the space
Online Gaming: Gateway to the Metaverse - Metaverse is getting the attention of big investments banks as well. That’s good for the space we are in, the more attention we get the better. According to this report prepared by Citi, global gaming sales hit $175B in 2020, more than the North American music and box office industries combined.
Millennials have solved the retirement crisis - According to this survey from Investopedia (around 4k people), respondents said that they have more exposure on cryptocurrencies than in stocks. And also most of them see cryptocurrencies as a way to support them in retirement.