Home > Crypto in a Minute > Hacks Are Back >

Hacks Are Back

Author: Jeffrey Craig Date: August 3, 2022

august-3-daily-update

Main Takeaway: Storm Of Bad News

On Monday and Tuesday, the headlines were relatively quiet, but over the past day, we’ve received a storm of bad news. First, a hack occurred on the Solana chain where a bunch of Solana wallets such as Phantom have been suddenly drained (with private key signatures). So this is a different type of hack than we’ve seen previously. As a result, a wave of FUD has returned, which has subsequently dropped the markets by 2%.

Key Stories: Solana Hack & Michael Saylor Stepping Down

First, a widespread Solana private key compromise has occurred where an attacker is stealing SOL and USDC tokens from Phantom and Slope wallets. The takeaway is that trusted centralized exchanges and hardware wallets are the only safe havens for your crypto.

Second, Michael Saylor is stepping down as CEO of Microstrategy after a bad earnings call which saw $MSTR lose over $90 per share, for a loss of $1 billion. The formal notice stated that Saylor will be moving to the role of Executive Chairman. Microstrategy said this move will allow the company to pursue its two corporate strategies of acquiring and holding Bitcoin and growing its enterprise analytics software business. In the end, this is a good move for the company to take during a bear market. The market uncertainties are too many.

Today’s Top Gainers

The top five performing cryptocurrencies d-o-d are Alpaca Finance (ALPACA/USDT), pSTAKE (PSTAKE/USDT), Optimism (OP/USDT), League of Kingdoms (LOKA/USDT), and UpOnly (UPO/USDT).


For any inquiries contact us at support@phemex.zendesk.com
Follow our official Twitter | Join our community on Telegram
Trade crypto on the go: Download for iOS | Download for Android
Phemex | Break Through, Break Free
start trading start trading start trading

Register On Phemex Now To Begin Trading

Register On Phemex

More Articles

DOGE Soars On Twitter Payments Potential

DOGE Soars On Twitter Payments Potential

Jeffrey Craig | November 28, 2022

MetaMask & Infura’s New Data Policy

MetaMask & Infura’s New Data Policy

Jeffrey Craig | November 25, 2022

Fed Minutes Sends Conflicting Signals

Fed Minutes Sends Conflicting Signals

Jeffrey Craig | November 24, 2022

JP Morgan Crypto Wallet

JP Morgan Crypto Wallet

Jeffrey Craig | November 23, 2022

Subscribe Phemex

Get The Latest News And Updates From Phemex!

Get The Latest News & Updates!