Binance's big whoopsies that cost them $600m 😳

GM Baos.

Today's a special day, because it's @brnenft coming in HOT with a new newsletter before the new week hits.

Today we cover:

• Binance hits pause on the network

• Celsius customers in open court

• Star Atlas debuts on the Epic Games Store

Binance hits pause on the network

The world’s largest cryptocurrency exchange yesterday hit pause on their $BNB network as concerns of a hacker attempting to move almost $600 million in BNB tokens off chain erupted.

The hack took advantage of a vulnerability in the Binance bridge in how it verified proofs. The attacker was able to forge and sending two forged messages to extract almost 2 million of $BNB tokens valued at almost $600 million.

CZ has come out to estimate that currently the hacker only managed to secure $110 million but Binance are working hard to freeze all those assets. However the stolen coins have already been washed into other liquidity pools and swapped into ETH causing ripples through multiple chains.

Thankfully, all customers were safe as all the tokens extracted were newly created and not from existing wallets or holders.

Once the exploit was detected, the BNB Chain took swift action to pause and respond to the threat…

But the rest of the crypto community weren’t necessarily cheering for them on Twitter. Rather, the conversation became divided around the centralised nature of the actions and response taken. In the face of a malicious attack, is centralised interventions like this frowned upon?

What else were they meant to do? Just stand and watch? 🤷‍♂️

Celsius customers in open court

First you lose all your hard earned crypto gains and the nest egg you put away for your little Jane’s college tuition. Then ALL your transactions, accounts, balances get put on public display in open court.

The 2022 crypto contagion and collapse of funds and exchanges continue to be put under the microscope in the traditional court system.

Currently it’s unclear as to why the information needed to be presented. But its forming part of the exposition into the fall of Celsius as it filed for bankruptcy.

A 14,500 page document disclosing significant details is publicly available as a court document causing significant uproar by disgruntled customers. Yikes! All transactions by user, by account, by date are now accessible through this document…but thankfully addresses have been removed.

As the court case continues, it’s been revealed that while 1.7 million customers had their accounts frozen and withdrawals suspended, the co-founders were found moving around $17 million into their own pockets.

This case will definitely increase in Celsius in the months to come…

Star Atlas debuts on the Epic Games Store

Much love to the magic that’s happening at the team at Star Atlas building a Solana blockchain based NFT game with Unreal Engine 5 graphics. Fantastic engine to build a AAA game but an interesting choice of blockchain…

Alright alright, you’ll hear us hear knocking Solana most of the time but we’re chain agnostic we promise.

Star Atlas is aiming to be a AAA game described as “A grand strategy game of space exploration, territorial conquest, political domination, and more”.

Though only just a demo, the graphics are impressive and the universe that is being built is extremely exciting.

What gets us buzzed is that the log in screen features connecting your Solana wallet driving digital ownership and integrating the blockchain into high-quality games.

Check out some of the gameplay in the video below 🎥

Bao-Sized News

• Solana's going to fix their frequent network outages

• Jim Cramer bought a farm with his Bitcoin profits

• Let's pay $15,000 for lifetime memberships to this swanky golf course

Made us Kek

Of course QB ruined something that was so great.,,

Let's get this bread. Enjoy your killer weekend 😎

–Bernie