social media giant says bye to web3 :c

Snapchat sunsets web3 team, Sudoswap's interesting airdrop & Kyberswap's $626k hack

Author

Lili (QueenBao)
September 05, 2022

GM Baos. 

Monday is here, and so is the bear. Not to worry because Bao vibes are skyrocketing everywhere 😉

Today we cover: 

  • Snapchat is down bad

  • Sudoswap's sub-par airdrop

  • KyberSwap's hack

Snapchat ghosts it’s Web3 plans 👻

A major social media company quits web3 🥲 

With NFT volumes down & companies taking a more conservative stance, our darling tech companies have made some tough decisions. 

Jake Sheinman (Co-Founder of Snapchat's web3 division), tweeted he was leaving the company after Snapchat sunsetted the web3 team.

This isn’t too surprising if you heard the news about Snapchat laying off 20% of it’s workforce 😬 That's another 1,200 people out of a job. 

Last week, Evan Spiegel (CEO) wrote in a note that Snapchat was restructuring its business to focus on community growth,  revenue growth and augmented reality. Teams that don’t contribute to those areas have been reduced or made sunset altogether. 

Snapchat was actually about to start testing NFTs with select creators in August. Though that’s proBAObly not happening any time soon 🤣

What do you think Baos? Has Snapchat made a big mistake?

Sudoswap retroactive airdrop

The NFT marketplace which made waves for having 0% royalties, announces a $SUDO airdrop 👀

$SUDO is the governance token of their protocol sudoAMM.

XMON holders, 0xmon NFT holders and liquidity providers can all participate in the $SUDO airdrop.

Because it’s a lockdrop event, XMON holders who would like to receive the airdrop will have to lock their tokens for three months.

I don’t know if I’d want to do all this for an airdrop 😅

How the $SUDO token supply will be distributed:

  • 41.9%— XMON holders

  • 1.5%— 0xmon NFT holders

  • 1.5%— sudoAMM liquidity providers (pre airdrop announcement)

  • 15.08%—treasury

  • 15% (vested)—initial team members

  • 15% (vested)—SudoRandom Labs

I’ve seen some people on Twitter say this is one of the worst airdrops ever 🥴 What are your thoughts on the $SUDO airdrop?

KyberSwap frontend exploit

Another day, another exploit. This time it's KyberSwap, a multichain DEX (or DEX aggregator) that suffered a hack.

What went down...

  • The team identifies a suspicious element on their front end

  • KyberSwap’s website shuts down to investigate

  • A malicious code in their Google Tag Manager is found

  • The code allowed a hacker to transfer a user’s funds to their wallet address

  • Team disables the Google Tag Manager

  • Operations resume & wallet addresses identified

$265k of user funds were lost in the hack. You can read a detailed analysis of the incident in this medium post!

Interestingly, only two addresses were affected. The hacker was specifically targeting whale wallets 🐳

In an effort to retrieve the stolen funds, KyberSwap is offering the attacker 15%.

I once had money locked up on a protocol due to a bug. My collateral was returned in two weeks, but it felt like forever.

While I love using DEXs (decentralized exchanges), it was a strong reality check.

Never leave more funds than you’re willing to lose on any one platform! Whether it’s a hack, scam or bug nobody could have predicted, please be careful out there Baos 💙

Bao-sized news

Made us Kek

Web3 Jobs

Take a look at some new job listings available out in Web3! If you’re a bao holder, you’ll get access to more curated job listings FIRST and coaching during our office hours 😉

📓 Join our Job Office Hours! Every Wednesday 7PM PT 📓

This week we have a fun session planned with Sheepy. Her dad used to always say to her “The greatest gift that he can give her is tools to help her problem solve in life” and that’s what she’s doing here for all of you this upcoming session!

Sheepy will be covering tools that she’s learned through her career & education that will be agnostic to whatever job you’re in. These are tools you can use for any product, team development, feature, or ideas you’re pursuing!

  • Google HEART Framework

  • Service Blueprint

  • Lean Canvas

  • Job to be Done (JBTD)

  • Reframe

All the notes are posted up in the Fortune Friends Club Discord Server for Bao holders with materials and links covered.

It's just the beginning of an incredible week, I hope you kill it out there Baos ✨

–Lili