14 Jun 24
 14 Jun 24
 14 Jun 24

tl;dr

Not all hackers are unreasonable. The bug bounty strategy used by Curve Finance was a logical move that did bear fruit. Here is what is on my mind today.1. The amount of money lost during the hack was a hefty sum. So Curve recovering $61M of it is a big deal. The Alchemix pool lost $13.6, Metronome ...

Not all hackers are unreasonable. The bug bounty strategy used by Curve Finance was a logical move that did bear fruit. Here is what is on my mind today.

1. The amount of money lost during the hack was a hefty sum. So Curve recovering $61M of it is a big deal. The Alchemix pool lost $13.6, Metronome had lost $1.6M and JPEG'd lost $11.4M. Curve offered 10% bug bounty for returning 90% of the funds. What is important to note is that the assets started returning only a day later on August 5th. This may not be the answer every time something happens, but if hackers are able to get their hands on a project's assets, there is a bug. If I was a hacker, I would rather receive something for my hard work and not have to look over my shoulder. Of course, they are still looking for help in identifying the hacker.

2. As DeFi is drying up on Cardano, Avalanche seems to be enjoying some upward movement in the space. Total Value Locked in Real World Assets (RWA) has seen big growth. The project has hit a major milestone of reaching $1B in TVL. Although the tokenization of assets has taken a hit over the past few months, you can easily see how there is a tremendous amount of growth potential in DeFi. I think there are a number of project just beginning to come out of stealth mode and that we will begin to realize the strength of the space in the coming months, especially in international transactions.

3. As we approach what I suspect to be a very eventful Blockchain Futurist Conference, Shiba Inu lead developer, Shytoshi Kusama took aim at scammers posting a bogus news story about new tokens being offering in the ecosystem on X (Twitter). His response to the bogus post? "Untrue. Do better." I guess this is why it is rumored that one of the announcements may be that Shibarium will be about digital identify technology.

4. Did you hear that the pending class action lawsuit brought against Tether and Bitfinex has been dismissed? The lawsuit was based on allegations that USDT was not backed one-to-one with US dollars. Being that the original people that filed it, Matthew Anderson and Shawn Dolifka, could not prove actual injury. They also couldn't prove USDT lost any value.

5. Can you imagine a country that has a Triple A rating moving toward becoming a cashless society? Well, that is exactly what is going on in Australia. Looking to put a squeeze on criminal elements, the country has taken over $1B worth of currency off the market. Will this be a boon for digital assets in the future? I know they are going to need a good deal of education around what the end goal is because the change will most likely hurt the elderly because of their reliance on physical cash and the slow pace at which they embrace change.

6. I just read an article about the flight of deposits at banks. This is probably one of the reasons why Heartland Tri-State Bank has failed. I realize people are beginning to take control over their finances, especially their savings. That said, I would like to see a report on how banks may be seeing inflows of via alternative avenues. You have to keep in mind there are a lot of revenue streams banks are involved in where the money does not necessarily hit their "deposits" numbers.

7. Dan Morehead, CEO of Pantera Capital, and I agree. Bitcoin has shown a great amount of resiliency during what some call the Crypto Winter. More importantly, the market is coming out of a bear market and Bitcoin has reached a turning point. Think about the collapse of Terra and FTX and the impacts they had on the Cryptoverse. Now think about how the industry has created higher lows.

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.