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Mark Cuban’s Crypto Wallet Drained For $900k

*GASP* Green on the screen! Even today’s biggest loser almost ended in the green. ๐ŸŸข

However, a good chunk of the market is well off its intraday highs, and the retracement has only accelerated as the day got later.ย 

In today’s Litepaper, we’re looking at Shark Tank’s Mark Cuban and the major hack that occurred in one of his hot wallets.ย 

Also on deck: the story of blockchain’s Sherlock Holmes and how she tracked the hacked crypto from 2022’s Axie Infinity Ronin bridge attack.ย 

Last but not least, the SEC is stepping up its attacks against a crypto exchange that is already on its last leg.

Here’s how the market looked at the end of the trading day:ย 

Bitcoin (BTC) $26,693 0.61%
Ethereum (ETH) $1,636 0.80%
Total Market Cap $1.042 Trillion 0.72%
Altcoin Market Cap $521 Billion 0.85%
Chainlink (LINK) – Biggest Winner
$6.61
7.54%
Binance Coin (BNB) – Biggest Loser $215.80 -0.33%

Mark Cuban’s $900k Wallet Woe Featured Image

Mark Cuban recently faced a significant crypto setback. An unexpected breach in his hot wallet led to a loss of around $900,000. ๐Ÿ˜ฒ

The anomaly was first spotted by blockchain investigator Wazz, who noticed unusual activity in a previously dormant Cuban wallet. Within a short 10-minute span, assets like $USDC, $USDT, and Lido Staked $ETH were rapidly withdrawn.

Adding to the intrigue, another $2 million in USDC was moved shortly after. Initially raising eyebrows, Cuban later clarified he was merely repositioning assets, hinting that hackers might have been monitoring his moves. To safeguard his remaining crypto, Cuban shifted his assets to Coinbase Custody.

Some theorize Cuban’s own actions might have inadvertently led to the breach, possibly through a mistaken transaction approval or a compromised private key. ๐Ÿ”‘


Blockchain’s Sherlock Holmes: Erin Plante Featured Image

The Setting: Axie Infinity in March 2022
The Stage: The largest blockchain hack in history.
(This story is inspired by NPR. For a detailed account, read it here.)

When you have eliminated the impossible, whatever remains, however improbable, must be the truth. – Sherlock Holmes

The Game is Afoot

In the complex landscape of cryptocurrency, a mystery unraveled. One that could rival the challenges faced by the legendary detective, Sherlock Holmes. However, this wasn’t the foggy streets of Victorian London; it was the digital corridors of $AXS.

Erin Plante, with her expertise in blockchain, was gearing up for a pivotal investigation. Axie Infinity, the blockchain version of Pokemon, had suffered a setback. Not from a cunning adversary like Moriarty but from a digital breach that resulted in a staggering $600 million disappearing into the virtual abyss. ๐Ÿ”

The Clues Left Behind

โ€œYou see, but you do not observe.โ€ – Sherlock Holmes

While the digital world buzzed with the news of the heist, Erin, blockchain’s modern-day Holmes, was already on the case. Every transaction and move was a footprint left behind by the culprits. But unlike footprints, these digital moves were permanent, indelible, and immutable. ๐Ÿ•ต๏ธโ€โ™‚๏ธ

The Chase Begins

โ€œThe world is full of obvious things which nobody by any chance ever observes.โ€ – Sherlock Holmes

Erin and her team monitored was in hot pursuit as the criminals moved the stolen crypto, changing wallets, splitting money, and swapping currencies. But this was a digital chase, with Erin and her team tracking every move, every transaction, every hint of where the money might be headed.

In a twist that would have intrigued Holmes himself, the criminals began using mixers, digital tools designed to obfuscate the origins of cryptocurrency, making it almost impossible to trace.ย 

She had seen these tactics before and knew that behind the complex web of transactions; the truth lay waiting to be uncovered. She knew how to unmix the mixed. ๐Ÿ•ด๏ธ

The North Korean Connection

โ€œThere is nothing more deceptive than an obvious fact.โ€ – Sherlock Holmes

As the pieces of the puzzle began to fit together, a picture emerged that pointed to one of the most formidable adversaries in the crypto world: North Korea.ย 

Much like Holmes and Watson, Erin and her team worked tirelessly, tracking the stolen funds, reaching out to exchanges, and piecing together the intricate web of transactions.

The clock was ticking, and every second counted. ๐Ÿ•ฐ๏ธ

The Conclusion

โ€œWhat one man can invent, another can discover.โ€ – Sherlock Holmes

While the entire sum couldn’t be recovered, Erin’s relentless pursuit ensured that a significant portion was frozen and kept out of the wrong hands.

The Axie Infinity heist was a stark reminder of the challenges and dangers of the crypto world. But it also highlighted the brilliance of individuals like Erin, who work to ensure that justice is served with their dedication and expertise.

In the end, as the dust settled on this digital caper, one thing was clear: the world of crypto had found its Sherlock Holmes in Erin Plante.

The hack remains the largest crypto heist in history. ๐Ÿ˜ฑ


SEC Keeps Kicking The Dead Horse That Is Binance.US Featured Image

The SEC is demanding a thorough inspection of Binance.US. and their seemingly evasive behavior and reluctance to hand over crucial documents. ๐Ÿค”

Just a few months ago, the SEC threw the book at Binance.US, its global parent, Binance Holdings, and founder Changpeng โ€œCZโ€ Zhao. Now, the SEC is doubling down, emphasizing the “urgent need” for a deep dive into Binance’s dealings, especially their questionable use of the custody platform Ceffu (once known as Binance Custody).

The SEC suspects some sneaky business, hinting that Ceffu might be helping Binance.US move U.S. customer funds overseas, a big no-no based on prior agreements. The root of the issue? Binance.US’s parent company, BAM Trading Services, couldn’t convince the SEC that they had full control over customer assets. ๐Ÿ˜’

The SEC’s not buying BAM’s “evolving” tales about Ceffu and is calling out the company for its inconsistent stories and dragging its feet on document production. They’re urging the court to force the exchange to provide the requested depositions and communications.

While Ceffu insists it’s an independent entity and not tied to Binance, the real relationship remains murky at best. ๐Ÿคทโ€โ™‚๏ธ


Bullets

Bullets From The Day:

๐Ÿ”’ Core Scientific has agreed to sell a Bitcoin mining data center to Celsius Network for a cool $14 million. This move, pending court approval, will conclude the legal tussle that saw both companies filing for bankruptcy. The heart of the dispute? A Texas-based data center valued at around $45 million. Meanwhile, the crypto community is still buzzing about the criminal charges against former Celsius executives Alex Mashinsky and Roni Cohen-Pavon.

๐Ÿ”„ Avalanche’s ($AVAX) new dapp, Multiswap, is revolutionizing the crypto trading scene. Developed by CavalRe, this tool lets traders swap up to 300 tokens in a single transaction. Think of it as a decentralized ETF, with a test pool representing a mockup of the S&P 500. But, as with all things crypto, there’s a word of caution: security risks remain, especially with sophisticated blockchain applications.

๐Ÿšจ CoinEx, recently hit by a $55 million hack, is extending an olive branch to its attackers. In an open letter, the exchange invites the hackers for a dialogue, offering a “generous bug bounty” for the return of the stolen assets. The Lazarus Group, a North Korean hacking entity, is believed to be behind the breach. CoinEx’s latest update reveals the theft might be closer to $70 million, but they’re fully committed to reimbursing affected users.

๐Ÿ’ผ Citi is making waves in the digital asset space. In collaboration with Maersk, they’re rolling out blockchain-based services for institutional clients. The bank is set to offer tokenized cross-border deposits to cut down transaction times from days to minutes. This move isn’t out of the blue; Citi has been exploring the crypto realm for a while, partnering with entities like Metaco and leading funding rounds for digital asset ventures.