TLDR Crypto Daily Update 2022-10-10

FTX Visa cards 💳, Solana's fix for outages ☀️, Binance hack aftermath 👨‍💻

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Markets & Business

Did Celsius ‘dox’ its customer base? How an attempt to dodge regulators ended with thousands of pages of user data published online (3 minute read)

A court filing containing the names and transaction histories of every Celsius user was recently released to the public. While people accused the company of doxxing its customers, the lack of privacy stems from the way Celsius classified its customers. Celsius classified its customers as creditors to avoid being regulated as a bank. The legal framework for bankruptcy cases requires companies to disclose their creditors. Debtors are required to identify creditors that have received payments within either 90 days or a year, depending on their status.

Helium, The A16Z-Backed Crypto Unicorn, Spars With Binance Over Delisting (4 minute read)

Binance will delist multiple trading pairs for Helium Network Tokens on October 12 due to reports of poor revenue and misleading marketing. The HNT/BUSD trading pair will not be affected. Traders are strongly advised to close their positions before they are automatically settled or canceled. Despite raising more than $250 million from investors, Helium only generated $92,000 from network data transfers in the past year. Most of Helium's revenue comes from new user registrations. Many Helium's network operators are only earning a few dollars per month.
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Innovation & Launches

Solana Co-Founder Says 'Long-Term Fix' to Network Outages Is in the Works (3 minute read)

Solana has had five major outages since its launch in 2020. Its Firedancer client, which was announced back in August, will be a long-term fix for these outages. Firedancer will allow Solana to handle more transactions more efficiently within the next two years. It is being developed by a separate software development team, reducing the probability of them having the same bugs. Solana's co-founder says that the network's current issues are largely due to human error.

FTX partners with Visa to launch its debit cards in 40 countries (2 minute read)

FTX has partnered with Visa to expand its debit card program into 40 countries. The card will be linked to users' FTX accounts and enable direct crypto transactions. It is already available in the US. The rollout will start in Latin America before moving to Europe and Asia.
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Guides & Resources

What It Takes to Halt a ‘Decentralized’ Blockchain Like Binance (4 minute read)

The BNB Chain was halted in response to the Binance Bridge hack thanks to quick coordination between the chain's 26 validators. The pause reduced the $566 million hack down to just $100 million. An update was pushed hours later to bring the network back online. The quick response indicates that the BNB Chain has a very centralized structure. This structure allows the network to be much faster and cheaper than other chains.

Here's how the Binance hack went down (3 minute read)

2 billion BNB tokens were recently stolen from the Binance Bridge. The attacker convinced the Binance Bridge to send them 1 million BNB twice by forging a proof for a specific block. This Twitter thread explains how the hack was likely carried out. The attack targeted the method the Binance Bridge used to verify proofs.
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Miscellaneous

Binance blockchain suffers $570 million hack (2 minute read)

Hackers recently stole around $570 million in tokens from Binance. The BNB Chain was paused for approximately eight hours. The hack targeted the BSC Token Hub. More than $2 billion of cryptocurrency has been stolen this year, with many of the hacks being traced to state-sponsored actors in North Korea. Binance has assured customers that their funds are safe.

Stop Building for Crypto Twitter (25 minute read)

web3 projects that focus on maximum possible composability with minimum necessary decentralization have the best chance at building an open metaverse. Users don't care for decentralization because it is hard to observe or feel directly. Gaining mass adoption requires delivering local and direct value. Startups should focus on delivering value while ensuring that decentralization is achieved instead of building decentralized apps that are barely usable.

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Quick Links

Why Synthetix's Kain Warwick Thinks DeFi Governance Has Gotten Worse (4 minute read)

A lot of DAOs have rushed solutions to governance, but the bear market will likely bring more reasonable governance frameworks.

Optimism Bedrock vs Arbitrum Nitro (14 minute read)

This article contains a technical breakdown of the differences between Optimism Bedrock and Arbitrum Nitro.

A long thread on STARK math (4 minute read)

This Twitter thread links to many resources about STARK math.

Malaysia Announces Plans to Build a National Public Blockchain (2 minute read)

MY E.G. Services Berhad will co-develop and operate Malaysia's national blockchain infrastructure.

Binance CEO Zhao Taking Different Acquisition Tack Than FTX's Bankman-Fried (1 minute read)

Both Sam Bankman-Fried and Changpeng Zhao have said they're willing to spend $1 billion on deals this year, but Zhao's focus will be on expanding into publishing, DeFi, and NFT projects.

It's Lonely in the Metaverse: Decentraland’s 38 Daily Active Users in a $1.3B Ecosystem (2 minute read)

Despite both having over $1 billion in valuation, Decentraland and The Sandbox each have below 1,000 daily active users.

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