Chiliz is looking hot! 🌶️🔥

Happy morning folks!

Welcome to Switch Daily. 🤗

We hope you’ve had your shot of filter coffee this morning coz we have some hot news to share with you. And we’re spilling some secrets too…

Today, we bring you a good helping of

• Market pulse

• How did Nomad reward its good samaritans?

• Piping hot news

• Meme to make you laugh

Market pulse 📈

The market is giving out mixed vibes 😵‍💫

Due to a lack of support from top coins and the absence of any global cues, the crypto market was sideways on Wednesday’s session. The total market cap is hovering close to the psychologically important $1 trillion level. Bitcoin was mostly sideways during Wednesday's session, struggling to break above the $21,500 level, but is holding on to the $21,000 level successfully, which is a positive for the market.

Psst... Our in-house crypto expert Parth is set to spill some trading secrets, don’t miss it.

💰Give me my tokens back, here take a ‘white hat’👒

Remember the first week of August, when news of hacks came firing every day like crackers on Diwali? 🧨✨

Well, the Lakshmi bomb of them all was the ‘Nomad hack.’ The scene was; a bunch of regular users hacked their way into robbing $190 million from the Nomad bridge due to a security gap.

So, what did Nomad do?

They pleaded. Damn, right they did!

Nomad desperately wanted to fix this and pleaded with the thieves to return the stolen funds. They even promised not to take legal action against hackers who return at least 90% of the assets they took.

It sounded like a deal 🤝🏽! But there was more.

Nomad would consider such folks as "white hat" hackers or "ethical hackers.” They even offered a 10% bounty on the retrieved funds.

Twenty days since, few hackers returned the stolen funds. To thank them and encourage the others to do the same, Nomad partnered with Metagame, an NFT firm, to offer ‘White hat’ NFTs as a token of good faith to the White hats.

🤩Wow, NFTs! Right? — Wrong.

These White hat NFTs have no value or utility. They just serve as a trophy to appreciate the act of good faith. Much like the certificate of appreciation you get for volunteering to help at your college events. Also, the first 50 people who return the funds related to this promo will receive 100 FF tokens (worth ~₹3,500) from web3 platform Forefront.

Well, that’s disappointing news for the ‘White hats.’ No surprise, this didn’t go down well on Twitter.

Return something to get almost nothing oooohh, that should sting...🤕

And what about the 10% bounty that Nomad announced during the hack? We don’t know yet. But if you were one of the hackers and heard from Nomad, do write to us. We would love to chat with you.

What’s the scene, bruh? 💁‍♀️

📹Indian app launches first-of-its-kind video NFT marketplace

Chingari, a popular Indian content creation platform, has started the world’s first video NFT marketplace. This initiative aims to give creators greater control over monetization of their content. Read more.

🇮🇳Forum to speed up Web 3.0 adoption launched in India

The Government of Telangana, led by Jayesh Ranjan, launched the India Blockchain Forum to promote the adoption of Web 3.0, in Hyderabad. It aims to make India a global blockchain and Web 3.0 hub. Read more.

📚US parents want crypto curriculum

A Study.com survey has revealed that 64% of US parents want crypto to be a part of the school curriculum. Over one-third of those surveyed want their kids to learn about blockchain tech and the metaverse. Read more.

🧑‍🚒Near Protocol curbs another hacking attempt; hackers pay

Hackers tried exploiting Near’s EVM-compatible Rainbow Bridge on 21 August 2022. They failed because the attack was blocked within 31 seconds. No user funds were lost, but the attackers had to part with the deposit they made to implement the attack. Read more.

Meme of the day:

Well, that's a wrap for today!

See you, tomorrow folks, 👋