🥷😆A Hack Gone Hilariously Wrong

Good Morning Switchers 🤗

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Wassup, wassup?? Yep, we’re in a great mood today, and we want to spread that goodness faster than the football fever 😛. So, bang in the middle of a bear market and the FTX saga, our cool product folks at CoinSwitch dropped a hot product—CoinSwitch Pro. You can now trade on multiple exchanges using a single login with INR🔥.

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Here’s what we’ve got for you:

• Market pulse

• Karma strikes the Mango Markets hacker

• Not-so-boring news

• Meme of the day

Market pulse 📈

The market is moving on 💛

With the FTX contagion decreasing, the overall crypto market experienced another bullish session on 23 November. Most of the top cryptos by market cap experienced a bullish session, with BNB(+12.17%), DOGE (+4.20%), and ETH (+3.99%) leading the market. BTC, ADA, XRP and MATIC also ended the day with modest gains. With most of the top cryptos trading in the green, the crypto market rose by $24.6 billion and ended the day at $788.3 billion.

🥷😆A Hack Gone Hilariously Wrong

Do you believe in the saying ‘Karma spares none’?

Well, we did not give it much thought as well. Until we came across this story.

You know about the notorious Mango Market Hack, right? Cool, let’s brush up on our memories with a little recap.

Earlier last month, i.e., Oct 2022, Mango Markets, decentralized finance (Defi) platform, fell prey to a $100 million hack. Later during the day, the hacker proposed to return most of it if the DAO voted against pressing charges and then—get this—using the coins he stole to vote in his favor.

So, ultimately, the hacker got away with the hack and a few million dollars in his pocket.

After this incident, the gloating hacker revealed himself on Twitter as Avraham Eisenberg. Weeks later, he found a loophole in Aave’s network and posted an open plan to manipulate the Aave network.

Probably nobody took notice, or no one cared. 🙈Either way, neither Aave nor its financial modeling platform Gauntlet took steps to correct it. Perfect opportunity for Avraham to exploit the situation and get himself the title of ‘the Great Hacker,’ no?

Fast forward a few weeks—Avraham took 40 million Curve (CRV) tokens as a loan from Aave. The idea here was to sell off the tokens, reduce the token’s market cap and make millions from a short position. This would make things worse for Aave, resulting in huge debts.

Well, a perfect plan. But here’s what happened:

• CRV’s price fell early Tuesday from $0.53 to $0.41.

• Curve released a whitepaper for its new stablecoin crvUSD.

• Moments later, CRV’s value quickly rose again, gaining nearly 31% in 24 hours.

As CRV’s value soared, Avraham’s plan to exploit Aave went to drains. Instead, the hacker made a huge loss. Talk about bad timing, or did Karma just strike back? 😌

But the hack was not an utter flop either. Aave’s network was left behind with $1.6 million in bad debt. BTW if Avraham had been successful, this number could have been way higher. But, in his defense, he did warn the network on Twitter. Oh wait, he forgot to tag Aave. Avraham, next time you want to get the attention of a network, maybe try tagging them in your warning message. LOL.

Did Aave learn its lesson finally? Looks like it. Yesterday the network announced plans to make some governance changes to the network.

What else is on the news? 🤨

🪙Crypto has survived worse than FTX’s collapse: Chainalysis

Chainalysis has compared Mt. Gox's bankruptcy to FTX's to determine how FTX's bankruptcy will affect the ecosystem. The result- FTX was a much smaller part of the crypto industry than Mt. Gox was at the time, and the industry would recover stronger than ever.

🔻Blockchain VC fundraising fell by 50% in Oct

In October, blockchain venture capital inflows fell sharply compared to the previous month. According to Cointelegraph Research, the number of individual transactions has decreased from 93 to 69 per month.

👛Old Bitcoin wallet suddenly becomes active

A crypto wallet associated with the BTC-e exchange, which has been linked to the 2014 Mt. Gox hack, made its first transaction since August 2017, sending 10,000 bitcoin ($165 million) to two unidentified recipients.

Meme of the day!

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See you tomorrow, folks. 👋

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