Kim Kardashain Gets Charged by the SEC

The big story that captured the attention of the mainstream and the crypto world alike this week was Kim Kardashian being charged by the SEC for failing to disclose a payment she received for shilling Ethereum Max on Instagram.

She will pay a $1.26M regulatory fine, and has also agreed not to promo crypto assets for three years. She has also agreed to cooperate with the ongoing investigation, indicating that there will be more dominos to fall. Floyd Mayweather, Paul Pierce, and several others also took place in promoting EMAX.

Hacker Steals $566M From Binance Bridge

The Binance Smart Chain (BSC) has been halted after a hacker exploited the bridge, taking 2 million BNB ($566M) - making it one of the largest hacks of all time.

foobar @0xfoobar

somebody on BNB just got hacked for ~2 million BNB ($600 million USD) the attacker is spewing funds across liquidity pools and utilizing every bridge they can to get to safer chains complete chaos on the chain

9:51 PM ∙ Oct 6, 2022

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Here’s what the hackers wallet looked like:

CZ 🔶 Binance @cz_binance

An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.

11:51 PM ∙ Oct 6, 2022

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Here are the full details from the Binance team.

US Senator Introduces Bill to Protect Crypto from the SEC

A US Senator, Bill Hagerty (R) of Tennessee is introducing a new bill that would shield crypto exchanges from SEC overreach and provide regulatory clarity about how virtual assets are to be classified.

OpenSea Adds Bulk Listing and Buying

OpenSea has added a new product feature - the ability to list and buy up to 30 items at once. Time to get those brooms out 🧹

OpenSea @opensea

We’re officially live with bulk listing and buying! 🛒 You can now list and buy up to 30 items in a single flow on OpenSea. Let’s walk through what this experience looks like in this 🧵

12:38 AM ∙ Oct 5, 2022

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Uniswap is Raising $200M at a $1B Valuation

Uniswap is in talks to raise upwards of $200M at a $1B valuation.

You know what's special about this story? Uniswap was developed during the brutal bear market of 2018 - when crypto was written off. Keep building.

Solana Goes Down Again

A misconfigured node caused the Solana network to stop processing transactions and go offline last Friday, the fourth major outage for the popular blockchain since January.

Celsius’ Shady Execs

Crypto lender Celsius’ top executives withdrew a little over $17 million in cryptocurrency between May and June 2022, right before the company suspended withdrawals and filed for bankruptcy, new court records show.

MakerDAO to Invest $500M in US Government Bonds

MakerDAO, the world’s largest DeFi lending protocol, announced on Thursday a plan to invest $500 million in short-term US treasury bonds and investment-grade corporate bonds.

Hope you enjoyed this edition of This Week in Web3. Let me know in the comments below your thoughts on the big stories of the week.

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See you next Friday.