Crypto Hebdo : du rebond de Ripple (XRP) au hack de Wintermute

Crypto Hebdo: from Ripple (XRP) rebound to Wintermute hack

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The bear market is deepening, but the bad news of the week is the Wintermute hack. An operator stole $160 million from the automatic market maker. Then we have the French bank Société Générale which is opening up a little more to cryptocurrencies. While Ripple could win the long legal battle against the SEC, the price of XRP is soaring. We will end this weekly with the Vasil hardfork, which comes a week after that of its big competitor.

Societe Generale will launch a crypto service for asset managers

This Wednesday, the securities services division of the French mega bank (SGSS) announced in a press release that it was going to set up a new service which will be dedicated to asset managers interested in the universe of crypto. Concretely, the SGSS will offer a service through which management funds will be able to offer crypto products without worrying about regulatory concerns.

We learn that the fund manager Arquant Capital is already using the services of SGSS to offer Bitcoin and Ether to its clients. The CEO thinks that this offer will allow them to create value for their customers.

“This solution provides Arquant Capital with an innovative structure that allows us to develop our offer and focus on creating value for our clients”.

Said Arquant CEO Eron Angjele

Societe Generale is immersing itself a little more in the crypto sector with this new product. The company is already exploring blockchain through its subsidiary SG Forge. In 2019, the latter issued a security token on the Ethereum blockchain whose value was estimated at 100 million dollars.

To learn more, read the following article:

👉: Societe Generale opens up a little more to cryptocurrencies

Hacker steals $160 million from Wintermute

On Tuesday morning, Evgeny Gaevoy, CEO of Wintermute, an algorithmic market maker, reported that his platform had been hacked. The operator would have stolen the equivalent of 160 million from the market maker. However, Gaevoy reminds that his platform always remains solvent and that creditors can recall their loans whenever they want. He also let it be known that he would be ready to negotiate with the attacker, and even treat him as a white hat if the latter returns the stolen funds.

The Wintermute attack occurred after the hacker exploited a flaw in the Profinaty address generation tool. Indeed, the latter used the tool to regenerate Wintermute’s private address key to access his wallets. This is how he was able to grab the 160 million on the platform. According to investigator ZachXBT, the hacker has already transferred 114.3 million into Curve Protocol’s liquidity pool.

To learn more, read the following article:

👉: Wintermute: a new hacking victim

Possible Ripple victory: XRP soars

As the crypto market continues to sink into the downtrend, XRP has seen a performance of 25% in a daily session and 67% on a weekly basis. Data from analyst firm Santiment shows that whales with 1-10 million have reactivated the addresses they have accumulated since the end of 2020. XRP is also seen to have broken the long-term downtrend with its counterpart in Bitcoin. The asset is currently ranked among experts as the crypto to accumulate for this end of the year.

This increased excitement around the XRP token has been fueled by hopes that Ripple could win its court battle against the SEC. According to some, the American stock market authority would even be ready to drop the case. Ripple attorney Stuart Alderoty said:

“After two years of litigation, the SEC is unable to identify any investment contract and cannot satisfy a single limb of the Supreme Court’s Howey test.”

To learn more, read the following article:

👉: XRP Whales Continue to Accumulate as Sentiment Turns Positive

Cardano has made its update

Announced since June, the hardfork of Cardano – better known as Vasil – finally took place during this week, a few days after that of its eternal rival Ethereum. If the update has been delayed for a few days, it is due to technical difficulties identified during certain testnets. Now, the new challenge for Cardano will be to work on the layer 2 platform of its cryptocurrency, Hydra.

Nevertheless, the founder of Cardano complained a bit about the treatment that some crypto media inflicts on his project. He highlighted the fact that the media focused on the delay of the update when it only lasted three months, while they said nothing about the Ethereum one which took over two years.

“For anyone curious about how media bias works, here is a wonderful comparison between two products. Two blockchains update in the same month. Both are important and difficult forks. One was delayed for several years. The other by only three months. What delay is mentioned?”

he writes on his Twitter account.

To learn more, read the following article:

👉: Cardano (ADA) Vasil hard fork: everything you need to know

Other hallway news from the crypto universe

  • Helium, the decentralized wifi project has successfully migrated to Solana. Crypto officials cite the scalability of the SOL network to justify this migration. However, proof of coverage and data transfer mechanisms will be transferred to Helium Oracles.
  • Binance CEO thinks the bear market is good for the crypto market. According to one of the most powerful men in the industry, investors should not focus on price to judge the progress of digital assets. Instead, they should look at the level of crypto adoption.
  • According to Wall Street Journal, Coinbase would have been trading for its own account. Indeed, the American newspaper, the employees of the exchange would have traded and staked the liquidities of their customers.
  • Jesse Powell leaves Kraken to focus on crypto activism
  • According to several sources, the MiCa Law has already been finalized

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