Celsius

FTX Token

Lido DAO

Lido wstETH

<p>Here&#39;s a recap of the biggest crypto news stories and developments for October 7, 2022.</p><h2 id="header-0">1. BNB Chain suffers $570 million exploit</h2><p>Yesterday, BNB Chain was targeted in an attack that impacted <a href="https://coincodex.com/convert/binance-coin/usd/" rel="noopener noreferrer nofollow">2,000,000 BNB</a> worth of digital assets on the <a href="https://coincodex.com/cryptocurrencies/sector/binance-smart-chain/" rel="noopener noreferrer nofollow">BNB Smart Chain (BSC)</a>. To limit the potential damage, BNB Chain validators had been asked to halt the operation of the blockchain, which remained out of service until 6:30 AM UTC earlier today.</p><p>According to a <a href="https://www.bnbchain.org/en/blog/bnb-chain-ecosystem-update/" rel="noopener noreferrer nofollow">blog post</a> shared by Binance CEO Changpeng “CZ” Zhao, the exploit affected the cross-chain bridge between BNB Beacon Chain and BNB Smart Chain. Out of the total hacked amount, $100M - $110M is estimated to have been taken off BSC, with the remaining funds locked on the chain. The BNB Chain community will decide whether to freeze or not to freeze the hacked <a href="https://coincodex.com/crypto/binance-coin/" rel="noopener noreferrer nofollow">BNB</a> via an upcoming governance vote.</p><h2 id="header-1">2. Court documents show Celsius executives withdrew $17M before user transfers were frozen</h2><p>During the court bankruptcy proceedings for the troubled centralized crypto lender Celsius, 14,500 pages of documents were revealed that show transaction data, including the US Dollar amounts and cryptocurrency types used.</p><p>Among other things, documents show that mere weeks before <a href="https://coincodex.com/article/15612/crypto-lender-celsius-pauses-withdrawals-cites-extreme-market-conditions/" rel="noopener noreferrer nofollow">user withdrawals were halted</a>, former Celsius CEO Alex Mashinsky <a href="https://www.ft.com/content/5f7c9eab-ca5f-4425-91be-5781313c9723" rel="noopener noreferrer nofollow">withdrew $10 million</a> from the platform, while former CSO Daniel Leon withdrew about $7 million. According to Mashinsky’s representative, the withdrawal was pre-planned.</p><h2 id="header-2">3. MakerDAO converts $500 Million DAI into US Treasuries and corporate bonds</h2><p>MakerDAO, a leading decentralized finance (DeFi) project and the issuer of the <a href="https://coincodex.com/crypto/dai/" rel="noopener noreferrer nofollow">DAI stablecoin</a>, is <a href="https://twitter.com/MakerDAO/status/1578007896868233216" rel="noopener noreferrer nofollow">investing $500 million</a> into short-term US treasury bonds and corporate bonds. The decentralized autonomous organization (DAO) will fund the investment by converting a part of its DAI holdings.</p><p>According to MakerDAO, the balance sheet restructuring will see the company put 80% of <a href="https://coincodex.com/convert/dai/usd/?amount&#61;500000000" rel="noopener noreferrer nofollow">500 million DAI</a> into Blackrock’s US Treasury ishares ETF, and the remaining 20% in IG Corporate Bond.</p><h2 id="header-3">4. FTX expands partnership with Visa, aims to launch crypto cards in 40 new countries</h2><p>FTX cryptocurrency exchange and leading payments company Visa have expanded their partnership which will see FTX roll out cryptocurrency debit cards in 40 additional countries. Recall that the exchange initially launched FTX Card for US customers in January of this year.</p><p>&#34;We&#39;re excited to partner with one of the world&#39;s largest payment networks to give our users the ability to use their crypto to fund purchases at millions of merchants around the globe,” explained FTX CEO Sam Bankman-Fried in a <a href="https://www.prnewswire.com/news-releases/ftx-and-visa-expand-global-partnership-301643433.html" rel="noopener noreferrer nofollow">statement</a>. The price of <a href="https://coincodex.com/crypto/ftx-token/" rel="noopener noreferrer nofollow">FTX Token (FTT)</a> increased roughly 4% following the news.</p><h2 id="header-4">5. Lido to support wstETH on Ethereum layer 2 networks Arbitrum and Optimism</h2><p>The leading liquidity staking pool, Lido, has rolled out support for popular Layer 2 Ethereum solutions Arbitrum and Optimism. The integration will allow users of the two L2 networks to access Lido’s <a href="https://coincodex.com/crypto/wrapped-steth/" rel="noopener noreferrer nofollow">wrapped staked ETH (wstETH)</a> token.</p><p>Per Lido’s Thursday <a href="https://twitter.com/LidoFinance/status/1578085157768134659" rel="noopener noreferrer nofollow">post</a> on Twitter, the company “has been working towards a full L2 roll-out to support the expansion of Ethereum while providing access to unique strategies possible through liquid staking.” To support the L2 push, Lido is allocating <a href="https://coincodex.com/convert/lido-dao/usd/?amount&#61;150000" rel="noopener noreferrer nofollow">150,000 LDO</a> tokens in incentives for each network.</p>

BNB Chain Suffers $570M Exploit, Celsius Execs Withdrew Funds Before Platform Was Frozen—Top 5 Crypto News, Oct 7

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