- After a sharp decline following the Fed's decision to raise interest rates by 75bps, crypto prices have found some footing this morning. At the time of writing, $BTC is up 2.70%, and $ETH is up 1.74%. Alt layer 1's such as $SOL, $AVAX, $NEAR, have performed relatively well, up 4.11%, 4.53%, and 3.65%, respectively. Alt Layer 1's have seen a boost relative to Ethereum since the Merge was completed on September 15th. Solana, for example, has appreciated 22% versus Ethereum since then. The best performing L1 today has been $ALGO, which is up 8.35%, potentially due to its partnership with FIFA ahead of the 2022 World Cup. Traditional markets slid lower today, SPX is down 0.82%, and NDQ is down 1.25%.
- Wintermute, a leading crypto market maker, was the victim of a hack, costing the firm ~$160 million. The attack is thought to have been caused by an exploit of a service called Profanity, which generates "vanity addresses" for crypto wallets to make them easier to work with. A vulnerability in Profanity allowed a hacker with sufficient computing power to generate all possible keys and passwords created for a Profanity vanity address. Wintermute had gotten word of this vulnerability last week and took steps to "blacklist" their ten Profanity accounts, protecting the funds from being stolen. However, one of the ten accounts was not blocked, which most likely resulted in the hack. Wintermute CEO, Evgeny Gaevoy, posted an update on his Twitter account, providing updates on the hack and stating that Wintermute is still solvent and is not laying anyone off, changing its strategy, or raising emergency fundraising. Evgeny also tweeted that Wintermute is offering the hacker a 10% bounty on the funds stolen if they are returned.
- CNBC reports that crypto exchange, FTX, is in talks with several investors, seeking to raise $1 billion at a valuation near its prior valuation of $32 billion. FTX's prior raise was a Series C round that rose $400 million in January. FTX plans to use the billion-dollar raise in additional dealmaking. FTX has been highly active this year, making deals with struggling firms, and buying distressed assets. Just this week, it was announced that FTX put in a bid of roughly $50M for Voyager's assets.
Crypto Daily Report – September 22
Sep 22, 2022
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