🥛 The Kyber hack keeps getting crazier... 🤯

PLUS: Crypto venture funding hit $1B+ in November💰                                                                                                                                                                                                                                                                                                                                                                                                                 December 01, 2023 | [Read Online]( Today’s edition is brought to you by [Uniswap]( — the largest onchain marketplace for digital assets — and now Android and iOS users have the power of Uniswap in their pocket. [Download the Uniswap mobile app today!]( GM. This is Milk Road. We pluck the ripest stories from the Crypto Tree of News. No ladder needed. Here’s what we got today: - The craziest crypto heist of all time 🤯 - Crypto venture funding hit $1B+ last month💰 - Middle schoolers are learning about Bitcoin 📚 - $343M in crypto… *poof*… GONE 🍪 [Prices as of 9:00 AM ET. Click here for our Fear & Greed Index]( THE CRAZIEST CRYPTO HEIST OF ALL TIME 🤯 Crazy stuff happens in crypto, every single day… - Teenagers are becoming gazillionaires trading internet tokens and monkey JPEGs. - North Korea hacked a crypto company for [$600M]( using fake job offers. - Some guy lost 8,000 [Bitcoin]( and is trying to use [robot dogs]( to find them in a landfill. It’s a wild industry. But the story I’m about to tell you is the craziest thing you’ll see in crypto. Getcha popcorn ready, here it is in 3 parts… [Source: Giphy]( PART I: THE HEIST It was November 22. A good ole’ Wednesday. Everything was normal until…it happened… KyberSwap got hacked. Now, there are a few things you should know: - KyberSwap = a [decentralized exchange]( that launched back in 2017 (OG status). - A total of ~$47M was stolen from it. - The attack is considered to be “one of the most sophisticated hacks” in DeFi. (If you wanna nerd out and dig deeper, this [Twitter thread]( explains how it happened). And the attacker gave a quick play-by-play of what they were doing, as they were doing it. It felt like one of those blockbuster hacker movies… Hacker: “Just go into the network. Looking for the mainframe.” *a few seconds later* Hacker: “Ok, found it. Hacking into the mainframe to gain root access.” *types with one hand while drinking a RedBull with the other* Hacker: “Damnit. There’s a firewall. Gimme a minute, gonna bypass it.” *starts typing furiously on keyboard* Hacker: “I’m in.” Ok, fine… it wasn’t that dramatic (and no explosions), but it was close. [Source: Etherscan]( [Source: Etherscan]( [Source: Etherscan]( It kept going and going and going. Until finally…. [Source: Etherscan]( The hacker got in. As a result, they stole $47M from KyberSwap. PART II: THE NEGOTIATIONS Ok, the hack is done. Funds are stolen. Now…it’s time to negotiate, right? Wrong! [Source: Etherscan]( Hey, if I just pulled off one of the most technically sophisticated hacks in crypto history, I’d probably wanna nap too. #WorkHardNapHard The problem? It didn’t last a “few hours”, it lasted DAYS. And after 190+ hours (aka 8 days), Snorlax the hacker finally reached out with “a treaty”... PART III: THE TREATY This is where things get insane. The hacker’s demands are as follows: - Complete executive control of Kyber (the company behind KyberSwap). - Control of all documents and information related to the company, like protocol formation, operation, revenues, profits, expenses, investors, etc. - Control of all Kyber assets, both on-chain and off-chain. Including company shares, equity, partnerships, websites, servers, etc. But wait! There’s more! Once these demands have been met, the hacker will: - Buy out all Kyber executives from their company shares “at a fair valuation”. - Double all employee salaries. Employees who leave will receive a 12-month severance “with full benefits and assistance in finding a new career, no questions asked”. - Refund LP investors 50% of their lost funds. I know, HOLY. SH*T! It’s like that Captain Phillips movie scene where the boat gets hijacked… [Source: Tenor]( … except this is happening in real life. So, what’s next? The hacker gave Kyber until December 10th to accept/deny the treaty. Until then, we wait. P.S. - Call crypto whatever you want, but you can never call it boring! [UNISWAP IN YOUR POCKET]( It’s time we talked about the elephant in the room. DeFi users prefer to use dapps from their mobile phone but the UX and compatibility issues suck – mobile dapp design has been a bit of a rollercoaster ride that has Steve Jobs turning in his grave. Enter [Uniswap.]( They’ve built a [mobile app]( for swapping, with some really thoughtful design. - Users are able to on/off ramp, swap in fractions of a second, and auto switch between Mainnet and L2s all from one convenient interface - Swaps benefit from the best prices, all while maintaining self-custody of assets - Tons of built-in features allowing users to discover tokens, track metrics, set-up watchlists and even receive push notifications If you’re new to DeFi or already swapping on mobile, the [perfect swap]( is now accessible directly from your back pocket, from the largest onchain marketplace for digital assets. [Download the Uniswap mobile app today!]( CRYPTO VENTURE FUNDING HIT $1B+ LAST MONTH 💰 Over $1B was raised by blockchain/crypto companies in November. That’s a 6-month high and the 3rd highest monthly total this year. *firm handshakes all around* [Source: TheBlock Pro]( Here are some cool projects that recently raised money: [Wormhole]( raised $225M to allow different blockchain networks to communicate with each other. The cross-chain protocol now has a $2.5B valuation. [Fnality]( raised $95M to tokenize major fiat currencies. The blockchain payments firm creates tokenized versions of fiat currency backed by cash held at central banks like BNY Mellon, Banco Santander, Barclays, etc. [Blast]( raised $20M to develop a new Layer 2 blockchain. Early access to the blockchain went live on Nov. 20 and already has $600M+ in total value locked (TVL). [Privy]( raised $18M to build blockchain-based tools for startups. Paradigm, Sequoia Capital, Blue Yard, Archetype, and a few angel investors threw in money during the funding round. [OCEAN]( raised $6.2M to create a decentralized Bitcoin mining pool. The funding round was led by Jack Dorsey (the guy who created Twitter and is so rich he did that thing where billionaires grow a crazy beard to look semi-homeless). MIDDLE SCHOOLERS ARE LEARNING ABOUT BITCOIN 📚 Check it out. 6th graders in Belgium are learning about [Bitcoin]( in school… [Source: @bullish_btc]( Pretty impressive. In 6th grade, I was learning how to sing the U.S. states in alphabetical order. (🎵Alaaabama, Alaska, Arizona, Arkansas, California, Colorado…. Connecticut! 🎵) Good to see kids are learning about something more valuable nowadays, like Bitcoin. BITE-SIZED COOKIES 🍪 [The first of 3 Streamr Network 1.0 incentivized testnets is open with 5 million DATA tokens to be distributed to node Operators & Delegators starting from Monday.]( It’s a great time to join the next-gen decentralized data network!* [$343M was lost to crypto hacks and fraud cases last month](. It’s the highest monthly crypto losses of the year and up 15x from October. gulp [The open interest in Bitcoin long futures held by asset managers on the Chicago Mercantile Exchange (CME) has reached an all-time high](. The current open interest value is ~$2B; up from $1.04B at the end of October. [A U.S. bankruptcy court has given FTX debtors the green light to start selling some of its trust assets](. This includes $744M worth of Grayscale and Bitwise shares. [Binance announced its ending support of BUSD stablecoin next month](. R.I.P. to another fallen crypto stablecoin. [Uniswap Labs is teaming up with Talos to bring decentralized finance (DeFi) liquidity to institutional traders](. Uniswap Labs will provide its Trading APIs to Talos’ clients. *This is sponsored content MILKY MEMES 🤣 [Source: @alancaroII]( [Source: @TheBTCTherapist]( RATE TODAY’S EDITION What'd you think of today's edition? - [🥛🥛🥛🥛🥛 F**king great]( - [🥛🥛🥛 Meh, do better]( - [🥛 You didn't bring the heat]( Share Milk Road You currently have 0 referrals, only 1 away from receiving The Next 10x Opportunity in Crypto for 2023. [The Next 10x Opportunity in Crypto for 2023]( [Click to Share]( Or copy and paste this link to others: ROADER REVIEW OF THE DAY VITALIK PIC OF THE DAY [tw profile: Milk Road Images] Milk Road Images @MilkRoadImages [tw] That Friday feeling... enjoy the weekend Roaders! Dec 1, 2023 0 Likes 0 Retweets 0 Replies WANT TO SPONSOR THIS NEWSLETTER? Over 250,000 subscribers are throwing a party, and your brand is invited! Tap into our network of savvy (and good-looking) crypto & Web3 enthusiasts who are eager to learn and invest. Your Brand + Our Crypto Clan = Magic Waiting To Happen. 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