Crypto Flipsider News – Ronin $625 Million Hack; Microstrategy Obtains $205M Loan to Buy BTC, Terra Hits New ATH; MetaMask integrates Apple Pay support; OpenSea to Announce Solana NFT in April, Visa Launches New NFT Program

Crypto Flipsider News – Ronin $625 Million Hack; Microstrategy Obtains $205M Loan to Buy BTC, Terra Hits New ATH; MetaMask integrates Apple Pay support; OpenSea to Announce Solana NFT in April, Visa Launches New NFT Program

To read in the Digest:

  • Axie Infinity’s Ronin suffers a $625 million exploit in a massive DeFi hack.
  • MicroStrategy secures $205 million loan to buy BTC while buying $135 million as historic moment approaches.
  • MetaMask integrates Apple (NASDAQ:) Pay support, allowing users to purchase crypto with cards.
  • OpenSea will announce Solana’s NFT in April, Visa (NYSE:) is launching a new NFT program.

Axie Infinity’s Ronin Suffers $625M Exploit in Massive DeFi Hack

Ronin, the network behind the popular NFT game, “Axie Infinity”, suffered a $625 million exploit in one of the biggest “decentralized finance” hacks to date.

Confirming the report via a blog post, Ronin said the attacker stole $625 million in wrapped Ether (173,600 ether) and USDC (25.5 million).

Ronin explained that an attacker “used hacked private keys to forge fake withdrawals” from the Ronin Bridge on two transactions.

The Ronin sidechain requires five of its nine validators for withdrawals. However, the blog post states that “the attacker found a backdoor via our gasless RPC node (NYSE:), which he abused to obtain the Axie DAO validator’s signature.”

Downside :

  • Ronin Network’s native token, RON, has embarked on a massive drop since the news broke, dropping from $2.3 per coin to $1.822 at the time of this writing.

The 24 hour price chart for Ronin (RON). Source: commercial view

Why You Should Care

The Ronin hack has once again exposed underlying vulnerabilities in DeFi bridge networks, reigniting calls for security improvements in the DeFi space.

MicroStrategy secures $205M loan to buy BTC while Terra buys $135M as Bitcoin nears historic moment

Bitcoin’s largest institutional investor, MicroStrategy, secured a $205 million loan in order to buy even more of the main asset. The interest-only term loan was approved by Silvergate Bank through a subsidiary.

Microstrategy (NASDAQ:) revealed that the loan was collateralized by “certain bitcoins held in Macrostrategy’s collateral account.” In addition to buying bitcoins, MicroStrategy will use the loan to pay all transaction fees, interest, and expenses.

Terra is another foundation that has been gobbling up Bitcoin lately. On Monday, Terra announced the purchase of $135 million worth of Bitcoin, bringing its total to over $1 billion since January. The news led Terra (LUNA) to a new ATH of $109.66.

The seven-day price chart for Terra (LUNA). Source: commercial view

Bitcoin joins Terra in defining a new ATH, but within the total number of addresses holding the crypto. According to data from IntoTheBlocks, the number of non-zero Bitcoin addresses hit a new all-time high of 40.25 million on March 25.

Downside :

  • Some market analysts have warned that due to Fed policy tightening, the price of Bitcoin may fall to $10,000.

Why You Should Care

The increased support received by Bitcoin and the increase in the number of addresses holding the asset has increased bullish sentiment towards the world’s largest crypto.

MetaMask integrates Apple Pay support, allowing users to buy crypto with cards

Popular crypto wallet service MetaMask has announced the expansion of its services to include the Apple ecosystem. Following the integration, Apple Pay users can now purchase crypto using their credit and debit cards.

On March 29, MetaMask announced the release of mobile version 4.3.1. Although the update has many changes, the inclusion of Apple Pay was the most significant. Apple processes transactions through “Wyre”, as it does not support Crypto payments.

The current deposit limit for Apple Pay users using their Visa or Mastercard and the Wyre API is set at $400. Another update introduced MetaMask users to gasless transactions.

Downside :

  • Due to its growing popularity, cybersecurity company ESET has recently discovered schemes to distribute fake Metamask Wallets.

Why You Should Care

Following the update, users can now purchase crypto using debit or credit cards without having to send ETH to the app in advance.

OpenSea to Announce Solana NFT in April, Visa Launches New NFT Program

After a long wait, NFTs may soon be available on the world’s largest NFT marketplace, OpenSea. The market leader has hinted that it will start supporting non-fungible tokens from the Solana chain in April.

In a “wen Solana? video posted on March 29, OpenSea teased the April addition, but withheld the exact date that Solana NFTs will be available on the main NFT marketplace.

To help creatives grow their business with non-fungible tokens, Visa has launched a new program dubbed the “Visa Creator Program”. The initiative targets entrepreneurs working in the art, music, fashion and film industries.

The one-year NFT Immersion “Visa Creator Program” will provide support for creators through technical and product mentorship, community building, access to thought leaders, exposure to Visa customers and partners and a one-time allowance.

Downside :

  • Despite their growing adoption and use cases, many experts still argue that many NFT projects will not stand the test of time due to their inflated prices.

Why You Should Care

Creatives are increasingly interested in NFTs, as they recognize their potential as an accelerator of the creator economy.


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