Crypto Crib Newsletter

WazirX Hacked for $235m; Crowdstrike causes biggest global IT blackout

Welcome again to the Crypto Crib Newsletter. As always, this was another week to look out for. Let’s cover all the important events that took place.

WazirX hacked for $235m

India’s biggest exchange got hit by some very unexpected bad news when it got hacked for over $235m in an elaborate Signature phishing scam. Two of its multisig got compromised and a fake signature attack resulted in a large-scale exploit of over $235m on EVM chains of the exchange’s cold and hot wallets. It is speculated that the hacker group behind the attack was the infamous Lazarus (North Korean state sponsored black hat group)

Grayscale announces 2.5% fees on their expected ETH spot ETF, Blackrock counters with 0.25% fees

Just like the Bitcoin spot ETF, Grayscale continued to match their high fees stature on their products, announcing a 2.5% fees, the highest among the competitors. This is seen as a clever way of making money due to an expected sell-off of their ETH ETF holders. Blackrock however continued to offer among the lowest fees in the industry, countering Grayscale with 0.25% fees. Experts are speculating the ETF will be approved and tradeable in the coming weeks.

Crowdstrike causes global IT shutdown, Microsoft users worldwide affected the most

In a totally unexpected event, Crowdstrike pushed a bad code to global Window clients, causing a BSOD (Blue screen of death). All major airports were shut down temporarily, along with banks, government offices and almost everything running on Windows. The supposed capital loss from this is yet to be derived, but it has strung out a long going debate of heavy dependency on Microsoft. As far as crypto space is concerned, this can be seen as an opportunity to decentralize the future.

This is all from today's newsletter. Stay safe out there, we will see you again on Tuesday.