Apple vs Coinbase Wallet

GM Readers!📪 This is BitDegree Insider, let's wrap up this week☕️

⭐️Today's selection:

• 🍎AppStore Blocks Coinbase Wallet App
• 💻The Ankr Protocol Hacked
• 🧩Answer To Yesterday's Quiz
• 👌Selected Meme of The Day
• 📰Bite-Sized News

APP STORE BLOCKS COINBASE WALLET APP

The AppStore has blocked the latest version of the Coinbase Wallet app because of NFT transactions.

You see, Apple has presented a new demand - they want a 30% commission on gas that users pay when sending NFTs. Here's what's happening:

Apparently, Apple doesn't understand that the gas fee is meant for validators and can't be "split" between different parties.

Because the gas fee functions like a commission fee in itself. It's what users pay as a reward for validators for staking. It runs on a proof of stake, after all.

iPhone users who own NFTs will experience the biggest inconveniences. 

Essentially, what Apple has done here is simply made it harder for users to send art tokens to other wallets.

No one wins here, only more hassle, more bureaucracy, and more extra steps that no one needed. Hopefully, this will get solved asap.

TL;DR: Apple has banned the latest version of the Coinbase wallet. They are demanding 30% commissions from the gas that users pay when sending NFTs.

THE ANKR PROTOCOL HACKED

Hackers attacked the Ankr aBNBc smart contract and minted trillions of tokens from its liquidity pools. All of this while most of us were peacefully sleeping.

Here's the gist of it:

BNB Chain-based protocol Ankr was exploited. Hacker minted 10 trillion Ankr Reward Bearing Staked BNB tokens (aBNBc).

And then dumped it all. Attacker executed their strategy flawlessly.

They ended up pocketing at least $5 million worth of USDC.

In addition to this, hacker managed to launder some more money through Tornado Cash crypto mixer. And they're still doing so with the remainder of their 'bounty'.

So this is how the latest major crypto exploit looked like.

But this story doesn't end here.

You see, when the attacker dumped all of their freshly-minted aBNBc tokens... it really affected its price.

And one trader grabbed this opportunity. Allegedly, they bought 183,885 aBNBc with only 10 BNB Coins. This was possible due to the recent dump which slashed its price.

So then, this trader deposited these newly-acquired aBNBc coins into Helio Protocol... and used it as collateral to take out a loan.

This loan was 16 million Helio Protocol (HAY) tokens.

Then... He exchanged all of this HAY into Binance USD (BUSD). And ended up with a x5,209 profit.

That translates to taking $2,979 and turning it into $15.5 million. And this trader did exactly that.

So OK. This story had a villain who created chaos. And a smart characted who said 'chaos is a ladder'.

Nevertheless the hacking story means one thing: $5M of other people's money were stolen.

Ankr responded to the situation that they will reissue aBNBc tokens, and compensate all of the affected users.

By the way... What is the Ankr Protocol?

BNB Chain uses Ankr for Liquid Staking. This kind of staking is also known as 'soft staking'.

It means that you can lock up your funds and earn rewards... While still having access to your funds.

User can lock up their crypto (let's say 1 ETH), and in return, this user receives 1 stETH (staked ETH). It's worth the equivalent value of the staked assets.

User can use it in many ways within the DeFi system, apart from simply trading it.

TL;DR: Hacker attacked Ankr aBNBc smart contract and minted 20 trillion tokens from the liquidity pools. Ankr Protocol will reissue aBNBc, and recompensate victims. One trader used this opportunity to make millions.

ANSWER TO YESTERDAY'S PUZZLE

So, yesterday we presented you wit this challenge:

The answer to it was... box #3!

This was a tough one, wasn't it?

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Magic Eden Introduces NFT Royalty Enforcement Tool Dubbed Open Creator Protocol. NFTs are a process, and it's far from over.
• New York to Impose Supervision Charges on Regulated Crypto Firms. This puts 'cry' in 'crypto'.
• Italian Government Aims to Impose 26% Tax on Crypto Gains. Today's meme corresponds well with this.
• DOJ Wants Independent Examiner to Analyze FTX's Collapse. FTX will end up with more eyes on them than they could have imagined.

The AppStore has blocked the latest version of the Coinbase Wallet app because of NFT transactions.