CZ No More

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⭐️Today's selection:

• 👋CZ No More?
• 🕵Bizarre Hack
• 💰Venture Mondayss
• 👌Selected Meme of The Day
• 📰Bite-Sized News

CZ NO MORE?

Will CZ step down as Binance's CEO?

According to Bloomberg, there are discussions about CZ potentially stepping down as Binance's CEO, with Richard Teng, the regional head of Binance markets, being considered as his possible replacement. 

This move is seen as a response to the increasing regulatory pressure faced by the exchange.

Recent issues, such as the cessation of operations in Australia, or an investigation that Binance faced (in Australia as well), have forced the company to take action.

Binance has been struggling to find common ground with regulators and has often been the subject of media rumors.

Apparently, no decision has been made yet, but it is being increasingly discussed recently, insiders reported.

Richard Teng, a 52-year-old from Singapore, has already held a significant role within the company, recently being appointed as the head of markets for Asia, Europe, and Mena.

Overall, he already has a more than high enough role in the company.

Before joining the crypto industry, Teng worked at the Monetary Authority of Singapore, the central bank of the city-state.

His initial role at Binance was as the CEO of the Singapore division, where he played a key role in obtaining licenses and fostering collaboration with local regulators.

Teng has a total of nearly 20 years of experience in government institutions.

Binance has neither confirmed nor denied plans to change the CEO, so these reports should be considered rumors for now.

Given CZ's personal brand, it is unlikely that he would simply walk away.

There's also something strange happening on Binance's side:

Co-founder and director of customer relations, Yi He, confirmed information that Binance has begun testing its own Web3 wallet.

This development has raised questions since Binance already has the popular TrustWallet under its wing. However, further details about this new wallet have not yet been provided.

Well, we shall find out pretty soon. Stay tuned!

TL;DR: Bloomberg reports that CZ, the CEO of Binance, may step down due to regulatory pressures. While Binance hasn't confirmed this, it's been reported that the exchange has begun testing their own Web3 wallet, a surprising move given the existence of TrustWallet under their brand, raising questions about the exchange's future strategies.

BIZARRE HACK

Atomic Wallet has suffered a security breach. Not just a regular one. But something rather odd.

The situation is currently quite ambiguous, but let's try to clarify what we know so far.

Around June 3, peculiarities began to occur, as reported by crypto detective "ZachXBT," whom we've mentioned several times before.

Something NOT GOOD was going on.

Later that same day, the project's administration confirmed that, indeed, a security breach has taken place.

The estimated damage exceeds $35 million, and the "loophole" has not yet been found.

Crypto is simply being deducted from wallets created in Atomic...

Several victims have lost literally millions of dollars.

For instance, the largest "loot" from a single wallet is 7.95 million USDT.

Today, Atomic Wallet stated that the hack affected 1% of active users.

It seems that only the largest accounts are at risk, but of course, everyone should transfer their funds!

The real damage could exceed $50 million.

The situation is complicated by the fact that the project team has not yet discovered a vulnerability in the service.

Atomic Wallet entered the market in 2017. According to the administration, the total number of service users exceeds 5 million people. Alarming.

Despite its years in operation, Atomic Wallet is not immune to hacking.

It seems that utilizing a multi-signature protocol is the optimal choice for long-term security.

In this case, for added protection, transactions would need approval from more than one wallet, at least for the majority of funds.

Regrettably, it's not the most intuitive approach, but it does promise peace of mind and a good night's sleep.

TL;DR: Atomic Wallet experienced a security breach, with an estimated damage of over $35 million and potentially exceeding $50 million. The hack affected 1% of active users, highlighting the importance of implementing a multi-signature protocol for enhanced security.

VENTURE MONDAYS

The Ethereum virtual machine, Kakarot zkEVM, has successfully wrapped up its seed funding round (undisclosed sum) with notable investors like venture capital firms StarkWare, LambdaClass, and Ethereum's co-founder Vitalik Buterin.

Kakarot zkEVM employs STARK protocols to verify approved transactions and blocks, enhancing transparency and security while also reducing costs by inheriting Ethereum L1's security.

The company outlined its future plans on Twitter, emphasizing three key phases.

Phase 1 focuses on integrating EVM into Starknet, simplifying the app creation process for developers and expanding the Starknet ecosystem.

Phase 2 will work towards creating an advanced layer for applications, resulting in lower operational costs and faster transactions.

Phase 3 contemplates a partnership between Kakarot and Madara to enhance the system's efficiency.

Illuvium has secured an additional $10 million from Framework Ventures through an ILV token sale. These tokens will be locked for two years and won't be staked. The raised funds will be used to expedite Illuvium's development.

Many investors believe this project could fuel a bull run or significantly contribute to one. This is because the company is soon launching the first AAA gaming universe. There will be three blockchain-based games: Illuvium: Zero, Illuvium: Overworld, and Illuvium: Arena.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Bitcoin Ordinals Launch Update to Address Over 71,000 "Cursed Inscriptions." Such inscriptions become unrecognized and, hence, are untradable.
• Mercado Bitcoin Earns Payment Provider License from Brazil's Central Bank. After a two-year delay, Mercado Bitcoin can finally roll out its fintech solution.
• Lawmakers in US Propose New Bill Designed to Bring Clarity to Crypto Regulation. The new regulation is set to establish "a functional framework" and limit SEC's influence on the sector.