Crypto Morning News: BingX suspected to be under hacker attack, Vitalik claims insurance DAO is severely underestimated.

Sui may become the biggest competitor to Solana.

Author: Deep Tide TechFlow

Yesterday's Market Dynamics

Vitalik: Insurance DAO is Severely Underestimated

Vitalik Buterin, co-founder of Ethereum, recently expressed his opinion on social media, stating that the insurance DAO (decentralized autonomous organization) is severely underestimated. Buterin explained that the insurance DAO allows multiple participants facing similar risks to collectively raise funds and agree to provide protection to any member facing risks. He emphasized that this symmetrical model ensures the balance of incentive mechanisms. Buterin pointed out that DAOs can still hire professional claims assessors, but because each participant does not know if they will be the beneficiary next time, assessors are motivated to remain fair. He also mentioned that similar models have existed in the past and still exist in some places today.

Upbit, a South Korean exchange, to list MEW/BTC and MEW/USDT spot trading pairs

South Korean cryptocurrency exchange Upbit announced the listing of new digital assets. According to the announcement, Upbit will open trading for Cat in a Dogs World (MEW) tokens at 19:00 on September 19th (18:00 Beijing time).

BingX suspected of being hacked, over $13.6 million in assets transferred

According to Pionex's monitoring, the cryptocurrency trading platform BingX is suspected to have been hacked, with a large amount of abnormal fund outflows, and over $13.6 million in assets have been transferred.

BingX officials stated that due to system maintenance, the withdrawal processing time for users may be delayed. It is expected that related services will gradually return to normal within 24 hours.

K33 Research: Sui may become Solana's biggest competitor

In a research report released on September 18th, K33 Research analyst David Zimmerman pointed out that the Sui network has the potential to become a strong competitor to Solana. Since early August, the SUI/SOL ratio has risen by 115%, while the SOL/ETH ratio has only risen by 6% during the same period. Zimmerman believes that Sui's technical strength, architectural design, and the upcoming game console could make it a top "alternative L1" public chain. It is worth noting that on September 17th, stablecoin issuer Circle announced the launch of USDC on the Sui network. From a technical perspective, Sui's theoretical maximum transaction processing capacity is 297,000 transactions per second, far exceeding Solana's 65,000 transactions. However, Zimmerman also pointed out that Sui faces challenges in token supply, with only 27% of tokens currently in circulation. Nevertheless, the upcoming SuiPlay0x1 game console may bring new growth momentum to Sui.

Solana ecosystem DeFi platform Drift completes $25 million Series B financing, led by Multicoin Capital

According to Fortune, the Solana-based DeFi platform Drift announced the completion of a $25 million Series B financing, led by Multicoin Capital. Cindy Leow, co-founder of Drift, stated in an exclusive interview that the company aims to make Drift the "Robinhood of the cryptocurrency world." This round of financing will increase Drift's total financing amount to $52.5 million. Drift plans to increase its staff from 25 to 50 within the next year to support business expansion. It is worth noting that Drift is one of the few cryptocurrency companies led by women, with about half of its leadership team being female.

Sky votes on the proposal "5-phase liquidation of $200 million WBTC collateral"

Decentralized finance lending platform Sky (formerly MakerDAO) community voted to pass the proposal to liquidate WBTC as collateral. Sky currently has $200 million in loans collateralized by WBTC, with WBTC's total market value close to $10 billion, making it one of the largest cryptocurrencies. The liquidation plan will be implemented starting from October 3rd and is expected to be completed by November 28th. BA Labs previously proposed the liquidation of WBTC due to concerns about the involvement of Tron founder Justin Sun in BiTGlobal (the custodian of WBTC's underlying assets). It is worth noting that the largest DeFi lending platform Aave community currently holds a cautious attitude towards liquidating WBTC collateral.

Banana Gun confirms potential frontend vulnerabilities, affecting less than 10 users

Banana Gun announced on social platform X that some users experienced unauthorized wallet transfers. The team immediately shut down the bot and launched an investigation after the first incident occurred. After a comprehensive inspection, Banana Gun confirmed that the backend system (including routers and databases) was not attacked, and less than 10 users were affected. These abnormal transfers appear to have been manually executed, and the team speculated that the issue may stem from frontend vulnerabilities. The bot is currently offline to ensure the security of user assets. Banana Gun stated that they will continue to investigate the root cause of the incident and expressed gratitude for the support received.

Louisiana government officially accepts cryptocurrency payments

According to Decrypt, the state of Louisiana has officially begun accepting cryptocurrency payments, becoming the latest state in the United States to adopt digital currencies. State Treasurer John Fleming announced that residents can now use Bitcoin, Bitcoin Lightning Network, and USDC to pay for various state government services. Louisiana has received its first cryptocurrency payment through the Bitcoin Lightning Network, which was used to pay fines to the Department of Wildlife and Fisheries. Fleming emphasized that although cryptocurrency payments are accepted, the funds received will be converted to US dollars to avoid volatility risks.

Multicoin Capital founder: Ethereum community development is slow, unclear about its positioning

During the "Why SOL Will Flip ETH" roundtable discussion held on the first day of the TOKEN2049 main venue, Kyle Samani, co-founder and managing partner of Multicoin Capital, expressed his views on the development of Ethereum. Samani pointed out that Ethereum has been launched for 9 years, but its community development has been slow and has never clearly defined its positioning. He emphasized three key points in Ethereum's development history: DeFi Summer, the release of the new roadmap in October 2020 (unfavorable for DeFi), and the transition from PoW to PoS in 2022. Samani specifically mentioned that Ethereum had planned to transition to PoS before the mainnet launch in 2015, but it took 7 years to actually achieve it. He believes that Ethereum's community has never clearly defined its development direction, which is the main reason for its slow development.

Samani pointed out that the goal of Ethereum's roadmap is to move transactions from L1 to L2, which has been achieved, with over 90% of transactions now occurring at the L2 level. However, he questioned the ultimate purpose of this strategy, believing that in the process of moving transactions to L2, Ethereum has also transferred most of the actual value appreciation to the usability of assets. Samani emphasized that although Ethereum discusses the value tool of DA (data availability), in reality, it is the L2 level that captures all the profits.

Crypto Morning News: BingX suspected to be under hacker attack, Vitalik claims insurance DAO is severely underestimated.

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