Security Firm Spots Vulnerability & Averts $1.9B Loss for ZkSync

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Daily News:

NBA Star’s NFT Sells for $110,000+ in Record-Breaking Auction

Security Firm Spots Vulnerability & Averts Potential $1.9B Loss for ZkSync

BitGo Wants to be ‘Exchange Agnostic’ as a Qualified Custodian

NBA Star’s NFT Sells for $110,000+ in Record-Breaking Auction:

• An NFT trading card of NBA player Victor Wembanyama sold for $110,120 (61.182 ETH), setting a new record for the highest amount paid for a Wembanyama card, surpassing the previous record of $67,333 for a physical card.

• The NFT card, sold through the Sorare fantasy basketball game, is a one-of-a-kind digital collectible, providing proven ownership and real utility, with the sale underscoring Wembanyama's rising stardom after a standout performance of 38 points and 10 rebounds in a recent game.

• Sorare, a crypto-based fantasy sports platform, has seen over $713 million in NFT sales, with the company valued at $4.3 billion after significant Series B funding, attracting high-profile athletes like Kylian Mbappe, Lionel Messi, and Serena Williams as investors and brand ambassadors.

Security Firm Spots Vulnerability & Averts $1.9B Loss for ZkSync:

• ChainLight discovered a critical vulnerability in the zkSync Era protocol's zk-circuits that could have permitted a hacker to falsely validate manipulated transactions, potentially leading to the theft of 100,000 ETH, valued at $1.9 billion.

• Exploiting the bug would have required high-level security clearance within Matter Labs, the team behind zkSync Era, including backend access or the validator's private key, plus overcoming a 21-hour delay in fund extraction.

• The Matter Labs team rapidly addressed and resolved the vulnerability upon notification, rewarding ChainLight with $50,000 USDC and emphasizing the importance of multi-layer defense systems in blockchain security.

BitGo Wants to be ‘Exchange Agnostic’ as a Qualified Custodian:

• BitGo, partnering with Copper, aims to streamline institutional access to crypto exchanges from cold storage, reducing the need for exchanges to integrate with multiple custodians, and cites ByBit, OKX, Bitfinex, and Bitstamp among the accessible exchanges.

• In the wake of the FTX collapse, BitGo emphasizes the importance of separating regulated custody from market liquidity access, advocating for a safe connection of cold-stored assets to the marketplace without exchange-specific risks, targeting international hedge funds and market makers as potential clients.

• As the crypto market seeks to move past the FTX debacle, BitGo received a BaFin license in Germany, focusing on its Go Network to serve as a primary utility layer within a qualified custodian framework, indicating a move toward broader market engagement and mainstream crypto adoption.

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