SOLANA’S $100M HACK

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SEC investigates the Bored Ape creators and other NFT projects.

U.S. Securities and Exchange Commission (SEC) is looking into the activities of Bored Apes creators, Yuga Labs, as part of a wider investigation into the nonfungible token (NFT) market.

According to a Bloomberg report, SEC is investigating Yuga Labs whether the sales of certain digital assets violate federal laws. Since there isn’t enough regulation yet, it is difficult to rule out any outcome.

The regulator is also examining the distribution of ApeCoin that the holders of Bored Ape Yacht Club (BAYC) and other NFTs received.

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Solana-based trading and lending platform Mango was hacked for $100 million.

The hacker first deposited $5 million USDC on the platform and opened a large long position. The abnormally large position led to an almost 1,000 percent increase in the price of the token.

The hacker then used their collateral assets on Mango Market’s lending platform and borrowed large amounts of money.

According to the statements made by Hacken, the hacker manipulated the value of both the token and collateral assets, stealing a total of approximately $114 million worth of assets.

Interestingly the hacker called the Mango Markets community to a vote. The hacker’s suggestion is to return about $ 50 million of the stolen assets to the community, in return for which the remaining money will be given to him as a reward.

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Google partners with Coinbase to accept crypto payments for cloud services.

Google has announced a new partnership with Coinbase that will allow select customers to pay for cloud services using digital assets such as Bitcoin (BTC). The application is expected to become available in early 2023.

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Google also plans to explore Coinbase Prime, which offers secure storage and advanced trading services for cryptocurrencies, CNBC reported.

Coinbase, in turn, announced that it will move some of its applications stored on Amazon Web services to Google Cloud.

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