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Trending Today 👇

1. Exploid alert: Arbitrum-Based Jimbos Protocol Loses $7.5 Million

2. 😴Back from hibernation: Dormant $15 million wallet from Ethereum ICO wakes up after 8 years

3. ✔️Tax me not: US debt ceiling deal blocks 30% tax on Bitcoin mining

Flash Loans and Slippery Slopes😅 

Jimbos, a liquidity protocol built on Arbitrum, has suffered a significant exploit merely three days after its live launch. The protocol fell victim to an attack resulting in the loss of approximately 4,090 ETH, equivalent to $7.5 million at the time 🤑 

The hack was facilitated by exploiting the absence of slippage controls, enabling the perpetrators to manipulate liquidity and create an imbalanced price range, which allowed them to execute a flash loan attack.

The team has offered the hacker to lay down their magnifying glasses and cease all investigations if the exploiter returns 90% of the stolen funds.

Jimbos is not the only DeFi protocol that really needs to step up its audit and security game! Remember folks, when it comes to the world of DeFi, always diversify your holdings, because every protocol is susceptible to hacks and exploits, and the last thing you want is to lose all your hard-earned savings just for an extra 2% yield 🙈 

Chronicles of an ETH HODler 💰️ 

An Ethereum ICO participant has emerged from the shadows, showing off his digital fortune. The wallet purchased 8,000 ether (for $2.500) in the Ethereum ICO in 2015 and has woken up to transfer its funds to another address after 8 long years!

The wallet first made a test transaction with 1 ether ($1,845) before sending the remaining 7,999 ether to another address.

The funds seem to have been purchased for around $0.31 per ether, meaning the owner is sitting on a 591,900% return on investment at current prices. The current value of his original $2,500 holding is ~$15 million 💰 Talk about being early to the party!! The funds don't appear to have been sent to an exchange or sold on-chain either.

Did this person recover their lost seed keys, or were they smart enough to HODL through the years is a mystery that we may never know!

We can only hope they transferred their holdings to a hardware wallet 😅

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Bitcoin Mining Tax Revoked 🔙 

Taxing Bitcoin Miners? Not Today! In a surprising plot twist, the DAME excise tax, designed to hit cryptocurrency miners with a heavy 30% levy, has been excluded from the debt ceiling agreement. It looks like the government has finally realized it's not wise to bite the hand that mines the digital gold!

The excise tax was initially proposed by the Biden administration, which argued the need to address environmental and social problems associated with bitcoin mining and reduce their energy consumption and environmental impact 🟢

The decision to revoke the tax reflects a more nuanced understanding of the environmental concerns associated with Bitcoin mining. We have already discussed how Bitcoin mining can benefit the environment in our previous newsletter!

This change in stance will bring a wave of relief to the Bitcoin community, who were worried about the tax's impact on miner profitability and rising operating costs.

The removal of the DAME tax serves as a reminder of the dynamic nature of the crypto landscape. Policymakers are finally seeming to be open to remaining flexible and open to dialogue, which is a welcome sign for all crypto stakeholders ❗

Meme of the day

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And that’s a wrap for today’s roundup! Thanks for tuning in to our crypto newsletter! Remember not to FOMO into any questionable projects and manage your risk effectively! Until next time, trade safe😅

Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decisions.