Is Vitalik Leaving Crypto? 😥

Author

Mr. GoBrr
February 01, 2024 • Reading Time:5 minutes

GM. Today on Money Printer Go Brrr newsletter:

  • DeFi protocols lose $38.9M in January exploits;

  • Vitalik Buterin reflects on his role, says “time for the next generation to take up the mantle”;

  • UAE makes first digital dirham transfer via mBridge CBDC platform;

  • Ask Me Anything (AMA) Session.

DeFi protocols lose $38.9M in January exploits

We know crypto is wild…

In the wild west of DeFi, a whopping $38.9 million decided to take a bye-bye lane in January 2024.

1st victim

Radiant Capital, not wanting to feel left out, waved goodbye to $4.5 million thanks to a sneaky exploit.

It was related to the activation of new markets on lending protocols.

 2nd victim + 3rd victims:

Gamma Strategies and Wise Lending were victims of flash loan attacks, losing $6.1 million and at least $460,000, respectively.

4th victim

Socket faced a security breach that led to a loss of over $4 million, but managed to recover and reimburse a portion of the stolen funds ⇾ about 50% recovery.

😀 Talking about lending your bike to a friend, only to watch them ride it off a cliff.

💡 Flash Loan (+ Attacks):

⇾ you borrow massive amounts instantly without collateral;

⇾ the loan must be returned in the same transaction block;

⇾ can be used for arbitrage, self-liquidation, or collateral swapping.

⇾ the attack takes place within the smart contracts

⇾ attackers borrow big, play fast, and aim to outsmart the system before anyone knows what hit them.

💡 Educational cookies to takeaway:

⇾ Keep your digital wallet tighter than your jeans after Thanksgiving. If it looks sketchy, it probably is;

⇾ Trust but Verify ⇾ stick to DeFi platforms that don't look like they were built in a day. If they've been around the block and still shine, they might be worth your dime;

⇾ Begin by investing speculating no more than 1% of your crypto wealth to initially understand the platform and its associated risks;

⇾ Don’t invest speculate more than you afford to lose;

Vitalik Buterin reflects on his role, says 'time for the next generation to take up the mantle'

Is Vitalik saying goodbye? 😣

If you didn’t know by now who Vitalik Buterin is, well, he’s potentially the co-founder of 70% of your bags. 💰

Vitalik's Passing the Torch

Ethereum's big brain says it's time for the crypto kiddos to step up.

Buterin's been doing some soul-searching, realizing the crypto circus needs fresh faces to keep the show running.

From Geek to Guru

Vitalik is

⇾ not just about those cryptic crypto puzzles anymore
⇾ broadening his horizons
⇾ moving beyond his initial focus to explore longevity research 🧬.

Why settle for blockchain when you can crack the code of living forever?

The UAE Central Bank executed its inaugural cross-border digital dirham transaction using the mBridge CBDC platform, sending a cool 50 million dirhams ($13.5M) to China with a click.

2021:

A supergroup of central banks (China, Hong Kong, Thailand & UAE) jamming on the mBridge stage, laying down CBDC tracks that cross borders smoother than a hot knife through butter.

2022:

Voilà, their first pilot is not just off the ground but soaring high.

2024:

First 50 million dirhams were transferred.

Present Day

CBDCs could give governments a front-row seat to your spending habits, potentially turning your financial life into an open book.

Big Brother might not just be watching but also taking notes on every dime you spend or save.

💡 CBDC (Central Bank Digital Currency)

⇾ CBDC stands for Central Bank Digital Currency- It represents a digital form of a country's traditional fiat currency regulated by its central bank.

⇾ Built on blockchain or another form of digital ledger technology to track transactions.

⇾ It's centralized and controlled by governmental entities;

Key objectives of CBDCs typically include

⇾ Improving financial transactions' transparency.

⇾ Reducing the cost of money supply.

⇾ Increasing financial inclusiveness.

Their disadvantages:

⇾ Big Brother;

⇾ Access to personal financial data 🥲;

⇾ Issued & regulated by its central bank;

⇾ Unlike Bitcoin CBDCs are centralized – not your money, but theirs;

Meme Of the Day

Ask Me Anything (AMA) Session

I'm as eager as an elf in a toy factory to write about subjects that make you jump up and say: 'I need more of this!'

Is there a nagging question that keeps you up at night, nibbling on your curiosity?

Is there something in this newsletter you'd fancy tweaked?

Shoot me a reply to this email or, if you're a fan of democratic practices, partake in the joy of voting in the poll just below 

It's as fun as feeding ducks in the park! 👇

What'd you think of today's edition?

Login or Subscribe to participate in polls.