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Binance Appoints Co-Founder Yi He To Lead $7.5B Venture Arm Binance Labs

Daily Market Wrap

  • Crypto market cap: 1.07 trillion, down 0.89%

  • BTC price stands at USD 22,905, down 1.09%

  • ETH price stands at USD 1,649, down 0.08%

  • Top gainer: Flow (FLOW), up 40.56%

  • Top loser: Optimism (OP), down 11.24%


News of the Day

Binance Appoints Co-Founder Yi He To Lead $7.5B Venture Arm Binance Labs

Why it matters:

  • Binance, the world’s biggest crypto exchange, appoints its co-founder Yi He to serve as the new head of its venture capital arm Binance Labs, replacing Bill Chin, who left earlier this year.

  • The leadership shuffle shows the importance that Binance places on venture investing during the current market downturn. “Yi is very aggressive and that Binance would be making “quite a lot of investments” in the near term. Binance CEO Changpeng Zhao said in a CNN appearance on Wednesday.

  • He is one of the pioneers in China’s blockchain community and has been actively involved with Binance’s venture capital arm since its early days.


Crypto Daily Spotlight


Recent Solana-based Wallet Attack Blamed on Slope Mobile Wallet Exploit

Brief introduction: Solana is a web-scale blockchain that provides fast, secure, scalable, decentralized apps and marketplaces. The system currently supports 50,000 TPS (Transactions per second) and 400ms Block Times. The overarching goal of the Solana software is to demonstrate that there is a possible set of software algorithms using the combination to create a blockchain.

Why it matters:

  • Thousands of Solana users collectively lost about $8 million worth of funds from Tuesday night. Now, data is surfacing that wallet provider Slope is largely responsible for the security exploit.

  • The official Solana Status Twitter account shared preliminary findings through collaboration between developers and security auditors, and said that “it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications.”

  • Some Phantom wallets were also drained of their SOL and tokens in the attack; however, it appears that those wallets’ holders had previously interacted with a Slope wallet.

  • “Phantom has reason to believe that the reported exploits are due to complications related to importing accounts to and from Slope,” the Phantom team tweeted today.


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