CoinChapter.com brings you the top cryptocurrency news of the day. Let’s dive into the details:
1. Keith Gill, also known as “Roaring Kitty,” has made a bold bet on GameStop (GME). He revealed that he holds $181.4 million worth of GME stock and call options. This revelation caused GameStop shares to surge by 19% in overnight trading. Gill purchased 5 million GME shares worth $115.7 million and invested an additional $65.7 million in call options. Although he has gained over $9.3 million from his holdings, his call options currently show a loss of nearly $2.5 million.
2. Matter Labs has decided to withdraw its attempts to obtain intellectual property rights for the term “ZK,” which stands for “zero-knowledge” proof. This decision came after prominent ZK researchers criticized Matter Labs’ behavior, stating that ZK technologies should remain accessible to all as a public good. Matter Labs acknowledged the concerns raised by the community and dropped all trademark applications related to the term “ZK.”
3. Velocore, a decentralized exchange, has fallen victim to a $6.8 million hack due to a vulnerability in its smart contracts. The hack exploited an overflow logic flaw in Velocore’s liquidity pool contracts, allowing the hacker to drain the “volatile pools” on the zkSync Era and Linea blockchains. Velocore has disabled the logic flaw and offered a 10% white hat bounty to the hacker for the return of the remaining funds.
4. The US Navy has launched its proprietary blockchain technology called “PARANOID” to secure software against cyberattacks during development and deployment. PARANOID is a blockchain-based system that verifies software files at every step of the development process, preventing any unauthorized edits, replacements, or deletions. The Navy is seeking private sector partners to collaborate on the development of this technology.
5. Frax Finance, a crypto lending platform, has experienced a social media account hack on X (formerly Twitter). The CEO suspects an “inside job” or social engineering within Elon Musk’s company. The account compromise occurred on June 1, and the CEO has reached out to X’s customer service for assistance in regaining control. Users are advised to avoid clicking on any website links shared from the compromised X accounts.
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