Hackers have stolen over $480,000 in digital assets after they managed to infiltrate the Github library of Connect Kit, a key blockchain tool from crypto wallet firm Ledger.

Former Credit Suisse private banking executive David Reigelnig has co-founded a Zurich-based crypto trading venue targeting banks and securities firms as it taps into the increasing interest of traditional financial players in digital assets markets outside the U.S.

Solana’s Saga phone has become a hot commodity thanks to the rise of Solana-based memecoin BONK, as there’s a 30 million token airdrop for every new phone owner, which is currently valued at around $700, above the phone’s $599 price tag.

Top stories in the Crypto Roundup today:

• Ledger Exploit Leads to $480,000 Theft From DeFi Protocols
• Former Credit Suisse Executive Launches Crypto Trading Platform for Institutional Clients
• Solana’s Saga Phone Sees Sales Soar Over BONK Token Airdrop
• The Institutionalisation of Digital Assets Continues

Ledger Exploit Leads to $480,000 Theft From DeFi Protocols

Hackers have stolen over $480,000 in digital assets after they managed to infiltrate the Github library of Connect Kit, a key blockchain tool from crypto wallet firm Ledger.

Connect Kit facilitates the connection between decentralized finance (DeFi) protocols and hardware wallets, meaning the breach saw widespread impact across major DeFi protocols, prompting urgent advisories against using decentralized apps (dApps) until an update rolled out.

Protocols including Sushi, Lido, and MetaMask are all protocols that use Connect Kit and whose front-ends were affected by the security breach. Addressing the incident, Ledger confirmed an employee had been targeted in a “phishing attack” which led the attacker to publish “a malicious version of the Ledger Connect Kit.”

While Ledger has updated the code, according to security researchers full risk mitigation requires each protocol using Connect Kit to manually update their library. Currently, services used for withdrawing permissions from DeFi protocols are particularly at risk.

This incident is part of a larger trend of DeFi-related security breaches, with a staggering $303 million stolen in July alone. After these incidents, users often resort to withdrawing services to remove permissions from impacted protocols, but in this case, entire website front-ends were affected which could broaden the impact of the incident.

Former Credit Suisse Executive Launches Crypto Trading Platform for Institutional Clients

Former Credit Suisse private banking executive David Reigelnig has co-founded a Zurich-based crypto trading venue targeting banks and securities firms as it taps into the increasing interest of traditional financial players in digital assets markets outside the U.S.

The firm, Rulematch, has already launched Bitcoin and Ether trading and is currently serving clients across most of the European Union, the United Kingdom, and Singapore.

Distinctively, Rulematch positions itself as a pure trading platform, focusing solely on matching buyers and sellers, a model reflective of traditional financial markets. This approach includes a unique feature for participants to settle their trades on a daily net basis, enhancing capital efficiency for traders.

The firm’s clients include seven banks and securities firms like Banco Bilbao Vizcaya Argentaria and DLT Finance. It relies on Nasdaq’s software for trade matching, risk monitoring, and market abuse detection.

Solana’s Saga Phone Sees Sales Soar Over BONK Token Airdrop

Solana’s Saga phone has become a hot commodity thanks to the rise of Solana-based memecoin BONK, as there’s a 30 million token airdrop for every new phone owner, which is currently valued at around $700, above the phone’s $599 price tag.

Sales of the Saga phone have skyrocketed, exceeding tenfold in just 48 hours. They're now expected to sell out before the new year, as noted by Solana co-founder Raj Gokal on social media.

The overwhelming surge in demand has seen Gokal’s counterpart Anatoly Yakovenko say the phone’s price needs to increase. The Saga is a blockchain-powered smartphone that boasts unique capabilities for secure crypto storage using its in-built hardware.

Solana wallets holding the Saga Genesis Token obtained upon activating the Saga phone can claim 30 million BONK tokens within the Bonk DApp, which is available from the Saga’s custom DApp store.

The Institutionalisation of Digital Assets Continues

The cryptocurrency industry's growing institutionalization this year is evident through the Chicago Mercantile Exchange (CME), now the premier derivatives platform for institutional Bitcoin futures speculation.

In November, CME's open interest in Bitcoin reached $4.1 billion, surpassing Binance's $3.8 billion and marking CME as the leading derivatives exchange for Bitcoin futures for the first time since October 2021.

Explore emerging trends and potential shifts in the digital asset space via CCData’s Q4 2023 Outlook Report.

State of the Crypto by Top Tier Exchange Volume

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