Hey Chain Debrief Community,

What is going on? Everything in Web 3.0 is getting hacked faster than I’m losing weight.

First, we have Nirvana. The Solana-based algo-stable protocol got exploited by a flash loan attack, and the exploiter walked away with US$3.5 million.

Next, we have one of the most chaotic attacks in Web 3.0. Dubbed as the first decentralised hack, over 300 addresses made off with a combined amount of US$190 million.

Many may have missed this news as it was covered up by another bigger hack. Fantom-based, Reaper Finance was hacked and lost US$1.7 million.

The biggest hack of this week is none other than the Solana hack. The hack is so sophisticated that no one has yet to pinpoint the source of the hack. All we know is that at least US$8 million has been drained from users’ wallets and no solution has been found.

This Solana hack also got me started thinking about how many wallets are already compromised but not hacked yet. Your wallet might be compromised, and hackers are just waiting for the right opportunity to strike. Brb, buying a cold wallet now.

In other news, all eyes are on the Goerli testnet. In case you didn’t know, Goerli is the last testnet before “the merge” to Ethereum 2.0. The Goerli Testnet Merge transition is set to go live next week, and I can’t wait to see the result of the test.

If you didn’t know, I’m extremely bullish on the Ethereum 2.0 upgrade, but I think something might break within a month or two after the transition to Proof-of-Stake. I’m just going to chill on the sideline and wait for the dust to settle before I start accumulating.

— Gab from Chain Debrief

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