G20 to propose worldwide crypto rules in October.

Another hack. $1.4 million worth of ETH drained from Omni.

Axie Infinity’s NFT volume is up 205%, the project co-founder says ‘nature is healing’

GM. vEmpions, our words of wisdom for today are — If you don’t mind, it doesn’t matter.

🌎 G20 to propose worldwide crypto rules in October.

💻 Another hack. $1.4 million worth of ETH drained from Omni.

✊ Axie Infinity’s NFT volume is up 205%, the project co-founder says ‘nature is healing’

G20 to propose worldwide crypto rules in October

The FSB (Financial Stability Board, a body of regulators from the Group of 20 economies — G20) said on Monday that it would propose global rules for cryptocurrencies somewhere near October.

FSB says that the recent downfall of the crypto market showcased crypto’s volatility and links to the wider financial system. The FSB has no power to impose any new laws, however, but its members could apply the regulations in their own jurisdictions.

Plenty of ‘experts’ are saying that the crypto industry should welcome the regulation with open arms, as centralization would, apparently, further stabilize the market and protect the investors’ funds, but can it actually aid the market, or will it further hamper the adoption of crypto across the world — we’re soon to find out.

Another hack. $1.4 million worth of ETH drained from Omni.

Omni, an NFT platform was hacked for about 1,300 ETH. The hacker utilized a reentrancy vulnerability, a known exploit in smart contracts using Solidity in the Omni Protocol,

For an attack, the hacker used NFTs from a collection called Doodles, he deposited NFTs and took wrapped Ethereum as collateral, then utilized a malicious callback function to frontrun buying more Doodle NFTs before liquidating his loan position.

Once the position was closed, the collateral was returned back to the attacker, so he had a remaining amount of borrowed money to buy even more NFTs, then the hacker used the newly acquired NFTs to borrow, even more, WETH, and could withdraw the loan before Omni’s smart contract recognized the loan.

The hack drained more than 1,300 ETH from the protocol, however, Omni said that none of the customer funds were affected, as the platform uses its fund in a test mode since it’s still considered a beta.

Axie Infinity’s NFT volume is up 205%, the project co-founder says ‘nature is healing’

P2E game Axie Infinity is back on the menu, as we’re seeing a 205% rise in NTF sales volume just since the last week. Axie has generated more than $1.3 million from selling NFTs over the last seven days

One of the factors that contributed to the sudden increase seems to be investors’ sudden love for the Axie Land NFTs, which give weekly rewards in Axie’s AXS tokens. As of now, more than 90% of the tokens were staked. Jeff Zirlin, the project’s co-founder said that “nature was healing”, hinting at the project’s restoration.

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