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	Good Wednesday morning. This is Billy Bambrough, here with the latest news from crypto-land. 📧 Thank you for reading CryptoCodex! I’d love to hear your feedback, ideas and tips. Email me directly at billy@billybambrough.com.


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24-hour crypto market snapshot

Bitcoin (-1%)

$47,291

Ethereum (-1%)

$3,393

Luna (+5%)

$107.30

Axie Infinity (-5%)

$65.77

Lunatics 🤪


	Cryptocurrency prices are trending downwards this morning, with a large-scale hack affecting the Axie Infinity blockchain-based game firmly taking the wind out of the sails of bullish traders. See below for details. The bitcoin price is down 1%, as is ethereum. The rest of the crypto top ten, as measured by CoinMarketCap, is mixed with ethereum rivals BNB, cardano, solana and avalanche all either flat or down slightly. Axie Infinity's AXS is down 5% while the associated ronin is down 20%. Breaking the mold, Terra's luna is up 5% as supporters of the coin, known as Lunatics, continue to pile into the flavor of the month. Now watch this: Trust No One—The Hunt for the Crypto King

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Once more unto the breach! ⚔️



	Carlos Enrique Sierra Almaraz, 24 -year-old former medical school student, photographed playing NFT-based online game Axie Infinity in Mexico last year. © 2021 Bloomberg Finance LP


	Game over: Sky Mavis, the cryptocurrency startup that operates one of the most popular blockchain-based online games, Axie Infinity, said yesterday hackers have stolen around $600 million worth of cryptocurrency after breaching the game's Ronin Network. Read the full story on Forbes. Coining it in: The hack is one of the largest decentralized finance (DeFi) hacks on record, with attackers draining 173,600 ether and 25.5 million of the stablecoin USDC from various accounts. Embarrassingly, the security breach happened last week but wasn't discovered until yesterday, according to a blog post that outlined what's thought to have happened. "We are working with law enforcement officials, forensic cryptographers, and our investors to make sure all funds are recovered or reimbursed," Ronin developers wrote, adding, "all of the AXS, RON, and SLP on Ronin are safe right now" but "as of right now users are unable to withdraw or deposit funds to Ronin Network." The weakest link: "The breach happened due to social engineering, not technical flaw," Aleksander Larsen, operating chief and co-founder of Sky Mavis, told the Wall Street Journal. The Ronin Network, a side chain of the ethereum blockchain, is used primarily as a payment rail for Axie Infinity, offering players cheaper transaction fees. The attack focused on the bridge to Ronin, which lets users convert tokens into ones that can be used on another network, with stolen private security keys used to access the network nodes that validate transfers to and from Ronin. Follow the money: Developer Kelvin Fitcher tracked some of the stolen funds to accounts on the FTX crypto exchange. FTX chief executive Sam Bankman-Fried then posted to Twitter that his team is investigating. Zoom out: Before Ronin, the largest hack of 2022 so far was the $325 million theft through a flaw in Wormhole, a cross-chain bridge that allows users to transfer assets between the ethereum and solana blockchains. Jump Trading, an early developer of the Wormhole bridge project, compensated investors for the stolen funds. Last year, a $600 million hack of blockchain-based platform Poly Network set the record for the largest DeFi hack, almost all of which was eventually recovered. Over the course of last year, attackers stole a total of $3.2 billion worth of cryptocurrency, according to a report from blockchain researchers Chainalysis. Meanwhile... just a month after "rumors of an exploit," reports have again emerged that NFT trading platform Opensea could have another "fatal" flaw. Now read this: A new world of currency disorder looms

Bitcoin on loan 💸


	🐂 MacroStrategy, part of billionaire bitcoin bull Michael Saylor's software company turned bitcoin acquisition vehicle MicroStrategy, has received a $205 million loan from crypto-friendly bank Silvergate to buy more bitcoin. Read the full story on Forbes. 💬 "Using the capital from the loan, we've effectively turned our bitcoin into productive collateral, which allows us to further execute against our business strategy," Saylor said in a statement. 📈 After buying its first bitcoin in August 2020, MicroStrategy has now accumulated just over 125,000 bitcoins worth almost $6 billion at current prices—up around $2 billion from the purchase price. The MicroStrategy stock price is up more than three-fold since the summer of 2020. Now read this: Tracking Luna Foundation Guard’s bitcoin purchases

Bukele goes whaling 🐳


	🌋 After being forced to delay its hotly-awaited, volcano-powered, bitcoin-backed $1 billion bond, El Salvador is turning to "deep wells of capital among cryptocurrency enthusiasts"—known as whales—to make up a funding shortfall, according to a report in the Financial Times. 🗣️ Crypto exchange Bitfinex, which is providing the tech platform for the bond, has received "half a billion dollars" of interest from its users, Paolo Ardoino, Bitfinex's chief technology officer said. Ardoino is also the CTO of Tether Limited, the issuer of the controversial tether stablecoin. ⌛ The ground-breaking bond was delayed at the 11th hour last week, now expected in September, with El Salvador's president Nayib Bukele blaming the delay on necessary pension reforms and his finance minister Alejandro Zelaya pointing to poor market conditions. Good to know: El Salvador has locked down prisons after a wave of 87 killings over the weekend

	Billy Bambrough
	Forbes Senior Contributor

I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.

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