Intro: Hey there, PoI readers! 🌟

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From Li.Fi's unexpected heist and Kraken's footballing foray to a Scammer's surprising change of heart and BlackRock's CEO’s Bitcoin U-turn, we've got a smorgasbord of digital delights to dive into. So, grab your favorite beverage, settle into your comfiest chair, and let's embark on this rollercoaster ride through the wonderland of digital assets!

INTEL BRIEF

🟧 Li.Fi protocol suffered a $10M hack due to a smart contract vulnerability, affecting users with infinite approvals.

🟧Kraken becomes Tottenham Hotspur's first official crypto and Web3 partner, aiming to boost fan engagement and crypto awareness.

🟧 A scammer unexpectedly returned $9.3M in DAI to a victim, 10 months after a $24M phishing attack.

🟧BlackRock CEO Larry Fink changes stance on Bitcoin, now calling it "digital gold" and a legitimate financial instrument.

Li.Fi Protocol Suffers $10M Hack in Smart Contract Exploit

On July 16, while most of us were probably debating whether to have ice cream for breakfast (no judgment here), hackers were busy scooping up a whopping $10 million from Li.Fi.

Now, you might be wondering, "What in the name of all that is decentralized is Li.Fi?" Well, my curious crypto comrades, Li.Fi is like the Swiss Army knife of the Ethereum and Solana ecosystems - it's an API that helps with swaps and bridging. Think of it as the friendly neighborhood spider-bot, spinning webs between blockchains. Unfortunately, this spider-bot got caught in its own web.

The attack was so sneaky that it took the cyber-sleuths at Cyvers to sniff out the suspicious transactions. They raised the alarm faster than a cat spotting a cucumber, warning users to revoke approvals for a specific contract address. (Pro tip: If you see 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae in your approvals, run away screaming!)

Li.Fi's team, probably fueled by enough caffeine to power a small country, sprang into action. They warned users faster than you can say "HODL" to steer clear of Li.Fi-powered apps until further notice. The good news? If you didn't set infinite approvals, you're safer than a turtle in its shell. The bad news? If you did... well, let's just say your wallet might be feeling a bit lighter.

But wait, there's more! The attack spread faster than gossip in a small town, even affecting the Arbitrum blockchain. It's like the crypto version of "Six Degrees of Kevin Bacon," but with less bacon and more panic.

Now, before you start planning your new life as a hermit in the mountains, here's a silver lining: Li.Fi has since mitigated the smart contract vulnerability. They announced this, assuring users that the danger has passed. Phew!

The moral of this crypto-catastrophe? As Meir Dolev from Cyvers wisely said, this incident "underscores the risks inherent in granting wallet approvals to smart contracts." In other words, be careful where you stick your digital fingers, folks!

Li.Fi protocol hacked for $10M due to smart contract vulnerability

Users with infinite approvals affected; others safe

Vulnerability mitigated, but incident highlights risks of broad wallet approvals

Kraken Becomes Tottenham Hotspur's Official Crypto and Web3 Partner

Kraken, the crypto exchange extraordinaire, has just scored a partnership with Tottenham Hotspur. That's right, the Spurs are diving into the deep end of the crypto pool, and Kraken's holding their hand!

On July 16, Kraken and Tottenham annouced a deal that's making waves in both the crypto and sports worlds. Kraken isn't just dipping its toes in the water here - oh no, they're doing a full-on cannonball! They're now the official crypto and Web3 partner, AND they've nabbed the coveted sleeve sponsorship for both the men's and women's teams. Talk about a crypto hat-trick!

But wait, there's more! This isn't just about slapping a logo on a sleeve and calling it a day. This partnership is all about bridging the gap between fans and crypto. It's like they're building a blockchain bridge, but instead of connecting different networks, they're connecting football fanatics with the wild world of Web3.

Mayur Gupta, Kraken's Chief Marketing Officer (and possibly part-time crypto-evangelist), is practically buzzing with excitement. He's noticed that crypto is becoming more popular in the UK than tea and crumpets (okay, maybe not quite, but close!). Gupta sees this partnership as a way to "accelerate the global adoption of crypto".

On the Spurs' side, Ryan Norys, their Chief Revenue Officer, is equally pumped. He's promising fans a "range of exciting events and experiences". What could this mean? Crypto-powered goal celebrations? NFT trading cards? A blockchain that records every time someone yells "COYS!"? The possibilities are endless, and I, for one, can't wait to see what they cook up!

But let's not forget the real MVPs here - the fans. Gupta believes that Spurs supporters and the crypto community share a "passion for what they believe in". And who knows, maybe soon we'll see fans cheering, "Two-Factor Authentication! Two-Factor Authentication!" from the stands.

Kraken becomes Tottenham Hotspur's official crypto and Web3 partner

Partnership aims to improve fan experience and bridge crypto knowledge gap. Collaboration signals growing intersection of crypto and professional sports

Phishing Scammer Returns $9.3M to Victim After 10 Months

Picture this: It's September 2023. While most of us were busy arguing about whether AI would take over the world, a crafty scammer was busy phishing their way into a cool $24 million. Fast forward 10 months, and our not-so-friendly neighborhood scammer decided to return a whopping $9.3 million to their victim. Talk about a change of heart!

Now, you might be thinking, "Mochi, did this scammer have a visit from the Ghost of Crypto Past?" Well, not quite. But they did use the Dai stablecoin to return the funds, proving that even in the world of crypto crime, stability is key 😂

The return happened with $5.23 million returned on July 8 and another $4.04 million on July 13. It's like watching a high-stakes game of hot potato, but with millions of dollars and a lot more sweating.

But wait, there's more! The scammer didn't just drop the money and run. Oh no, they left a message that would make any rom-com writer proud: "Hello, I am the guy who took your money. I want to give the money back." I don't know about you, but I'm sensing a Netflix original in the making. "Phish Me If You Can," anyone?

Now, before we start nominating this scammer for sainthood, let's remember that they still made off with a tidy profit. The $9.3 million return is only about 38.4% of the original haul. It's like returning a third of the cookies you stole from the cookie jar – better than nothing, but you're still in trouble, mister!

But why the sudden attack of conscience? Did the scammer have a life-changing epiphany? Did they realize that crime doesn't pay (as much as they thought)? Or did they just get tired of looking over their digital shoulder? We may never know, but one thing's for sure – this story is more twisted than a pretzel at a blockchain conference!

So, what can we learn from this crypto caper? Well, for starters, always be careful with your "Increase Allowance" transactions. It's like giving someone the keys to your house – make sure you trust them first! And secondly, even in the world of Web3, there's still room for surprises (and apparently, partial refunds).

Scammer returns $9.3M in DAI to victim 10 months after $24M phishing attack

Return made in two transactions: $5.23M on July 8 and $4.04M on July 13

Incident highlights ongoing risks of phishing scams in crypto space

BlackRock CEO Larry Fink Calls Bitcoin "Digital Gold" in Stance Reversal

In a recent CNBC interview that had crypto Twitter buzzing louder than a mining rig,BlackRock’s CEO Larry Fink admitted he was "wrong about Bitcoin." Now, if you're thinking, "that's old news," hold your horses! This isn't just any old crypto conversion story. This is like the equivalent of your grandpa suddenly deciding he's into TikTok dances!

Fink, who once proudly wore the badge of "Bitcoin skeptic" like it was a Rolex, has now christened our favorite digital asset as "digital gold." I don't know about you, but I'm picturing a giant, pixelated gold coin with Satoshi's face on it. Coming soon to a blockchain near you!

But wait, there's more! Fink didn't stop at just comparing Bitcoin to a shiny metal. Oh no, he went full crypto-philosopher on us. He described Bitcoin as a "legitimate financial instrument" that offers "uncorrelated type of returns."

And speaking of the world going crazy, Fink touched on how Bitcoin could be a lifeline for people in countries where the economy is shakier than a Jenga tower in an earthquake. It's like he's discovered that Bitcoin isn't just magic internet money, but a potential superhero cape for the financially disenfranchised!

Now, before you start thinking Fink's just all talk, let's look at the BlackRock Bitcoin ETF. This bad boy has been hoovering up Bitcoin like it's going out of style, with year-to-date inflows topping a cool $18 billion as of July 15.

But here's the real kicker: BlackRock isn't just stashing away Bitcoin like a digital squirrel. Oh no, they're getting creative! They've added Bitcoin ETF shares to their Strategic Income Opportunities Fund and Strategic Global Bond Fund. It's like they're saying, "Hey retirees, want some Bitcoin with your bonds?"

And wouldn't you know it, but Bitcoin's price decided to join the party too! It's been on a four-day winning streak, bouncing back above $65,000. Is it because of Fink's comments? The German government finally offloading its Bitcoin stash? Or maybe it's just Bitcoin being Bitcoin. Who knows?

BlackRock CEO Larry Fink now calls Bitcoin "digital gold" and a legitimate financial instrument

BlackRock's Bitcoin ETF sees massive inflows, topping $18 billion year-to-date

Bitcoin price responds positively, rising above $60,000 amid bullish sentiment

And that's a wrap, my lovely PoI readers! I hope this edition left you feeling informed, entertained, and maybe even a little bit dizzy from all the twists and turns in the crypto world. Remember, in the land of blockchain, expect the unexpected – today's skeptic could be tomorrow's champion! 🏆
Until next time, this is Mochi, signing off with a virtual high-five and a side of digital ice cream! 👋
P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. Every voice matters in the PoI community, even if it's just to say "Bit-cool-in"! 📣❤️ Share the newsletter and spread the crypto love!

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