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Crypto Flipsider News – Jump Trading Refunds $320M Stolen in Hack, Hedera Mainnet Launch, BAYC Seeking A16Z Investment, Miami Earns $5.25M from Mining, Tezos and Baby Doge Partner with Football Clubs

Read in the Digest;

  • Jump Trading Restores $320 Million Stolen in Wormhole Hack
  • Hedera Hashgraph Launches Smart Contract 2.0 Mainnet, Partners with Ubisoft
  • Creators of the Bored Ape Yacht Club in Investment Talks with A16z
  • Miami Has Earned $5.25 Million from CityCoins Mining
  • Tezos and Baby Doge Partner with Top Football Clubs, Manchester United and Hoffenheim

Jump Trading Restores $320 Million Stolen in Wormhole Hack

Following the recently reported $320 million (120,000 wETH) hack of DeFi bridge protocol, Wormhole, its parent company, Jump Trading, has stepped in to provide refunds to its users.

On Wednesday, the Wormhole Team reported that a hacker had fraudulently minted 120,000 ETH, moving 80,000 ETH to the main chain while keeping 40,000 wETH on Solana.

Despite the loss, the parent company of Wormhole, Jump Trading, has stated that it believes in a multichain future, and Wormhole will be an essential infrastructure. As such, the crypto VC firm announced it had replaced the $320 million stolen in the hack.

The DeFi bridge protocol, Wormhole, on Friday, February 4, publicly confirmed that funds had been restored. In addition, Wormhole has resumed its bridge’s operations after completely patching the network from the attack. 

Flipsider:

  • The Wormhole team has also contacted the hacker and offered $10 million in exchange for information on the perpetrator.

Why You Should Care

The move from Jump Trading may have prevented a further collapse of Solana’s decentralized finance (DeFi) ecosystem.

Hedera Hashgraph Launches Smart Contract 2.0 Mainnet, Partners with Ubisoft

The self-acclaimed third generation of distributed ledger, Hedera Hashgraph, has completed a significant upgrade through the mainnet launch of the Hedera Smart Contracts 2.0.

The upgrade will see Hedera integrate the Hedera Smart Contract Service with the Hedera Token Service (HTS). According to Hedera, the upgrade will make developers easier and more flexible to build on the network and expand its ecosystem.

In addition, Hedera adds that its smart contracts platform will charge low and predictable gas fees. The upgrade also promises high scalability, allowing the blockchain to process up to 15 million gas per second.

Along with its mainnet upgrade, Hedera has announced a partnership with the leading video game developer, Ubisoft. The duo will work together to build and launch the next generation of gaming on the Hedera network through the partnership.

Flipsider:

  • The Hedera Hashgraph token (HBAR) has reacted positively to the news, gaining 12% in the last 24 hours.

The 24-hour price chart of Hedera Hashgraph (HBAR). Source: Tradingview

Why You Should Care

These developments will help Hedera to attract more developers as the project recently announced it would transition to an open-source Hashgraph. 

Creators of the Bored Ape Yacht Club in Investment Talks with a16z

Yuga Labs, the creators of one of the most popular NFT collections, the Bored Ape Yacht Club, is reportedly in talks with Silicon Valley venture capital heavyweight Andreessen Horowitz (a16z) over a funding round. 

According to the report, completing the round will see the start-up attain a valuation as high as $5 billion. The report suggests that Yuga Labs is seeking a multimillion-dollar stake with a16z among other VC firms.

Its collection of 10,000 unique Bored Ape NFTs continues to increase in popularity, and has been bought by the likes of Serena Williams, Eminem, Steph Curry, and popular soccer player Neymar Jr.

Flipsider:

  • Despite NFTs’ steep rise to an estimated $44 billion in sales in 2021, the real value of digital arts has remained a huge debate.

Why You Should Care

If Yuga Labs receives funding from a16Z, it will mark the first institutional investment the firm has accepted. 

Miami Has Earned $5.25 Million from CityCoins Mining

In 2021, Francis Suarez, the Mayor of Miami, became one of the most popular pro-Bitcoin politicians, pushing for workers to receive salaries and pay tax in Bitcoin, encouraging mining, taking his salary in Bitcoin, and the issuance of MiamiCoin on the CityCoin platform.

On his involvement with the CityCoins platform, which started in August 2021, the Miami mayor has announced that his city has received its first cryptocurrency payout from CityCoins in cryptocurrency from its mining efforts.

CityCoins uses an ecologically sustainable proof-of-work model “recycled” from Bitcoin’s blockchain. On his mining involvement, Mayor Suarez wrote:

“This is a historic moment for our city to collaborate with an innovative project that creates resources for our city through innovation, not taxation.”

In addition, the wallet sending the transactions of Miami now holds another $16.6 million of crypto. While there are no reports of what the fund will be used for yet, earlier statements suggest splitting 30%-70% between Miami and its residents.

Flipsider:

Why You Should Care

Rather than outlaw cryptocurrencies, Mayor Suarez has proven that digital assets can be beneficial to the government. 

Tezos and Baby Doge Partner with Top Football Clubs, Manchester United and Hoffenheim

As cryptocurrencies spread their tentacles deeper into the sports industry, EPL giant Manchester United has reportedly partnered with blockchain platform Tezos. According to The Athletic, both parties have agreed on a $27M deal.

Although not yet officially announced, the multi-year deal would see Tezos sponsor the football kit of Manchester United. In addition, the partnership may also see the football club venture into blockchain with a Metaverse or NFT project.

Baby Doge is journeying to Germany, where it has partnered with the top-flight football club, TSG Hoffenheim. The partnership will focus on NFTs for Hoffenheim fans, according to the club statement.

In addition, Baby Doge will also display promotions at the Hoffenheim home venue using LED advertising around the pitch at all home games.

Flipsider:

  • Binance has launched a campaign asking investors to be wary of celebrity crypto endorsements during the Super Bowl event.

Why You Should Care

Tezos’ and Baby Doge’s partnerships add to the wave of crypto projects using sports as a medium to reach a greater audience.

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