Got Solana in a Wallet? Watch out.

GM. Solana wallets got quite the scare yesterday as many of them were being drained. A textbook publishing CEO rants on how they can make more using NFTs. Layer 2 wars are heating up even in this bear market. Ready set go.

Today's Topics:

• Solana wallets getting drained

• The future of textbooks?

• Layer 2 Wars

• Quick Links

Solana wallets getting drained

While you were sleeping more than $4M worth of tokens were lifted from a bunch of Solana wallets. There is an exploit in the wallet software for Phantom, Slope and others. If you have a Hardware wallet you are ok so far. Scary stuff.

Last night on Twitter you could see the panic as people started tweeting about wallets being drained and warning others. SOL, USDC and other Solana based tokens were taken during the hack.

Four attacker wallets have been spotted attacking approximately 8,000 victim wallets. The attack is still ongoing and it is not fully known what the root cause is.

The Solana team is saying their code is rock solid. Sure? They point the blame at the software wallets. Dev teams from Solana, Slope and Phantom are investigating.

Stay tuned on the outcome. If you have been affected OtterSec is asking users to fill this form to help out.

The future of textbooks?

Pearson the global giant in textbook publishing is looking into the blockchain. Remember when you were in college and you paid a ridiculous amount of money for a textbook you were gonna sell at the end of the semester? Well, Pearson wants to make money off that first, second, and future sale.

With textbooks moving to a digital format Pearson is hoping they can profit from resales of their books using non-fungible tokens (NFTs).

In addition to NFTs they are also heads down on web3 as the CEO said: "We have a whole team working on the implications of the metaverse and what that could mean for us."

Layer 2 Wars

Jake breaks down which Layer 2s using the DeFi Edge framework. He then rates each project. Read the thread to see what is hot or not.

Quick Headlines

People are still minting - Crazy that $2.7B has been spent minting NFTs in just the first half of this year. Over a million wallets were used. NFTs forever?

Bored Apes Founders get interviewed by Input - Epic rags to riches origin story from an obscure project to the top of the NFT mountain. They want to take over the world.

Funding News:

Chiliz taking a 24.5% stake in Barca Studios for $100M - The famous Spanish team FC Barcelona is going all in on Web3. Hopefully they don't squander the money cuz their track record with managing money has not been good. Example: Lionel Messi.

Cuts:

Robinhood lets go of another 23% of staff - This is coming after already letting go of 9% of staff and bad earnings. SBF hoping for the stock to be pounded so he can take it over?

Hacks:

Almost $5M taken from ZB.com exchange - They claim they are the most "secure exchange in the world. Guess not since they got hacked.

Former Coinbase Product Manager gonna plead Not Guilty - He is being accused of insider trading for giving tips on future token listings to his brother and friend.

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.