Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
Here’s what’s happening:
- $2B in crypto stolen from cross-chain bridges in 2022 🚨
- Facebook shutting down live shopping program ❌
- Lucid Motors reduces production target ⏬
- Cera Care gets equity and debt financing 💰
- Victorian Police 🚔 of Australia 🇦🇺 will soon be empowered to seize crypto & other digital assets from criminals.
🚨 Hackers Drained $2 Billion From Cross-Chain Bridges in 2022 🚨
Research by blockchain security and analytics company Chainalysis has revealed the extent of losses suffered by cross-chain bridges this year.
The firm estimates that $2 billion in crypto assets has been stolen from bridges in 13 separate exploits in 2022.
What??? $2 billion!
Yeah, you read it right.
So, what are cross-chain bridges?
Cross-chain bridges, also known as blockchain bridges, are designed to transfer cryptocurrencies from one blockchain network to another.
Why do hackers target bridges?
Well, cross-chain bridges are lucrative targets for cyber criminals because they often store funds that back the bridged tokens on the destination chain. The funds could be held in a centralized custodian or a smart contract, which becomes a central storage point. Unfortunately, hackers find it easier to find a way through such central storage points.
So, can these attacks be averted?
To protect themselves, crypto platforms have been urged to undergo rigorous auditing. However, even audited smart contracts can be exploited.
Chainalysis has noted that cryptocurrency services, including bridges, should start investing in security upgrades and training to address such issues.
Facebook is Shutting Down ❌ Its Live Shopping Feature 🛍
- Two years after introducing Live Shopping, Facebook will be shutting down the live-streaming feature for e-commerce brands.
- The feature allowed users to live-stream shopping events, such as merchandise launches or seasonal sales.
- Only the e-commerce-related features will be shut down, as the live streaming feature will still be available on the platform via Facebook Live.
Is it? When?
The feature will officially shut down on October 1, 2022.
Why is Facebook shutting down its live shopping feature?
The company says it’s part of its initiative to shift focus to Reels.
“As consumers’ viewing behaviors are shifting to short-form video, we are shifting our focus to Reels on Facebook and Instagram, Meta’s short-form video product,” the company said in its announcement post.
Note: The live shopping feature will still be available on Instagram.
What do these changes mean for businesses using Live Shopping?
It might be a good idea to replace shopping streams with short-form video content, Reels, and Reels ads.
Lucid Motors 🚗 Drastically Reduces ⏬ Its Production Target
Uh Oh! Luxury electric carmaker Lucid Motors is cutting its production forecast for 2022.
The U.S.-based company is cutting its production expectations for the second time this year.
- Lucid originally said it would produce 20,000 vehicles in 2022.
- Then, the company changed its production target to 12,000–14,000 vehicles in February.
- And now, the company expects to deliver just 6,000 to 7,000 vehicles in 2022.
Let’s hear from the CEO
“Our revised production plans reflect the extraordinary supply chain and logistics challenges we are facing,” said Peter Rawlinson, CEO & CTO of Lucid.
“We have identified key bottlenecks and are taking appropriate action — taking over our logistics operations, recruiting key executives, and restructuring our logistics and manufacturing organization. We continue to see strong demand for our vehicles with over 37,000 customers ordering, and I remain confident that we will overcome these short-term challenges,” he added.
Lucid also released its second-quarter earnings report. Here are the key numbers:
- Loss: $220 million on revenue of $97.3 million
- Vehicles delivered: 679 in Q2.
Cera Care Secures $320 Million in Equity And Debt Financing 💰
Cera Care, a digital-first home healthcare company, has raised $320 million in equity and debt funding.
Who invested the money?
The funding round was led by Cera’s existing investor Kairos HQ.
The round also saw participation from Vanderbilt University Endowment, Evolve Healthcare Partners alongside Schroders Capital, Jane Street Capital, Yabeo Capital, Squarepoint Capital, Guinness Asset Management, Oltre Impact, and 8090 Partners.
What’s more? Technology investor Robin Klein and several other international institutional investors also participated in the funding round.
Expand UK’s care
The capital will allow Cera to expand its tech-enabled health services from 15,000 to 100,000 at-home patients each day.
The fresh proceeds will be used to increase the number of patients in Cera’s care by over 5-fold by 2025, furthering Cera’s mission to empower patients to live longer, healthier lives in their own homes through technology.
Cera will also expand its investment in nursing, telehealth, and prescription delivery services in the UK and internationally to provide multiple healthcare services per household.
Victorian Police 🚔 in Australia 🇦🇺 Will Soon be Granted new Powers to Seize Crypto and Other Digital Assets From Criminals
The Australian government has introduced new laws under the Major Crime and Community Safety Legislation Amendment Bill 2022.
The new laws will give police greater power to investigate organized crime, seize proceeds of crime, and disrupt organized crime on the black market.
Authorities can size digital assets and compel crypto platforms to hand over information about suspects and seize digital wallets.
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