OpenSea Loses NFTs Worth $1.7 Million in Phishing Attack 🚨

This is a daily newsletter that covers trending business, tech and finance stories. If you enjoyed the newsletter, please share it with a friend who’d find it useful.

– Scott

Share Scott D. Clary’s Newsletter


OpenSea Loses NFTs Worth $1.7 Million in Phishing Attack 🚨

(Image Source)

NFT marketplace OpenSea has suffered a phishing attack, causing a panic among its users that saw NFTs worth millions of dollars being stolen off their accounts.

The phishing attack has reportedly impacted at least 32 users, who have lost their valuable NFTs worth a whopping $1.7 million.

OpenSea said it is investigating the phishing attack, and it claims that the attack originated outside the company’s website.

In a Twitter post, OpenSea said, “We are actively investigating rumors of an exploit associated with OpenSea related smart contracts. This appears to be a phishing attack originating outside of OpenSea’s website. Do not click links outside of http://opensea.io.”

The attack took place after OpenSea announced a new smart contract upgrade with a one-week deadline to delist inactive NFTs on the platform.

This upgrade needed users to migrate their listed NFTs from the ETH blockchain to a new smart contract within one week.

The phishing attack has reportedly targeted a series of NFTs on OpenSea, which include some tokens from the famous collections like Bored Ape Yacht Club, Decentraland, among others.

Fintech Startup PrimaryBid Raises $190 Million in Series C 💰

(Image Source)

PrimaryBid, a fintech platform that connects public companies to their communities during fundraisings, has raised $190 million in its Series C funding round.

The funding was led by SoftBank Vision Fund 2 and also saw participation from previous, unnamed investors.

Founded in 2012, PrimaryBid is a London-based technology platform that provides fair access to everyday investors for investing in public companies raising capital.

Currently, the startup offers the ability to invest in SPAC-based public listings and investments in retail bonds.

The fintech interoperates with nearly 60 channels to enable investments that include apps and brokerages used by people to make investments today.

PrimaryBid plans to use the proceeds to continue building out the products that it offers to companies, which include the ability to invest in SPAC-based public listings, investments in retail bonds, and expand to new geographies.

Specifically, the company is planning to scale up its business in the United States, where it is going through the process of getting regulatory approvals to work with companies listing in that market and is likely to launch in late 2022 or 2023.

New Chinese 🇨🇳 Regulations Hit Online Food 🥘 Delivery Companies 

(Image Source)

Chinese authorities on February 18, announced that the food delivery platforms should further decrease the service fees charged to restaurants to minimize the operating costs for food and beverage businesses.

This news sent shockwaves across the stock market as the shares of Chinese food delivery company Meituan plunged by over 15% on February 18, erasing more than $25 billion in market value. Alibaba, which operates Ele.me, saw its shares plummet by around 4%.

The said announcement came in a directive led by China’s National Development and Reform Commission, the country’s state planner, to “help struggling service industries recover.”

However, the new regulation will likely reduce the profits of food delivery giants in the long run.

Besides this, authorities have also ordered food delivery companies to improve the safety of their workers.

As such, Meituan and Alibaba have started providing cyclists with connected helmets having voice-control capabilities, so workers don’t need to check their phones while riding.

With the new regulations imposed, the challenge for companies is how to balance worker welfare and profitability.

Banks 🏦 Gave Over $1.5 Trillion 💵 to Coal Sector ⛏ in 2019-2021, Says Research

(Image Source)

According to new research, banks and investors have provided huge amounts of money to support the coal industry in recent years.

This move has supported the coal industry largely at a time when the world is facing a climate emergency.

The report published by campaign groups Urgewald and Reclaim Finance alongside more than twenty NGOs found that commercial banks channeled $1.5 trillion to the coal industry between January 2019 and November 2021.

“Banks like to argue that they want to help their coal clients transition, but the reality is that almost none of these companies are transitioning. And they have little incentive to do so as long as bankers continue writing them blank checks,” said Katrin Ganswind, head of financial research at German environmental group Urgewald.

The research also shows that only a few financial institutions from some countries played a major role in keeping the coal industry buoyant.

The report says that financial institutions from just six countries, which include the U.S., Canada, India, Japan, China, and the U.K., were hugely responsible for financing and investment of 80% of coal.

Around the Web 🌐 

Inactive Bitcoin Supply Nears Record as 60% of BTC Remains Hoarded: Regardless of the price volatility of Bitcoin, more than 60% of BTC supply has not left its wallet for more than a year, according to data from on-chain analytics agency Glassnode. As of February 18, 60.61% of the BTC supply has not been used in a transaction for a year or more.

Fintech Startup PayMongo Raises $31 Million in Series B: PayMongo, a Philippines-based company that enables merchants to accept digital payments, has raised $31million in its Series B funding round. The funding saw investment from Justin Mateen’s JAM Fund, ICCP-SBI Venture Partners, and Lisa Gokongwei’s Kaya Founders, along with participation from returning investors Global Founders Capital and SOMA Capital, among others.


Podcast

If you like the content in this newsletter, there’s a pretty good chance you’ll like my podcast, “Success Story”, where I unpack the playbooks of entrepreneurs, executives and other high performing individuals.

Check Out The Podcast

Latest Episode 👇


If you enjoyed the newsletter, please share it with a friend who’d find it useful.

-Scott

New podcasts & articles to your inbox.

No Spam. Promise.

Pin It on Pinterest

Skip to content