🥛 Biggest hack in crypto history 😨

GM. This is Milk Road – the ‘Google Translate’ of crypto newsletters (we deliver everything you need to know, in plain English).

Here’s what we got for you today:

✍️ Biggest hack in crypto history
✍️ $BMNR’s 25x return
🎙️ The Milk Road Show: Franklin Templeton Exec Predicts $100T Crypto Migration w/ Sandy Kaul
🍪 50bps Fed rate cut in September?

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Prices as of 2:00 PM ET. Click here for our Fear & Greed Index.

THE BIGGEST HACK IN CRYPTO HISTORY 😨

Yesterday, a massive supply chain attack hit the JavaScript ecosystem, with 18 core npm packages being compromised.

That was scary! …at least, I think it was.

Honestly, I have no idea what that opening sentence actually means.

So let’s fix that.

Turns out the programming language JavaScript uses these pre-written bundles of code, called npm packages, so developers don’t need to build/maintain certain functions themselves.

E.g. You might use the color-convert package to change CMYK coloring to RGB on your website, or the debug package to highlight lines of code that are causing issues.

Point is: they provide JavaScript developers with a whole bunch of handy/necessary functions right out of the box.

And they’re used a lot – npm library updates are downloaded billions of times a week.

Which means if you could somehow corrupt one of the npm packages with malicious code, it would quickly be pushed out to pretty much every JavaScript-based product in the world.

…and seeing as JavaScript is the most used programming language in the world – that’d be an issue.

Source: Statista

Welp. Come yesterday afternoon, that potential issue became a reality. 👇

Source: @P3b7_

The hacker managed to phish access to an NPM developer account and push a whole bunch of malicious code that would intercept crypto transactions across multiple wallets and blockchains.

Essentially:

You’d go to make a transaction →
Enter the wallet address you wanted to send your crypto to →
[The exploit would update the destination wallet address to be that of the hacker’s] →
You’d hit ‘confirm’ not knowing that the address had been swapped out

Super sneaky, and distributed on a massive scale. Very scary.

Now, here’s the good news…

This seems to have been caught and contained very early on.

To the extent that (so far) what many are calling ‘the biggest hack in crypto history’ has only netted the attacker $503.62.

Source: Arkm

Phew!

(I don’t think folks recognize the bullet we all just collectively dodged.)

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$BMNR JUST CLOCKED A 25X RETURN…AND PEOPLE ARE MAD ABOUT IT? 🤨

My high school friends once called me a sellout ‘cause they found a copy of Celine Dion's seminal 1997 hit "My Heart Will Go On" at the top of my CD collection.

…even though I’d insisted my favorite song was “Smells Like Teen Spirit”.

(Which, in hindsight, is insane – I liked not one, but two of the decade’s biggest hits – and I was the weird one??)

Anyways…there’s a similar kind of tribalism forming in the $ETH treasury space. Specifically around BitMine ($BMNR).

ICYMI: Yesterday, this happened…

Source: @amitisinvesting

Which pissed some people off…

“$BMNR is meant to be building the world's largest Ethereum treasury, why are they diluting it with an investment into a third-party Worldcoin treasury?” – Crypto Twitter.

Honestly – it’s a valid point. But it doesn’t paint the full picture.

These moonshot investments come into greater focus when you look at the thesis behind them:

$BMNR plans to make small investments into companies supporting Ethereum-based products (Worldcoin is an Ethereum L2)
This helps to support/grow the broader Ethereum ecosystem
Which, in theory, should increase the value of $ETH

Now, this approach may still be too impure for some…but – at least right now – you can’t argue it isn’t working.

Yesterday morning, news broke that $BMNR had bought 13M shares of $OCTO (the Worldcoin treasury company) at $1.46.

…as of this writing, it’s trading at $36. 👇

Source: TradingView

In other words:

BitMine turned their $20M moonshot investment into ~$500M, in the span of roughly 24hrs.

Not too shabby.

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