Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights 🧵:
1/ Radiant Capital, a multichain lending protocol, lost over US$50M in a security exploit on 16 October. The attacker gained control of the protocol by obtaining three out of 11 private keys needed to upgrade its smart contracts. This is the second exploit Radiant has faced this year, following a US$4.5M loss in January. Radiant has paused its markets on Base and Mainnet and is working with security firms to address the issue.
2/ Worldcoin has rebranded to "World," as announced by founder Sam Altman during a keynote speech on October 17. The company introduced a new version of its Orb biometric scanning device, which is now more efficient and powerful, and will eventually be available in self-service kiosks. World also revealed new identity verification options, including NFC-enabled passport verification and a service called World ID Deep Face to combat deepfakes. The company has reached 15 million users, with seven million verified.
3/ According to CryptoQuant, Bitcoin exchange reserves have dropped to their lowest levels since October 2021, with over 51,000 BTC withdrawn from major exchanges in the past month. The decline is partly due to the Mt. Gox distribution and Coinbase reserves moving to institutional custody, as well as investors transferring BTC to cold storage, as part of a long-term holding strategy. This reduction in exchange reserves coincides with new institutional players, and "whales," significantly accumulating bitcoin, pushing prices higher and reducing the liquid supply on exchanges.
Check out our latest publications from this week 🔎: Overview of Stablecoin Regulation
