3 for Web3: Last's Week's News Today

3 for Web3 is where I summarize three of the big news events in Web3 from the previous week. Last week, here’s what happened in Web3.

⚽ FIFA Launches Its Own Blockchain on Avalanche

FIFA, the international soccer association, is deepening its Web3 ambitions by partnering with Avalanche to launch a dedicated layer-1 blockchain. This new platform will support FIFA’s NFT marketplace and digital fan experiences, marking a significant shift from its previous use of Algorand. The move aligns with Avalanche’s recent Avalanche9000 upgrade, designed to facilitate customized blockchains for enterprise use.

🛡️ Major Web3 Security Breaches Highlight Ongoing Risks

Two significant security incidents shook the Web3 ecosystem last week:

• Cetus DEX Exploit: On May 22, Cetus, a decentralized exchange on the Sui network, was exploited due to a vulnerability in its AMM pricing logic. The attacker drained over $223 million, though Sui validators managed to freeze $163 million to prevent further damage.
• LND.fi Protocol Breach: LND.fi, a lending protocol forked from Aave, suffered a $1.18 million loss due to an access control vulnerability. The malicious function enabling the exploit had been introduced 41 days prior to the incident.

In response to these breaches, ++a new alliance++ has formed between RigSec, the Hong Kong Police, and SlowMist to bolster Web3 security infrastructure and support law enforcement efforts.

📈 Bybit Integrates Global Stock Trading with USDT

Bybit has become the first crypto exchange to offer direct global stock trading using USDT. This integration allows users to trade traditional equities seamlessly within a crypto-native environment, bridging the gap between decentralized finance and traditional financial markets.

These developments underscore the dynamic nature of the Web3 landscape, highlighting both its innovative strides and the challenges it faces. Come back next Monday for another episode of 3 for Web3. Can’t wait? Subscribe and stay in the loop.

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First published at Substack. Lead image from Whisk.

Posted Using INLEO