🏔️ OpenSea announces support for AVAX chain

🏔️ OpenSea announces support for AVAX chain 🥭 Hacker hits Mango Markets in $100 Million USDC theft - then provides an ultimatum 🤤 Majority of people don’t understand crypto, study reveals

Einstein once said: "Wisdom is not a product of schooling but of the lifelong attempt to acquire it." That means that there are many different ways to become wise. But the most important part of that process is to never stop trying to learn new things. One way to become wise is to never stop learning. Staying curious will help you to keep an open mind and learn new things every day. This is especially true with new tech.

Now for our topics:

🏔️ OpenSea announces support for AVAX chain

🥭 Hacker hits Mango Markets in $100 Million USDC theft - then provides an ultimatum

🤤 Majority of people don’t understand crypto, study reveals

OpenSea announces support for AVAX chain

The biggest NFT platform in the world, OpenSea, has now announced support for the Avalanche blockchain. This is for sure a huge news for AVAX community, as they will now have access to the world’s largest NFT marketplace.

NFT creators will now be able to list, trade and display their NFTs on OpenSea, with the added bonus of being able to set their own creator fees. This is a great development for the Avalanche ecosystem as a whole, and we’re sure that the community will make good use of this new feature.

Some of the top Avalanche-native NFT collections by trading volume on OpenSea include Smol Joes, Rich Peon Poor Peon, Chikn, Smol Turds and Smol Creeps.

After this was announced, the volume of NFT sales on Avalanche increased by 175%, according to data from Cryptoslam. This just goes to show the power of the Avalanche community and the potential that this platform has for NFT creators.

This is a big step forward for Avalanche, and will likely lead to more mainstream adoption of the platform. It also has the potential to boost the AVAX token price, as more people become aware of the project and its potential. The ATH for AVAX was on November 21, 2021, at a value of $144.96 and currently, it is trading at $15.6. There is still a long way to go for the token to reach its previous heights, but with developments like this, Avalanche is certainly on the right track.

Hacker hits Mango Markets in $100 Million USDC theft - then provides an ultimatum

Mango Markets is the latest victim of a hack in the space, following a hacker's successful drain of funds from the protocol through an oracle price manipulation.The exploit took place at 22:00 UTC on 11 October and saw two accounts funded with USD Coin take an outsized position in Mango Protocol Perpetual Futures (MNGO-PERP). MNGO/USD prices on a variety of exchanges, for example FTX and Ascendex, rapidly increased 5-10 times within minutes.

The hacker manipulated the oracle price on Mango Markets to increase the value of their collateral, and then took out large loans from the protocol. When the dust settled, the hacker had made away with over $100 million. But that's not even the most interesting part.

Hacker then initiated a vote on the Mango Markets governance proposal platform, proposing to liquidate the DAO treasury in order to repay $70 million of debts held within the protocol. The bad debt Mango Markets is currently facing is a direct result of the bailout that was put together by Solana lending platform Solend. $207 million dollars was spread across multiple platforms, and this large sum has caused much financial turmoil.

“If this proposal passes, I will send the MSOL, SOL, and MNGO in this account to an address announced by the mango team." the hacker wrote in the proposal's description. He also mentioned that no legal action should be taken against him. The proposal gained traction and quickly reached over 99% of the votes, but has not yet been executed.

The community is currently debating the merits of the proposal. Some say that it is a Robin Hood-esque act, while others believe that it is a thinly veiled attempt to cover up the hack. In any case, hacker will walk away with millions of dollars, and the Mango Markets protocol will be left in a very precarious position, but that's just the way the space is these days.

Majority of people don’t understand crypto, study reveals

A recent survey has found that the majority of people globally do not understand cryptocurrency, despite its increasing popularity. The survey, carried out by consumer insights provider Toluna, found that 57% of respondents were aware of cryptocurrency. However, 60% of those surveyed said they did not understand it.

The study also found that those who have not invested in cryptocurrencies said they did not understand it well enough (32%) or weren't confident it was safe enough (28%) and in spite of the potential for short- and long-term gains, 42% of global respondents said that crypto is a risky investment.

People invest in cryptocurrency for many reasons, including long-term growth potential (36%), short-term rapid growth potential (35%), diversification of assets (30%), use as a means of payment for online purchases (25%), to avoid government control over finances (11%), and to protect against conventional asset crashes or failures 16.

The findings highlight the need for greater education around cryptocurrency and blockchain technology. With more and more people interested in investing in digital assets, it is important that they understand what they are investing in.

So what exactly can be done in this case? We should start by educating people about cryptocurrency and blockchain technology.

Secondly, we need to create more user-friendly platforms and applications. A lot of people are put off by the complicated interfaces of many cryptocurrency exchanges. If we can make the process simpler and more user-friendly, more people will be likely to invest.

Finally, we need to address the concerns around safety and security. Many people are worried about investing in something that they don't fully understand. And they're right - cryptocurrency is a very volatile market. However, if we can provide people with the tools and resources they need to make informed investment decisions, we can help to mitigate some of the risks.

If we can do these things, then we can help to increase understanding and adoption of cryptocurrency around the world. And that would be a huge win for the entire industry.