The Solana setback & Moonbirds go public

GM ☕

...with the intention of taking you through the weekly monumental updates of Web3 land. Here's what we have for you today:

• The Solana hack that shook us all

• Moonbird for everyone!

• Web3 funding, jobs and bonus reads

Estimated reading time: 3:00 minutes

This week in crypto

Price change (7d)

Weekly Web3 Wrap

Major updates from the web3 world 🌐

• Coinbase ex-manager pleads not guilty to insider trading charges.

• Instagram now supports NFTs in 100 countries! Find out who got lucky and what the NFT feature looks like here.

• Nomad drained of $150 million worth of cryptocurrency in a recent hack. Here’s how it happened.

• Starbucks to launch a Web3 initiative next month at its Investor Day event, which includes coffee-themed NFTs.

• Tiffany & Co. is offering limited edition CryptoPunk pendants with an NFT-backed chain.

Solana ecosystem targeted in yet another crypto hack 👾

What happened?

• The crypto wallets on Solana-Phantom, Software and Trust Wallet were compromised in a security breach on Thursday.

• Over 9,000 wallets worth around $8 million have been drained.

• Slope Finance admitted that a cohort of Slope wallets were affected in the breach.

The accidental leak from Slope’s backend

The attack is still under investigation, but Solana said that the private key information was accidentally transmitted to an application monitoring service.

A cohort of Slope wallets was compromised in the breach, advising users to create "a new and unique seed phrase wallet, and transfer all assets to this new wallet.” The attack also compromised other wallets, including Phantom, Solflare and TrustWallet.

This exploit was isolated to one wallet on Solana. Hardware wallets used by Slope remain secure, and there is no evidence the Solana protocol or its cryptography was compromised.

Also, the hacked crypto could be claimed as a tax loss in some countries. Read how here 👇

Dive deeper into Web3 basics with The Product House 🚀

Open doors for bigger and better opportunities by kickstarting your journey led by seasoned Web3 builders. Your glorious Web3 self is just one click away! 👇 

Moonbird for everyone? 🦉

When it comes to most NFTs, the principle is simple: you own it, you use it. But the NFT landscape is changing.

Proof, the Web3 startup behind Moonbirds, announced that it would transition Moonbirds and the recent Oddities NFT collections to Creative Commons Zero (CC0) license.

What does it mean?

It means that no rights are reserved by the creators, and the artwork is in the public domain. Anyone can use the Moonbirds or Oddities artwork to create and sell derivative projects, merchandise, apparel—anything.

Recently, pseudonymous crypto artist XCOPY tweeted that they would also open up all of their previous artwork to public domain. Nouns is arguably the best-known CC0 project in the space.

But, why?

The creators believe growing use and proliferation of the IP should accrue value back to the original NFT creations, not take away from them, like memes.

In the words of Kevin Rose, “(Web3 is) A chance to say that others don’t have to fail for us to win. A chance to be more inclusive and open to all.”

This week's newsletter is brought to you by Celo 🗞

If the spirit of Web3 could be explained in one word, it would be along the lines of prosperity for all.✨

And that's what Celo is doing; the word literally translates to purpose in Esperanto! Celo is a mobile-first DeFi platform building for change. Their aim? DeFi for a cause, DeFi for all.

Celo is BUIDLing communities all around the world to fight climate change. You can also get through transactions without wasting your favourite crypto on fees by the time you're done yawning; it's that fast and allows you to pay transaction fees with tokens & stablecoins. Suddenly, DeFi doesn't sound boring, plus it's for the environment? Sold!

Learn more here on how you can earn, learn & build to be a part of Celo's purpose.🤝

Work in Web3 👩‍💻

• Design brilliant experiences for Maple as their Product Designer. 🎨

• Join Rabbithole as their Senior Frontend Engineer to help their UI. 🛠

• Apply for Web3 & DeFi Analyst at RociFi to access, report and help. 🔎

This week in funding 💰

• OneOf, a green Web3 company for artists and brands, closed over $8M in a strategic round to accelerate the development of its environmentally sustainable NFT marketplace. This brings OneOf’s total funding to date to over $72M raised.

• Kurtosis, an end-to-end developer tool system for distributed crypto apps, raised $20 million to continue to scale up Web3 and blockchain app development and testing. They plan to continue building tools that simplify engineers’ ability to build on Web3.

Hey, you made it here! Make your Sunday even better with some bonus reads and a meme 🤌

OMW to space now 👩‍🚀 

That’s a wrap for This Week in Web3, see you next week! 🚀

If you’re an early-stage Web3 builder going from 0 to 1, holler at our creative-capital studio Spacekayak and let’s create something extraordinary through design! ✨