Safeheron Weekly Dispatch | JUL 08 '22


Security Incidents

Crema Finance Hit With $3.8M Flash Loan Exploit

Crema Finance, a concentrated liquidity protocol on Solana, suffered from a flash loan exploit. The Crema Finance hacker has returned the stolen funds following a negotiation deal.

Industry Updates


Safeheron Chief Scientist Max Share Thoughts on BUIDL in Bear Market

Safeheron Chief Scientist Max joins a community AMA sharing security thoughts in the crypto market and suggestions on how to secure business and BUIDL together. Learn more in the recap.

Binance Custody

Binance Custody Partners With Pinely

Pinely will integrate Binance Custody into its digital asset management by leveraging cold storage and liquidity solutions. Pinely is a privately owned & funded algorithmic trading firm focusing on high-frequency and ultra-low latency trading.

South Africa-based H2O Water Securities receives $150M investment

H2O Water Securities, a South Africa-based company that combines finance, infrastructure and expertise in the deployment and operation of water plants, has launched a world-first crypto water token 'H2ON' which is a new way of funding for water infrastructure.

Polygon Partnered With Phone Maker Nothing

Polygon’s tech will be integrated into the company’s first smartphone, the Nothing Phone (1). Initially, the partnership will be an NFT membership club, with Polygon NFTs provided to people who helped crowdfund Nothing’s launch, as well as those who pre-ordered the Nothing Phone (1). Ultimately, the plan is to infuse the Android-based Nothing Phone (1) with easy access to apps and games on Polygon’s platform, as well as payments and future features like Polygon ID, the company’s zero-knowledge, proof-based identification solution.

Aztec Network Launches Private DeFi Solution Aztec Connect for Ethereum

Aztec Connect enables anyone to add privacy to Ethereum applications with two easy-to-use developer tools, bridge contracts (connect Ethereum smart contracts to Aztec’s rollup) and SDK (a front-end toolkit enabling beautiful, seamless web interfaces to access Aztec Connect integrations). And is expanded to support access to DeFi interactions, allowing anyone to use DeFi apps like Lido, Curve, and Element.


  • Kuwait-Based Islamic bank Warba Bank now occupies two sites in the metaverse, one Decentraland and another one on Sandbox.

  • Pan-African firm Mara is to launch crypto wallet that enables users to easily buy, sell, send, withdraw, store, and protect a wide range of fiat and crypto-assets.

  • Circle’s EUROC stablecoin will trade only within the US for now.

  • Latin American exchange Bitso brings crypto remittance service to Colombia.

  • Reddit is launching a new NFT avatar marketplace.

  • Ethereum mobile operating system ethOS launches ethOS 1.0.

  • Crypto marketplace WonderFi closed its $30 million acquisition of Canadian crypto trading platform Coinberry after being admitted to trading on the Toronto Stock Exchange last week.

  • Crypto lender Nexo starts process to potentially acquire troubled crypto lender Vauld.

  • BKN301, the fintech specializing in digital payments and banking-as-a-service raises about $15.65 million.

  • Gaming chain Oasys completed a private token sale round of $20 million.

  • MaC VC Fund II for MaC Venture Capital raised $203 million which will focus on Web3 and fintech.

  • Sequoia Capital’s China arm raises $9 billion.

  • Mask Network’s venture investment arm Bonfire Union raises $42 million to invest in the “social ecosystem” of Web3.

Market Regulation

North America

  • The Treasury has sent the White House its response to US president Joe Biden’s executive order on digital assets.

  • New Jersey tax authorities target crypto transaction data for calculating taxable sales income.


  • Bank of Russia is ready to legalize crypto mining if miners sell minted coins abroad.

  • The Russian Banking Association’s head proposed the creation of a crypto trading platform on the Moscow Stock Exchange.

  • UK’s HM Revenue & Customs opens public consultation on the taxation of DeFi involving the lending and staking of crypto assets.

  • The UK’s Financial Conduct Authority (FCA) has appointed the director of the multi-agency National Economic Crime Command (NECC) as its new director of payments and digital assets.

  • Deputy BoE Governor said the U.K. Treasury will introduce legislation on a regulatory system for stablecoins before the August summer break.

  • Belgium's Financial Services and Markets Authority (FSMA) ponders crypto as a security.

  • Binance obtains Virtual Asset Service Provider registration in Spain.


  • The Monetary Authority of Singapore is “carefully considering” limits on retail traders.

  • Korean Justice Minister has met with U.S. prosecution officials in New York and discussed ways to enhance cooperation in the investigation of financial crimes, notably cryptocurrency.

  • Aurus, the decentralized precious metals tokenization platform, acquires crypto trading license and establishes HQ in Dubai.

South America

  • Brazil creates crypto-dedicated investigation unit.


  • Central African Republic launches official digital currency ‘Sango Coin’.

Industry Briefing

Now is a fresh July and the first half 2022 has witnessed a volatile, unpleasant crypto market. Now, the crypto winter is common sense. But what needs to be noticed is that still a lot of interesting innovation and development continue. Eg. interest into the metaverse has skyrocketed in 2022, nearly every week there is a new report of another organization investing into Web3 or creating a new line of NFTs (according to McKinsey report Value Creation in the metaverse). Already more than US$120 billion has been poured into the metaverse in 2022, more than doubling the 2021 total amount of US$57 billion.

The security side still sees massive scams, rug pulls, and one major security incident is flash loan attacking on Crema Finance. Never too much to stress security. Building security for business or foundation on technology, architecture, etc. shall still be a priority.

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