A major hack at Arbitrum and Do Kwon’s run: top crypto and Web3 news for December 12 in brief

Greetings, dear reader. Monday is just the beginning of the work week, but the crypto world never sleeps and there’s a lot going on in no-stop mode! Here are the main news for today. 

Do you believe in magic?

Binance announced that the gaming infrastructure project’s Treasure token, built on Arbitrum, will be listed in the Innovation Zone on December 12. Since then, MAGIC has risen to $0.748, an increase of more than 40%.

The $6.5 million theft

DeFi’s Lodestar Finance protocol, built on the Ethereum Arbitrum network, lost $6.5 million over the weekend due to an exploit. On Dec. 10, it was hacked with a deposit leak due to a vulnerability in GLPOracle’s computation. According to Certik, the hacker received tokens totaling about $6.5 million, which was transferred to Ethereum and distributed to 3 external addresses. Lodestar attempted to negotiate with the hacker. This is one of the biggest exploits on Arbitrum.

Binance, oops

The U.S. Attorney’s Office is considering criminal charges against cryptocurrency exchange Binance and individual executives, including founder and CEO Changpeng Zhao, Reuters reported, citing its sources.

Here’s Do Kwon

The former co-founder and CEO of Terraform Labs, which was behind the collapsed TerraUSD stablecoin (UST) and LUNA token, fled to Serbia via the UAE. CoinDesk Korea reports this.

South Korea, where Do Kwon is from, has issued an arrest warrant for the founder. Interpol has also reportedly issued a red notice, which is a request to law enforcement agencies around the world to locate and temporarily arrest the individual pending extradition, or similar legal action.