Cryptocringe: five Web3 stories that shouldn’t have happened, but they did

Cryptocringe: five Web3 stories that shouldn’t have happened, but they did

Rainbow Bridge, which provides the transfer of cryptographically probable data between NEAR and Ethereum, has had a hack attempt. Again! It is reported that the unknown person planned to create a fake block, but the system eliminated it in time, so the hacker got away with nothing and, moreover, was punished.

Unsuccessful hack

The attacker attempted a hack on the morning of August 20. However, the system kicked him off in just 31 seconds. The hacker’s action cost him 5 ETH (~$8.2K). Aurora Labs CEO Alex Shevchenko commented on the incident on Twitter.

The last time there was such a case was in May 2022. Then an unknown person also tried to generate a fake block and thought the system would allow it. But the company has a reliable protection protocol, which didn’t fail both last time and now.

The Head of Aurora Labs advised the hacker now to do ridiculous things but to do something useful, such as try to look for bugs for a fee. In May, the hacker lost 2.5 ETH (~$4.1K).

Score: Hackers 0:2 Rainbow Bridge

Such funny situations are not uncommon in the world of Web3, and not all of them are related to loser hackers. We found a few more for you. 

Tea hype

On the verge of bankruptcy, Long Island Iced Tea company added the word “blockchain” to its name and announced plans to launch its mining farm. On the same day, the company’s shares rose 200% on the NASDAQ stock exchange.

However, no one ever started mining, after which Long Island Iced Tea shares fell, so they were removed from the exchange due to low liquidity.

Massive losses

Bitmain, a leader in the production of special equipment for mining, is also engaged in investing in cryptocurrencies. In March 2018, Bitmain, a leader in special-purpose mining equipment, sold most of its bitcoins and bought Bitcoin Cash for about $900.

It is unknown what made the company’s representatives make that bid, but the value of Bitcoin Cash fell by almost half, and the company incurred severe losses. 

TRON scam

Justin Sun had personally manipulated the value of TRON tokens by selling out of his holdings. 

When this was revealed, he only shrugged and said that the TRON team does trade their cryptocurrency on exchanges.

But they don’t do it themselves but through engaged professional traders. And the fact that the person who sold $6 billion TRX tokens is also named Justin Sun is just a coincidence (of course, not). 

Fake Satoshi

No one knows the real identity of Bitcoin creator Satoshi Nakamoto. No one except one scientist and entrepreneur from Australia, Craig Steven Wright, who claimed that he was Satoshi Nakamoto. In 2015, journalists again found Satoshi, and Craig Wright was their choice. A little later, he provided alleged evidence that he was Satoshi, and many believed him.

But then Craig Wright’s arguments were challenged, and he was required to provide one hundred percent proof, namely the transfer of bitcoins from a wallet belonging to Satoshi himself. Wright then shifted into reverse gear and declared that he would no longer prove anything to anyone. He has since been nicknamed False Satoshi.

If you found these stories interesting, here is an article about six investors who lost their savings in stupidest way.