LVMH conquers Web3



Graduated from Montpellier Business School and Paris 1-Sorbonne, with experience in the world of banking and insurance, Laurent Pignot maintains such a passion for cryptocurrencies that one day he wants to launch a media dedicated to the popularization of these alternative assets. What attracts this fan of sports and gastronomy? As a good representative of his generation, the decentralized and disintermediate dimension of these currencies. What drives it? Adrenaline is linked to the investment game.

The cryptosphere is full of breaking news daily. To keep you up to date with the most important information surrounding this sector, I have summarized the essentials for you in the most important news of the past few days.

  • Nomad, -one bridge (a “bridge” in Molière parlance) that allows the transfer of cryptocurrencies between different blockchains was targeted bya hack that drained nearly $200 million. The hackers’ 3.0 exploit was made possible by exploiting a technical flaw in a smart contract. In short, hackers were able to withdraw money from certain users by exploiting a piece of code that allowed transactions to be validated automatically and repeatedly. Nomad is therefore added to the long list of hacks in the cryptosphere this year, which currently stands at the $2 billion hack.
  • Blockchain Solana was the goal of one hack regarding more than 7,900 wallets. Currently, theft of funds is estimated at more than 5.2 million dollars and the source of the technical problem has not yet been fully identified. In contrast, the founder of blockchain forensics firm Elliptic, Tom Robinson, who investigates this type of issue, said that “it appears to be due to a bug in some wallet software rather than the Solana blockchain itself.” As a reminder, Solana has been the target of several hacks in recent months, which has helped to drastically lower the price of the cryptocurrency associated with the blockchain, SOL, by more than 85% since its all-time high in November 2021.
  • Michael Saylor, at the head of the company MicroStrategy, which has the largest number of bitcoins, that is, 199,699 BTC at the end of July, decided to step down from his chair as CEO. that maximalist bitcoin will nevertheless remain on the board and hand over the reins of the company on August 8 to Phong Le, CFO. But Saylor has no intention of stepping on the accelerator when buying bitcoins. He indicated when he left the post of CEO that he wanted to “focus more on our bitcoin acquisition strategy”. So we’re likely to see the company’s digital jackpot swell further in the coming months.
  • Coin basethe leading US cryptocurrency exchange, partners with BlackRock, the world’s largest fund manager, to provide customers of Aladdin, the asset manager’s software, access to crypto trading and custody through Coinbase Prime. It is specified that the partnership only applies to transactions in bitcoins at the moment. This good news comes after the company has suffered several upheavals and layoffs in an increasingly turbulent market.
  • After El Salvador announced the construction of a “Bitcoin City” and a “Bitcoin Beach”, it is the turn of the Honduras to announce the appearance of Bitcoin Valley. This pro-bitcoin valley is located in the Honduran tourist enclave of Santa Lucia, and local businesses hope that “it will open up more opportunities and attract more people who want to use this currency.” With inflation of more than 10%, the country may intend to offer an alternative to the Honduran lempira with bitcoin, but above all to attract crypto-investors and tourists 3.0.
  • The famous American jeweler from the LVMH group Tiffany & Co. will offer, exclusively to NFT CryptoPunk holders, a pendant that will contain 30 diamonds or gems suspended from an 18k gold chain that will be sold for 30 ETH, or $50,000. If you are the lucky owner of one of these digital monstrosities and you have 30 ETH, then you will be able to purchase one of these pendants. However, the company clarified that a maximum of three copies could be ordered by a single person in order not to concentrate the jewels in too closed a circle of people. Alexandre Arnault, the CEO of Tiffany & Co and son of Bernard Arnault, who owns CryptoPunk #3167, will be able to get one of these pendants by spending 30 ETH.
  • We stay with LVMH and its CEO Bernard Arnault which announced the launch via the venture capital company Aglaé Ventures, a 100 million euro fund dedicated to Web3. As a reminder, Aglaé, where Bernard Arnault is the majority shareholder, has supported tech giants such as Airbnb, Netflix, Slack or Spotify in recent years. The LVMH group seems, between CryptoPunks and this new fund, to be part of this new era of the Internet that is slowly looming on the horizon.
  • Hong Kong University of Science and Technology (HKUST) announced for inauguration a mixed reality classroom in the Metaverse “MetaHKUST”. Specifically, the institution wants to create an immersive learning environment that will connect the two university campuses, one in Hong Kong and the other in Guangzhou. Pan Hui, professor of computer arts at the university, said that “the whole world has turned to conferencing services like Zoom during the pandemic, but I think that learning in the metaverse is a better option for students because it promotes a better level of interaction .” .
  • We end this Crypto Recap with an unusual news that took place in France. Under the guise of crypto advice, the French YouTuber named Crypto Gouv defrauded 300 people out of his 4,000 subscribers, some of whom had entrusted him with tens of thousands of euros. To put it simply, the scammer offered his subscribers to pool their capital in an account (a pool) to invest in common to benefit from “significant guaranteed” returns. But the fraudster announced on social networks to leave with all the collected funds. It’s like you leave your money with a wealth manager, but they go directly with your money. After openly telling his subscribers that he fled with the money collected, an investigation was launched by the prosecutor’s office in Paris.

The evolution of the top 20 cryptocurrencies in terms of capitalization over a week.
(Click on heat map below to better visualize the variations)

Source: Quantify


Virtual reality still stinks because it doesn’t smell (Wired)

No one cares about my framed artistic NFT (Wired)

The true meaning of cyber security (Project Syndicate, in English). 2022

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