Krystal Newsflash (7th Oct 2022)

Krystal Wallet

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Krystal Wallet

3 min readOct 8, 2022

Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:

BNB Chain hacked 😕

The BNB Chain has been halted following an exploit on the BSC Token Hub.

This is a cross-chain bridge that allowed transfers between both networks on the BNB Chain: the BNB Smart Chain (BEP20) and BNB Beacon Chain (BEP2).

The exploit resulted in extra BNB being created, and about $712 million worth of tokens being stolen.

This latest hack shows the vulnerabilities of cross-chain bridges, which were previously highlighted by Vitalik Buterin.

Kim Kardashian charged 💸

Influencers may now think twice before shilling cryptocurrencies in the future, after Kim Kardashian was charged by the SEC.

Kim was paid $250,000 to promote the EthereumMax token (EMAX) on her Instagram account, but did not disclose this compensation.

The SEC has charged Kim with a $1.26 million fine.

We strongly urge you to be wary whenever an influencer promotes a certain cryptocurrency! While you can consider their recommendations, we would advise you to conduct your own research as well.

Is Elon Musk finally buying Twitter? 👀

After withdrawing his bid to buy Twitter, Elon Musk is now toying with the idea of resubmitting his bid.

However, things may not be so smooth for Elon this time around.

Twitter may no longer play nice, and they seem to be rejecting Elon’s latest bid.

This new bid has highlighted Elon’s interest in creating an ‘everything app’, which is similar to the super apps like Grab that are popular in Asian countries.

Coinbase Lists PNG 📝

The native token of the Pangolin exchange, PNG, is set to be listed on Coinbase.

PNG is set to be the very first token on the Avalanche network on Coinbase platform that follows the ARC-20 token standard, which could mean more listings of such tokens in the future.

While waiting for Coinbase to launch more tokens on Avalanche, you can view your assets across 10 networks (including Ethereum, BNB Smart Chain, Avalanche and Solana) within our Krystal mobile app!

Pancakeswap launches on Ethereum 🔀

The leading decentralised exchange (DEX) on the BNB Smart Chain is expanding to the Ethereum network.

You can now trade tokens on the Ethereum network, and Pancakeswap has announced that cross-chain swaps will be possible on 10th October.

Krystal has integrated Pancakeswap on the BNB Smart Chain along with other DEXes, so that we give you the best trading experience with minimal slippage!