Javier Milei's presidential win in Argentina boosts Bitcoin, dYdX v3 loses $9M in attack, Kronos Research halts after $25M hack, Sam Altman shifts to Microsoft.
Pro-Bitcoin Javier Milei Wins Argentina Election

Pro-Bitcoin Javier Milei Wins Argentina Election

Javier Milei's presidential win in Argentina boosts Bitcoin, dYdX v3 loses $9M in attack, Kronos Research halts after $25M hack, Sam Altman shifts to Microsoft.

Last update:
Nov 21, 2023
| Issue

Welcome to the first edition of Datawallet Daily for the week. Here are the key stories that are shaping the crypto landscape over the last 24 hours:

Pro-Bitcoin Javier Milei Wins Argentina Election

Javier Milei has been elected as the new president of Argentina, securing victory with 56% of the vote against Sergio Massa’s 44%, as reported by Bloomberg. Milei, known for his anarcho-capitalist views and support for Bitcoin, has sparked a positive reaction in the cryptocurrency market. Bitcoin rose nearly 3% following Milei’s win. 

A critic of central banking systems, Milei views Bitcoin as a symbol of monetary power returning to the private sector. While he has not proposed making Bitcoin legal tender, his economic plans are radical. They include abolishing Argentina’s central bank and adopting the U.S. dollar, in response to the country’s soaring inflation, which hit 142% in October.

Dydx V3 Targeted in Attack Linked to YFI Price Manipulation

dYdX v3, a popular decentralized exchange, recently fell victim to an attack that drained about $9 million from its insurance fund. This attack involved a sudden spike in the open interest for Yearn Finance’s YFI token on dYdX, leading to a significant price disparity compared to other exchanges. The situation worsened when YFI’s price crashed, indicating a well-orchestrated plan by the attacker. 

dYdX responded by increasing margin requirements but could not prevent the loss. Founder Antonio Juliano confirmed that user funds were safe and that the team is cooperating with law enforcement, including the FBI, to track down the attacker. 

Kronos Research Pauses Trading After $25M Hack 

Kronos Research, a well-known quantitative trading firm, has hit pause on its trading services following a hack that led to the loss of $25 million in ETH. The breach was linked to compromised API keys, which allowed the hacker to transfer 12,800 ETH to various addresses they controlled. The firm discovered the unauthorized access on November 19 and immediately stopped all trading. 

Blockchain investigator ZachXBT tracked down six transactions that the hacker carried out. Despite the setback, Kronos Research assures that the loss is not a major dent in their equity and is working on resuming trading after thorough investigations. 

This incident adds to the growing list of major crypto hacks, with the third quarter of 2023 alone witnessing over $700 million in losses due to security breaches.

Sam Altman Leaves OpenAI and Joins Microsoft

Sam Altman, ousted OpenAI CEO, has been hired by Microsoft to head a new advanced AI research team. Microsoft’s move, announced by CEO Satya Nadella, comes amidst significant changes at OpenAI, including the departure of co-founder Greg Brockman, who is also joining Microsoft’s team. 

OpenAI, reeling from Altman’s controversial exit, has named Emmett Shear, ex-Twitch CEO, as its interim leader. The shift in OpenAI’s leadership, triggered by the board’s dissatisfaction with Altman’s communication style, has led to a reevaluation of its structure. 

Microsoft and OpenAI have both emphasized their strong partnership going forward, with Shear setting plans for an independent investigation into the recent upheavals and a revamp of OpenAI’s leadership.

Other breaking news

Wrapping up

Wrapping up today’s edition, everyone! It seems we might see a boost in Bitcoin demand in Argentina with Javier Milei winning the presidential election – this could keep the uptrend going. With the excitement and crypto prices climbing, hacker activity is also up. Dydx was recently attacked, losing $9 million, and Kronos Research was hacked for $25 million. In other news, Sam Altman was unexpectedly fired from OpenAI and has now joined Microsoft. Stay tuned for more updates!