Wormhole hacked, a token bridge for protocols like Solana, Ethereum, Avalanche, BSC, Terra and Oasis was hacked for $321m. The hack happened on the Solana side of the protocol. 2022 has not been great for crypto security with 2 hacks taking place in 2 weeks. Last week a Binance smart chain project was hacked for 80m. The wormhole team tweeted out about the situation. Bridges are still betas as being such they are highly susceptible to hacks.

Philadelphia is joining cities like Miami and New York with getting a city coin soon. A tweet from a councilman is saying that Philadelphia is ready. City Coins, is a protocol built on a layer two bitcoin solution called stacks. 30% of the mining rewards goes to the city’s treasury at which point the city can cash out for USD at anytime and use the money at their leisure.

Small victory for a family who was taxed on staking rewards. The IRS offered the Jarrett family a refund of almost $4,000. Which the family declined and countered with wanting clear staking regulations.

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The Gentlemen of Crypto is a daily live cryptocurrency podcast that broadcasts on YouTube. Isaiah Jackson and King Bless provide cryptocurrency analysis across a variety of blockchain news stories.

February 3, 2022: Top cryptocurrency gains and losses: 50

  • ETH(-3.35%)
  • SOL (-8.6%)
  • DOT (-6.5%)

Wormhole hacked, a token bridge, hit for 321m in wrapped Eth: 2:24

  • Largest hack in 2020 
  • 2nd largest DeFi hack

Philadelphia City Coin up next: 8:25

IRS may not tax staking rewards until sold: 10:41

  • At present proof-of-stake staking rewards are classified as income, with tax payable as they are gained. 
  •  The new development suggests they should be only taxed when they are sold for USD.

Tezos PoS validator wants clear policy on staking taxation: 15:42 

Bitcoin Zay ribbon cutting + Bitcoin education center launches in El Salvador: 19:11

  • Bitcoin education centers have opened in both El Salvador and Miami

Vibin with chat : 24:10

Bonus: https://thegentlemenofcrypto.com/blog/solana-crypto-beginners-guide/

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Categories: Blockchain

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