UKISS Web3 round-up of the biggest headlines in cryptocurrency, NFTs, blockchain, and the metaverse.

Web3 round-up: Security flaw wipes out $325m from DeFi platform, Man Utd partners blockchain platform

This week, the year’s biggest security breach hit a decentralised finance platform, the world’s largest Bitcoin fund expands its asset offering, Thailand sends an ominous signal regarding cryptocurrencies, while a major football team officially dips its toes into the blockchain world. 

Wormhole, a decentralised finance (DeFi) platform that operates as a bridge between Solana and other DeFi blockchains, lost $325 million on Wednesday after hackers exploited a security flaw. Hackers launched the attack after Wormhole revealed a fix to a bug on Github that had not yet been deployed on the project. The platform has since announced that they have “restored all the funds.”

Grayscale, known as the world’s largest Bitcoin fund, this week launched an exchange-traded fund (ETF) in partnership with Bloomberg, broadening its product range away from strictly cryptocurrency investing while giving investors exposure to mainstream markets. The ETF is known as Grayscale Future of Finance (symbol: GFOF).

In Thailand, plans to implement cryptocurrency regulations are underway. Official implementation is set to come in the latter half of February. Regulations may include fines on both buyers and sellers using cryptocurrency to pay for goods or services.  

In the football world, English team Manchester United makes its debut into the blockchain technology industry after confirming a sponsorship deal with blockchain platform Tezos worth $27 million.