GM Brew Crew, it’s Monday and it feels like we just took a 5 minute cold shower. Blood is pumping and neurons are firing on all cylinders. LET’S DIVE IN ⬇️

On the menu today:

• 🥷🏿 DEFI PROTOCOL HACKED FOR $455K

• 🧐 WHAT DOES SOC 2 COMPLIANCE AUDIT MEAN?

• 📈 COINBASE SHARES RISE AMIDST SEC LAWSUIT

Today’s Charts:

🥷🏿DEFI PROTOCOL HACKED FOR $455K

A hacker successfully siphoned off approximately $455,000 from the noncustodial decentralized finance (DeFi) protocol Arcadia Finance by capitalizing on a code flaw.

The code's lack of validation for unverified inputs enabled the hacker to drain roughly half a million dollars from Ethereum (darcWETH) and Optimism (darcUSDC) vaults.

The hack was alerted by a blockchain detective known as PeckShield.

Nearly 180 ETH has been laundered via the Tornado Cash service - which is popular among hackers looking to scramble transactions and in result, hide any trace of their identity.

You know those course-selling gurus who have yellow lambos, a jet or two, and Beluga caviar by the pound ALL seemingly overnight? Well we aren’t saying they have Tornado Cash in their internet search history, but we also aren’t saying they don’t…😂

🧐 WHAT DOES SOC 2 COMPLIANCE AUDIT MEAN?

Some crypto projects are seeking to regain trust by undergoing SOC 2 type 2 audits, which attest to the security and data-handling capabilities of their firms.

The SOC 2 audit allows crypto companies to demonstrate trust and transparency with customers, especially in light of control issues at exchanges in the past.

Passing the audit does not improve business systems, but it provides assurance to users and interested parties that controls are in place and operating effectively.

Prominent crypto companies like Nexo and crypto.com have already passed the SOC 2 audit, enhancing user security and demonstrating their commitment to meeting regulated standards.

Go up to a friend today and flex your knowledge about the SOC 2 audit. They may look at you like you got 3 eyes 🤣

📈 COINBASE SHARES RISE AMIDST SEC LAWSUIT

Despite facing a lawsuit from the U.S. SEC for alleged securities law violations, Coinbase's stock price increased 51% from July 6-7, reaching a value of $78.7.

Over the past six months, the stock has risen by more than 133%, with a year-on-year increase of approximately 50%.

Brewski got slammed trying to short Coinbase… what a bear 🐻

Financial firm Piper Sandler downgraded Coinbase shares from "overweight" to "neutral" and reduced its forecast, while ARK Invest decided to stay away from the asset. However, the stock's performance contradicts these predictions.

BlackRock’s collaboration with Coinbase for the filing of a spot Bitcoin ETF has definitely contributed to the recent increase in stock price.

Special Blend: Morning Meme Roast

As the CryptoBrew Daily comes to a close, we invite you to join us on Twitter for more crypto chat. Think of it as a chill gathering of like-minded folks, minus Chad talking about his 1-rep deadlift max and your tipsy uncle who always shares TMI stories. Let’s keep the crypto conversation going!

***DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and is not intended to be construed as financial advice or a solicitation to buy or sell any assets. We urge you to exercise caution and conduct your own research before making any financial decisions.