LVMH conquering the Web3



Graduated from Montpellier Business School and Paris 1-Sorbonne, with experience in the banking and insurance world, Laurent Pignot maintains such a passion for cryptocurrencies that one day he aims to launch a vehicle dedicated to the disclosure of these alternative assets. What attracts this sports and gastronomy enthusiast? As a good representative of his generation, the decentralized and disintermediated dimension of these currencies. What drives him? Adrenaline is linked to the investment game.

The cryptosphere is filled with fresh news every day. To keep you updated on the main information that revolve around this sector, I have condensed for you the essentials of the most important news of the last few days.

  • Nomadic, a bridge (a “bridge” in Molière’s language) that allows the transfer of cryptocurrencies between different blockchains, has been targeted bya hack that drained nearly $ 200 million. Hackers’ enterprise 3.0 was made possible by exploiting a technical flaw in a smart contract. Simply put, hackers were able to withdraw funds from certain users by leveraging a piece of code that allowed automatic and repeated validation of transactions. Nomad therefore joins the long list of cryptosphere hacks this year, which currently amount to $ 2 billion hacked.
  • Blockchain Solana was the target of a hack involving more than 7,900 wallets. For the time being, the theft of funds is estimated at more than $ 5.2 million and the source of the technical problem has not yet been fully identified. In contrast, the founder of blockchain forensics firm Elliptic, Tom Robinson, who investigates this type of problem, said that “it appears to be due to a flaw in some wallet software, rather than Solana’s own blockchain.” Recall that Solana has been the target of numerous hacks in recent months, which have helped to drastically drop the price of the cryptocurrency associated with the blockchain, the SOL, by more than 85% since its historic peak in November 2021.
  • Michael Saylor, at the helm of the MicroStrategy company that has the largest number of bitcoins, i.e. 199,699 BTC at the end of July, has decided to step down from his position as CEO. the maximalist bitcoin however, he will remain on the board of directors and will hand over the reins of the company on August 8 to Phong Le, the chief financial officer. But Saylor does not intend to lift the foot of the accelerator on the acquisition of bitcoin. He indicated, when leaving the position of CEO, that he wanted to “focus more on our bitcoin acquisition strategy “. So the company’s digital jackpot is likely to increase further in the coming months.
  • Coinbasethe leading cryptocurrency exchange in the United States, collaborates with BlackRock, the largest fund manager in the world, to provide Aladdin’s clients, the wealth manager’s software, access to cryptocurrency trading and custody via Coinbase Prime. It should be noted that the partnership is for the moment only valid for bitcoin transactions. This good news comes after the company suffered numerous turmoil and layoffs in a still troubled market.
  • After El Salvador announced the construction of a “Bitcoin City” and a “Bitcoin Beach”, it is the turn of the Honduras to announce the advent of Bitcoin Valley. This pro-bitcoin valley is located in the Honduran tourist enclave of Saint Lucia and local businesses hope it “will open up more opportunities and attract more people who want to use this currency.” With inflation above 10%, the country intends, perhaps, to offer an alternative to the Honduran lempira with bitcoin, but above all to attract crypto investors and tourists 3.0.
  • The famous American jeweler of the LVMH group Tiffany & Co. will offer, exclusively to NFT CryptoPunk holders, a pendant that will contain 30 diamonds or precious stones suspended from an 18-karat gold chain that will be sold for 30 ETH, or $ 50,000. If you are the lucky owner of one of these digital monstrosities and have 30 ETH, you will be able to purchase one of these charms. However, the company specified that a maximum of three copies could be ordered by a single person so as not to concentrate the jewels in a too small circle of people. Alexandre Arnault, the executive director of Tiffany & Co and son of Bernard Arnault, owner of CryptoPunk # 3167 will be able to get one of these charms by spending 30 ETH.
  • We stay with LVMH and his people CEO Bernard Arnault which announced the launch, through venture capital firm Aglaé Ventures, a 100 million euro fund dedicated to Web3. Recall that Aglaé, of which Bernard Arnault is the majority shareholder, has supported technology giants such as Airbnb, Netflix, Slack or Spotify in recent years. The LVMH group seems, between the CryptoPunks and this new fund, to want to be part of this new internet era that is slowly looming on the horizon.
  • Hong Kong University of Science and Technology (HKUST) announced to inaugurate a mixed reality classroom in the Metaverse “MetaHKUST”. Specifically, the institute wants to create an immersive learning environment that will connect the two university campuses, one in Hong Kong and the other in Guangzhou. Pan Hui, a computer art professor at the university, said that “the whole world has turned to conference services like Zoom during the pandemic, but I think that learning in the metaverse is a better option for students because it promotes a better level of interaction “.
  • We conclude this Crypto Recap with an unusual news occurred in France. Under the pretext of cryptographic advice, the French youtuber named Crypto Gouv defrauded 300 people of his 4,000 subscribers, some of whom had entrusted him with several tens of thousands of euros. Put simply, the scammer offered his subscribers to pool their capital on an account (a pool) to be invested in common to benefit from “guaranteed significant” returns. But the scammer announced on social media that he was leaving with all the funds raised. It’s like you entrust your money to an asset manager, but they go directly with your money. After openly announcing to his subscribers that he was running away with the money raised, an investigation was opened by the Paris prosecutor’s office.

The evolution of the Top 20 cryptocurrencies in terms of capitalization in one week.
(Click on heat map below to better visualize the variations)

Source: quantify


Virtual reality still stinks because it doesn’t stink (Wired)

Nobody cares about my framed art NFT (Wired)

The true meaning of cybersecurity (Project Syndicate, in English). 2022

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