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With as many as 33,000 branches, Starbucks has a global reach around the world and plays a key role in its industry. The company has become an icon of the comfortable western lifestyle and has tried to be as close as possible to breakthrough financial technologies. In previous years, it introduced a subscription program with its prepayment and deposit design making Starbucks a quasi-bank. Now the company is ready for new services in the cryptocurrency world.
Starbucks CEO Howard Schultz announced that the well-known coffee chain would launch a new "digital venture" to expand its existing loyalty program. He added that âthis new digital Web3-enabled initiative will allow us to build on the current Starbucks Rewards engagement model with its powerful spend-to-earn Stars approach while also introducing new methods of emotionally engaging customers."
Unfortunately, at this point, we don't know details about the promotion of the new program. It seems like there has been speculation about introducing an NFT collection and a Starbucks token that could be exchangeable for the company's products. This scenario sounds plausible given management's statements. At the earnings conference, CEO Howard Schultz announced that Web3 will be part of the company's future, saying, "it will create a whole new set of digital network effects that will attract new customers and appeal to existing ones in our retail stores."
The theft of $6 million from Solana wallets was probably linked to Slope Wallet According to CoinDesk data, wallets robbed in yesterday's hacking attack were all created or used within the Slope app: it provides Web3 wallet solutions and has long been in close partnership with the SOL ecosystem. The information was confirmed by Solana, which posted on its Twitter account that "it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications."
In that case, the problem itself does not seem to be with the ecosystem code but with the code of the third party granting the wallets, Slope. Crypto audit firm Zellic, while investigating the matter, has provided evidence pointing to errors in Slope's system. The company had been using a new system infrastructure for a week, which during that time could have leaked thousands of confidential information due to a software error.
At this point, 9,000 robbed "hot wallets" have been registered, the security of which has long been a matter of concern due to their permanent connection to the network. Losses are currently estimated at $6 million in various tokens. Solana (SOL) itself lost 4.5% yesterday on the Conotoxia MT5 platform and continues to decline today.
The consolidation continues
Major cryptocurrencies continue to consolidate, with no significant ups or downs. On the Conotoxia MT5 platform, Bitcoin is losing more than 2.2% today, while Ethereum is losing 1.4% as of 12:00 GMT+3 on 04/08/2022. BTC is near a close support level around $22,650, and ETH seems to be drawing a short, few-days long flag formation, which could herald an upcoming potential big price move. Analysts seem to believe more and more often that we are dealing with the so-called "bull trap", and further declines may be inevitable due to weak macroeconomic data.
Author Bio
Daniel Kostecki is an award-winning senior market analyst, victor of the FxCuffs statuette for âBlog of the Yearâ and âPersonality of the Yearâ. He has 15 years of experience on the financial markets and a diploma in Economics from the University of Szczecin in Poland. Daniel is privately connected to the financial markets since 2007 and professionally - since 2010. Author of numerous commentaries and analyses of the situation on the financial markets and a guest on Polish TV, press and radio.Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.