Domain Daily: Hacks and Cadillacs

The Dose

  • Cadillac Swings for the Fences

  • Crypto Phone

  • Horizon Bridge Hacked

Cadillac's Ultra-Luxury EV Has Ultra-High Price

The Wall Street Journal says Cadillac's Celestiq electric sedan will have a starting price of around $300,000.

The Point: Cadillac has been teasing the Celestiq for a while. But until now, the price has remained a mystery. What was known was that Cadillac planned to use the Celestiq as a showcase for its latest and greatest tech. However, the expectation was that Cadillac wouldn't stray too far from its well-established customer demographic. Now it's clear that Cadillac is swinging for the fences. At this price point, the company is jumping into the super-premium market. To succeed, Cadillac will not only have to deliver all the bells and whistles but also convince buyers that a Caddy has the same prestige as a Rolls-Royce.

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Blockchain Company Solana Builds a Phone

On Thursday, Solana CEO Anatoly Yakovenko announced that the company is teaming up with Osom to build a crypto-focused phone.

The Point: The user experience remains a significant hurdle to the broader adoption of crypto technologies. Solana is betting that integrating a hardware wallet (a way of holding your digital assets offline) onto a device we all carry around will improve the user experience and encourage more people to interact with the asset class. While the phone will appeal to crypto diehards, it's a stretch to assume it'll serve as a gateway for those who haven't yet taken the leap. And at $1,000 a phone, it's a steep price to pay if you don't already need what it has to offer. Solana probably is well aware of all of this. So perhaps the way to think about this is as Solana's way of nudging established phone companies like Apple to consider the features for their own devices. "We didn't see a single crypto announcement at Apple's developer conference, 13 years after Bitcoin went live," Yakovenko said. "I think it's going to be up to us."

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$100 Million Crypto Heist

Hackers infiltrated the Horizon blockchain bridge and stole $100 million in cryptocurrency.

The Point: This is the third major attack on a bridge this year. Thieves swiped more than $600 million from the Ronin Network and $320 million from Wormhole. Bridges are pathways for sending crypto from one blockchain to another. They're popular targets because, for them to facilitate large transfers, they have to hold vast sums of cryptocurrencies. Harmony, the company that manages the bridge, asked the FBI for assistance in the investigation. As we've said repeatedly, be careful with how you handle your cryptocurrencies.

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