Coinbase stock has added more than 50% to its value since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the firm for allegedly offering unregistered securities.Continue Reading on Coin Telegraph More
The spate of bank failures in the United States and Switzerland earlier this year revealed issues of the singleness of money and settlement finality, Bailey said. Both cryptocurrencies and stablecoins fail basic tests of singleness and settlement finality, he said, without elaborating. “They are not money,” Bailey said. The passage of the Financial Services and Markets Act would bring stablecoins into line, however.Continue Reading on Coin Telegraph More
Crypto Twitter has had a predictably split response to the announcement, with negative sentiment surrounding Arkham’s purported mission to “deanonymize the blockchain” causing some ire. Chief among the complaints, many of which describe the company’s Intel (NASDAQ:INTC) Exchange as a “snitch-to-earn” or “snitching-as-a-service” program, involves Arkham’s perceived role as a centralized intelligence agency.Continue Reading on Coin Telegraph More
During the speech, President Xi welcomed Iran as a full organisation member, and praised the move for Belarus to join. He also talked up the importance of central bank digital currencies (CBDCs):Continue Reading on Coin Telegraph More
This news comes despite the price of Bitcoin, as measured in U.S. dollars, still being down by over 50% from its all-time high of around $69,000.Continue Reading on Coin Telegraph More
In a July 10 letter, Alabama Sen. Tommy Tuberville and five members of the House of Representatives alleged Prometheum co-CEO Aaron Kaplan may have provided false testimony at a June 13 hearing on regulatory clarity in the crypto space. The U.S. lawmakers claimed Prometheum was connected to investors with “with ties” to the Chinese Community Party: Shanghai Wanxiang Blockchain and HashKey Digital Asset Group.Continue Reading on Coin Telegraph More
The Monetary Authority of Singapore announced new requirements for crypto service providers to hold customer assets in a statutory trust by the end of 2023.“This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT [digital payment token] service provider’s insolvency,” the authority says.Continue Reading on Coin Telegraph More
The breach was initially detected by blockchain security firm PeckShield, which identified a coding oversight related to untrusted input validation as the root cause of the vulnerability. Exploiting this coding loophole, a hacker managed to drain funds from Arcadia’s Ethereum and Optimism vaults, putting the defi protocol in a precarious position.The company confirmed the breach on Twitter and suspended the affected contracts to minimize further losses.PeckShield’s investigation further revealed another vulnerability in Arcadia’s code, highlighting the absence of untrusted input validation and reentrancy protection.The lack of reentrancy protection allowed hackers to bypass the internal vault health check by enabling instant liquidation.PeckShield’s findings indicate that the majority of the stolen funds, approximately 180 ethereum (ETH), originated from Arcadia’s Optimism vault. Allegedly, these funds were moved through Tornado Cash, an ethereum-based mixing service. However, the stolen ETH, valued at over $340,000 at the time of writing, remains stagnant in the suspected hacker’s wallet.This exploit adds to a series of high-profile attacks within the defi space. Just days before, the Multichain hack saw a staggering $130 million stolen. In response, stablecoin issuers Tether and Circle took action blacklisting five addresses connected to the stolen funds.Earlier this month, the Poly Network also suffered a $5.5 million exploit, further highlighting concerns surrounding the security of defi protocols.Arcadia Finance has been actively engaging with the hacker, seeking to leverage its community and security options to achieve a swift resolution. The protocol emphasized its commitment to recovering funds for its users as its top priority.To regain trust and bolster security, Arcadia Finance is expected to conduct a thorough analysis of its existing security systems and implement more stringent measures to prevent future breaches. The impact of this breach is already evident, as a defi tlv aggregator DeFiLlama reported a significant 76% drop in Arcadia Finance’s total value locked (tel), falling from $605,000 to $143,000 within a short span of time.This article was originally published on Crypto.news More
