Day: June 10, 2023

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

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Over the past few weeks, a group of scammers has hijacked more than eight Twitter accounts belonging to prominent figures in the crypto space to promote phishing scams. The group has stolen almost $1 million worth of crypto so far, according to blockchain sleuth ZachXBT. In a June 9 Twitter thread, ZachXBT outlined that he had uncovered several wallets “linked on chain” that are connected to phishing scams promoted by the recently hacked accounts. “While the majority of these attacks were the result of a SIM Swap it seems other…

US House introduces draft of legislation for stablecoins

The United States House Financial Services Committee, led by Representative Patrick McHenry, has unveiled the third draft of the stablecoin bill. Scheduled for discussion within the House committee on June 13, this potential legislation could mark a significant milestone as the first official crypto-related law in the United States. Meet the future of digital assets The draft bill titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem” has been introduced on June 8 and is set to be deliberated during the upcoming committee hearing on June 13. Under…

Marc Cuban highlights discrepancy in SEC’s approach to stock loans vs. crypto assets

In a recent Twitter statement, Marc Cuban highlighted the discrepancy in the Securities and Exchange Commission’s (SEC) approach towards the stock loan industry compared to crypto assets. Cuban pointed out that while the SEC labels the stock loan industry as “opaque” and emphasizes the need for transparency, they have not classified “stock loans” as securities nor initiated lawsuits against brokers and banks’ stock loan departments. The SEC is showing their intentions for their industry Cuban suggested that the SEC should adopt a similar approach for crypto assets to assess which…

SEC charges against Binance and Coinbase are terrible for DeFi

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The allegations against Binance and Coinbase by the U.S. Securities and Exchange Commission have substantial ramifications for the decentralized finance (DeFi) ecosystem, and they are far from positive. DeFi has developed as a promising area within the crypto industry, aiming to disrupt established financial systems and deliver financial services in a decentralized manner. However, the latest charges against these centralized exchanges raise doubts about the future of DeFi. By targeting Binance and Coinbase for suspected violations of securities laws and operating unregistered exchanges, the regulator seems to be imposing its…