Day: June 13, 2023

North Korean hackers swipe over $100M from Atomic Wallet users

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Atomic Wallet, a noncustodial decentralized wallet, has been hit by a staggering exploit, leading to users reporting losses of their entire cryptocurrency portfolios. This unforeseen breach has sent shockwaves through the crypto community, as Atomic Wallet’s fundamental premise relies on users assuming full responsibility for storing their assets securely.  The losses from the Atomic Wallet heist have now skyrocketed to over $100 million, according to an analysis conducted by Elliptic. This alarming figure highlights the severity of the attack, which compromised an estimated 5,500 crypto wallets. Despite the magnitude of the incident, Atomic…

U.S. Judge Rebuffs SEC Request for Binance.US Asset Freeze for Now

If the two sides can agree on limits, Judge Amy Berman Jackson, of the D.C. District Court, said “there’s absolutely no need” for a restraining order. In the meantime, the judge ordered Binance.US to provide a list of its business expenses to the court, and ordered the parties to continue negotiating. A status update is due by close of business Thursday. Source

Hinman Emails Show SEC Officials Questioned Ether Security Status in 2018, Spurring XRP Price Surge Amid Ripple’s Legal Battle

“As written, the language remains vague as to whether ETH is a security. If you want to make an affirmative statement that it is not a security, the language could be stronger (i.e., just say it). If you don’t want to take an affirmative stance, we suggest using language similar to what you used for Bitcoin re. the disclosure regime to make it more consistent,” wrote former SEC Director of Trading and Markets Brett Redfearn on June 12, 2018. Source BattleemailsEtherHinmanLegalOfficialsPricequestionedRipplesSECSecurityShowSpurringStatusSurgeXRP CryptoX Portal

Hinman documents suggest SEC is the wrong agency to govern digital assets, crypto lawyer says

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On June 13, the long-awaited Hinman documents were finally unsealed and released to the public. The unveiled documents offer valuable insights into a significant speech delivered in 2018 by Bill Hinman, the former director of the United States Securities and Exchange Commission’s (SEC) corporation finance division.  In this 2018 speech, Hinman shared his perspective that Ether (ETH), one of the largest cryptocurrencies, should not be categorized as a security. The Hinman documents consist of internal communications within the SEC, providing a comprehensive view of the agency’s discussions and considerations leading…

SEC hears from Blockchain Assoc., House Republicans on ‘exchange’ definition proposal

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The United States Securities and Exchange Commission (SEC) extended the comments period for its proposal to amend Rule 3b-16 of the Securities Exchange Act of 1934 ended June 13. The Blockchain Association and Republican members of the House of Representatives Committee on Financial Services filed last-minute comments. The amendments proposal, which runs for hundreds of pages, was released in January 2022. It did not mention digital assets. Another lengthy document was released when the comment period was reopened. It did address digital asset platforms. The amendments could profoundly impact the…

Footwear conglomerate Puma launches 3D Web3 experience

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On June 13, German footwear conglomerate Puma launched its 3D metaverse experience, Black Station. As told by developers, Black Station is an “experiential home” for product drops built to provide “unbridled access” for Puma Pass nonfungible token (NFT) holders. The firm says that the experience is for everyone to explore, but only those possessing RB tokens airdropped to Puma Pass holders can purchase a digital “Rulebreaker” sneaker and claim two digital wearables. At the time of publication, RB tokens currently have a price tag of 0.0125 Ether (ETH). Developers wrote:…

SBF seeks to sever new charges from trial, says proceedings may take ‘years’

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Attorneys for former FTX CEO Sam Bankman-Fried (also known as “SBF”) are seeking to sever or dismiss six charges from his upcoming trial, claiming that it may take years for courts in The Bahamas to rule on whether they will allow him to be tried for these offenses, according to a June 12 document filed in a New York federal court. Prosecutors acknowledged on May 29 that they need permission from The Bahamas to try Bankman-Fried for five of the charges he was indicted for since these offenses were not included…

US lawmaker invokes SEC lawsuits in considering crypto regulatory framework

Members of the United States House Financial Services Committees met to discuss clarity for the digital asset ecosystem, with some invoking recent legal action from the Securities and Exchange Commission (SEC) against crypto firms. In a June 13 hearing of the committee, ranking member Maxine Waters said Democrats were taking a “serious and thoughtful look” at a proposed framework introduced by Republicans on the regulation of digital assets. Committee chair Patrick McHenry said he expected bipartisan input on a draft bill, with markups following a congressional recess in July. Waters…