Day: July 25, 2023

Era Lend on zkSync exploited for $3.4M in reentrancy attack

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Lending app Era Lend on zkSync has been exploited for $3.4 million worth of crypto, according to a July 25 report from blockchain security firm CertiK. The attacker used a “read-only reentrancy attack” to drain the funds, which is a type of attack that interrupts a multi-step process and then causes it to continue after a malicious action has been performed. Specifically, a “read-only” reentrancy is one that does not update the state of a contract. #CertiKSkynetAlert We are seeing reports that @Era_Lend has been exploited on zkSync Total losses…

U.S. DOJ Needs 6-8 Weeks to Process Evidence Against Former Celsius CEO Alex Mashinsky, Attorneys Tell Judge

CryptoX – Cryptocurrency Analysis and News Portal According to the DOJ’s attorneys, they need that time to process a wealth of Celsius’ corporate records and communications, including the 1,200 videos of Mashinsky’s and other Celsius executives’ ask-me-anything sessions, many of which are more than an hour long. Original Source The post U.S. DOJ Needs 6-8 Weeks to Process Evidence Against Former Celsius CEO Alex Mashinsky, Attorneys Tell Judge appeared first on CryptoX. CryptoX Portal

For DOGE and Bitcoin, Elon Musk’s Twitter-to-X Rebranding Could Be Huge

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“It’s clear that he’s keenly interested in turning the rebranded Twitter into something of a payments behemoth, and so it’s only natural that he would explore incorporating crypto in this functionality,” said Phillip Shoemaker, executive director of Identity.com, a non-profit organization providing decentralized identity verification. “If done correctly, Twitter could become the go-to platform for payments in general, whether they involve normie fintech applications or blockchains like Ethereum and Solana.” Original

Abu Dhabi regulator grants trading firm Rain permission to offer crypto services

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The Abu Dhabi Global Market Financial Services Regulatory Authority has granted its Financial Services Permission for cryptocurrency firm Rain to offer brokerage and custody services to residents.  In a July 25 announcement, Rain said the regulatory approval will allow certain United Arab Emirates-based institutional and retail users to “buy, sell, trade, and store virtual assets” through the platform. According to Rain CEO Joseph Dallago, the trading firm has also partnered with a local bank to facilitate services, under the “supervision of a local regulator and thorough legal framework” for user…

How Bitcoin Miners Can Stay Clear of SEC Scrutiny (and Fall Foul of It)

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“The reputational shadow [of cloud mining] has been a stain on our entire industry,” says Kent Haliburton, President and COO of Sazmining, a hosted miner (for an explanation of the difference between hosted and cloud mining, see below). “Because so many people have gotten hurt and hosed. We said, if you’re selling hashrate, how are you not selling a security? We wanted to stay totally clear from it.” Original

Solana game developer Automata announces mass layoffs

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Solana game developer Automata (ATMTA) will undergo “a significant headcount reduction” to preserve its ability to develop Star Atlas. After the restructuring, the Automata team will comprise just 45 staff, compared to 235 in late 2022. According to the July 24 announcement on Discord, Michael Wagner, CEO and co-founder of ATMTA, said the restructured team will instead shift its focus to “delivering SAGE and the newly announced Crew Mobile App.” Meanwhile, the development of a software development kit (SDK) combining Unreal Engine 5 and Solana will “resume at a significantly…

Crypto Exchange KuCoin to ‘Adjust Some Personnel as Needed’, but Denies Report of Major Layoffs

CryptoX – Cryptocurrency Analysis and News Portal In a statement to CoinDesk, a spokesperson for KuCoin said that the company has “not initiated any alleged layoff plans.” However, the spokesperson said that “as part of the company’s business development and semi-annual employee performance review, there might be some personnel adjustments as needed, which is a normal process in organizational development.” Source The post Crypto Exchange KuCoin to ‘Adjust Some Personnel as Needed’, but Denies Report of Major Layoffs appeared first on CryptoX. CryptoX Portal

Crypto Exchange KuCoin to ‘Adjust Some Personnel as Needed’, but Denies Report of Major Layoffs

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In a statement to CoinDesk, a spokesperson for KuCoin said that the company has “not initiated any alleged layoff plans.” However, the spokesperson said that “as part of the company’s business development and semi-annual employee performance review, there might be some personnel adjustments as needed, which is a normal process in organizational development.” Source

8 ways crypto companies can improve their financial compliance in the US

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The U.S. presents many obstacles to crypto companies, with a multiplicity of federal and state regulatory agencies having real or potential jurisdiction over the industry. Its unique political environment has contributed to more governmental skepticism toward crypto than is seen in other countries, and high-profile punitive actions by the Securities and Exchange Commission are making many crypto companies nervous about maintaining a foothold in the U.S. Despite all this, there is also high-profile support for crypto in the U.S., so many crypto companies will be unwilling to abandon or postpone…