#finance

“I saw some ridiculous views, so i want to clarify that I’m refunding you not because you can find me, it’s because I don’t want to ruin your project, maybe it’s a lot of money for a lot of people, but not for me, I’m smarter than all of you, fuck!!!” Was this hack simply for the thrill of causing disorder? Or was there a message he was trying to convey? Given the thorough preparation that spanned weeks or perhaps even months, it's a thought-provoking consideration.

zkSync Era revenue aggregator Kannagi Finance has experienced a rugpull, and its official website is now expired. On July 6, the company was audited by SolidProof, but the firm says they have nothing to do with the smart contract related to the incident. In just one day, the Total Value Locked (TVL) in the platform plummeted from $2.13 million to nearly zero

The United States House panel has approved two bills that could provide regulatory clarity for crypto firms, addressing the jurisdictional differences between the U.S. securities and commodities regulators. The Republican bill introduces a process for firms to certify with the SEC that their projects are decentralized, enabling them to register digital assets as digital commodities with the CFTC. The bipartisan Blockchain Regulatory Certainty Act aims to remove hurdles and requirements for “blockchain developers and service providers” such as miners, multisignature service providers, and decentralized finance platforms. Congressmen praised the passing of these bills as a “huge win” for the United States.

The U.S. Senate is considering a new bill aimed at imposing strict anti-money laundering (AML) rules on decentralized finance (DeFi) protocols. The Crypto-Asset National Security Enhancement Act of 2023 targets entities controlling DeFi protocols or providing their applications. It requires customer vetting, AML programs, and reports of suspicious activities. In absence of a controlling entity, anyone investing over $25 million in a protocol's development would be responsible.

The total loss incurred surpassed $50 million, causing the Total Value Locked (TVL) of the project to drop by over 40% following the news. CRV price also plummeted by over 20%. Security analysts at Beosin reported that the attacker specifically targeted Curve’s factory pools associated with several projects, including Alchemix, JPEG’d, MetronomeDAO, deBridge, and Ellipsis.

The United States Government Accountability Office (GAO) has published a report suggesting that a more robust regulatory framework is required for the use of blockchain in finance. The report highlighted the lack of regulation around crypto asset trading platforms and stablecoins and identified non-security crypto asset spot markets as the main regulatory gap. According to the GAO, Congress could address these issues by designating a federal regulator to oversee these markets. Moreover, the report suggests a need for more regulatory coordination and proposes the establishment of a formal mechanism to identify risks and respond to them within an agreed timeframe.

This platform, crafted to stabilize liquidity pools within the Curve DeFi protocol, has fallen victim to a hacker who made off with 1700 ETH, a haul worth $3.2 million. The culprit leveraged a re-entrancy vulnerability and manipulated a malfunctioning price oracle to achieve this. The Conic Finance team has disclosed that this particular exploit is solely connected to the ETH Omnipool.