Autor Cointelegraph By Zhiyuan Sun

Circle freezes blacklisted Tornado Cash smart contract addresses

Circle freezes blacklisted Tornado Cash smart contract addresses

Uverejnil používateľ | aug 8, 2022 |

According to crypto data aggregator Dune Analytics, on Monday, Circle, the issuer of the USD Coin stablecoin (USDC), froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s (OFAC) Specially Designated Nationals and Blocked Persons (SDN) list. Tornado Cash is a decentralized application, or dApp, used to obfuscate the trail of previous cryptocurrency transactions on the Ethereum blockchain. All U.S. persons and entities are prohibited from interacting with the virtual currency mixer’s USDC and Ethereum smart contract addresses on the SDN list. Penalties for willful noncompliance can range from fines of $50,000 to $10,000,000 and 10 to 30 years imprisonment. An estimated $437 million worth of assets, consisting of stablecoins, Ethereum, and wrapped Bitcoin (wBTC), are currently held in Tornado Cash’s smart contract addresses. As a result, issuers are expected to take steps to prevent the transaction or redemption of such assets. Both the entities behind USDC and Tether can freeze their stablecoin transfers to and from Tornado Cash on the Ethereum smart contract level. Meanwhile, Palo Alto, California, based BitGo, would also, theoretically, need to restrict access to Tornado Cash to comply with such sanctions. One possible method is suspending the redemption of Tornado-Cash linked wBTC.As told by DeFi educator @BowTiedIguana, the new Tornado Cash sanctions goes across the board for U.S. individuals and entities. Simple interactions such as Gitcoin donations, working for the project, running or downloading its software, visiting its website, and depositing/withdrawing from smart contracts could be interpreted as violations. Circle just frozen 75,000 USDC belonging to unsuspecting Tornado users, as well as 149 USDC donated to the project. pic.twitter.com/GBS41FtZvB— banteg (@bantg) August 8, 2022

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White hat hackers have returned $32.6M worth of tokens to Nomad bridge

White hat hackers have returned $32.6M worth of tokens to Nomad bridge

Uverejnil používateľ | aug 8, 2022 |

Mere hours after the Nomad token bridge published an Ethereum wallet address last week for the return of funds following a $190 million hack, whitehat hackers have since returned approximately $32.6 million worth of funds. The vast majority of funds consisted of stablecoins USD Coin (USDC), Tether (USDT) and Frax, along with altcoins. According to research published by Paul Hoffman of BestBrokers, the vulnerability of the Nomad protocol was highlighted in Nomad’s recent audit by Quantstamp on June 6 and was deemed “Low Risk.” As soon as the exploit was discovered, members of the public joined the attack by copy-pasting the initial hack transaction, which was akin to a “decentralized robbery.” More than $190 million worth of cryptocurrencies were drained from Nomad in less than three hours.The attack came just four months after the project raised $22.4 million in a seed round in April. As told by Hoffman, the attack took advantage of a wrongly initialized Merkle root, which is used in cryptocurrencies to ensure that data blocks sent through a peer-to-peer network are whole and unaltered. A programming error effectively auto-proved any transaction message to be valid.Related: Nomad reportedly ignored security vulnerability that led to $190M exploitNot all participants of the heist were capitalizing on the opportunity, though. Almost immediately after the hack began, whitehat hackers copied the same transaction hash as the original hacker to withdraw funds for their safe return. Conversely, one hacker allegedly used their Ethereum Domain Name to launder the stolen funds, leading to the possibility of cross-verification with Know-Your-Customer information also utilizing the domain. Nomad Bridge Funds Recovery ProcessDear white hat hackers and ethical researcher friends who have been safeguarding ETH/ERC-20 tokens,Please send the funds to the following wallet address on Ethereum: 0x94A84433101A10aEda762968f6995c574D1bF154 pic.twitter.com/UF623JSZ8u— Nomad (⤭⛓) (@nomadxyz_) August 3, 2022

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Binance sides with Indian regulators in WazirX fallout to cease support for off-chain transfers

Binance sides with Indian regulators in WazirX fallout to cease support for off-chain transfers

Uverejnil používateľ | aug 8, 2022 |

As reported by local news outlet The Economic Times on Monday, Binance is scheduled to remove off-chain fund transfers with Indian cryptocurrency exchange WazirX on Thursday, although users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between the two exchanges.Three days prior, The Directorate of Enforcement of India alleged that WazirX “actively assisted around 16 accused fintech companies in laundering the proceeds of crime using the crypto route” and subsequently froze $8.1 million in bank balances related to the exchange. Simultaneously, there is an ongoing controversy regarding whether Binance owns the exchange. Last Friday, Changpeng Zhao (CZ), CEO of Binance, said that Binance does not own any equity in WazirX’s parent entity Zanmai Labs, and further clarified that a supposed Nov. 21, 2019, acquisition of WazirX by Binance was never completed. However, in a tweet dated April 5, 2021, Zhao reposted the following statement from The Financial Express: “Binance-owned Indian crypto exchange WazirX crosses $200 million in daily trading volume; eyes $1 billion in 2021.”In a similar post, Nischal Shetty, founder of WazirX, claimed that WazirX was acquired by Binance, with the latter involved in operations such as crypto-to-crypto trading pairs, processing crypto withdrawals, and the like. Furthermore, Shetty alleged that Binance owned the WazirX domain name, had root access to its servers, and controlled all of WazirX’s crypto assets and trading profits. Binance’s CEO CZ has adamantly denied such claims, stating: “Binance only provides wallet services for WazirX as a tech solution. There is also integration using off-chain tx to save on network fees. WazirX is responsible for all other aspects of the WazirX exchange, including user sign-up, KYC, trading and initiating withdrawals.WazirX has been embroiled in a number of controversies as of late. Last year, India’s Enforcement Directorate was already investigating the exchange due to allegations of Anti-Money Laundering failings. Earlier this year, government officials from the Central GST and Central Excise committee recovered $6.62 million worth of funds from the exchange after detecting GST evasion on trade commissions.

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Meta enables Instagram NFT integration in over 100 countries

Meta enables Instagram NFT integration in over 100 countries

Uverejnil používateľ | aug 4, 2022 |

According to a Meta newsroom post updated on Thursday, the Mark Zuckerberg-led company has begun its nonfungible token (NFT) expansion across 100 countries in Africa, the Asia-Pacific, the Middle East and the Americas. This includes adding support for wallet connections with Coinbase Wallet and Dapper as well as the ability to post digital collectibles minted on the Flow blockchain. The initial rollout targets the popular social media app Instagram.One needs to simply connect their digital wallet to Instagram to post an NFT, the company said in its updated post. Third-party wallet integrations with Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet are either complete as of Thursday or are coming soon. Supported blockchains at this time are Ethereum, Polygon and Flow. There are no fees associated with posting or sharing a digital collectible on Instagram.Mark Zuckerberg announced we’re rolling out digital collectibles to 100 more countries. Now, more people, creators and businesses can showcase their #NFTs on @instagram.We’re also launching integrations with @CoinbaseWallet @hellodapper and support for @flow_blockchain.— Meta Newsroom (@MetaNewsroom) August 4, 2022Flow is a layer-1 blockchain with its namesake FLOW token acting as tender for network participation, transactions and governance. Notable ecosystem partners include Warner Music, Ubisoft, National Basketball Association, Ultimate Fighting Championship, Animoca Brands, Circle, Binance, OpenSea and now Meta.Related: FTC files lawsuit against Meta over attempted monopolization of metaverseAlong with the metaverse, digital assets appear to have become one of Meta’s core components for expansion. During the second quarter of 2022, the company’s revenue fell 1% year over year to $28.8 billion while its operating income decreased by 32% to $8.36 billion in the same period. CEO Mark Zuckerberg said he was unfazed by the whopping $2.8 billion loss in the company’s Metaverse division, and that instead there was an opportunity to make “hundreds of billions,” or even “trillions,” of dollars as the sector matures.

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Coinbase partners with BlackRock to create new access points for institutional crypto investing

Coinbase partners with BlackRock to create new access points for institutional crypto investing

Uverejnil používateľ | aug 4, 2022 |

According to a new blog post published on Thursday, cryptocurrency exchange Coinbase said it is partnering with BlackRock, the world’s largest financial asset manager, to provide its clients with direct access to crypto, starting with Bitcoin (BTC). Users of BlackRock’s institutional investment management platform Aladdin will receive crypto trading, custody, prime brokerage and reporting capabilities should they also elect to sign up for Coinbase Prime.Coinbase Prime is an institutional trading solution that provides trading, custody, prime financing, staking, data and reporting services on over 300 digital assets. The service is tailored to entities such as hedge funds, asset allocators, financial institutions and corporate treasuries. Over 13,000 clients use Coinbase Prime.We are proud to announce a partnership with @BlackRock. BlackRock’s Aladdin clients will now have direct access to crypto markets through Coinbase Prime. Read more https://t.co/LA3XeYYbvs— Coinbase (@coinbase) August 4, 2022Regarding the development, BlackRock’s global head of strategic ecosystem partnerships Joseph Chalom commented:“This connectivity with Aladdin will allow clients to manage their Bitcoin exposures directly in their existing portfolio management and trading workflows for a whole portfolio view of risk across asset classes.”Institutional investors can access Coinbase Prime directly via a user interface or as an integrated platform via APIs to offer crypto-related products such as exchange-traded funds, custodial solutions, or brokerage services. Coinbase Prime’s custodian, Coinbase Custody Trust Company, is regulated by the New York Department of Financial Services.Related: Crypto firms facing insolvency ‘forgot the basics of risk management’ — CoinbaseCoinbase has had a string of regulatory conflicts as of late. Last month, U.S. authorities arrested a former Coinbase manager on allegations of insider trading. As Cointelegraph recently reported, the former manager has since pleaded not guilty. Meanwhile, the U.S. Securities and Exchange Commission is also reportedly looking into whether Coinbase allowed users to trade unregistered securities.

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