COIN BUREAU NEWSFLASH! – (31/08/22) Here are some of today’s m | Coin Bureau Insider
COIN BUREAU NEWSFLASH! – (31/08/22)
Here are some of today’s most important headlines:
Stablecoin Issuer Tether Responds to Wall Street Journal's Claim of Inadequate Reserves
Stablecoin Issuer Tether has responded to a recent WSJ report that claimed a 0.3% decline in reserve asset value could result in the ‘technical insolvency’ of the firm. Tether published a blog post that accuses the WSJ article of spreading ‘false information’. A statement from Tether read,
“The article seeks to discredit the work that Tether has put into transparent and honest communication to the public. BDO, a very reputable and independent Top 5 audit firm, is not a “Tether accounting firm,” as erroneously written by the WSJ.”
Tether also refuted the claims of it having an unsafe asset strategy by stating that U.S. Treasury bills have been the premier safe asset for decades.
https://cointelegraph.com/news/tether-responds-to-wall-street-journal-disinformation
Fugitive Founder of Turkish Crypto Exchange Thodex Arrested in Albania
According to a statement from the Turkish Interior Ministry, Faruk Fatih Özer, the founder of the Turkish crypto exchange exit scam ‘Thodex’, has been arrested in Albania. The exit scam which occurred in April last year saw over 400,000 users losing access to their deposited funds on the exchange. Özer is expected to face legal proceedings in Albania before being deported back to Turkey.
https://www.coindesk.com/policy/2022/08/30/founder-of-turkish-crypto-exchange-thodex-arrested-in-albania/
Protocol Upgrade Accidentally Freezes ETH on Compound For 7 Days
A bug in the code of a recent governance proposal passed by decentralised lending protocol Compound has “temporarily frozen” the protocol’s Compound Ether (cETH) market, causing cETH transactions to revert.
According to OpenZeppelin's security solutions architect Michael Lewellen, the bug in the code originated from the "getUnderlyingPrice" function, which failed to update the price of cETH tokens and would instead return empty bytes, reverting the call.
Compound founder Robert Leshner stated,
“No funds seem immediately at risk. It will likely be seven days until cETH is functioning normally. There will potentially be more governance proposals to rectify the situation.”
The 7-day timeline is the time required for the new governance proposal that will rectify the situation to take effect.
https://www.theblock.co/post/166674/protocol-upgrade-accidentally-freezes-eth-on-compound-for-7-days
Kevin Rose’s Proof Raises $50M, Plots Token and Moonbirds NFT Expansion
According to an announcement from Proof, the web3 start-up co-founded by Digg creator Kevin Rose, the firm has raised $50 million in a Series A funding round led by VC giant Andreessen Horowitz. The round also saw participation from investors such as Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel and VaynerFund.
Proof CEO Kevin Rose stated,
“It’s great to have this vote of confidence from some of the most respected investors in Web3, as well as capital to keep delivering great products and services as we mature this business over the long term.”
The results of the funding round were announced in a livestream that revealed other developments for the Proof Collective projects, such as a utility token for the community and the launch of the Proof social platform.
https://decrypt.co/108607/kevin-rose-proof-raises-50m-token-moonbirds-nft-expansion
Solana DeFi Exchange OptiFi Permanently Locks Up Over 660,000 USDC in Programming Blunder
During the deployment of a program upgrade, Solana-based DeFi protocol OptiFi accidentally closed its mainnet platform in a programming blunder which has resulted in permanently locking away $661,000 in USDC on the platform.
A statement from the team read,
“We had an update to our Solana program code, so our deployer tried to upgrade the OptiFi program on Solana mainnet. However, we accidentally used the ‘Solana program close’ command, resulting in our OptiFi program on mainnet being unfortunately closed.”
