COIN BUREAU NEWSFLASH! – (07/10/22) Here are some of today’s m | Coin Bureau Insider
COIN BUREAU NEWSFLASH! – (07/10/22)
Here are some of today’s most important headlines:
BNB Chain Back Online After Suspension Due To A Cross-Chain Exploit
Yesterday, the BNB Smart Chain (BSC) was suspended after a cross-chain exploit that drained about $70-$80 million in crypto from the platform was discovered. $7 million of the total stolen crypto has already been frozen.
Changpeng Zhao, the founder and CEO of Binance stated,
“An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologise for the inconvenience and will provide further updates accordingly.”
An update from the team published a few hours ago confirms that the BSC chain is back online. The tweet reads,
“BNB Smart Chain (BSC) is running ok from 20+ mins ago. The validators are confirming their status and the community infrastructure are upgrading as well.”
https://cointelegraph.com/news/bnb-chain-back-online-after-suspension-due-to-a-cross-chain-exploit
MakerDAO Invests $500 Million in Treasuries, Bonds
MakerDAO, the decentralised governance body behind DeFi lending platform ‘Maker’, is reportedly planning to reallocate $500 million of its stablecoin DAI collateral reserves into short-term US treasury bonds and investment-grade corporate bonds. According to a statement issued by the DAO, the move aims to diversify MakerDAO’s balance sheet, limit exposure to any one asset and expand revenue. As a part of the plan, the DAO approved a $1 million pilot transaction following an executive vote by Maker token holders on Wednesday.
https://www.bloomberg.com/news/articles/2022-10-06/defi-protocol-makerdao-puts-500-million-in-treasuries-corporates
South Korea Court Dismisses Arrest Warrant For Terraform Labs Employee Less Than 48 Hours After Issue
According to reports, Judge Hong Jin-Pyo of the Seoul Southern District Court has dismissed an arrest warrant that was issued for “Yu”- the head of general business operations at Terraform Labs. Interestingly, the dismissal of the arrest warrant came within 48 hours after it was issued.
The Judge reportedly stated that it was difficult to see the “necessity and significance” of arresting Yu as he had residence and family ties in the country and was also barred from leaving the country. The Judge also raised questions on whether LUNA definitively falls within the definition of a “security” under Korean law.
https://www.theblock.co/post/175340/south-korea-court-dismisses-arrest-warrant-for-terraform-labs-employee
EU Regulators Ban Cross-Border Payments from Russian Crypto Accounts
According to a statement released yesterday, the European Union (EU) has agreed on the eighth sanctions package against Russia due to its invasion of Ukraine. The new sanctions include a complete ban on cross-border crypto payments between Russians and the EU, including the prohibition of, “all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.” This removes the earlier cap of €10,000 which was established in April. The new sanctions also include import bans summing up to €7 billion and the groundwork for implementing an oil price cap.
https://cointelegraph.com/news/eu-regulators-ban-cross-border-payments-from-russian-crypto-accounts
670K Follower ETH Classic Twitter Account Repurposed For the Ergo Platform
Ethereum Classic’s old Twitter handle which had over 670,000 followers has been repurposed by Cardano Founder Charles Hoskinson into a new community page for the Ergo community. The repurposing comes after a falling out between Hoskinson’s blockchain company Input Output Hong Kong (IOHK) and the Ethereum Classic community.
Hoskinson tweeted,
“Return? It's my account. As for return, I can't get back the millions of dollars of development we spent nor the years of time supporting a blockchain that didn't seem to want to do anything other than preserve a status quo. We'll call it even.”
