CRYPTOGALACTIC

2023-02-12 18:51:15 Ethereum worth $3.65 million stolen from dForce service

It was recently revealed that a hacker stole $3.65 million worth of Ethereum cryptocurrency (ETH) from DeFi dForce on February 9.

The decentralized service was subjected to a reentry attack. The attacker borrowed ETH several times, exchanged the assets for Ethereum on wstETH stacking, used them to manipulate the wstETH rate, and converted wstETH to ETH at an inflated price, getting, for example, 4458 ETH for 3806 wstETH instead of the proper 3806 ETH. These machinations brought the perpetrator a haul of about 2,300 ETH.

Upon learning of the theft of the cryptocurrency, dForce employees suspended all smart contracts to prevent the theft of the remaining digital assets. According to DeFi representatives, the hacker's actions caused the platform to incur a debt of $2.3 million. However, the service's clients were not affected because their money remained safe.

The dForce team sent a message to the organizer of the cyberattack using the Arbitrum network transaction. The DeFi employees informed the hacker that they allegedly managed to find out his IP address and other personal information and offered to return the stolen coins voluntarily for a reward. Otherwise, the law enforcement authorities will catch the hacker. Open / Comment

2023-02-11 15:29:02 PayPal stopped the stable coin project because of Paxos

PayPal is suspending work on its stablecoin amid increasing regulatory scrutiny, Bloomberg News reported, citing a source.

The news comes a day after reports that the New York City Department of Financial Services is investigating Paxos, with whom PayPal was working to create a stable coin, Bloomberg reported, adding that the coin was expected to launch in the coming weeks.

"We are exploring a stable coin," Bloomberg quoted PayPay spokeswoman Amanda Miller as saying. "If and when we look to move forward, we will certainly work closely with the appropriate regulators."
PayPal confirmed early last year that it was working on a stable coin that would be backed one-to-one with the U.S. dollar. Paxos is licensed as a virtual currency by the New York regulator, which issued guidance on stabelcoins in June after the Terra collapse and told issuers that stabelcoins must be backed by assets that are held separately from the issuers' funds. Open / Comment

2023-02-10 16:00:42 U.S. Internal Revenue Service goes to court to identify Kraken customers

What happened? The U.S. Internal Revenue Service (IRS) has petitioned the court for permission to examine the books and records of cryptocurrency exchange Kraken and its subsidiaries. The petition was released Feb. 9 just minutes after Kraken announced that it had reached a settlement with the U.S. Securities and Exchange Commission (SEC) over charges of offering unregistered securities.

How will the IRS use the documents? The IRS intends to identify the identity of the exchange's U.S. customers and verify their income tax compliance between 2016 and 2020.

IRS officials sent a request for information to Kraken back in 2021, but the exchange failed to provide the documents. Now the IRS is asking the court to enforce the request. Kraken told reporters that it has not yet received the subpoena, but is aware of the subpoena.

Previously, Kraken has stopped providing stacking services to U.S. customers in accordance with the SEC requirement. In addition to stacking, the cryptolending product, which offers returns of up to 24%, will be shut down.

In January, the IRS required citizens to pay taxes on profits from stacking, airdrops, hardforks and mining. Such transactions must be reported on a tax return. Open / Comment

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