- 1. Attacks Target Harbor Protocol, Exactly Protocol, and BNBChain Cross-Chain Bridge
- 2. SEC Seeks Appeal in Ripple Case
- 3. Tether Announces Withdrawal from Kusama, Bitcoin Cash SLP, and Omni Layer
- 4. Coinbase Enters Crypto Derivatives Market
- 5. Jacobi Asset Management Launches First Bitcoin ETF on Euronext Amsterdam
- 6. Crypto Exchange Txbit Shuts Down Permanently
This week, the crypto industry experienced a range of challenges and developments. Harbor Protocol, Exactly Protocol, and BNBChain Cross-Chain Bridge security breaches disrupted the blockchain industry. These occurrences demonstrate the need for effective domain security. The SEC’s interlocutory appeal in Ripple Labs’ legal dispute with the US Securities and Exchange Commission (SEC) is also important as it may affect the litigation. Moreover, the SEC investigated Coinbase and Binance for securities law violations, increasing the regulatory inquiry. Tether strategically withdrew from several platforms, while Coinbase entered the futures market and Jacobi Asset Management Launched First Bitcoin ETF on Euronext Amsterdam. The unexpected closure of the Txbit Exchange shows the complex regulatory situation the exchanges are facing.
Attacks Target Harbor Protocol, Exactly Protocol, and BNBChain Cross-Chain Bridge
Harbor Protocol is a vital Cosmos ecosystem component that operates cross-chain stablecoins. It was attacked by malicious individuals. StOSMO, LUNA, and WMATIC vaults were plundered, causing major losses. The Harbor team is investigating the breach and pursuing comdex1sma0ntw7fq3fpux8suxkm9h8y642fuqt0ujwt5 offenders. The team needs community help identifying stolen items while they gather data for a complete investigation.
The Exactly Protocol project lost $7 million due to a malicious attack on the Optimism Layer 2 network, which hurt the decentralized finance (DeFi) business. BlockSec and Beosin uncovered the security hole, but they have not disclosed it. A flaw in Exactly Protocol’s smart contract mechanism was the root of the intrusion. DeFi Llama data shows that Exactly Protocol’s Total Value Locked (TVL) dropped from $36 million to $26 million after the incident.
The BNBChain Cross-Chain Bridge (0x489a) exploit disrupted the crypto market. Global investors and security experts were interested in the cyber intrusion, which caused significant financial damage. Peckshield, a leading blockchain security firm, warned of the attacker’s sale of approximately 1.1 million $vBNB tokens, worth $10.2 million.
SEC Seeks Appeal in Ripple Case
The US Securities and Exchange Commission (SEC) requested an interlocutory appeal in its legal battle with Ripple Labs. This lawsuit aims to speed up the resolution of two judgements on the defendants’ stated offences. The Securities and Exchange Commission (SEC) worries that the Ripple case could set a legal precedent that could affect existing litigation.
The commission is also investigating Coinbase and Binance for securities law violations. The Securities and Exchange Commission (SEC) has filed a move with the Second Circuit Court of Appeals, a securities law expert, to intentionally delay appeals. A favourable outcome may increase the possibility of a settlement and prevent further legal action.
Tether Announces Withdrawal from Kusama, Bitcoin Cash SLP, and Omni Layer
Leading stablecoin Tether has announced its strategic withdrawal from Kusama, Bitcoin Cash SLP, and Omni Layer. Based on user feedback, our decision aims to build a durable and safe blockchain ecosystem. Tether focuses on blockchain infrastructure development and maintenance to ensure the reliability of its US dollar-backed stablecoins. Comprehensive blockchain community, security, compliance, and regulatory supervision reviews led to the decision. Tether supports blockchain systems that are actively used and growing.
Significantly, Tether’s 2014 Omni Layer pullout marks a milestone. The corporation is open to changing its mind if Omni Layer’s decentralised exchange and token issuance platform become popular. Tether’s participation in RGB, a Layer 2 and 3 Bitcoin ecosystem, shows its dedication to digital asset scalability and innovation.
Coinbase Enters Crypto Derivatives Market
A large cryptocurrency exchange, Coinbase Global Inc., has acquired regulatory approval to sell crypto futures to US retail clients. The National Futures Association certified Coinbase Financial Markets Inc. as a Futures Commission Merchant. Coinbase pursued futures market access for almost two years before receiving the endorsement. Coinbase acquired FairX, a US-registered futures exchange, in 2022. The relaunched Coinbase Derivatives Exchange intends to give Coinbase users direct access to bitcoin derivatives trading without third-party brokers.
In the past month, 78.2% of crypto trade on controlled exchanges was derivatives. Coinbase plans to offer leverage trading, although details are still unknown. Coinbase enters the derivatives market internationally. The Coinbase International Exchange allowed institutional investors from certain countries to trade perpetual futures in May. International Exchange trade volume was $2.52 billion last month. After this announcement, Coinbase shares rose 3% in the first trading period. The stock’s value has increased over 100% this year, recovering from an 86% drop last year.
Jacobi Asset Management Launches First Bitcoin ETF on Euronext Amsterdam
London-based Jacobi Asset Management launched the first Bitcoin Exchange-Traded Fund (ETF) on Euronext Amsterdam. This is notable given the slower US clearance rate for similar investment vehicles. The platform received Guernsey Financial Services Commission approval in October 2021 to launch the ETF the year before. The fall of FTX and Terra caused delays. The Jacobi FT Wilshire Bitcoin Exchange-Traded Fund (ETF), ticker symbol BCOIN, has a 1.5% annual management fee. Fidelity Digital Assets manages and stores assets as custodians. Market activities are managed by Flow Traders. Membership is approved by DRW and Jane Street. The sustainability-focused exchange-traded fund (ETF) gives institutional investors reliable Bitcoin access.
The exchange-traded fund (ETF) introduction accelerated the adoption and integration of crypto assets in diverse corporate contexts, according to Jacobi CEO Martin Bednall. This is the first decarbonized crypto asset fund that follows Article 8 of the European Sustainable Finance Disclosure Regulation. The fund’s partnership with Zumo, a digital asset startup, to deploy a Renewable Energy Certificate solution shows its commitment to environmental and social responsibility.
Crypto Exchange Txbit Shuts Down Permanently
The cryptocurrency exchange Txbit announced its permanent closure on September 14, 2023, disrupting the industry. Txbit has ceased operations due to legal issues surrounding cryptocurrency in many jurisdictions and stricter regulatory measures.
Txbit will have an hour-long maintenance period on August 14, 2023. Trading will be suspended and all active orders cancelled. Users should withdraw their funds before the final date of September 14, 2023, at noon Coordinated Universal Time. Any money left after this date will be gone forever. Txbit Token recently announced a token burn to permanently erase a large number of its unused tokens. This strategic action removes 95.6559 percent of the supply or 1,510,406,151,2992582 Txbit tokens. This strategy boosts token value by increasing scarcity.
