This week, the crypto world witnessed several developments like the latest Security enhancements, regulatory approvals, exclusive regulations, new partnerships, and unique advancements. However, some hacking events have also disturbed the market in recent days (as we witness an incident every week now). This news roundup will cover some of the most prominent events in this respect.
Decentralized Crypto Exchange Mango Markets Unveils Exclusive Security Features after Exploit
The decentralized exchange “Mango Markets” got exploited last year and the hacker ran away with $116 million. Nonetheless, after halting its operations for some time, the platform has now announced some new updates. In recent times, the company was operating on adequate improvements to prevent exploits in the future. In this respect, the firm has most recently disclosed that it is introducing a couple of new features as a part of its latest version.
Its version 4 (or V4) is being launched by Mango Markets to alleviate the pressing issues related to security, as noted by the platform in its recent Twitter post. After the exploit, the company intends to add more restrictions to the multi-sig wallet thereof. This will offer flexibility to the developers to cope with the abruptly witnessed weaknesses in the program code. Another advancement is related to the security council of the platform, letting it active a “post-only mode” in unforeseen market conditions. DAO can decide on such matters by voting.
Hong Kong SFC Approves HashKey Group’s Application to Offer Virtual Asset Trading (OTC) Services
After the decline of FTX, the regulators have become highly conscious of the matter of regulation as well as regulatory approvals to minimize the risks in the crypto industry. Nonetheless, amid such a turbulent time, a digital asset platform named HashKey remained successful in getting approval from the securities regulator of Hong Kong to provide services related to the trading of virtual assets. As per the Securities and Futures Commission (SFC), the crypto platform can let consumers trade virtual assets off-platform.
China Proposes Latest Regulations to Expand Cybersecurity and Protection of Personal Data
The Cyberspace Administration (CAC) of China has proposed the latest regulations targeting the improvement of measures related to cybersecurity and the protection of personal data. In this respect, the entities operating within the jurisdiction require getting user consent in advance of gathering or utilizing personal data. They will additionally require guaranteeing data security to prevent breaches, tampering, leaks, and so on.
In addition to this, the rules necessitate frequent risk assessment to maintain the detection of potential weaknesses. Along with this, there is also a requirement for making some teams or individuals responsible for the measure to protect data. The regulations also say that the crypto platforms must create channels via which consumers can report privacy infringements.
Ankr Partners up with Microsoft to Provide Enterprises Exclusive Services for Node Hosting
Ankr has collaborated with Microsoft for the provision of exclusive node hosting-related services to enterprises. The respective services can be availed via the Azure Marketplace of Microsoft. As a result, numerous monthly consumers of the platform can easily and quickly access blockchain technology.
Chandler Song (Ankr’s CEO and co-founder) stated that this is a crucial move in expanding the digital economy sector. Rashmi Misra, the General Manager of AI and Emerging Technologies at Microsoft, mentioned that several organizations and developers are delving into Web3 to solve their business challenges in the real world. As per the executive, this step will be helpful for them with the development of a platform letting enterprises explore Web3.
DeFi Protocol Named Hope Finance Suffers an Exploit of $2 Million
A decentralized finance protocol “Hope Finance” has recently seen an exploit where the attacker drained up to $2M, turning it into the biggest exit scam of 2023 on Arbitrum. The blockchain security firm Certik Alert informed the community about the incident on Twitter. A Nigerian citizen named Ugwoke Pascal Chukwuebuka is reportedly credited for the respective hack.
The reports say that the hacker transacted up to $1.86M to Tornado Cash. A surprising thing here is that Cognitos (the auditor of the exploited smart contract of Hope Finance) pointed out vulnerabilities related to re-entrancy attacks in its report. Even then, the auditor declared that the smart contract passed the auditing procedure.
