WEB3
by BSCN
July 13, 2024
A recap of notable news from the week.
As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.
The U.S. SEC has ended its investigation into Paxos, the issuer of the Binance USD (BUSD) stablecoin, as reported by Fortune. This follows a year after the SEC issued a Wells Notice, indicating potential enforcement action. The court ruled that BUSD sales did not constitute a securities offering, prompting the SEC to drop the charges. This decision offers some relief amidst ongoing regulatory uncertainty and delays in crypto legislation by Congress.
Read the full story here.
Blockchain security firm Blockaid reported a significant breach at SaaS provider Squarespace. The attack targeted DNS registries of multiple DeFi applications, affecting over 120 crypto projects including Compound Finance and Celer Network. Although Compound Finance's website was compromised, users' funds remain secure. The incident has caused major inconvenience and alarm within the crypto community.
Details in the article.
Ethereum is set to host its first-ever hackathon, "Attackathon," featuring a $2 million reward pool. Partnering with bug bounty platform Immunefi, the Ethereum Foundation aims to conduct the largest crowdsourced security audit of its codebase. Over four weeks, top security researchers will hunt for vulnerabilities, with only impactful and rule-compliant reports eligible for rewards.
Find details of the hackathon here.
On July 9, CFTC Chair Rostin Behnam testified before the US Senate Committee, emphasizing a recent Illinois court ruling that classifies Bitcoin and Ethereum as commodities. This decision reinforces the CFTC's jurisdiction over these major cryptocurrencies, rather than the SEC's.
Learn more in the article.
Endorsements from soccer stars Lionel Messi and Ronaldinho Gaúcho have sent Water ($WATER), a meme cryptocurrency on the Solana blockchain, skyrocketing. Water stands out by combining speculative appeal with philanthropic efforts, aiming to drive positive societal change through charitable initiatives.
Learn about the memecoin here.
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