Euler Finance Hack And More

This week, the Euler Finance protocol was hacked, resulting in the loss of millions of dollars of crypto. The attacker turned down the protocol’s offer of retaining 10% and has started mixing the funds to obfuscate them. Keep reading to find out more. 

Bitcoin

Bitcoin has pushed through the $25,000 major resistance level. However, the charts suggest it could be at or near its top for now.

Ethereum

Ethereum developers have completed the final round of testing for the network prior to the Shapella upgrade. 

DeFi

The Euler Finance protocol was hacked, with millions of dollars of $DAI, $USDC, $StETH, and $WBTC stolen in a flash loan attack.

The hacker who exploited the Euler Finance protocol has turned down the platform’s offer of retaining 10% by mixing 1000 ETH in Tornado Cash. 

The world’s largest decentralized exchange Uniswap has officially launched its services on the EVM-compatible smart contract blockchain, BNB Chain.

Altcoins

The Arbitrum Foundation announced that it would be airdropping its new token ARB to the community on the 23rd of March.

Technology

Microsoft is reportedly testing the integration of a Web3 wallet into its Edge browser, according to software documenter and info leaker Albacore.

The Worldcoin project has announced the launch of World ID, a digital identity solution based on zero-knowledge proofs.

The European Union published a document, specifically The Common Union Toolbox for a Coordinated Approach Towards a European Digital Identity Framework: The European Digital Identity Wallet Architecture and Reference Framework, or ARF. 

According to a Bloomberg report, Coinbase is exploring the option of setting up a crypto trading platform outside the U.S. as part of an aggressive expansion campaign. 

The issuer of the USDC stablecoin, Circle, has stated that it has cleared “substantially all” of the redemption and minting requests for USDC. 

Innovation-focused fund manager Ark Invest has raised over $16 million for a new crypto fund that will be divided between the company’s domestic version and its Cayman Islands version.

According to an announcement by the Federal Reserve, New York-based Signature Bank, which had several clients in the cryptocurrency space, was shut down by state regulators. 

According to the NYDFS, the shutdown of the Signature Bank is not related to its cryptocurrency dealings. 

Banking system instability caused widespread panic over the last few days while crypto networks continued operating without missing a beat.

The Industry Recovery Initiative launched by Binance after the FTX collapse will now be converted from BUSD to BTC, ETH, and BNB. 

Circle has stated that it held an undisclosed portion of its $9.8 billion cash reserves at the failed Silicon Valley Bank as of 17th January 2023. 

Regulation

Hong Kong is making significant strides towards becoming a global crypto hub, with the latest developments indicating that the city is positioning itself as an attractive destination for crypto-related businesses.

A class action lawsuit is claiming that prominent finance YouTubers who promoted the FTX exchange on their channels should be held accountable. 

Congressman Tom Emmer sent a letter to the FDIC Chairman asking for clarification that the FDIC has instructed banks not to provide banking services to crypto clients.

Former Monero lead maintainer Riccardo Spagni, who was extradited from the U.S. to South Africa in July last year, was served with a denial for his appeal to declare his extradition as unlawful.

The European Parliament has voted in favor of proposed legislation that will challenge the immutability of smart contracts.

The FBI is the latest agency to commence an investigative probe against Terraform Labs and its disgraced founder and CEO, Do Kwon. 

Labeled the third-biggest ‘bank failure’ in history, the Signature bank was actually solvent when taken over by regulators on Sunday. Did regulators seize their chance to cut off crypto banking?

NFT

According to a recent announcement, Meta has reached the end of the road for its NFT projects on Facebook and Instagram.

Security

NFT marketplace OpenSea recently addressed a vulnerability in their code that could be exploited to leak user data. 

The Hedera network has stopped all access to its wallet and app as it investigates technical irregularities, which could be due to a possible exploit in its smart contracts. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.