Crypto News Roundup: August 12, 2023 📢
Welcome to the Crypto News Roundup, where I bring you the latest and most important developments from the world of cryptocurrencies.
Today, I have some exciting stories to share with you, ranging from regulatory breakthroughs to hacking recoveries. Let’s dive in!
SBF Back in Jail After Bail Revoked 🥶
The saga of Sam Bankman-Fried (SBF), the founder and former CEO of FTX, continues as he was sent back to jail after a federal judge revoked his bail over allegations of witness tampering. SBF, who is facing multiple charges of fraud, bribery, and campaign finance violations, was arrested in May 2023 in the Bahamas and released on a $250 million bond.
However, prosecutors claimed that he leaked information to the New York Times reporters in an attempt to influence potential witnesses and jurors. Judge Lewis Kaplan agreed and ordered SBF to be taken into custody immediately. SBF’s mother cried in the courtroom as he was handcuffed and escorted by marshals. His trial is scheduled for October 2023.
Visa Trials Ethereum Gas Fee Payments Using Cards 🚀
Visa, the global payments giant, has announced an experimental solution that would allow users to pay gas fees on the Ethereum blockchain using their credit cards. Gas fees are the costs of executing transactions or smart contracts on Ethereum, and they are paid in ETH, the native token of the network.
This can be inconvenient and complex for users who want to use other cryptocurrencies or fiat currencies for their transactions. Visa’s solution aims to simplify this process by using account abstraction and the ERC-4337 standard, which enable users to delegate their gas fees to a “paymaster” smart contract that can accept payments from Visa cards. Visa said it successfully tested this solution on the Ethereum Goerli testnet during an internal hackathon.
Binance Applies for Taiwan AML Compliancet🟨
Binance, the world’s largest crypto exchange by trading volume, has reportedly applied to be registered in Taiwan under the Money Laundering Control Act and the Financial Supervisory Commission (FSC). This move shows Binance’s commitment to comply with local regulations and enter the Taiwanese market legally.
Taiwan is one of the few countries that have introduced crypto-related regulations, requiring all virtual asset service providers (VASPs) to adhere to anti-money laundering (AML) rules. Binance has already established a local entity in Taiwan with a registered capital of NT$30 million ($944,000) and has partnered with the Taiwanese authorities to combat cybercrime.
Curve Finance Has Recovered 70% Of Hacked Funds, With Distribution Planned ❗️
Curve Finance, a decentralized exchange (DEX) for stablecoins, has announced that it has recovered 70% of the funds ($50 million) that were stolen from its liquidity pools in a reentrancy attack on July 30. The attack affected several projects that used Curve’s Vyper compilers between 0.2.15 and 0.3.0 versions.
Curve said it has also identified the hacker and is working with law enforcement agencies to recover the remaining funds and bring the perpetrator to justice. Curve also promised to reimburse the users who were impacted by the hack and said it will distribute the recovered funds soon.
Conclusion 🎉
That’s all for today’s Crypto News Roundup. I hope you enjoyed reading it and learned something new. If you have any questions or feedback, feel free to leave a comment below. See you next time! 😊
Sources 🔗
- Sam Bankman-Fried in Custody After Bail Is Revoked Over Leaks | Source: Bloomberg
- Visa Trials Ethereum Gas Fee Payments Using Cards | Source: Decrypt
- Binance Applies for Taiwan AML Compliance | Source: CoinTelegraph
- Curve Finance Has Recovered 70% Of Hacked Funds, With Distribution Planned | Source: The Block
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