“Binance Smart Chain hit the brakes Thursday after the blockchain with ties to the world’s largest crypto exchange suffered what it called a “potential exploit” that on-chain evidence suggested could have targeted hundreds of millions of dollars in crypto.
Initial token movements suggested that up to two million BSC tokens were targeted by an attacker late Thursday, but the true losses may be much lower. BNB Chain estimated $100 to $110 million in assets were moved off chain but said in a tweet that $7 million was already frozen.
That such a small (comparatively speaking) sum of assets were at risk underscored the upside of BNB’s gamble to halt the chain. [However], Blockchains are purportedly decentralized beasts designed to operate beyond the whim of singular entities: you aren’t supposed to just flip an off switch.
Due to irregular activity we’re temporarily pausing BSC.”
“MakerDAO’s community voted in favor of the allocation proposal, with 80% going toward U.S. short-term Treasurys and 20% to investment-grade corporate bonds.
The move by Maker is aimed at diversifying its balance sheet into ‘scalable legacy finance investments, limiting exposure to any one asset and expanding revenue streams‘ and will be initiated by decentralized-finance (DeFi) asset adviser Monetalis. Signum said it is working with BlackRock Switzerland to allocate $250 million in the first phase of the plan.”
See Also: Lido’s stETH Token Expands to Layer 2 Networks Optimism and Arbitrum
“Mike McGlone, senior commodity strategist at Bloomberg Intelligence, stated that October has historically been the best month for Bitcoin (BTC) since 2014, averaging gains of about 20% for the month, and that commodities appearing to peak could imply that Bitcoin has reached its bottom.
In an Oct. 5 Bloomberg Crypto Outlook report, McGlone says that while the rise of interest rates globally is putting downward pressure on most assets, Bitcoin is gaining the upper hand when compared with commodities and tech stocks.
When the ebbing economic tide turns, we see the propensity resuming for Bitcoin, Ethereum, and the Bloomberg Galaxy Crypto Index to outperform most major assets.
McGlone suggested the second half of 2022 could see Bitcoin ‘shift toward becoming a risk-off asset, like gold and US Treasury’s,’ following low volatility throughout September.”
See Also: ‘Violent’ Bitcoin breakout due as BTC open interest nears all-time high
See Also: Ethereum open interest hits $7.7B, raising the chance of a short squeeze above $1.5K
“Holding decentralized autonomous organizations (DAOs) accountable is “tough” when there isn’t one figure at the helm and the rules need to be set by Congress, said Summer K. Mersinger, a commissioner on the Commodity Futures Trading Commission.
Mersinger said the CFTC could have used a “public forum” instead of jumping straight to an enforcement action to discuss how to hold DAOs accountable.
Before we do that, we need to have some notice to the public and encourage some public input.
It could be useful to have a regime in place that would essentially help DAOs register with the CFTC, Mersinger said. More broadly, she said, Congress must set some rules on regulation.”
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/2ZBWICR7SZBVPMMDTLIUU7XQCE.jpg)
“ArDrive Mobile is a decentralized permanent storage app offering users an alternative to popular data storage apps and letting them permanently store their data with no size limit. The mobile app will use the ArWeave storage network.
Arweave is a blockchain-based decentralized file storage service, similar to Filecoin and Storj. Users will need Arweave’s native token AR to pay for data upload. Credit card payment facility and cross-application support are a planned upgrade.”
“After studying a variety of CBDC system designs, we believe it is useful to organize the possible CBDC designs according to a few archetypes that are independent of vendor, platform and technology.
The archetypes are ranked by eight criteria, with centralized topping the rankings and direct coming in last. Privacy was the most problematic criterion, one for which only the direct archetype received high score.
Darbha stated that the archetypes enable central banks to express their policy goals and ‘focus their efforts on classes of systems that fit those archetypes.’ The rankings pointed to areas for future research.”
See Also: Atlantic Council Director Sees ‘Splintering’ Financial System if US Falls Behind on CBDCs
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LOJLTBPKARCFVDEWHFEFCN3HWQ.jpg)
“The European Union has confirmed a sweeping ban on providing crypto services to Russians as it tightens sanctions in the wake of what it calls “sham” secession votes in four Ukrainian regions.
The crypto clampdown, which took effect later Thursday, forbids services being offered by European crypto providers to Russian residents and entities, unless they live in the bloc. It appears to be motivated by fears that the existing 10,000 euro cap was not doing enough to curb payments from Russia.”
See Also: Judge Dismisses Arrest Warrant for Terra’s Head of General Affairs Yu: Report
The Disrupt 