Bitcoin ETFs are next major target for North Korean hackers — Cyvers
North Korean hackers could be eying the infrastructure around Bitcoin ETFs, lured by the $52 billion worth of cumulative holdings.
North Korean hackers could be eying the infrastructure around Bitcoin ETFs, lured by the $52 billion worth of cumulative holdings.
Nubank suspends trading of its native token, offering users the option to convert holdings to Bitcoin or USDC by Dec. 9.
The agreement between UAE regulators covers the mutual supervision of crypto providers, penalty imposition, information exchange and employee training.
The breach compromised hot wallets on the exchange, resulting in the loss of Bitcoin, Ether, TRX, MATIC and other cryptocurrencies. Indodax has temporarily suspended operations.
Pro-crypto Representatives noted the need for a freer financial system, while more skeptical lawmakers blamed DeFi for crime, scams and tax evasion.
Kamala Harris and Donald Trump made no mention of digital assets during their first-ever debate as Trump’s odds of victory plunged on betting markets.
According to Odaily, multinational bank Standard Chartered has announced the launch of cryptocurrency custody services in the United Arab Emirates. The bank will initially support the custody of Bitcoin (BTC) and Ethereum (ETH). This service is being introduced in collaboration with Brevan Howard Digital, the cryptocurrency division of hedge fund Brevan Howard. The custody solution has received approval from the Dubai Financial Services Authority (DFSA), the dedicated financial regulator of the Dubai International Financial Centre (DIFC).
According to Odaily, a federal judge in Texas has dismissed a securities class action lawsuit against the DeFi project Bancor Protocol operators. Judge Robert Pitman agreed with the opinion that the plaintiffs failed to demonstrate that U.S. courts have jurisdiction over the foreign defendants. This ruling indicates that Bancor's foreign operations are not subject to U.S. securities laws, and the plaintiffs cannot sue Bancor in the U.S. for suspending its investment protection feature. The judge also noted that Bancor and its founders do not have sufficient ties to the U.S., suggesting that the plaintiffs could pursue their case in an Israeli court.
According to Odaily, Federal Reserve Chair Jerome Powell is likely to seek consensus for at least a 25 basis point rate cut at the upcoming meeting later this month. However, due to recent weaknesses in the labor market, Powell and others may advocate for a more substantial rate reduction.Kathy Bostjancic, Senior Vice President and Chief Economist at Nationwide, mentioned in an email that Powell does not necessarily need unanimous agreement to initiate rate cuts at the forthcoming September meeting, but he may prefer to do so, especially for the first rate cut. Former Labor Department economist Betsey Stevenson noted on social media that consensus has traditionally been a way to prevent the politicization of the Federal Reserve. She added that if she were a member of the Federal Open Market Committee (FOMC), she would prioritize achieving consensus.Dan North, Senior Economist at Allianz Trade Americas, commented on the difficulty Powell might face in garnering consensus for a larger rate cut, stating that there would be significant opposition, which could appear unfavorable. Diane Swonk, Chief Economist at KPMG, expressed on social media that Powell might be willing to take this risk. Swonk wrote that Powell is more concerned about the labor market than his colleagues and aims for a soft landing. The question remains whether he will push for a 50 basis point rate cut and how much opposition he is willing to face to achieve this goal.
According to Cointelegraph, the United States Securities and Exchange Commission (SEC) has reaffirmed its position on a rule that would limit crypto custody services for regulated financial firms. In a speech on September 9 at a banking conference, SEC chief accountant Paul Munter discussed the agency’s regulatory stance on accounting for crypto assets, particularly focusing on SEC Staff Accounting Bulletin No. 121 (SAB 121) and its applications.Munter stated that the SEC staff’s views on SAB 121 remain unchanged. He emphasized that, in the absence of specific mitigating facts and circumstances, the staff believes an entity should record a liability on its balance sheet to reflect its obligation to safeguard crypto assets held for others. This stance was echoed by ETF Store President Nate Geraci, who noted in a September 10 post that the SEC appears firm on SAB 121, suggesting that the agency does not want to allow regulated financial institutions to custody crypto.Introduced in March 2022, SAB 121 outlines the SEC’s accounting guidelines for institutions looking to custody crypto assets. The rule has been contentious in political circles as it effectively prevents banks and regulated financial institutions from custodying crypto assets on behalf of clients. The SEC maintains that entities with such safeguarding arrangements should record a liability on their balance sheets for digital assets.Munter acknowledged that the SEC had reviewed various accounting scenarios involving blockchain and crypto assets, noting that not all arrangements fit the proposed guidelines set out in SAB 121. For instance, bank-holding companies that safeguard crypto with bankruptcy protection may not need to record a liability on their balance sheets. Additionally, broker-dealers that facilitate crypto transactions but do not control the cryptographic keys may also not be required to record liabilities.Meanwhile, SEC Commissioner Hester Peirce has been vocally against the rule. She expressed her continued concern about the substance and process of SAB 121 in a recent post. The US House of Representatives voted to overturn the controversial SEC guidance in May, but President Biden vetoed the repeal the following month.