SEC
SEC typically refers to U.S. Securities and Exchange Commission which "protects investors in the $3.8 trillion municipal securities markets that cities and towns rely on to provide neighborhood schools, local libraries and hospitals, public parks, safe drinking water and so much more". But it can also refer to the security and exchange regulation bodies of other countries.
US SEC Hiring Attorneys for Crypto Assets and Cyber Unit
The US SEC is hiring general attorneys in New York, San Francisco, and Washington D.C. for its Crypto Assets and Cyber Unit in the Division of Enforcement. The job will involve investigating crypto asset securities and cyber issues, drafting subpoenas, and questioning witnesses. This move comes after the SEC chairman Gary Gensler asked for $2.4 billion in funding to chase down crypto misconduct.
PureFi Introduces SafeTransact to Enhance Web3 Security
PureFi has launched SafeTransact, a new security method that examines blockchain transactions and notifies users of any suspicious activities. The system is designed to integrate with AMLSafe, a multi-crypto wallet from the same ecosystem. SafeTransact aims to improve the security of Web3 transactions and address the potential hacking threats to blockchain networks.
Hong Kong Embraces Web3 Despite Crypto Market Volatility
Hong Kong's financial secretary, Paul Chan, has emphasized the need for the city to embrace Web3 technology, despite the fluctuations in the crypto market. Chan has proposed a strategy that focuses on proper regulation and promoting development to facilitate Web3's steady growth. He also noted that Hong Kong plans to prioritize financial security, prevent systemic risks, and focus on investor education and protection. The region's approach to crypto regulation contrasts with that of the United States, which has adopted a more hardline response to the industry.
XRP Not a Security According to Hogan
Jeremy Hogan, partner at Hogan & Hogan, argues that Ripple’s XRP does not fit the definition of an investment contract and is therefore not a security. The SEC lawsuit against Ripple claims that the company illegally sold XRP as an unregistered security, but Hogan argues that the SEC has not demonstrated an implied or explicit investment contract.
Japan supports OpenAI amid concerns
Japan expressed interest in incorporating OpenAI’s technology into government systems, provided privacy and cybersecurity concerns are addressed. OpenAI CEO, Sam Altman, visited Japan and met with government officials to discuss the potential of the technology and how to maximize its benefits while minimizing risks. Meanwhile, OpenAI is being investigated by Canada’s privacy commissioner for allegedly collecting and utilizing personal information without consent.
Sushi Chef Addresses SEC Subpoena
Jared Grey, head chef of Japan-based DAO, Sushi, stated that no one associated with Sushi has violated U.S. federal security laws in response to a subpoena from the SEC. Grey is cooperating with the SEC and stated that it is unknown whether further subpoenas will be issued to others linked with Sushi.
Allbridge Recovers $465,000 Stolen in Crypto Exploit
Allbridge has recovered $465,000 worth of cryptocurrency stolen in a recent exploit, after the attacker apparently took the project's offer for a white hat bounty and returned the funds. The stolen funds were converted to Binance USD and used as compensation. Allbridge had previously offered the attacker a chance to escape legal repercussions and receive a bounty for finding vulnerabilities. The project has yet to publicly disclose the total amount stolen but blockchain security firms estimate it to be close to $550,000.
Rogue Validator Outsmarts MEV Bots, Resulting in a $25 Million Loss
MEV bots attempting sandwich trades lost $25 million worth of digital assets to a rogue validator. The loss included Wrapped Bitcoin, USD Coin, Tether, Dai, and Wrapped Ether. Blockchain security firm CertiK explained that the attack was due to the centralization of power with validators, making them vulnerable to such attacks.
Declining trend in physical crypto ATMs
The number of physical cryptocurrency ATMs is declining, with 3,627 removed in March 2023, according to Coin ATM Radar. The trend of increasing installations is reversing, with the highest number of machines installed in a single month being 2,048 in January 2021. The three-month-long downtrend was broken in April with 37 installations. General Bytes, BitAccess, and Genesis Coin are the current market leaders in manufacturing crypto ATMs. General Bytes faced a security incident in March and promised to reimburse customer losses.
FTX EU Launches Website for Customer Withdrawal Requests
FTX EU has launched a website for European customers to submit withdrawal requests following the global trading platform's collapse and bankruptcy in November 2022. The Cyprus Securities and Exchange Commission reportedly approved the new website domain name, which will only be used to pay back impacted customers and will not offer any products or services.