Blockchain
Blockchain Sleuth Warns About Unrevealed ‘Critical Flaws’ in Ethena
Tardfiwhale, a pseudonymous blockchain sleuth who predicted the fall of Luna and UST, has warned about critical flaws in Ethena, a rising blockchain synthetic dollar stablecoin protocol. Tardfiwhale is asking for donations to certain entities before revealing these alleged flaws, as Ethena has no bug bounty program.
‘Critical Flaws’ Present in Ethena According to Pseudonymous Blockchain Sleuth
Ethena’s decentralized protocol is being scrutinized by actors in the blockchain field. Tardfiwhale, a pseudonymous blockchain sleuth, has supposedly found “critical flaws” in the system that backs Ethena, which has already issued more than $1.5 billion worth of USDE, a synthetic dollar stablecoin.
Since March 15, Tardfiwhale has been alerting about alleged flaws that will supposedly make protocol users “lose a lot of money” given how its system currently operates. Before, the investigator accurately predicted the demise of LUNA and UST and alerted on possible bank runs involving the OHM platform.
Nonetheless, Tardfiwhale won’t reveal the origin of these problems for free, as he is asking for donations to be paid to third parties after these flaws are revealed and proved to exist. First, he asked for $500,000 in donations, with half going to Protocol Guild, a group of Ethereum developers. The other half would be divided between Zachxbt, another crypto researcher, and the legal defense of Tornado Cash devs, who are facing money laundering charges.
On March 18, he increased the bounty to $1 million, maintaining the same proportions for the recipients of these donations. Tardfiwhale explained this had to do with the involvement of Maker and Mantle in Ethena, protocols that will invest hundreds of millions in Ethena.
On his motivations for destining these donations to third parties before revealing the problems he found in Ethena, he stated:
,,This is a chance for me to give back, and after all the pain caused from UST, FTX, Celsius, etc., it would be sad to see another disaster with USDE.”
He emphasized that revealing these flaws would yield him no benefit and that he is only trying to avoid another disastrous event for the crypto community.
Ethena is on the verge of airdropping 750 million ENA, its governance token, and recently announced a campaign to include bitcoin as a backing asset.
Source: https://news.bitcoin.com/
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Blockchain
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Blockchain
Proposed US Blockchain Integrity Act would ban crypto mixers for 2 years
A new bill introduced in the U.S. House of Representatives, known as the Blockchain Integrity Act, seeks to address concerns surrounding the use of cryptocurrency mixers and tumblers. The proposed legislation aims to regulate these privacy-enhancing tools, which are often used to obscure the origins of cryptocurrency transactions.
The bill, if passed into law, would impose strict regulations on the operation of cryptocurrency mixers and tumblers within the United States. These tools, which allow users to mix their funds with those of other users to obfuscate the transaction trail, have raised concerns among law enforcement agencies and regulators due to their potential use in money laundering, terrorist financing, and other illicit activities.
Under the Blockchain Integrity Act, operators of cryptocurrency mixers and tumblers would be required to register with the Financial Crimes Enforcement Network (FinCEN) and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. Failure to register or comply with these requirements could result in significant penalties, including fines and imprisonment.
The proposed legislation also seeks to empower law enforcement agencies to investigate and prosecute individuals and entities that operate unregistered cryptocurrency mixers and tumblers. By enhancing regulatory oversight and enforcement capabilities, the bill aims to safeguard the integrity of the blockchain ecosystem and prevent the illicit use of cryptocurrencies.
However, critics argue that the Blockchain Integrity Act could stifle innovation in the cryptocurrency space and infringe on individuals’ privacy rights. They contend that while cryptocurrency mixers and tumblers can be used for illicit purposes, they also serve legitimate privacy-enhancing functions, such as protecting users’ financial privacy and security.
The introduction of the Blockchain Integrity Act reflects growing concerns among policymakers about the potential risks associated with cryptocurrencies and their use in illicit activities. As lawmakers continue to grapple with these issues, it remains to be seen how the regulatory landscape for cryptocurrencies will evolve in the United States and around the world.
Source: cointelegraph.com
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Blockchain
Government-owned KfW elaborates on blockchain digital bond plans
The government-owned KfW Bank, based in Germany, is delving further into its plans to issue digital bonds leveraging blockchain technology. This move underscores the institution’s commitment to exploring innovative financial solutions in the digital age.
The proposed digital bond issuance is poised to mark a significant milestone for KfW, as it seeks to embrace the transformative potential of blockchain technology. By tokenizing bonds on a blockchain platform, KfW aims to streamline the issuance process, enhance transparency, and optimize operational efficiency.
One of the key advantages of digital bonds lies in their potential to reduce the reliance on intermediaries and streamline the entire bond lifecycle. Through blockchain-based tokenization, KfW aims to automate various aspects of bond management, including interest payments and maturity settlements, thereby reducing the need for manual intervention and minimizing operational costs.
Moreover, digital bonds have the potential to enhance liquidity in the secondary market, allowing investors to trade bonds seamlessly on digital asset exchanges. This increased liquidity could attract a broader range of investors, thereby diversifying KfW’s investor base and potentially lowering borrowing costs.
In addition to the issuance of digital bonds, KfW is also exploring the integration of blockchain technology into other areas of its operations. By leveraging blockchain for various use cases, such as trade finance and supply chain management, KfW aims to unlock new efficiencies and drive greater transparency across its ecosystem.
Overall, KfW’s foray into blockchain-based digital bonds underscores its commitment to innovation and its recognition of the transformative potential of blockchain technology. As the institution continues to explore and implement blockchain solutions, it is poised to stay at the forefront of digital innovation in the financial sector.
Source: ledgerinsights.com
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