NewsBriefs - Hacker drains $6M from DeltaPrime on Arbitrum

Sep 16, 7:40 AM Coindesk

Hacker drains $6M from DeltaPrime on Arbitrum

Crypto broker DeltaPrime experienced a $6M token drain on its Arbitrum version due to a private key leak. A hacker gained control of the admin proxy, redirecting it to a malicious contract. The exploit affected DPUSDC, DPARB, and DPBTCb pools. Users couldn't withdraw funds on Arbitrum due to the platform's borrowing and lending structure. PRIME tokens dropped 6.5% amid the incident. The DeltaPrime team is investigating the issue at the time of reporting.

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• Sep 18, 7:47 PM The Block

  SEC charges DeFi platform Rari Capital with misleading investors

  The SEC settled charges against Rari Capital for misleading investors and operating as an unregistered broker. The firm's co-founders falsely claimed Earn pools would automatically rebalance crypto deposits. This case highlights the SEC's focus on DeFi platforms, following similar actions against other crypto firms. Rari Capital and its co-founders neither admitted nor denied the findings.

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• Sep 18, 2:03 PM Coindesk

  Deutsche Bank survey reveals consumers prefer cash and cards over CBDCs

  A Deutsche Bank survey shows consumers are hesitant to adopt CBDCs despite global central bank interest. 44% prefer cash over CBDCs, while 57% favor debit or credit cards. Only 16% believe CBDCs will become mainstream. Privacy concerns persist, with 21% of US respondents viewing general crypto as more private than government-backed options. Central banks are increasingly focusing on wholesale CBDC applications, as evidenced by recent initiatives from SNB, ECB, and the Federal Reserve Bank of New York.

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• Sep 18, 7:30 AM ZetaChain

  Revolut adds support for ZetaChain

  Revolut now supports ZetaChain, a layer 1 blockchain focused on interoperability. The integration gives 45 million UK and EU Revolut users access to the "universal blockchain," the firm stated. ZetaChain enables cross-chain dApp development without bridges or wrapped coins. The project, started in 2021, secured Series A funding in August 2023 from Jane Street Capital, Blockchain.com, and Sky9.

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• Sep 18, 6:15 AM Reserve Bank of Australia

  Australia’s central bank announces three-year roadmap for wholesale CBDC

  The Reserve Bank of Australia has unveiled a three-year roadmap prioritizing wholesale CBDC development over retail options. The central bank's research found limited innovation potential in retail CBDCs for public use in Australia. The RBA's focus on wholesale CBDCs aims to reduce risks, enhance transparency, and improve transaction capabilities. Project Acacia will explore wholesale CBDC and tokenized commercial bank deposits, with plans to establish advisory forums and support regulatory sandbox reforms. The RBA is also researching asset tokenization and blockchain technology's role in central bank operations.

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• Sep 17, 9:30 PM Cryptoslate

  Wintermute unveils multi-chain prediction market for US presidential election

  Wintermute is launching OutcomeMarket, a multi-chain prediction market for the US presidential election. The platform will operate on Ethereum, Base, and Arbitrum, introducing TRUMP and HARRIS tokens. OutcomeMarket aims to increase liquidity and efficiency by removing intermediaries and fees. It utilizes Chaos Labs' Edge Proofs Oracle for data integrity across blockchains. The launch coincides with the rising popularity of prediction markets, as seen with Polymarket's recent $1 billion milestone in election bets.

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• Sep 17, 7:30 PM Coindesk

  SEC sues operators of crypto pig butchering scams

  The SEC filed its first enforcement actions against pig butchering crypto scams, charging three individuals and five companies. The lawsuits allege fraudsters used fake crypto platforms to defraud investors of millions in crypto and fiat. Scammers posed as finance professionals or romantic interests on social media to lure victims. This action comes amid rising concerns over relationship investment scams in the crypto space, with the FBI reporting $5.6 billion lost to crypto fraud in 2023.

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• Sep 17, 3:42 PM The Block

  Coinbase reports degraded performance for Polygon transactions after network upgrade

  Coinbase alerted users to potential delays in Polygon transfers following a recent network upgrade. The exchange noted "degraded performance" for Polygon transactions, while other blockchains remain unaffected. This issue comes shortly after Polygon's transition from MATIC to POL tokens as part of its zkEVM development. Coinbase assured users that funds are safe and that buys, sells, and fiat transactions are not impacted by the delay.

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• Sep 17, 3:30 PM Microsoft

  Microsoft and G42 set up AI centers in Abu Dhabi to advance responsible AI practices

  Microsoft and G42 are setting up two AI centers in Abu Dhabi to advance responsible AI goals. The first center, co-founded with G42, will develop best practices for AI use in the Middle East and Global South. The second is Microsoft's AI for Good Research Lab, focusing on societal challenges. Both initiatives aim to promote responsible AI development, enhance language models for underrepresented languages, and address issues like food security and climate resilience. This partnership strengthens Abu Dhabi's position as a global AI hub and expands access to secure AI technologies.

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• Sep 17, 3:20 PM DeFi Llama News

  Arbitrum co-founder defends layer 2 networks amid Ethereum's underperformance

  Arbitrum CEO Steven Goldfeder refutes claims that layer 2 networks are parasitic to Ethereum. Despite generating $32 million since 2021, Goldfeder argues layer 2s aim to grow Ethereum's ecosystem. Critics point to Ethereum's 3% growth compared to Bitcoin's 42% and Solana's 31% in 2023. With 78 Ethereum layer 2s now active, Goldfeder remains optimistic about future growth, emphasizing security and decentralization over immediate expansion. The $12 billion layer 2 market continues to evolve amid debates over its impact on Ethereum's performance.

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• Sep 17, 1:45 PM Coindesk

  Fed's first rate cut signals potential gains for stocks and crypto

  Data shows stocks tend to rise after the Fed begins cutting interest rates, contrary to bearish predictions. The S&P 500 averages 9.5% annual returns long-term. After rate cuts begin, markets typically gain 6.8% in 12 months and 26.5% in 24 months. This trend suggests potential upside for both stocks and crypto assets, which often move similarly as risk assets. Investors should consider this historical pattern when evaluating market prospects following expected Fed rate cuts.

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• Sep 17, 12:07 PM Cointelegraph

  TON Foundation partners with Curve Finance for stablecoin swap project

  TON Foundation and Curve Finance are collaborating on a TON-based stable swap project using Curve's CFMM tech. This partnership aims to enhance stablecoin trading on TON, improving user experience and accessibility. An independent team will be selected to develop the project, with Curve's founder Michael Egorov advising. The initiative includes token airdrops for qualified users and aligns with Curve's recent shift towards its native stablecoin, crvUSD.

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• Sep 16, 8:14 PM Blockworks

  Flyfish Club settles with SEC for $750K over NFT membership sales

  Flyfish Club, set to open in Manhattan, settled with the SEC for $750K over alleged violations related to NFT membership sales. The company must destroy all Flyfish NFTs, stop accepting royalties, and pay the penalty by September 26. The SEC claims Flyfish led investors to expect profits from the club's management and potential NFT resale. SEC Commissioners Peirce and Uyeda dissented, arguing the NFTs were utility tokens, not securities. The club is still scheduled to open on September 20, with standard memberships now available.

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• Sep 16, 1:57 PM Cryptoslate

  Polymarket amasses nearly $1 billion in bets on 2024 US election outcome

  Polymarket has garnered close to $1 billion in bets on the 2024 US presidential election. Kamala Harris leads with a 50% chance, backed by $135 million in wagers, while Donald Trump follows at 49% with $150 million in bets. The platform faces challenges post-election, including competition from Solana-based BET and potential regulatory hurdles. Crypto.com highlights liquidity concerns for Polymarket as the prediction market sector matures, emphasizing the need for growth in sports and major crypto events to maintain its edge.

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• Sep 16, 12:49 PM The Block

  Bitcoin stagnates as gold hits record high amid market caution

  Bitfinex analysts note Bitcoin's decoupling from gold, which reached an all-time high, signaling investor caution amid recession fears. Bitcoin dropped 3% to $58,700, struggling to maintain $60,000, while gold hit $2,589. The trend of favoring traditional safe-havens over crypto may intensify after an expected Fed rate cut. Analysts anticipate increased local volatility and potentially rapid price movements in the crypto market. Gold's surge is attributed to a weakening dollar and expectations of significant Fed rate cuts, bolstered by slowing job growth indicators.

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• Sep 16, 11:00 AM Coindesk

  SEC increases scrutiny on Binance's token listing process in amended complaint

  The SEC filed a proposed amended complaint against Binance, focusing on the exchange's token listing process. The filing addresses previously dismissed charges and strengthens allegations about 10 digital assets. The SEC emphasizes Binance's role in promoting listed tokens and alleges BNB was offered as an investment. The complaint also details Binance's Simple Earn product and token economics. The SEC clarified its stance on "crypto asset securities" to avoid confusion.

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