Last night the Binance Smart Chain was hacked and the attacker was able to make off with around $100M USD worth of cryptocurrency.

The exploit took advantage of the “BSC Token Hub” which is the native cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC).

Through a series of tweets, CZ (Changpeng Zhao) - the CEO of Binance, announced the initial situation. After the problem was resolved Binance released a community update blog post which goes into more detail regarding the hack and details the next steps.

MakerDAO is moving forward in their move to reduce their financial liabilities by investing in treasuries and bonds.

The conversation gained traction after TornadoCash was sanctioned which caused concern in regards to the treasury. Members of the community wanted to ensure that they were doing everything they could to protect themselves from liability and were particularly concerned about the prospect of a portion of their USDC being frozen due to potential regulations.

The decentralized autonomous organization (DAO) voted on Oct. 6 to approve a pilot transaction of $1 million following an executive vote from Maker token holders, with the rest of the funds soon to be reallocated following confirmation from the community. A majority, 80% of the $500 million, will be invested in short-term U.S.

Treasuries, with $160 million allocated to the 0-1y US Treasury iShares ETF, and $240 million invested into the 1-3 year U.S. Treasury iShares exchange-traded fund (ETF) from BlackRock. The final $100 million will be allocated to investment-grade corporate bonds provided by investment management firm Baillie Gifford.

The asset allocation was determined by the MKR holders, with 68,250 MKR representing 57.67% of the total voting pool opting for the 80-20 split.

A 14,500+ page document containing the personal information and transaction history of over 100,000 celsius customers was entered into court earlier this week.

Home addresses for individuals were redacted, but this document essentially contains a cumulative overview of every single account holder. Celsius hasn’t said why it’s there or whether or not it was requested by the court.

In related news it looks like Alex Mashinsky (CEO) wasn’t the only one to withdraw money from Celsius before freezing accounts. It appears that several other executives dipped into the pot before things got hot. Mashinsky claims that of the 10M he took, 8 was already budgeted for his personal taxes.

In a statement released on Oct. 6, the European Union introduced another set of sanctions against Russia due to the prolonged and recently escalated conflict in Ukraine. The new sanctions include a complete ban on cross-border crypto payments between Russians and the EU.

This statement includes the prohibition of, “all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.” New sanctions were installed as a response to Russia’s annexation of Ukrainian territory as the result of what the EU calls a “sham” referendum, along with troop mobilization and threats of nuclear escalation.

The previous sanctions capped crypto payments from Russian to EU wallets at 10,000 euros (approximately $9,900). However, this new total ban on cross-border crypto payments between the regions aligns with the EU’s desire to “further deprive the Kremlin’s military and industrial complex of key components and technologies.”

Cat is a good friend of ours and a Mindful Degen since day one pretty much. Absolute gem of a human and artist.

Blockchain bridges work just like the bridges we know in the physical world. Just as a physical bridge connects two physical locations, a blockchain bridge connects two blockchain ecosystems. Bridges facilitate communication between blockchains through the transfer of information and assets.

• Source: https://ethereum.org/en/bridges/

Sources: 

https://decrypt.co/111433/binance-smart-chain-hack

https://www.bnbchain.org/en/blog/bnb-chain-ecosystem-update/

https://cointelegraph.com/news/bnb-chain-confirms-bsc-halt-due-to-potential-exploit https://ia601401.us.archive.org/28/items/celsius/celsius.pdf

https://blockworks.co/celsius-exposes-user-information-in-public-court-docs/

https://cointelegraph.com/news/makerdao-goes-ahead-with-500m-investment-in-treasuries-and-bonds

https://cointelegraph.com/news/eu-regulators-ban-cross-border-payments-from-russian-crypto-accounts

Last night the Binance Smart Chain was hacked and the attacker was able to make off with around $100M USD worth of cryptocurrency.

The exploit took advantage of the “BSC Token Hub” which is the native cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC).

Through a series of tweets, CZ (Changpeng Zhao) - the CEO of Binance, announced the initial situation. After the problem was resolved Binance released a community update blog post which goes into more detail regarding the hack and details the next steps.

MakerDAO is moving forward in their move to reduce their financial liabilities by investing in treasuries and bonds.

The conversation gained traction after TornadoCash was sanctioned which caused concern in regards to the treasury. Members of the community wanted to ensure that they were doing everything they could to protect themselves from liability and were particularly concerned about the prospect of a portion of their USDC being frozen due to potential regulations.

The decentralized autonomous organization (DAO) voted on Oct. 6 to approve a pilot transaction of $1 million following an executive vote from Maker token holders, with the rest of the funds soon to be reallocated following confirmation from the community. A majority, 80% of the $500 million, will be invested in short-term U.S.

Treasuries, with $160 million allocated to the 0-1y US Treasury iShares ETF, and $240 million invested into the 1-3 year U.S. Treasury iShares exchange-traded fund (ETF) from BlackRock. The final $100 million will be allocated to investment-grade corporate bonds provided by investment management firm Baillie Gifford.

The asset allocation was determined by the MKR holders, with 68,250 MKR representing 57.67% of the total voting pool opting for the 80-20 split.

A 14,500+ page document containing the personal information and transaction history of over 100,000 celsius customers was entered into court earlier this week.

Home addresses for individuals were redacted, but this document essentially contains a cumulative overview of every single account holder. Celsius hasn’t said why it’s there or whether or not it was requested by the court.

In related news it looks like Alex Mashinsky (CEO) wasn’t the only one to withdraw money from Celsius before freezing accounts. It appears that several other executives dipped into the pot before things got hot. Mashinsky claims that of the 10M he took, 8 was already budgeted for his personal taxes.

In a statement released on Oct. 6, the European Union introduced another set of sanctions against Russia due to the prolonged and recently escalated conflict in Ukraine. The new sanctions include a complete ban on cross-border crypto payments between Russians and the EU.

This statement includes the prohibition of, “all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.” New sanctions were installed as a response to Russia’s annexation of Ukrainian territory as the result of what the EU calls a “sham” referendum, along with troop mobilization and threats of nuclear escalation.

The previous sanctions capped crypto payments from Russian to EU wallets at 10,000 euros (approximately $9,900). However, this new total ban on cross-border crypto payments between the regions aligns with the EU’s desire to “further deprive the Kremlin’s military and industrial complex of key components and technologies.”

Cat is a good friend of ours and a Mindful Degen since day one pretty much. Absolute gem of a human and artist.

Blockchain bridges work just like the bridges we know in the physical world. Just as a physical bridge connects two physical locations, a blockchain bridge connects two blockchain ecosystems. Bridges facilitate communication between blockchains through the transfer of information and assets.

• Source: https://ethereum.org/en/bridges/

Sources: 

https://decrypt.co/111433/binance-smart-chain-hack

https://www.bnbchain.org/en/blog/bnb-chain-ecosystem-update/

https://cointelegraph.com/news/bnb-chain-confirms-bsc-halt-due-to-potential-exploit https://ia601401.us.archive.org/28/items/celsius/celsius.pdf

https://blockworks.co/celsius-exposes-user-information-in-public-court-docs/

https://cointelegraph.com/news/makerdao-goes-ahead-with-500m-investment-in-treasuries-and-bonds

https://cointelegraph.com/news/eu-regulators-ban-cross-border-payments-from-russian-crypto-accounts