🚀 Solana Addresses Potential Vulnerability in ZK ElGamal Proof Program
#Solana #ZKElGamal #vulnerability #Token2022 #proofOfConcept #security #upgrade #minting #confidentialTransfers #mainnet #audit #blockchain #SOL
According to PANews, the Solana Foundation has reported a potential vulnerability in the ZK ElGamal Proof program, as identified by security researchers. The report includes a proof of concept (PoC) for the vulnerability, although there is no evidence of exploitation at this time. The flaw could allow attackers to construct arbitrary proofs and bypass verification, impacting Token-2022 confidential tokens and enabling illegal operations such as unlimited minting.
In response, the team updated the upgradeable Token-2022 program on June 11, initially disabling the confidential transfer feature. An urgent upgrade request was sent to Solana's technical Discord on June 13, urging operators to update their software to disable the ZK ElGamal proof program. The program was officially disabled on June 19, coinciding with the start of epoch 805 on the mainnet-test version.
Currently, the Token-2022 features utilizing the ZK ElGamal function are primarily used by innovative products in testing phases. While mainstream stablecoins have initialized confidential transfers, they are not available to users, resulting in minimal actual usage and impact. The program will be re-enabled following audits and problem resolution, which is expected to take several months.#Solana #ZKElGamal #vulnerability #Token2022 #proofOfConcept #security #upgrade #minting #confidentialTransfers #mainnet #audit #blockchain #SOL
🚀 Tether Plans Compliance with GENIUS Act for USDT Transactions in the U.S.
#Tether #GENIUSAct #USDT #stablecoin #compliance #AML #remittances #audit
According to PANews, following the signing of the GENIUS Act by U.S. President Donald Trump, Tether CEO Paolo Ardoino announced the company's intention to ensure its flagship stablecoin, USDT, complies with the Act's regulations for foreign stablecoin issuers to enable transactions within the United States. Ardoino stated that Tether aims to create a U.S.-based stablecoin while seeking approval for USDT under the GENIUS Act. He noted that Tether's products will cater to different needs of U.S. customers, with USDT potentially being used primarily for overseas remittances.
The GENIUS Act mandates foreign issuers to adhere to stringent anti-money laundering laws and undergo complex reserve audits. Although Tether's reserves have never undergone a comprehensive audit, Ardoino mentioned plans for future audits to ensure compliance.#Tether #GENIUSAct #USDT #stablecoin #compliance #AML #remittances #audit
🚀 Hong Kong Sets Capital Requirements for Stablecoin Issuers
#HongKong #Stablecoin #CapitalRequirements #Web3 #FiatBacked #StablecoinIssuers #Regulation #FinancialStrength #MarketRiskManagement #Compliance #Audit #LegalCurrency
According to BlockBeats, Hong Kong's Stablecoin Review Tribunal and Web3 Development Group member, Lui Chi-hong, stated that Hong Kong currently permits only fiat-backed stablecoins supported by legal currency. Applicants must have a minimum capital size of 25 million Hong Kong dollars to ensure sufficient financial strength for operations and market risk management. Issuers are required to invest their fiat funds in highly liquid, low-risk assets to reliably support the stablecoin's value. Additionally, they must undergo independent audits and provide compliance proof to regulatory authorities.#HongKong #Stablecoin #CapitalRequirements #Web3 #FiatBacked #StablecoinIssuers #Regulation #FinancialStrength #MarketRiskManagement #Compliance #Audit #LegalCurrency
🚀 Canadian Tax Agency Collects Over $100 Million in Crypto Audits Without Criminal Charges
#Canada #taxation #crypto #audit #NFT #CRA #compliance #courtorder #taxaudit #cryptocompliance
According to ChainCatcher, court documents reveal that the Canada Revenue Agency (CRA) has collected over 100 million Canadian dollars through crypto-related audits over the past three years. Despite this, no criminal charges have been filed since 2020, highlighting structural limitations in the country's enforcement capabilities.
The report notes that the CRA has a dedicated team of 35 crypto auditors who have handled more than 230 cases. It is estimated that approximately 40% of taxpayers using crypto platforms have either not declared their taxes or pose a high compliance risk. However, the agency's chief crypto auditor admitted in an affidavit that the CRA finds it challenging to reliably identify taxpayers in the crypto sector and assess their compliance with income tax obligations.
Additionally, the report states that the CRA has obtained court orders to request data from Dapper Labs, the NFT company behind NBA Top Shot and CryptoKitties, for 2,500 users. Initially, the CRA sought information on Dapper's top 18,000 users but narrowed the scope to 2,500 after negotiations with company executives and lawyers. The CRA filed the application with the Canadian Federal Court in September, marking the second time the court has required a Canadian crypto company to disclose such information. A similar order was issued in 2020 to Toronto-based exchange Coinsquare.#Canada #taxation #crypto #audit #NFT #CRA #compliance #courtorder #taxaudit #cryptocompliance
🚀 South Korea's Debt Relief Fund Faces Scrutiny Over Cryptocurrency Traders
#SouthKorea #DebtRelief #Cryptocurrency #DebtFund #FinancialServicesCommission #Audit #Regulation #SmallBusinesses #COVID19Impact #CryptocurrencyTraders #ForesightNews
According to Foresight News, the South Korean government has provided over $15 million in debt relief to 269 individual cryptocurrency traders from a fund intended to assist small businesses. Following an audit by the Board of Audit and Inspection, the Financial Services Commission has pledged to overhaul the selection process.
The audit results have sparked controversy in South Korea, with regulators acknowledging that only legal reforms can prevent cryptocurrency holders from receiving further debt relief in the future. The fund was originally aimed at offering debt relief to businesses affected by the COVID-19 pandemic, with a goal of reducing the debt of struggling small business owners by at least 60%. However, the audit revealed that many recipients had concealed assets and income sources, such as cryptocurrency, while still benefiting from the fund.#SouthKorea #DebtRelief #Cryptocurrency #DebtFund #FinancialServicesCommission #Audit #Regulation #SmallBusinesses #COVID19Impact #CryptocurrencyTraders #ForesightNews
🚀 Polycule Trading Bot Exploited, User Funds Stolen
#PolyculeTradingBot #Exploited #UserFundsStolen #Hack #SecurityBreach #PolygonChain #PMX #Patch #Audit #Compensation
According to PANews, PMX's official announcement revealed that its Polycule trading bot was exploited by hackers last night, resulting in the theft of user funds. The source of the vulnerability has been identified, and a patch along with an audit is scheduled to be released by the end of the week. The officials stated that only approximately $230,000 of user funds were affected. Once the system is restored, compensation will be provided to affected users on the Polygon chain, restoring their balances to pre-attack levels.#PolyculeTradingBot #Exploited #UserFundsStolen #Hack #SecurityBreach #PolygonChain #PMX #Patch #Audit #Compensation
🚀 Cambodia's Prince Bank Operations Suspended Amid Crypto Fraud Investigation
#Cambodia #PrinceBank #crypto #fraud #NationalBankOfCambodia #banking #audit #liquidation
According to PANews, the National Bank of Cambodia (NBC) has halted all new business activities of Prince Bank following the involvement of its founder, Chen Zhi, in multiple international cryptocurrency fraud cases. The bank's operations and assets have been placed under the management of Morisonkak MKA for auditing and liquidation. Depositors can continue to withdraw funds as per regulations, while borrowers are required to maintain their loan repayments.#Cambodia #PrinceBank #crypto #fraud #NationalBankOfCambodia #banking #audit #liquidation
🚀 Monero Reports Progress on FCMP++ and CARROT Development
#Monero #FCMP++ #CARROT #development #alpha #stressnet #audit
Monero has announced significant progress in the development of its Full Chain Membership Proof (FCMP++) and CARROT projects. According to Foresight News, the latest version of the alpha stressnet software has been released, and developers are now planning an audit for the beta stressnet and CARROT integration.#Monero #FCMP++ #CARROT #development #alpha #stressnet #audit
🚀 Paradex Addresses Database Upgrade Incident with Comprehensive Measures
#Paradex #databaseupgrade #datacorrection #marketfundingrate #liquidations #rollback #audit #refund #serviceimprovement #safeguards #chainstate
Paradex has released an investigation report on the incident that occurred on January 19. According to Foresight News, during a database upgrade and maintenance, a race condition during service restart led to data corruption, which was published to the Paradex Chain. This resulted in the reset of some market funding rate indexes and abnormal liquidations. The company decided to roll back the chain state to the snapshot before maintenance and canceled all orders except for take-profit and stop-loss orders.
Within 24 hours, Paradex audited the affected accounts and refunded a total of $650,000 to 200 accounts from the Liquidator Vault. This incident marked the first rollback operation on the Paradex Chain. Enhanced service restart procedures, additional data validation safeguards, and price range protection measures during post-only periods have been implemented. Discrepancies in data related to portfolios and Vault pages are expected to be resolved by January 26.#Paradex #databaseupgrade #datacorrection #marketfundingrate #liquidations #rollback #audit #refund #serviceimprovement #safeguards #chainstate
🚀 BNB Chain Investigates Reported CoinMarketCap Account Breach
#BNBChain #CoinMarketCap #SecurityBreach #InvestmentCaution #NinaRong #PANews #Audit #SocialMedia
BNB Chain's Growth Executive Director, Nina Rong, has announced that the company has received reports of a breach involving their CoinMarketCap account. According to PANews, the team is currently working with security and internal audit teams to verify the details of the incident. Rong advised caution regarding any investment decisions based on information shared on social media.#BNBChain #CoinMarketCap #SecurityBreach #InvestmentCaution #NinaRong #PANews #Audit #SocialMedia
🚀 Lido Identifies Vulnerability in ZKsync Bridge Endpoint Contract
#Lido #ZKsync #vulnerability #wstETH #bridge #NS3AI #governance #audit #crypto #security #LDO
Lido has disclosed a potential vulnerability in the ZKsync wstETH bridge endpoint contract, though there is currently no evidence of exploitation. According to NS3.AI, deposits on the ZKsync bridge have been temporarily halted as a precautionary measure, while withdrawals and transfers continue to function normally. A solution to address the issue has been prepared and is awaiting audit and deployment, which will occur following the upcoming governance vote scheduled between late March and early April.#Lido #ZKsync #vulnerability #wstETH #bridge #NS3AI #governance #audit #crypto #security #LDO
🚀 Scallop Lend Completes Formal Verification by Asymptotic
#ScallopLend #FormalVerification #Asymptotic #MystenLabs #PANews #ProtocolSecurity #SmartContracts #DeFi #Audit #Blockchain
Scallop Lend has successfully completed a comprehensive formal verification conducted by Asymptotic, the official audit partner of Mysten Labs. According to PANews, the verification confirmed the mathematical correctness of the protocol's core mechanisms, including key accounting logic, liquidation calculations, access control, and fixed-point arithmetic operations.#ScallopLend #FormalVerification #Asymptotic #MystenLabs #PANews #ProtocolSecurity #SmartContracts #DeFi #Audit #Blockchain