Weekly Highlights: From Hacks to New Regulations

Every Sunday, we dive into the thrilling world of cryptocurrencies to unveil what happened this past week. Grab your digital magnifying glass because the Hodler’s Digest is here to showcase both the highs and lows of the crypto universe.

Zaif Exchange: A Deep Dive into the Hack

In a shocking development, Japan’s Zaif cryptocurrency exchange took a nosedive as hackers made off with a staggering 5,966 BTC. Let’s break this down: the hackers stole an astounding 4.5 billion yen and an additional 2.2 billion yen from the assets, tallying losses up to about $59.7 million. To put it mildly, that’s a hefty slice of virtual pie!

The exchange detected server issues a few days after the breach occurred, leading to a full stop on deposits and withdrawals. It wasn’t until September 18 that the team connected the dots to a hack and reported the incident to regulators.

Elon Musk vs. Scamsters

Meanwhile, in a galaxy not so far away, Elon Musk was in need of some serious help. He turned to Dogecoin creator Jackson Palmer for assistance in combating annoying crypto scammers plaguing Twitter. Palmer responded with a direct message containing a script to tackle the issue. Could this be the start of a superhero duo?

SEC Holds VanEck’s ETF on a Leash

In the regulatory arena, the U.S. SEC decided to put a pause on the VanEck Bitcoin ETF. They’ve requested further comments from the public regarding the listing and trading of this ETF, addressing concerns on its susceptibility to market manipulation. Will this ETF ever see the light of day? Only time will tell.

NY Attorney General’s Report: Exposing Exchange Vulnerabilities

A report from the New York Attorney General shed light on the vulnerabilities of cryptocurrency exchanges. After investigating 13 platforms, it was revealed that manipulation and conflicts of interest are rampant. Due to the lack of a standard audit process, these exchanges are essentially a Wild West of unregulated digital assets.

Gemini Dollar: The Capricious Stablecoin

Lastly, researchers have flagged an eyebrow-raising feature of the Gemini dollar (GUSD). According to a study, the GUSD can be altered every 48 hours by a custodian. This means the coin could potentially become non-transferrable at any moment. This revelation truly puts the “stable” in stablecoin, doesn’t it?

That’s the weekly scoop in crypto, folks! Stay tuned for more hilarity and severity in our next edition!