Stablecoins

Identified Bug in Circle's Noble-CCTP on Cosmos Network

Wednesday. August 28 at 6:00 PM

1 min. read

Asymmetric Research recently disclosed a critical bug in Circle's Noble-CCTP, a key component of the USDC Cross-Chain Transfer Protocol on the Cosmos network. The bug allowed a potential exploit where a malicious actor could bypass the protocol's verification process and create counterfeit USDC tokens on the Noble bridge. Specifically, the vulnerability was found in the 'ReceiveMessage' handler, which accepted 'BurnMessages' from any sender without verifying the source. Fortunately, no funds were lost, and Circle promptly addressed the issue. This incident echoes a similar vulnerability in the Wormhole bridge on the Aptos network in May 2024, which could have led to a $5 million exploit if left unaddressed. Asymmetric Research's discovery highlights the importance of proactive security measures in safeguarding against potential threats in the cryptocurrency space.

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Montenegro Court Rejects Do Kwon's Extradition Appeal

Thursday. December 26 at 8:00 AM

Montenegro's Constitutional Court has denied an appeal by Do Kwon, co-founder of Terraform Labs, against his extradition. The unanimous decision removes a key legal obstacle in the extradition process, citing flaws in Kwon's appeal and upholding a previous ruling supporting extradition. The case now awaits a decision from Montenegro's justice minister on whether Kwon will be extradited to South Korea or the US. Reports suggest a higher chance of extradition to the US due to the justice ministry's stance. Both countries seek Kwon for his involvement in the collapse of Terraform Labs' crypto ecosystem, causing a $40 billion market wipeout in May 2022. Kwon's arrest in Montenegro in March 2023, along with a settlement with the SEC in June 2024, has raised concerns about his political connections in Montenegro and potential influence over the extradition process. The court's decision underscores the complexities of international legal cooperation in the crypto industry.

Stablecoins

Singapore Emerges as Leading Crypto Hub in Southeast Asia

Thursday. December 26 at 3:00 AM

Singapore is taking the lead in becoming a prominent crypto hub in Southeast Asia. In 2024, the country granted 13 different crypto licenses, more than double the previous year. Surpassing Hong Kong, Singapore's regulatory-friendly environment has attracted various crypto operators and major exchanges. This year, Singapore licensed well-known exchanges like OKX and Upbit, along with firms such as BitGo, GSR, and Anchorage. The city-state's flexible token listing and asset custody policies aim to draw in digital asset firms. Independent Reserve recently became the first crypto exchange in Singapore to list RLUSD, Ripple's USD-backed stablecoin. This move enhances cross-border liquidity solutions for clients, making global transactions faster and more cost-effective. Singapore's progressive regulatory framework contrasts with Hong Kong's slower licensing regime, which has hindered its appeal to crypto firms. China's strict crypto regulations also impact Hong Kong's aspirations to become a top crypto hub, while Singapore's supportive environment solidifies its position as an attractive long-term base for crypto businesses in the region.

Stablecoins

Decentralized Stablecoin Project Usual Attracts Major Venture Capital Interest

Tuesday. December 24 at 11:00 PM

As 2024 comes to an end, Usual (USUAL) is gaining attention from top venture capital firms after its listing on Binance Launchpool. The project, a decentralized stablecoin backed by Real-World Assets (RWA), recently secured additional funding from leading VCs, signaling strong investor confidence in Usual and the RWA sector. With its flagship stablecoin, USD0, supported by US Treasury Bills, Usual has completed a $10 million Series A funding round led by Binance Labs and Kraken Ventures, with participation from Coinbase Ventures and others. The project aims to innovate stablecoins and create an economy driven by community collaboration. The price of USUAL has risen by 26%, reaching $1.3, with a market capitalization exceeding $600 million. Usual's primary stablecoin, USD0, has seen significant growth, becoming the fastest-growing stablecoin in the past month amidst a competitive stablecoin market in 2024.

Stablecoins

SEC Settlement with Jump Crypto's Tai Mo Shan

Saturday. December 21 at 8:00 PM

Jump Crypto's subsidiary, Tai Mo Shan, has reached a $123 million settlement with the SEC for misleading investors about the TerraUSD stablecoin. Tai Mo Shan, a key player in Terra's ecosystem, was involved in deceptive practices during the UST depegging crisis. The SEC accused the firm of falsely stabilizing UST and acting as a statutory underwriter for Terra Luna token. This led to significant investor losses and market disruption. The settlement includes a payment of $123 million and a cease-and-desist order. This follows similar actions against Terraform and its founder for fraud and unregistered securities offerings. The incident highlights the importance of compliance with securities laws in the crypto market to protect investors. Tai Mo Shan did not admit or deny the SEC's findings but agreed to the terms to avoid future violations.

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