Crypto Market Overview October 24th | Dex-Trade
Time to Bet: the Duel Between Charles Hoskinson and Ripple Is in Full Swing
The founder of the smart contract platform Cardano, Charles Hoskinson, called the information from the Ripple community that insiders from the US Securities and Exchange Commission (SEC) and Ethereum insiders are involved in a general corruption scheme a grand conspiracy. Hoskinson announced his position two weeks ago during a conversation with Tony Edward from Thinking Crypto. And last Friday, in a new interview with popular YouTuber Ben Armstrong (BitBoy Crypto), Hoskinson urged the XRP community to spread his point of view on what he called a conspiracy theory that is "fueling the flames" of the SEC's years-long lawsuit against Ripple. It is quite predictable that as a result of his statements, the founder of Cardano directed a flurry of criticism from numerous members of the XRP community. Hoskinson has been accused of siding with the SEC despite alleged corruption between Ethereum and former SEC officials. This is especially true of William Hinman, whose 2018 statements were recently released by the SEC after a protracted controversy. Ripple CTO David Schwartz also made no secret of his dissatisfaction and urged Hoskinson to withdraw his words about the lack of conspiracy, since “at the end of the day, we all have to live in this space together and hedging in the face of this madness doesn’t solve anything.” The founder of Cardano is now seen as a supporter of the SEC because he is one of the founders of Ethereum. The same project, whose representatives called for a boycott of the Commission for the Censorship of Crypto Mixers... An interesting controversy comes out...
Brian Armstrong Defends DeFi From Regulatory Willfulness
Coinbase CEO Brian Armstrong says he is grateful for the efforts to achieve regulatory clarity for cryptocurrencies and DeFi from Michigan Democrat Debbie Stabenow and Arkansas Republican John Boozeman, but thinks decentralized finance should be handled “softer”: “Worth stating for the record, DeFi should be protected in any legislation that seeks to regulate centralized exchanges and custodians. Thanks to Debbie Stabenow and John Boozman for trying to get this right.” U.S. senators are now working to create legislation that would empower the Commodity Futures Trading Commission (CFTC) to regulate spot crypto markets through a new asset class called “digital commodities.” Armstrong also says he appreciates the efforts of FTX CEO Sam Bankman-Freed, who is doing his best to organize discussions on this issue. In particular, he advocates for the crypto industry to take action from regulators and create a universal set of standards and regulations. According to Armstrong, this issue concerns national security.
Hacker Voluntarily Returned $300,000 Stolen from OlympusDAO
Just hours after a cyberattack on the decentralized backup crypto protocol OlympusDAO that led to the theft of 30,000 OHM tokens worth about $300,000, the company broke the good news to its depositors that the funds had been successfully returned. Blockchain security analytics company PeckShield shared some information about the hack. It turned out that the bonds of the smart contract OlympusDAO BondFixedExpiryTeller "have a redemption function that does not properly validate the input data." It was this loophole that the attacker took advantage of. However, according to information from official sources, the hacker agreed to return the stolen tokens to the project after concluding a deal, the details of which OlympusDAO did not disclose. It is assumed that the company had to agree to a peaceful settlement and pay a certain amount to the cybercriminal. However, OlympusDAO has not ceased to be a "tidbit" for hackers. At the moment, the operation of the protocol is supported by assets totaling about $260 million, which are distributed among 120,000 holders. Since the beginning of this year, the project has provided $3.3 million in rewards for professionals who could help prevent the loss of their funds. It seems that the presence of this reserve came in handy.
