Results of the week: the EU forbade the Russians of crypto services, and BNB Chain was stopped against the backdrop of hacking

The European Union completely banned the Russians to provide cryptocurrency services, hackers hacked the BSC Token Hub bridge and withdrew $ 100 million, Zcash was exposed to spam attacked and other events of the outgoing week.

Bitcoin could not gain a foothold above $ 20,000

The first cryptocurrency opened a week with growth – on Tuesday, the quotes overcame the level of $ 20,000, but could not gain a foothold. Subsequently, the asset repeatedly tested the psychological level – until Friday the price was in a narrow range from $ 19,700 to $ 20,400.

However, after the unemployment report in the United States, the quotes fell to $ 19,500. At the time of writing, digital gold is traded near this mark.

Despite the Friday drop in prices, in a week bitcoin quotes increased by 1%. Other digital assets from the TOP-10 on capitalization closed the period with varying success. The best dynamics was shown by XRP (+11.5%), the worst-Cardano (-1.7%).

The total capitalization of the cryptocurrency market amounted to $ 985.36 billion. Bitcoin dominance index remained the same – 38%.

The work of BNB Chain was suspended, and then resumed after hacking in the amount of $ 100 million

The BNB Chain team has suspended the operation of the network against the background of hacking BSC token Hub-the internal cross-bridge of the ecosystem. Hackers stole digital assets in the amount of over $ 544 million, but managed to withdraw only $ 100 million.

According to CEO Binance, Chanpan Zhao, the attackers took advantage of the exploit, which “led to the appearance of additional BNB”. He emphasized that “the problem is localized,” and users are “safe”.

The researcher Paradigm under the nickname Samczsun explained that the critical vulnerability of the BSC token Hub allowed hackers to attack double spending. According to SlowMist, they financed the attack from addresses belonging to the Changenow cryptocurrency service.

Later, the BNB Chain team published the update of the code and said that after the validators confirming its status, the network “works normally”. The developers also announced a vote in further steps.

The EU completely forbade the Russians to provide cryptocurrency services

October 6, the European Union approved the eighth package of sanctions against the Russian Federation. Citizens and residents of the country were banned from owning cryptocurrency wallets on the territory of the eurozone, create accounts or store digital assets in the EU, regardless of the deposit amount.

Experts surveyed by FORKLOG called a ban for European cryptocurrency companies to work with Russian users critical for the latter.

However, the head of the State Duma Committee on the Financial Market Anatoly Aksakov saw pluses in sanctions. In his opinion, the EU decision will positively affect the development of the market of digital financial assets in the Russian Federation.

Earlier, Aksakov proposed to legislatively ban the use of cryptocurrencies as a means of payment in the country and hold accountable for calculations in them.

Some cryptocurrency platforms are already limiting accounts related to Russia. For example, Dapper Labs, standing behind the development of NFT games Cryptokitties and the Flow block, on which its other project is based-NBA Top Shot, took this step.

The EU Council finally agreed on the text of the Mica bill

On October 5, EU participants signed the text of the bill on the regulation of Mica cryptocurrencies without further discussion. A separate law on cash transfers in the framework of the fight against money laundering requires caste -dodium suppliers to check the identity of their customers.

Mica includes rules that apply to issuers of unsecured cryptoactives, emitters of stablecoins, shopping and caste -casual platforms.

The ZCash network was spam-atac

On October 5, the blockchain-oriented cryptocurrency is ZCASH spam-atac, which fills the blocks with protected transactions with hundreds of outputs.

Experts found it difficult to determine the purpose of the attack. Researcher under the pseudonym Nick Bax.ETH from Convex Labs called three possible motives:

  • for fun;
  • To receive profits through short positions in ZCASH – problems in the operation of the blockchain may lead to a fall in cryptocurrency prices;
  • make it difficult to launch GCD, which will simplify the surveillance on the network and make the eclipse attack more affordable.

In the third quarter, the crypto industry lost $ 428 million from hacks and scam

For the third quarter of 2022, the total losses of the Web3 ecosystem from hacks and fraud amounted to $ 428.7 million, Immunefi experts calculated.

During the period, 39 incidents occurred, of which 30 were hacker attacks with total damage to $ 399 million. The remaining losses of $ 29.8 million were in nine cases of a scam, including Rug Pull schemes.

The key goals of hackers and scammers are Defi projects-they accounted for 98.8% of total losses against 1.2% of the CEFI sphere.

One of the fresh examples was the hack on October 2 of the decentralized cross-birgi Transit SWAP for $ 21 million. Subsequently, the hacker first returned 70% of the stolen amount, and later 2612 BNB (~ $ 750,000). At the same time, he made 40 BNB translations in Tornado Cash.

Earlier, the analytical company Elliptic found out that attackers used DEX, cross-bridges and swaps to conceal illegal income in cryptocurrencies worth more than $ 4 billion.

What to discuss with friends

  • McDonald’s began to accept bitcoin payments in Swiss Lugano.
  • SEC accused Kim Kardashian of illegal advertising Ethereummax.
  • Experts have counted 12,100 “zombies-tokens” since the beginning of the year.
  • Peter Schiff accused Michael Saylor of Bitcoin “pumping”.

MT.Gox set a new deadline for submitting applications for compensation

Creditors of the bankrupt cryptocurrency exchange MT.GOX should register in a special online system to receive compensation until January 10, 2023.

Users need to submit information about the recipient and choose a payment method. For victims who will not have time to provide all the necessary data, compensation will be postponed.

A Play to Earn: NFT specific date or at least approximate payments are not specified.

The Sushi community has chosen a new “chef”

Participants in the decentralized autonomous organization Sushi DAO chose the new Executive Director of SUSHI – with support of more than 83.5%, Jared Gray won. Earlier, he headed the cryptocurrency exchange of Bitfineon and the Defi project Eons Finance.

The community complained about the complexity of the steiking Ethereum

After the Ethereum transition to the Proof-OF-Stake algorithm, users have encountered the difficulty of starting an independent ether stake. The community member that opened the branch on Reddit noted that with sufficient experience in technology, he spent weekend on the installation of the validator noda on his own device.

Many agreed with his opinion. One of the commentators emphasized that “more effort is required to set the node than you can expect from an average person”.

Another member of the community said that steaking was never intended to be publicly available, and requires a sufficient amount of knowledge.

To Kvon, they ordered to return the passport of a citizen of South Korea

The Ministry of Foreign Affairs of South Korea demanded from CEO TerRaform Labs (TFL) to Kwon to return the national passport within 14 days. In case of refusal, the document will be canceled.

The head of TFL himself denied previously published reports about his connection with $ 39.6 million in cryptocurrencies, access to which were blocked by prosecutors of South Korea. He emphasized that “does not understand the purpose of the spread of this lie,” and said that he did not use Kucoin and OKEX.

On October 6, it became known about the detention of a Terraform Labs employee on the territory of the country. The Prosecutor’s Office of South Korea requested an order to arrest him, but the court did not see the need for this.

Media: Alex Mashinsky led $ 10 million to blocking Celsius operations

CEO of the Celsius Network Cryptolending Platform, Alex Mashinsky withdrew $ 10 million a few weeks before freezing client accounts, sources of Financial Times said.

The company spokeswoman clarified that most of the amount went on taxes. According to one of the sources, we are talking about $ 8 million. The remaining $ 2 million is associated with the planned property management operation.

On October 6, it became known that Celsius Network published 14,000 data pages containing the full name and temporary marks for all user transactions. The Block editor Frank Charpo explained that the company urged to prevent the publication of sensitive information, but the judge rejected the petition.

Also on FORKLOG:

  • In Russia, they blocked access to the OKX exchange.
  • Binance can spend more than $ 1 billion for transactions in 2022.
  • The Discord server of the artist Beeple was subjected to a phishing attack.
  • Hugo Boss will release an exclusive NFT collection.

What else to read?

In the analytical report, Forklog talked about the main changes in the industry for September.

Bitcoin industry in numbers-Bybit, ecosystem for crypto traders.

The exclusive material sorted out the features and significance of The Merge update, dispelled popular myths and outlined the plans of Ethereum developers to improve the project.

FORKLOG AI found out which companies actively introduce artificial intelligence into their products and why they invest tens of billions of dollars in the technology.

In new educational cards, they talked about Lightning Network, Flow, IPFS and postcapitalism.

In traditional digestes, the main events were collected for a week in the areas of cybersecurity and artificial intelligence.

The decentralized finance sector (Defi) continues to attract increased attention of cryptocurrency investors. FORKLOG collected the most important events and news of the last weeks in digest.

Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics.