WuBlockchain Weekly: Ordinals Added to Vulnerability Database, Panic Ensues After Ledgerconnect Attack, SEC Chairm…
1. U.S. Reveals November Unadjusted CPI Yearly Rate at 3.1%, the Lowest Since June This Year link The seasonally adjusted Consumer Price Index (CPI) in November in the United States showed a year-on-year rate of 3.1%, meeting expectations of 3.10%. This marks a decrease from the previous value of 3.20% in October and represents the lowest level since June of this year. The seasonally adjusted core CPI for November exhibited a year-on-year rate of 4%, in line with expectations and unchanged from the previous month. For the month of November, the seasonally adjusted CPI rose by 0.1%, surpassing the expected 0.00% and showing a slight increase from the previous month’s 0.00%. The core CPI for the same period had a monthly rate of 0.3%, reaching the highest level since September this year and exceeding the anticipated 0.30%, compared to the previous value of 0.20%. 2. Fed’s FOMC Keeps Interest Rates Unchanged, Anticipates Three Rate Cuts in 2024, Earliest in Spring link The Federal Reserve of the United States announced on Wednesday that it would maintain the target range for the federal funds rate at 5.25%-5.50%. However, it revised down the interest rate outlook for the end of 2024 to 4.6%, which is lower than the projection of 5.1% made three months ago. The Fed stated that tighter fiscal and credit conditions might impact economic activity, hiring, and inflation, but the extent of these effects remains uncertain. The quarterly economic forecasts from the Fed indicate an expectation for the core inflation rate to decrease to 3.2% in 2023 and further decline to 2.4% in 2024. The projected real GDP growth rate for 2024 has been revised down from 1.5% to 1.4%. According to reports from Wall Street, the pace of this year’s inflation decline is much faster than officials anticipated, with most officials expecting three interest rate cuts in 2024. Federal Reserve Board Governor Christopher Waller mentioned that if inflation performs exceptionally well, the central bank could theoretically start cutting rates in the spring. 3. Bitcoin Ordinals Added to the U.S. National Vulnerability Database link On December 9, the National Vulnerability Database (NVD) in the United States flagged Bitcoin Ordinals as a cybersecurity risk, urging people to pay attention to this vulnerability. Being added to the NVD list means that a specific cybersecurity vulnerability has been identified and confirmed. This database is managed by the National Institute of Standards and Technology (NIST), which is a subsidiary of the U.S. Department of Commerce. Previously, Bitcoin Core developer Luke Dashjr stated that the vulnerability exploited by Ordinals in Bitcoin Core client had been assigned a specific vulnerability identifier, CVE-2023–50428. According to Cosmos, the founder of SlowMist, Bitcoin Ordinals has been assessed as having a moderate risk level of 5.3 in the National Vulnerability Database. It is described as follows: “In Bitcoin Core through version 26.0 and Bitcoin Knots through version 25.1.knots 20231115, the size limitation of data carriers can be bypassed by obfuscating the data as code (e.g., using OP_FALSE OP_IF), as exploited in 2022 and 2023 by Ordinals.” 4. CFTC Chairman Rostin Behnam States Most Cryptocurrencies Are Commodities link CFTC Chairman Rostin Behnam stated on CNBC’s “Squawk Box” program that, according to current laws, most cryptocurrencies are considered commodities. He also acknowledged an ongoing “turf war” among regulatory agencies regarding who has the authority to oversee the cryptocurrency industry, particularly the issue of whether it falls under the jurisdiction of the SEC or CFTC. CNBC reports that Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), stated regarding the approval process for a physically-backed Bitcoin ETF and the approval window in early January: “We’ve got 8 to 12 filings, I won’t pre-judge anything. We’ve turned down a lot of these in the past, but the D.C. Circuit has weighed in on this. So, we’re going to take a fresh look based on some of those court opinions.” 5. Tether Freezes Multiple Cryptocurrency Wallets Related to Sanctions link Stablecoin issuer Tether froze 41 wallets associated with individuals on the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) specially designated nationals (SDN) list on December 9. Tether described these actions as “preventative measures” in a blog post. On-chain data indicates that several wallets had been using the privacy mixer service Tornado Cash over the past six months. Tether CEO Paolo Ardoino stated, “By voluntarily freezing wallet addresses newly added to the SDN list and those added before, we will further strengthen the responsible use of stablecoin technology and promote a more secure stablecoin ecosystem for all users.” On December 11, Tether froze an additional 161 Ethereum wallets, with 150 of them currently holding no USDT. The remaining 11 wallets collectively hold over 3.5 million USDT, with one address holding around 3.4 million USDT. Blockchain analyst ZachXBT linked this address to the recent hacking of Stake. Among the other wallets, two hold approximately 20,000 USDT each, another holds nearly 60,000 USDT, and one wallet holds only 0.16 USDT. 6. MetaMask Announces Collaboration with Payment Platforms in Six Countries link MetaMask has announced collaborations with payment platforms in six countries, including VietQR and Mobile Money in Vietnam, GCash in the Philippines, QRIS in Indonesia, Thai QR in Thailand, Vodafone Cash in Egypt, and Webpay in Chile. Additionally, MetaMask has expanded its support to enable local transfers in Vietnam, Malaysia, Japan, and South Korea. 7. SEC: Despite Binance’s Settlement with the U.S. Department of Justice, SEC Lawsuit Against Binance Should Continue link The SEC has stated that Binance Holdings Ltd. recently reached a $4.3 billion settlement agreement with the Department of Justice and other U.S. authorities, supporting its lawsuit against the exchange. While the SEC was not part of this agreement, it argued on Friday that the federal court in Washington handling the case should weigh the statements made by Binance and its former CEO CZ in the settlement agreement reached on November 21. Binance and CZ have requested the court to dismiss the SEC’s lawsuit. The settlement agreement with the U.S. government concludes investigations by the Department of Justice, Treasury Department, and CFTC over several years, but it does not include the SEC. 8. OKX’s Weekly Summary a. OKX Executes the 22nd OKB Repurchase and Burn, Approximately $630 Million link On December 14th, OKX executed its 22nd OKB repurchase and burn, acquiring and destroying approximately 10.53 million OKB tokens, equivalent to around $630 million. This marks a new record high in the value of OKB burned. OKX had previously stated that the repurchases are conducted based on seasonal market conditions and operational performance, without disclosing specific rules for the burns. b. OKX DEX Suspected Victim of Hack, Analysis Suggests Potential Compromise of Permissioned Account Private Keys link On December 13th, a community user’s wallet funds were stolen, and all the stolen wallets were authorized to OKX DEX. The attacker targeted the deployment of the OKX DEX: Aggregation Router smart contract, and the directly attacked proxy has been removed. The extent of the impact still needs further investigation to be determined. OKX Response: After verification, this incident resulted from the theft of management permissions for a deprecated OKX DEX liquidity provider contract. Eighteen addresses that had authorized this contract had their assets transferred. The affected contract has been deactivated, and all user assets have been confirmed as secure. Users impacted by this incident suffered losses of approximately $370,000, and the platform will compensate them as soon as the tally is complete. Additionally, the platform will initiate legal proceedings to recover the relevant losses. Going forward, the platform will conduct a security review, reevaluate all related deprecated contracts to prevent such incidents from occurring again. 9. U.S. IRS Demands FTX to Pay $24 Billion in Unpaid Taxes link FTX’s lawyers, in a new filing submitted to the Delaware bankruptcy court, argue that the Internal Revenue Service (IRS) should substantiate its claims against FTX and clarify how it estimates the back taxes it claims FTX owes. Although FTX asserts that it does not owe any debt to the IRS, the tax agency is seeking as much as $24 billion, more than three times the amount FTX must pay to compensate creditors for their losses. The IRS claims the owed $24 billion is related to income taxes, employment taxes, and penalties owed by FTX and its affiliated entities for the period from 2018 to 2022. This is not the final figure, as the tax agency is still continuing its audit. The IRS initially filed a preliminary claim in April for around $44 billion, revised the figure to $43 billion in September, and reduced it to $24 billion in November. 10. Ledgerconnect Suite Attacked, Resulting in Extensive Damage to Numerous DApps link On the evening of December 14th, the Ledgerconnect suite was attacked, leading to significant damage to numerous decentralized applications (dapps), including SushiSwap, Zapper, Revoke.cash, Kyber Network, Balancer, and others. The operators of these dapps have stated that they are avoiding or disabling their frontend UIs. SlowMist’s co-founder,余弦, has warned that one of Ledger’s modules was compromised through a supply chain attack, particularly highlighting the risk as the full extent of the impact is unknown. Many dapps may rely on the poisoned library, ledgerhq/connect-kit. Users are advised to exercise caution when interacting with any DApp-related operations and ensure that the information for wallet signing requests is as expected. Ledger has reported that they have identified and removed the malicious version of the Ledger Connect Kit. They are actively pushing legitimate versions to replace the compromised files. Users are advised not to interact with any dApps temporarily. Ledger assures that user devices and Ledger Live have not been compromised. Fundraising
Learn more, check out crypto-fundraising.info. Follow us Wu Blockchain is free today. But if you enjoyed this post, you can tell Wu Blockchain that their writing is valuable by pledging a future subscription. You won't be charged unless they enable payments. |
Older messages
Will Wang: The Four Valuation Drivers of Cryptocurrency Projects
Tuesday, December 12, 2023
Author: @willwangtf Link: https://twitter.com/willwangtf/status/1726165465586933984?t=OhGeT4GpU71K5EV1AoQUiA&s=19 A cryptocurrency project's valuation/market support, aside from being
CEX Data in Nov: Spot Trading Volume Surges Over 60%
Monday, December 11, 2023
According to statistics gathered by the WuBlockchain: For November, data reveals a month-over-month increase of 60% in spot trading volumes on major exchanges in November. The top three in terms of
Asia's weekly TOP10 crypto news (Dec 4 to Dec 6)
Sunday, December 10, 2023
Author:0xMingyue Editor:Colin Wu 1. Hong Kong's Weekly Summary 1.1 Hong Kong Financial Secretary Paul Chan: Government Will Subject Blockchain Financial Innovation Businesses to Appropriate
Weekly Project Updates: Starknet to Distribute Over 1.8 Billion STRK, LayerZero Anticipates Token Distribution Nex…
Saturday, December 9, 2023
1. Starknet Foundation Announces Plans to Distribute Over 1.8 Billion STRK Tokens link The Starknet Foundation announces plans to allocate over 1.8 billion STRK tokens to drive the adoption and
WuBlockchain Weekly: Key Developments in Bitcoin ETF, CZ Prohibited from Leaving the U.S., Intensive Discussions o…
Friday, December 8, 2023
1. Negotiations Between US Bitcoin ETF Issuers and the SEC May Have Reached Crucial Progress link Discussions between regulatory authorities and asset management companies seeking to list Bitcoin ETFs
You Might Also Like
Growth Through Participative Ideation | BanklessDAO Weekly Rollup
Saturday, September 7, 2024
Catch Up With What Happened This Week in BanklessDAO ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Bitcoin falls below $54k as market sees volatility following jobs data
Saturday, September 7, 2024
Bitcoin fell below $54000 as uncertainty over potential rate cuts led to heightened market turbulence. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
The fastest growing DePIN project 🔥
Saturday, September 7, 2024
How to get a free unlimited phone plan 📲
Weekly Project Updates: EIGEN Announces Second Season Airdrop, Ethena Concludes Second Airdrop, Matter Labs to Lay…
Saturday, September 7, 2024
The Eigen Foundation has announced the launch of the EIGEN Season 2 Stakedrop airdrop. For the second season, approximately 70 million EIGEN (around 4.2% FDV) will be allocated to stakers and operators
Curling at Futurist; Living on Litecoin; Flexa SDK launch
Friday, September 6, 2024
Ampera at the Blockchain Futurist Conference 🥌 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
🥛 Will the Fed stick the soft landing? 🛬
Friday, September 6, 2024
PLUS: Crypto's top earners of 2024 (so far) 💰
Russia mined over $3 billion in Bitcoin last year, boosting tax revenue amid sanctions
Friday, September 6, 2024
Chainalysis warned that Russia could leverage local exchanges like Garantex for tax evasion efforts. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
NFT & Blockchain Gaming Weekly - 🐱 CryptoKitties resurges as its ‘Egg’ NFTs soar by over 40x; BAYC announces a pa…
Friday, September 6, 2024
CryptoKitties resurges as its 'Egg' NFTs soar by over 40x. BAYC announces partnership with BMW and releases a mini-game. Mysten Labs launches gaming device SuiPlay0X1, integrating the Sui
WuBlockchain Weekly: Japan May Continue Rate Hikes, 96% of NFTs Approaching 'Death', CZ Banned for Life from Manag…
Friday, September 6, 2024
The US reported an increase of 99000 jobs in August according to the ADP employment data, marking the smallest growth since January 2021, falling short of the expected 145000. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
🥛 Waddup, fat app! 🍔
Thursday, September 5, 2024
We need a wellness check on the crypto ETFs, stat!