Following the recovery of USD 9 million of the USD 200 million stolen from Nomad, security firm PeckShield makes efforts to find the rest. US senators are discussing a bill to allow the CFTC to control cryptocurrencies, as it will redefine commodity to include digital commerce.
A group of cybercriminals recently attacked crypto bridge Nomad, making it lose nearly USD 200 million. That situation shook the whole cryptoverse since the hackers posed as employees to access more funds.
Projects offer bounties to bad actors, turning them into white hat hackers to control exploitation incidents. After suffering a security breach, Solana-based wallet provider Slope announced it would give the hackers 10% of the stolen funds if they returned them.
White hat hackers recovered USD 9 million of the USD 200 million stolen from Nomad, while security firm PeckShield struggled to find the rest. The team of the crypto bridge claims to collaborate with law enforcement and leading blockchain security companies.
Regulators Have Upped the Ante against Crypto Assets
Over the last week, there has been significant regulation against cryptocurrency traders. The New York Department of Financial Services (DFS) convicted Robinhood with a USD 30 million fine for not complying with anti-money laundering regulations.
Meanwhile, the Indian Ministry of Finance has investigated WazirX for allegedly laundering money. They froze some funds of the cryptocurrency exchange for affiliations with Chinese lending apps operating in the country.
The US Securities and Exchange Commission (SEC) accused Forsage of operating a crypto Ponzi scheme that led investors to lose over USD 300 million. The measure resulted from a joint effort between Philippine and Canadian regulators, as some defendants pleaded guilty to serious charges.
There Has Been a Wave of Positive Changes
Despite the reports on hacking in the cryptoverse, the crypto winter shows signs of thawing. According to on-chain experts have stated USD 140 billion in stablecoins could re-enter the markets. Changpeng Zhao, CEO of Binance, had previously commented that most people wanting to leave crypto would not have stablecoins.
During the week, Instagram announced that its non-fungible token (NFT) feature would be available worldwide. They also disclosed an integration with Coinbase Wallet, Dapper Wallet, and Flow blockchain.
Despite widespread reports of delays, Tether stated that it would back ETH 2.0. Stablecoin issuers might reserve their support following claims that the Ethereum network could fork after the Merger. Besides, stablecoins might face many lawsuits if that event goes wrong.
Many Legislators Worldwide Agree with Supporting Cryptocurrencies
US senators are discussing a new bill to give the Commodity Futures Trading Commission (CFTC) control over cryptocurrency markets. The draft law will redefine commodity to include digital commerce, bringing crypto assets like Bitcoin (BTC) and Ether (ETH) under the control of the CFTC.
The bill will lead legislators to create new categories in the industry, including digital commodity brokers and custodians. Before being able to trade, those firms must register with the product.
The Bank of Thailand might experiment with retail central bank digital currencies (CBDCs) later this year. The leading banks in the country would focus on security and innovative use case scenarios for digital baht.
By Alexander Salazar
