Terraform Labs Co-Founder to Face Trial on Fraud Charges Related to Sale of LUNC Tokens
Daniel Shin, co-founder of Terraform Labs, is facing fraud charges in South Korea for the sale of Terra Classic (LUNC) tokens. The prosecution argues that LUNC is a security, despite no current classification of any cryptoasset as such under South Korean law.
Former Twitter CEO Jack Dorsey Believes Ethereum is a Security and Supports Bitcoin-Only Approach for Coinbase Amid SEC Lawsuit
Jack Dorsey, the founder and former CEO of Twitter, has stated that he believes Ethereum (ETH) should be classified as a security amidst the ongoing lawsuit against Coinbase for unregistered operations.
OKX Wallet Announced that it will Support Account Abstraction in Couple Weeks
Account abstraction allows users to flexibly program more security and better user experiences into their accounts, and is also considered by Vitalik to be the future of wallets.
Security Expert Advises Web3 Startups To Prioritize Security Protocols
Shahar Madar, the head of security products at Fireblocks, spoke with Cointelegraph at the Israel Crypto Conference about the importance of security for Web3 startups. Madar emphasized that many startups prioritize growth over developing a security protocol, but this approach is not effective in a Web3 world with a focus on finance. He stressed the need for companies to have a security framework and to ask important questions about access control and infrastructure testing. Madar recommended that startups start small and imagine how they would hack themselves in order to create a game plan for security.
Cheqd CEO Explains How Blockchain-Based Reusable KYC Could Be the Breakthrough for Security in Web3
Fraser Edward, CEO of Cheqd, believes that blockchain-based reusable KYC will be a game-changer for security in Web3. By using this technology, users can undergo the KYC process once and obtain re-usable credentials that can be used with different service providers. This will significantly expedite onboarding processes and enhance user satisfaction. Cheqd's Trusted Data Market is also focused on providing trustworthy data that can support risk reduction in lending for DeFi. The startup has been nominated for Startup of the Year by HackerNoon and its CHEQ token is currently trading at $0.054.
Weekly Meme Tokens May 22 - May 28
$BEN and $PSYOP has been on the list for two weeks in a row, did you buy in?
Who Will Be the Next Target After Tornado Cash Governance Attack?
The approval of a malicious proposal and the destruction and recreation of the proposal contract by the attacker contribute to the big loss.
The End of Reentrancy Attack: How the Prover Engine is Making the Ethereum Blockchain Secure
Prover Engine, the first formally verified solution that proves reentrant safety of smart contracts with mathematical guarantees.
Australian Lawyer Explains How XRP Is Not a Security in Ongoing Ripple vs. SEC Lawsuit
Australian attorney Bill Morgan shared his views on the ongoing Ripple vs. SEC lawsuit on Twitter, stating that XRP cannot be classified as a security. He explained that if the judge rules that Ripple's sales of XRP to On-Demand Liquidity customers are not investment contracts, XRP would not be categorized as a security. Morgan also noted that digital assets could transition from being securities to non-securities based on economic reality, technology, the law, and the asset's legal classification in other jurisdictions. He further explained that the sale of XRP to ODL customers does not conform to the elements of the Howey Test, meaning that it cannot form an investment contract.
SEC Labels Filecoin's FIL Token as a Security, Grayscale's Trust Application Withdrawn
The U.S. Securities and Exchange Commission has reportedly classified Filecoin's FIL token as a security. Grayscale Investments had sought to launch a Filecoin Trust product that would provide investors with indirect exposure to FIL. However, the SEC has informed Grayscale that the application must be withdrawn as FIL is considered a security. This is a developing story and updates will be provided.
