Another decentralized finance protocol was subject to a major exploit on Friday after $7.2 million was drained from BurgerSwap on Binance Smart Chain.
Varying amounts of seven different cryptocurrencies were stolen amid the attack, including $3.2 million worth of BURGER tokens, $1.6 million worth of Wrapped BNB (WBNB) and $1.4 million worth of Tether (USDT). The funds were still being sold off at the time of publication.
BurgerSwap launched in late 2020 as what was thought to be a clone of the Uniswap decentralized exchange. However, a post-mortem into the exploit revealed that the omission of a crucial line of code differentiated Uniswap from BurgerSwap and was likely the point of attack for what took place on Friday. This revelation led some social media observers to speculate that BurgerSwap developers were behind the attack themselves.
Over the past year or so, the crypto community in South Korea has had to adapt to a suite of new regulations and government frameworks tailored to the growing industry.
With the regulatory landscape for digital assets thus undergoing a marked shift, there has nonetheless been some confusion as to which Korean government agency or regulatory authority is tasked with overseeing various aspects of crypto-related activities. According to a local report, a joint statement released on Friday aims to clarify these questions for a society of undeniable crypto enthusiasts.
The statement outlines that the Financial Services Commission, or FSC, will be tasked with monitoring digital asset businesses, establishing regulations for the sector and ensuring the implementation of strong Anti-Money Laundering measures by crypto firms.
While Bitcoin (BTC) increasingly falls under the scrutiny of regulators worldwide, Ark Investment founder and CEO Cathie Wood is confident that regulators will be unable to shut down the world’s largest cryptocurrency.
Wood said that Bitcoin is “already on its way and it’ll be impossible to shut it down,” Bloomberg reported on Thursday. Global regulators “will be a little more friendly over time” toward cryptocurrencies due to the fear of missing out on opportunities provided by the industry, she said at CoinDesk’s Consensus 2021 conference.
The recent regulatory pushback against Bitcoin in Europe, the United States and China contributed to a slump in Bitcoin markets, but the primary trigger for institutions pausing Bitcoin purchases were the mining-related environmental concerns escalated by Tesla CEO Elon Musk, she said.
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