Indian cryptocurrency exchange WazirX paused all trading activities following a cyber attack that resulted in the loss of over $230 million in virtual assets, on 19 July 2024. It has been found that the attack, which has been linked to North Korean hackers, targeted one of WazirX’s multi-signature wallets.
The North Korean hackers exploited a discrepancy between the interface of Liminal, a digital asset security platform, and the actual transaction data.
The attackers managed to manipulate the transaction data, bypassing the multi-signature security measures.
Following the discovery, WazirX halted all crypto withdrawals and reached out to affected wallet owners to assist with recovery efforts.
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South Korea Implements Comprehensive Crypto Protection Law
South Korea may implement a comprehensive crypto protection law soon. The new regulations have been in the pipeline since last year.
The aim of the new regulations is to enhance the security of user deposits and virtual assets, curb unfair trading practices, and ensure that crypto firms are regulated similarly to traditional financial institutions.
The law mandates that virtual asset service providers (VASPs) securely store customer deposits in banks, separate users’ virtual assets from their own, and maintain insurance or reserve funds to cover liabilities from hacking or network malfunctions.
SOUTH KOREA'S NEW CRYPTO REGULATORY LAW NOW IN EFFECT: FACTS…
– South Korea’s Virtual Asset User Protection Act (VAUPA) officially took effect on July 19, 2024, marking a crucial milestone in the regulation of the country’s expanding cryptocurrency market.
Here’s a breakdown… https://t.co/sy06gK7ayB pic.twitter.com/YPNGgAgU7W
— BSCN (@BSCNews) July 19, 2024
VASPs are also required to implement surveillance systems to monitor and report suspicious transactions to the Financial Supervisory Service.
South Korea’s proactive approach to crypto regulation follows the collapse of Terraform Labs’ TerraUSD stablecoin, which caused significant financial losses in 2022.
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Putin Orders Regulation Of Crypto In Russia
Russian President Vladimir Putin has ordered the regulation of cryptocurrencies in the country.
This directive comes as Russia considers embracing digital currencies like Bitcoin for international trade, particularly in the face of ongoing economic sanctions.
The regulation will provide a legal framework for the use of digital currencies in international trade. It will potentially allowing Russia to bypass traditional financial systems and sanctions.
JUST IN: Putin Calls to 'Seize the Moment' to Kickstart Digital Ruble and #Crypto Adoption In Russia. pic.twitter.com/QzFOTFABKO
— cryptothedoggy (@cryptothedoggy) July 19, 2024
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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