1. Solana-Based Decentralized Finance Platform Mango Hit by $100 Million Exploit
📰 Mango, a DeFi platform on the Solana blockchain, has been exploited for over $100 million.
📰 The hacker was able to drain funds from Mango via an oracle price manipulation. Specifically, the hacker was able to take out large loans due to overvalued collateral and thereby draining Mango's liquidity pools.
2. Mango Markets Community Counters Exploiter’s Settlement Offer
📰 The community of Solana-based DeFi platform Mango’s has approved a counter-offer to its exploiter as the group seeks to retrieve its stolen assets.
📰 Specifically, the attacker shall send back a portion of the assets within 12 hours of the proposal opening and the remaining assets within 12 hours of the from the completion and passing of the vote.
📰 The vote has passed, with 96.3% of respondents voting in favor of the resolution. It appears that the exploiter’s original offer was rejected as less than 10% of respondents have voted in favor, and a quorum wasn’t reached.
3. BNB Smart Chain to hard-fork following $100M exploit
📰 BNB Smart Chain will undergo a hard fork as a fix for the exploit that drained the platform of an estimated $100 million on Oct. 6.
📰 The release for the mainnet and testnet is a “temporary urgent patch to mitigate the cross-chain infrastructure between Beacon Chain and Smart Chain, aiming to reenable the cross-chain.
📰 The hard fork, dubbed Moran, will take place at block height 22,107,423 — estimated to occur on Oct. 12 at 8:00 am UTC.
https://cointelegraph.com/news/bnb-smart-chain-to-hard-fork-following-100m-exploit
4. In SEC Lawsuit, Grayscale Calls Spot ETF Rejection ‘Arbitrary, Capricious and Discriminatory’
📰 Grayscale Investments called the the U S. SEC's June decision to reject its application to convert its flagship Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF) “arbitrary, capricious, and discriminatory" in an opening legal brief filed as part of its lawsuit against the regulator.
📰 While the agency has repeatedly rejected bitcoin spot ETF applications, it has approved several bitcoin futures ETFs, making a distinction between the offerings that Grayscale’s lawyers say is “arbitrary” and “outside the Commission’s authority.”
📰 In the brief, the attorneys argue that because bitcoin futures and spot bitcoin both generate their price based on overlapping indices, the spot price of bitcoin in both spot and futures ETFs are subject to the same risks – and therefore, approving one and denying another is unfair.
5. Google Partners With Coinbase to Accept Crypto Payments for Cloud Services
📰 Google will start accepting crypto payments for cloud services early next year via an integration with crypto exchange Coinbase.
📰 Crypto payments will initially be rolled out to a handful of customers involved in the Web3 industry.
📰 Google has been adding to its crypto features and services recently - (1) Ethereum wallet balances now showing up when an address is searched on Google, (2) BNB Chain partnering with Google Cloud to support the growth of early-stage Web3 and blockchain startups, and (3) provided a countdown clock to Ethereum’s recent upgrade to proof of stake.
6. Tether Eliminates Commercial Paper From Reserves in Transparency Push
📰 Tether has completely eliminated commercial paper from its reserves. The largest stablecoin announced the milestone today in a blog post that it would replace those investments with U.S. Treasury Bills.
📰 Commercial paper is unsecured, short-term debt issued by a corporation. Tether had previously previously said it would reduce its commercial paper holdings and has gradually done so this year.
https://finance.yahoo.com/news/tether-eliminates-commercial-paper-reserves-192701244.html
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