BIS Unveils Seven-Point Plan To Prevent CBDC Cyberattacks, Multiple Scam Warnings Issued, Preliminary Hearing For Terraform Co-Founder Daniel Shin Held Monday

Source: AdobeStock / Jerome Maurice

Get your daily, bite-sized roundup of crypto asset and blockchain-related news, digging into the stories flying under the radar in today’s crypto news.

CBDC news

  • He Bank of international agreements (BIS) unveiled a seven-point plan designed to help countries prevent cyberattacks on central bank digital currencies (CBDCs), Reuters reported. In two interrelated reports published on Friday, he warned that CBDC systems were “complex, with a large attack surface and many potential points of failure, creating new and elevated risks.” Analysis of previous attacks also revealed that the median time to attack was only about 10 months on average. “This is a key point to note for central banks about to launch a CBDC, they must be fully prepared to adequately monitor and repel both known and novel cyberattacks,” the BIS said.

security news

  • Local police in Iowa, USA, saying that a person was the target of a sophisticated scam involving the use of a Bitcoin ATM. They received a fraudulent phone call from an individual claiming to be a Polk County Sheriff’s Deputy, who said there was a warrant out for the victim’s arrest and convinced her to send $6,600 via a Bitcoin ATM to rectify the situation. “According to recent reports, scammers are using scare tactics and posing as law enforcement officials to trick unsuspecting people into transferring funds via Bitcoin ATMs. […] Once the funds are transferred, they become virtually untraceable, making it incredibly difficult to get the money back,” the announcement read.
  • Approvals Management Platform Revoke issued a fix to mitigate a new crypto scam that causes crypto users to revoke “fake approvals” and then pay unreasonably high transaction fees. “Yesterday we received reports of people seeing unknown approval transactions in their transaction history. It turns out that this is a new scam where scammers use so-called gas tokens to steal money when victims revoke these ‘fake approvals,'” he said. the team. saying on July 9.
  • Multiple Twitter Crypto Ciphers warned his followers over fake accounts in the newly launched Threads impersonate themselves or other people. For example, the decentralized finance platform Uterus tweeted that “any account claiming to be Wombex Finance on that platform is fraudulent and operated by a scammer.” saying.
  • Hong Kong police are hunting down scammers who conned an accountant out of HK$1 million (US$127,750) in a fake cryptocurrency deal, according to the South China Morning Post. reported. Detectives are investigating whether the fraud syndicate worked from the basement of a store to dupe a woman who wanted to sell Tether (USDT). A scammer posing as staff told her to go into the store, where she placed a wad of HK$1,000 notes on the counter to pay. But as soon as the woman transferred 128,040 USDT, the scammer disappeared, while only the bills at the top of the bundle turned out to be real.

legal news

  • He Seoul Southern District Court On Monday the first preliminary hearing was held for Terraform Laboratories co-founder Daniel Shin and seven other former Terraform employees, News 1 reported. Shin’s lawyers requested more time for trial preparation, arguing that the case is not a simple criminal trial and requires more technical support. according to Chosun Biz. The preparation date for the second trial is set for August 28.

exchange news

  • Binance Announced that Arkham (ARKM) it will become his 32nd token sale project on his launch pad. Starting July 11, the exchange will begin a six-day monitoring period to record users’ BNB balances, calculating final BNB holdings as the average of each user’s balance over this period. Subscriptions will open on July 17 for 24 hours for eligible users to commit their BNB to the exchange. On July 18, the final token allocation will be determined: the corresponding BNB balance will be deducted and the equivalent amount in ARKM will be credited.

DeFi news

  • Decentralized Finance (DeFi) Service Provider 1 inch net saw the user base of its Aggregation and Limit Order protocols grow steadily during the year. By According to a Messari report, the first quarter saw 3.3 million users for the aggregation protocol and 4.5 million in the second quarter, while the limit order protocol went from 261,000 in the first quarter to 438,000 in the second quarter, marking a 68% quarter-over-quarter increase. In the second quarter, the 1-inch network processed more than $28 billion in total volume, a 37% decrease from the first quarter, due to reduced volumes in the second quarter, but also due to inflated volumes Q1 as a result of the USDC unpegging in March. In Q2, Ethereum maintained its leadership role in the 1-inch network, accounting for 70% of total aggregation volume across eight different measured chains. Arbitrum emerged as the second closest chain, contributing 12% of total aggregation volume.