🔔 MARKET MOVING NEWS! (27/03/24)
1️⃣ Blast NFT Game Munchables Recovers $62 Million Stolen in Exploit ⚡️
Munchables, an NFT game on the recently launched Ethereum layer 2 network Blast, reportedly lost $62 million last night in an exploit. The team posted an update early this morning confirming that the exploit was carried out by an insider who worked on the game. However, the announcement also revealed that the developer had "agreed to share the keys for the full Munchables funds without any condition," indicating that all of the exploited funds were now safe. Not long after, it appeared the Munchables team sent a few test transactions and then moved the $62 million from the exploiter wallet into a multi-signature wallet.
2️⃣ Kucoin Says User Assets Are Unaffected By US SDNY Indictment 🤔
U.S. federal prosecutors have reportedly charged crypto exchange KuCoin and two of its founders with violating anti-money laundering laws on Tuesday. Specifically, the indictment accuses the exchange of operating in the U.S. and lying to at least one of its investors about the same. It also states that Kucoin failed to maintain an anti-money laundering program in addition to not registering with U.S. government entities.
Kucoin made a public response to the lawsuit by stating,
KuCoin is operating well, and the assets of our users are absolutely safe. We are aware of the related reports and are currently investigating the details through our lawyers. KuCoin respect the laws and regulations of various countries and strictly adheres to compliance standards.
3️⃣ House Republicans Demand SEC Explain What's Up With Crypto Platform Prometheum 🔍
In a letter sent yesterday to Securities and Exchange Commission (SEC) Chair Gary Gensler, lawmakers with the United States House Financial Services Committee and House Agriculture Committee expressed concerns about how the SEC intends to handle Ether. Specifically, the letter urged the commission to address crypto firm Prometheum’s intention to offer institutional custody services for Ether.
The letter reads,
We are faced with an alarming scenario in which a SPBD has announced that it intends to offer custodial services for ETH under a regime that does not permit such activity. This action, if allowed to proceed, could have irreparable consequences for the digital asset markets.
4️⃣ Coinbase To Move Customer And Corporate USDC Balances To Base ‼️
Crypto exchange Coinbase will reportedly start moving more of its customer and corporate USDC stablecoin accounts to Base. Notably, Coinbase vice president Max Branzburg tweeted that the move would allow the crypto exchange to “manage and secure customer funds with lower fees and faster settlement times.” However, this change only impacts
Coinbase.com accounts and not its self-custodial wallet product Coinbase Wallet. Branzburg also stressed that Coinbase always holds customer assets 1:1 and doesn’t lend funds out unless instructed.
5️⃣ USDT Issuer Tether Pushes Into AI, Prioritizing ‘Transparency and Privacy’ 🤖
Stablecoin issuer Tether is reportedly establishing a unit focused on artificial intelligence (AI) and has started a recruitment drive to help fill it. The new AI focus will reportedly include developing open-source, multimodal AI models and “new industry standards.”
Tether CEO Paolo Ardoino stated,
Artificial intelligence stands poised to revolutionize nearly every facet of our lives, both in the real and digital worlds. Our investment in Northern Data Group, known for resilient and high-performance technologies, aligns perfectly with our vision.