#finance

The United States Government Accountability Office (GAO) has published a report suggesting that a more robust regulatory framework is required for the use of blockchain in finance. The report highlighted the lack of regulation around crypto asset trading platforms and stablecoins and identified non-security crypto asset spot markets as the main regulatory gap. According to the GAO, Congress could address these issues by designating a federal regulator to oversee these markets. Moreover, the report suggests a need for more regulatory coordination and proposes the establishment of a formal mechanism to identify risks and respond to them within an agreed timeframe.

This platform, crafted to stabilize liquidity pools within the Curve DeFi protocol, has fallen victim to a hacker who made off with 1700 ETH, a haul worth $3.2 million. The culprit leveraged a re-entrancy vulnerability and manipulated a malfunctioning price oracle to achieve this. The Conic Finance team has disclosed that this particular exploit is solely connected to the ETH Omnipool.

According to PeckShield, a hacker stole crypto assets (472 ETH) worth approximately $888,000. The project's token (RDO) has taken a sharp nosedive, already losing 65% of its value.

The U.S. Senate is considering a new bill aimed at imposing strict anti-money laundering (AML) rules on decentralized finance (DeFi) protocols. The Crypto-Asset National Security Enhancement Act of 2023 targets entities controlling DeFi protocols or providing their applications. It requires customer vetting, AML programs, and reports of suspicious activities. In absence of a controlling entity, anyone investing over $25 million in a protocol's development would be responsible.

This decentralized protocol has suffered a loss of nearly $455,000 owing to a flaw in its code. All activities relating to contracts have been put on hold for now. A blockchain analyst from PeckShield explains this predicament as a result of inadequate input verification within Arcadia's code, a loophole the hacker exploited to drain crypto assets (darcWETH and darcUSDC) in both the Ethereum and Optimism networks.