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US Regulator Issues Warning for Firms Providing Clearings Services for Crypto 🦢
*🔴 *A US regulator warned firms on Tuesday of the risks that come with the clearing of digital assets.
The US Commodity Futures Trading Commission issued an advisory titled, “Review of Risks Associated with Expansion of DCO Clearing of Digital Assets.”*❗️ *Derivatives clearing organizations, or DCOs, are registered with the CFTC and provide clearing services for products such as futures contracts, options or swaps.*💡 *The regulator said it had “observed increased interest by DCOs and DCO applicants in expanding the types of products cleared and business lines, clearing models, and services offered by DCOs, including related to digital assets.”*👁🗨 The agency specifically notes risks, including cyber, that can be associated with digital assets.*💫 For DCOs that involve the “physical delivery of digital assets,” the regulator said its staff “will emphasize reviews of physical settlement arrangements, including whether DCOs have adequately identified and managed risks and obligations associated with digital assets and whether DCO rules clearly state the obligations of the DCO, if any, with respect to physical deliveries involving digital assets.”
Arbitrum-based Jimbos Protocol hacked, losing $7.5M in Ether 💲
⚛️ Adding to the growing number of decentralized finance (DeFi) protocol hacks in the crypto industry, Jimbos Protocol is the latest to suffer an attack resulting in a significant loss of funds.🗄 According to blockchain security firm PeckShield, Jimbos Protocol — the liquidity protocol of the Arbitrum system — was hacked on the morning of May 28. The attack resulted in the loss of 4,000 Ether worth approximately $7.5 million at the time.*🔵 *Specifically, the attacker took advantage of the lack of slippage control on liquidity conversions. The protocol’s liquidity is invested in a price range that doesn’t need to be equal, creating a loophole where attackers can reverse swap orders for their own gain.💬 Although launched less than 20 days ago, Jimbos Protocol aimed to address liquidity and volatile token prices through a new testing approach. However, the protocol’s mechanism was not adequately developed, leading to a logical vulnerability creating favorable conditions for attackers. As a consequence, the price of the underlying token, Jimbo (JIMBO), has plummeted by 40%.
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Texas proof-of-reserve bill passes through the Senate 📌
*✍️ *Legislation that could require exchanges to maintain reserves “in an amount sufficient to fulfill all obligations to customers” has made it one step closer to becoming law in Texas. On May 15, the bill passed a vote in the state Senate and now awaits only the governor’s signature.*➡️ *Texas House Bill 1666, amending the Texan finance code, passed through the state’s House of Representatives earlier this year. After three readings in the Senate, the text of the bill hasn’t experienced any significant changes from the previous draft.*➡️ *Under the amendments, digital asset providers serving more than 500 customers in the state, with at least $10 million of customer funds, would be restricted from comingling the customer funds with any other type of operational capital, and using customer funds for any further transactions besides the original transaction demanded by the customer.
🥶Libra-related Sui blockchain fixes critical bug that put ‘billions’ at risk
👉The vulnerability was located in a file that translates human-readable code into machine language for storage.
The Sui blockchain network quietly fixed a bug that could have put “billions of dollars” at risk, according to a May 16 announcement from Zellic, the security firm hired to audit the network’s security.
🧐The bug was in a dependency of the bytecode verifier, which ensures that the human-readable Move language used to write smart contracts on Sui is correctly transcribed into machine code during deployment. Had the bug not been fixed, it could have “allowed attackers to bypass multiple security properties, leading to potentially significant financial damages,” the announcement said.
In a statement to Cointelegraph, Mysten Labs confirmed that the the bug has been fixed in the SUI version of MOVE.
😩Zellic claimed that the bug may have also been present in other Move-based networks, including Aptos and Starcoin. However, they stated that the Aptos version of it was eliminated with a patch on April 10, according to the Zellic team.
🌿In a conversation with Cointelegraph, a representative from the Move-based 0L network stated that the bug does not affect its version of Move. On May 15, 0L added a series of tests to their GitHub, which it says proves the exploit is not possible on the 0L version. The Starcoin team told Cointelegraph that their version was eliminated on April 5.
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Google engineer concerned about open-source AI gaining edge 🔼
♾ According to a critique written by a senior software engineer at Google, the company’s artificial intelligence (AI) development is threatened by the open-source community. The engineer contends that independent researchers in open-source technology are making swift and unforeseen strides in AI technology.✔️ In early April, software engineer Luke Sernau published a document on an internal system. The document was subsequently shared extensively among Google employees over the next few weeks. A source, who requested anonymity as they were not permitted to discuss internal company affairs, claimed that the document had been circulated thousands of times. On Thursday, the document was published by consulting firm SemiAnalysis and began to circulate in Silicon Valley.
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Microsoft axes Bing wait list, giving users free access to GPT-4🙊
Bing is set to receive several much-requested AI-powered features that could put it in competition with OpenAI’s ChatGPT Plus subscription service.
🧐Microsoft recently announced a slew of new artificial intelligence (AI)-powered features for its Bing chatbot and Edge web browser. Chief among the changes, Bing users now have full access to the GPT-4 model — the same underlying engine that powers ChatGPT’s “Plus” subscription service.
Previously, Microsoft held access to the GPT-4 version of the Bing chatbot to a “limited preview.” It’s now announcing open availability through the Bing app, web access and the Edge browser.
Aside from giving Bing, Edge and Windows users free, unfettered access to the GPT-4 model, Microsoft also announced upcoming support for multimodal outputs, chat history and plug-ins.
😅Multimodal support will allow the Bing chatbot to generate responses, which include a combination of text, images and videos. It will also have the ability to generate charts and graphs, something that could give it a leg up over ChatGPT.
Users will also have access to their full chat history and, for those using the Edge browser, the ability to move chats to the sidebar to continue surfing in the same tab. Microsoft says this feature will be implemented “starting shortly.”
In the future, according to the blog post, Bing may even be able to reference previous sessions when interacting with users:👇
“Over time, we’re exploring making your chats more personalized by bringing context from a previous chat into new conversations.”
😌Perhaps the most ambitious addition announced is “Edge Actions,” also referred to as “Bing Actions," Microsoft’s term for upcoming integrations featuring third-party plug-ins for Bing chat.
The only plug-ins specifically mentioned in the announcement are OpenTable, which would allow users to reserve seats at restaurants directly within the chat interface, and Wolfram/Alpha, a modality that would allow users to create complex visualizations for math and science queries. Microsoft says more integrations will be revealed as they’re implemented.🌸
Majority of creditors want Hodlnaut liquidated🌿
🧑Only 2.42% of claimants favor restructuring, and they are almost exclusively company directors. Withdrawals were frozen in August.
Creditors of Singapore-based cryptocurrency lender have again expressed their desire to liquidate the company, which has been under judicial management since August 2022. There is no white knight investor on the horizon, interim judicial manager (IJM) Aaron Loh Cheng Lee explained in a circular updating the case. 💸
🌸A circular from the IJMs dated April 25 said users representing approximately 55.38% of creditors, with claims of 228.3 million Singapore dollars (about $170.5 million), have indicated they would favor liquidation over restructuring. No source of fresh capital has been found, the letter noted, despite the founders’ efforts to find new investors:👇
“There appears to be no indication of a white knight investor to date, and hence no prospect of any fresh capital injection.”
Only users with 2.42% of claims supported restructuring, and almost all of those claims comprised company directors, and a mediation proposal had been opposed by the “major” creditors.🌸 The major creditors include Samtrade Custodian and S.A.M. Fintech, both in liquidation, and the Algorand Foundation. Algorand has $35 million exposure to Hodlnaut.
The Singapore court directed the IJMs to petition to “wind-up” the company and apply to discharge themselves, according to the letter.
😏Hodlnaut announced it was suspending withdrawals on Aug. 8, 2022, due to a liquidity crisis. It applied for judicial management the following week, which under Singaporean law, temporarily protected it against legal claims. “We are aiming to avoid a forced liquidation of our assets as it will require us to sell our users’ cryptocurrencies such as BTC, ETH and WBTC at these current depressed asset prices,” the company said at the time.
Aaron Loh Cheng Lee and another IJM are affiliated with EY Corporate Advisors.😎