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Lawyer Bill Morgan has called out what he described as the biggest lie regarding XRP’s lack of perceived legal clarity.  Morgan, a supporter of Ripple and XRP, was responding to an X user on June 1 who argued that XRP has no legal standing, lacks major institutional support, and plays no role in central bank digital currencies (CBDCs). He firmly rejected that claim, citing Judge Analisa Torres’s July 2023 ruling, which determined that XRP, as a digital asset, is not inherently a security. This is a lie. XRP has been found by a judge not itself to be a security. The SEC Appeal did not challenge that finding. To say XRP has no legal clarity is the biggest lie I have seen in crypto this year. https://t.co/6x1AycUxja — bill morgan (@Belisarius2020) June 1, 2025 The ruling made a clear distinction: while Ripple’s institutional sales were deemed securities transactions, programmatic sales on exchanges were not. Although the SEC appeale...

BNB Chain has emerged as a powerhouse in the decentralized finance (DeFi) space, offering a robust and scalable platform that has attracted a wide array of DeFi projects. The chain’s low transaction fees and high throughput have made it an attractive alternative to other blockchain networks, enabling developers to create more efficient and user-friendly financial applications. The impact of DeFi on BNB Chain is significant. Projects like PancakeSwap, Venus, and Autofarm have become major players, contributing to the network’s growing liquidity and user base. These platforms have democratized access to financial services, offering decentralized exchanges (DEXs), lending protocols, and yield farming opportunities that are accessible to anyone with an internet connection. Moreover, BNB Chain’s thriving DeFi ecosystem has played a crucial role in advancing financial inclusion, particularly in regions where traditional banking services are limited. The network’s interoperability ...

According to a letter from the SEC’s enforcement division shared with Fortune, the agency’s investigation into Paxos regarding its Binance -branded stablecoin BUSD has concluded. Following a legal setback in the US District Court for the District of Columbia regarding the SEC’s claim that Binance conducted unregistered securities offerings of BUSD, Paxos has claimed victory. “The SEC staff determined it will not bring enforcement action against Paxos in connection with BUSD,” said Paxos in a press release. The SEC followed its customary Glomar response to media questions, telling Fortune simply that “the SEC does not comment on the existence or nonexistence of a possible investigation.” If the SEC chooses to not sue Paxos over its BUSD relationship with Binance, which seems likely, that victory was foreseeable since June 28, 2024. On that date, a senior judge of the US District Court for the District of Columbia dismissed the SEC’s complaint that Binance sold BUSD as an unregister...

Smart contract development firm Thirdweb has discovered security vulnerabilities that potentially “affect various smart contracts in the Web3 ecosystem.” Thirdweb, an all-in-one development platform that provides EVM smart contracts, says it found a vulnerability in a popular open-source library that could potentially affect some pre-built smart contracts, including some of its own. IMPORTANT On November 20th, 2023 6pm PST, we became aware of a security vulnerability in a commonly used open-source library in the web3 industry. This impacts a variety of smart contract s across the web3 ecosystem, including some of thirdweb’s pre-built smart contract s.… — thirdweb (@thirdweb) December 5, 2023 The team added that the smart contract vulnerability has not yet been exploited, but warned customers that the exploit could cause smart contract vulnerabilities. You might also like: Stellar initiates security audits for imminent Soroban smart contracts platform ...

The project was previously audited by Trail of Bits and Hats Finance. Decentralized U.S. dollar stablecoin protocol Raft claims that despite multiple security audits, the firm still suffered a security exploit leading to the loss of $6.7 million last week. According to the project's Nov. 13 post-mortem report, a few days prior, a hacker borrowed 6,000 Coinbase-wrapped staked Ether (cbETH) on decentralized finance protocol Aave, transferred the sum to Raft, and minted 6.7 million Raft stablecoin, dubbed "R," using a smart contract glitch. The unauthorized minted funds were then swapped off the platform through liquidity pools on decentralized exchanges Balancer and Uniswap, netting $3.6 million in proceeds. The R stablecoin depegged after the attack.  According to the report: "The primary root cause was a precision calculation issue when minting share tokens, which enabled the exploiter to obtain extra share tokens. The attacker leveraged the amplified index value...

Galxe unveils a comprehensive Fund Recovery Plan to reimburse affected users and bolster security follow ing last week’s DNS breach . Following last week’s security breach, leading web3 community-building platform Galxe unveiled a comprehensive ‘Fund Recovery Plan‘ to address the losses incurred by its user base. The initiative aims to provide a structured approach to reimbursing affected parties and fortifying the platform’s security infrastructure. We have crafted a thorough recovery plan to make you whole for the incident. In addition to recovering the full amount, we’re including an extra 10% as a commitment of goodwill and faith. Read more: https://t.co/y3H79ZrsG3 pic.twitter.com/2W1Z5Esn8F — Galxe (@Galxe) October 10, 2023 Affected users are requested to submit pertinent documentation, such as screenshots or transaction addresses, to verify their claims. By default, Galxe will direct the recovered funds to users’ original wallet ad...

Blockchain security provider Fireblocks has partnered with cloud service giants AWS, Google Cloud, and Alibaba Cloud to expand accessibility and serve a wider range of businesses. Fireblocks, known for its robust infrastructure support in the crypto industry, has teamed up with leading cloud service providers, including Amazon Web Services (AWS), Google Cloud, and Alibaba Cloud. The collaboration aims to improve accessibility and meet the evolving needs of financial institutions with both on-premise and cloud-based IT infrastructure solutions. With support for AWS, Google Cloud Platform, and Alibaba Cloud, Fireblocks aims to expand its market share in the cloud industry. By integrating these cloud platforms into its infrastructure, Fireblocks consolidates various aspects of crypto management onto a unified platform. This streamlines operation and simplifies digital asset transactions, allowing businesses to navigate the crypto space easily. You might also like: Fireblocks I...

It was warned that the amount stolen in Q1 2023 mirrors Q2 2022, which was followed by a “record setting number of hacks.” The crypto community is being urged not to let their guard down despite a significant decline in crypto hacks during the first quarter of 2023 — with one firm warning it is most likely a “ temporary reprieve , rather than a long-term trend.” 2022 was the biggest year for crypto hacking in history, with an estimated $3.8 billion stolen, primarily from decentralized finance (DeFi) protocols and North Korea-linked attackers, according to a report from Chainalysis earlier this year. However, this number appears to have drastically reduced in the first quarter of 2023. According to a May 21 report by TRM Labs, the amount stolen through crypto hacks in Q1 2023 “was less than any other quarter in 2022.” Graph showing hacks and exploits from Q1 2022 - Q1 2023. Source: TRM Labs It was also noted that the average hack size dropped nearly 65% compared to the prior year pe...

The newly launched crypto wallet by Kresus requires users to sign in with “magic links,” meaning password hashes don’t need to be stored. A new crypto wallet has just launched in Apple’s App Store store that uses Web2 trickery to ensure users don’t need to interact with seed phrases or passwords. According to a May 11 announcement from the app’s developer, Kresus, the new wallet stores users’ private keys in an Amazon Web Services Hardware Security Module (HSM) and uses “magic links” and 2FA to authenticate users. Most crypto wallets require users to write down a recovery phrase or “seed words” when they set up an account. If the user loses their recovery phrase and their device crashes, they lose access to their account forever. For this reason, some crypto users prefer to store their crypto in an exchange account. But events like the collapse of FTX have also led to fears that keeping crypto in an exchange could also be unsafe. A screenshot of the Kresus iOS app. Source: Kresus Labs...

Kokomo Finance's social media presence and websites are offline, while the price of the KOKO token fell more than 95% within a matter of minutes. Optimism-based lending protocol Kokomo Finance has been suspected of a $4 million “exit scam” that has seen user funds plucked out from the platform via a smart contract loophole. Blockchain Security firm CertiK alerted its followers to the “exit scam” in a March 26 Twitter post, noting that the Kokomo Finance (KOKO) token has plummeted 95% in value in a matter of minutes. CertiK also noted that Kokomo Finance removed all social media accounts immediately following the alleged rug pull too. Kokomo Finance has either deactivated or deleted its Twitter account. Source: Twitter CertiK said the deployer of KOKO attacked the smart contract code of a wrapped Bitcoin token, cBTC, by resetting the reward speed and pausing the borrow function. After that, an address beginning with “0x5a2d..” approved the new cBTC smart contract to spend over 700...

In the tug-of-war between the US regulators over control of crypto assets, the CFTC chair has triple-downed his stance — that Ether and stablecoins are commodities. Stablecoins and Ether (ETH) are commodities and should come under the purview of the United States Commodity Futures Trading Commission (CFTC), its chairman has again asserted at a recent Senate hearing. At the Mar. 8 Senate Agricultural hearing, CFTC chair, Rostin Behnam, was asked by Senator Kirsten Gillibrand about the differing views held by the regulator and the Securities and Exchange Commission (SEC) following the CFTC’s 2021 settlement with stablecoin issuer Tether, Behnam said: “Notwithstanding a regulatory framework around stablecoins, they’re going to be commodities in my view.” “It was clear to our enforcement team and the commission that Tether, a stablecoin, was a commodity,” he added. In the past, the CFTC has asserted that certain digital assets such as Ether, Bitcoin (BTC) and Tether (USDT) were commoditie...

As crypto winter and numerous disasters plagued 2022, what is next in Web3 space in 2023? As the world moves toward a more digital future, the concept of Web3 and its potential to revolutionize the internet has become a hot topic in the tech industry. In this interview, SafePal CEO Veronica Wong, shares her insights on the future of Web3 and the current state of the crypto market. She also talks about her thoughts on the challenges and opportunities in the crypto Security space and how SafePal is positioning itself to meet these challenges head-on. Q: In 2022 the crypto space saw some significant turbulence and the crash of several big platforms. What do users need to know entering 2023 as crypto investors, and how can they better protect their digital assets? While black swan events damaged the general faith in crypto, a large part of it was due to the opacity and malpractice of centralized platforms, and not an accurate reflection of the industry as a whole. Crypto is still a nascen...

Why are modular Ethereum Layer-2 scaling solutions best-suited for Web3 developers wanting an efficient and low-fee environment. Arguably the most popular blockchain amongst developers building decentralized applications (dApps), the Ethereum Network is credited with introducing the Web3 community to innovations like smart contracts while maintaining robust security standards. However, in order to solve Ethereum’s scalability issue, a new type of Layer-2 (L2) blockchain was introduced that relies on the Ethereum Mainnet (Layer-1) for its security but processes transactions on separate third-party networks in order to increase throughput speeds. EVM compatibility for higher transaction speeds Importantly,  developers had to ensure that these L2 blockchains were compatible with the Ethereum Virtual Machine (EVM), a run-time environment where Ethereum’s application code and smart contracts are executed, EVM compatibility ensures that smart contracts can be executed in a cross-chain envir...

Stakers will earn Chainlink tokens as they participate in a decentralized alerting system that flags the network when feeds are not meeting performing requirements. Blockchain oracle network Chainlink has launched its staking feature to help increase the economic security of the platform's oracle services.  In an announcement sent to Cointelegraph, Chainlink mentioned that the new Staking feature is an integral part of its “ Chainlink Economics 2.0” efforts that focuses on security and sustainable growth. Before the staking feature, Chainlink users who wanted to receive LINK token rewards needed to launch their own nodes. With the newly-launched staking mechanism, Chainlink (LINK) token holders have an additional earning mechanism as they aid in increasing the oracle platform’s security. Initially, Chainlink Staking was launched as a v0.1 beta, which includes a staking pool that aims to secure the ETH/USD data feed within the Ethereum mainnet. This allows stakers to earn rewards...