Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Bitfinex and Tether have decided not to appeal the Freedom of Information Law (FOIL) request lodged by several news publications. Meanwhile, a court in Montenegro has approved the extradition of Terraform Labs co-founder Do Kwon to either South Korea or the United States, and former FTX CEO Sam Bankman-Fried is trading mackerel while jailed (yes, really).
Bitfinex, Tether no longer opposed to FOIL request
Bitfinex and Tether have agreed not to oppose a Freedom of Information Law (FOIL) request initiated in New York by several high-profile news publications that accused the companies of exhibiting “certain behaviors.”
In a statement shared with Cointelegraph, the crypto exchange and stablecoin issuer said they were committed to sharing information in a transparent manner following a FOIL request earlier this year.
“It’s essential to clarify that transparency does not mean a wholesale release of all our documents,” they said. Both companies called for a “responsible document review” before any information is released publicly.
The FOIL request stems from a February 2021 agreement between Bitfinex and Tether and New York regulators over allegations that the two companies commingled $850 million in client and corporate funds. As part of the agreement, the two companies reportedly paid $18.5 million in fines and agreed to submit quarterly attestation reports.
Do Kwon extradition approved by Montenegro court
The saga of Terraform Labs co-founder Do Kwon continues to unfold, with a court in Montenegro approving his extradition to either South Korea or the United States.
The High Court of Podgorica has determined the legal requirements for Kwon’s extradition, according to an official statement posted on the court’s website on Nov. 24.
As the court approved Kwon’s extradition to either the U.S. or South Korea, the final decision on his extradition will be made by Montenegro’s minister of justice, the announcement notes.
Previously, a court in Montenegro sentenced Kwon to four months in jail in June 2023 after finding him guilty of using a forged Costa Rican passport to try to flee to Dubai via private jet.
If the minister of justice allows the final extradition of the defendant, the extradition will occur after the execution of the criminal sanction announced before in the case of forged documents, the court statement notes.
Fish for fresh cuts: SBF trades mackerel while jailed
Sam Bankman-Fried’s crypto trading days are over, so the convicted founder has moved on to trading fish while behind bars.
The Wall Street Journal reported that Bankman-Fried traded four packets of mackerel — “macks,” in prison terms — for a haircut before his criminal trial last month.
Bankman-Fried doesn’t eat mackerel as part of his vegan diet, making it an easily traded commodity for the former Jane Street trader.
Mack packs have been the hottest trading commodity in prisons since the ban on tobacco products. The Metropolitan Detention Center commissary where Bankman-Fried is housed sells mackerel packets for $1.30.
Controversial tech figure Martin Shkreli, known as “Pharma Bro,” spent over four years in prison and confirmed macks were a staple currency in jail.
In a post on X (formerly Twitter), Shkreli said paying four macks for a haircut was a “rip off” but noted it was still less than paying someone a book of stamps.
Bankman-Fried is sharing a cell at the Brooklyn prison with former Honduran President Juan Hernández and a former senior Mexican police officer, sources familiar with the matter told the WSJ.
KyberSwap hacker used “infinite money glitch” to steal funds
A decentralized finance expert has weighed in on the recent $46 million KyberSwap attack.
Doug Colkitt, founder of the Ambient exchange, took to X (formerly Twitter) to explain how the attacker carried out “the most complex and carefully engineered smart contract exploit I’ve ever seen.” Based on Colkitt’s analysis, the attacker exploited an “infinite money glitch” and took advantage of KyberSwap’s unique liquidity implementation. That’s how they tricked the contract into believing it had more liquidity than it actually had, he said.
1/ Finished a preliminary deep dive into the Kyber exploit, and think I now have a pretty good understanding of what happened.
This is easily the most complex and carefully engineered smart contract exploit I’ve ever seen…— Doug Colkitt (@0xdoug) November 23, 2023
The exploit “is specific to Kyber’s implementation of concentrated liquidity and probably will not work on other DEXs,” Colkitt explained. Based on his analysis, the exploit was carried out in multiple steps, beginning with the attacker borrowing 10,000 Wrapped Ether (wETH) from Aave.
KyberSwap’s total value locked plunged by 68% shortly after the attack, reaching a low of around $27 million. Its TVL was as high as $134 million earlier in 2023.
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properly.
