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.
Compound Finance became the latest DeFi project to fall victim to a hack. The United States commodities regulator has again argued Bitcoin and Ether should be under their remit. Meanwhile, a Goldman Sachs executive said the firm plans to launch three new tokenization products this year.
Compound Finance site potentially breached — ZachXBT
Crypto investigator ZachXBT has warned users to avoid the Compound Finance website, which appears to have been hijacked.
On July 11, the security investigator published a post on Telegram telling the community to stay away from the website for the time being. According to ZachXBT, the website redirects to a newly registered phishing site and may pose a substantial security risk.
In the meantime, a member of the Compound Finance team confirmed the breach and advised users to avoid interacting with the site to prevent potential losses of personal data and funds.
Michael Lewellen, security adviser at the Compound Finance DAO, alerted users of the breach. According to Lewellen, the URL has been compromised and is hosting a phishing website. The security adviser warned users not to interact with the site. Despite this, Lewellen assured users that the protocol was not impacted and that the smart contract funds were safe.
CFTC boss says BTC and ETH are commodities, again
United States Commodity Futures Trading Commission Chair Rostin Behnam has again claimed Bitcoin BTC $58,808 and Ether ETH $3,178 are commodities that his agency should oversee.
Speaking before a Senate Agriculture Committee, Behnam argued an Illinois District Court judge’s July 3 ruling that BTC and ETH are commodities reaffirmed that they are.
He said federal legislation is “urgently needed” to make a legal framework for crypto, claiming the “current trajectory is not sustainable.”
Behnam urged lawmakers to consider a “disciplined, balanced framework” for classifying tokens as either commodities or securities under existing law and work to make an education program about crypto in the US.
“The SEC and CFTC have a longstanding partnership that facilitates strong, robust regulation of securities and derivatives markets, Behnam said. “I am confident that the two agencies will continue working closely, ensuring a reliable, fair, and efficient system for listing and trading of digital assets on regulated exchanges.”
Goldman readies three new tokenized products: Report
Goldman Sachs’ global head of digital assets, Mathew McDermott, has revealed that the investment bank is planning to roll out three tokenization products this year.
In an interview with Business Insider, McDermott said that the bank has seen “a major uptick in interest from clients” regarding crypto. Although he declined to provide specifics about the forthcoming products, he said Goldman Sachs plans to establish marketplaces for tokenized real-world assets (RWAs).
The executive said the “renewed momentum in crypto” was largely driven by the growth and adoption of Bitcoin exchange-traded funds (ETFs) in the United States. Regulators are now reviewing registration filings for spot Ethereum ETFs, which are expected to begin trading later this month.
“There could be other things that we as a firm would naturally be interested, subject to approval, to do, like execution and maybe sub-custody,” McDermott said.
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