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Catch today’s key headlines and stay up to date with the latest!
#1. Optimism loses 20M tokens
An exploit in Optimism’s market maker Wintermute’s smart contract led to the loss of 20 million OP tokens.
The exploit took place on May 26 but has only just been reported to the community. One million tokens valued at about $1.3 million were sold on Sunday.
Wintermute took full responsibility for the exploit and stated it would perform OP buybacks equal to the amount the exploiter sells “to smoothen the effects” of price volatility.
#2. US Senators introduce Crypto Bill
A bipartisan crypto bill seeking to extend regulations across digital assets in the US has emerged.
As expected, the legislation would also grant new powers and a commanding presence to the Commodity Futures Trading Commission.
It would set new federal law for stablecoins, taxes on small-scale payments and the jurisdictions of regulators.
#3. Crypto Exchanges delist Litecoin
Litecoin will be delisted on Bithumb and Upbit, two South Korean Crypto exchanges.
This comes after modifications were made to the coin that enable greater privacy when conducting transactions.
The exchanges cited conflicts with South Korean anti-money laundering (AML) regulation.
#4. Ethereum's Ropsten testnet successfully merges
Ethereum’s Ropsten Testnet has successfully merged with its beacon chain.
Ropsten is considered one of Ethereum’s most accurate replicas. The successful merge bodes well for the mainnet’s chances at switching from Proof-of-Work to Proof-of-Stake.
The Ethereum Merge is tentatively scheduled for August, but could be pushed back to September or October.
#5. New York state releases guidance for issuing dollar-backed stablecoins
The New York State Department of Financial Services (DFS) has released regulatory guidance for U.S. dollar-backed stablecoins issued by DFS-regulated entities.
They state that a stablecoin must be fully backed by reserves and the issuer must have a redemption policy approved in advance in writing by the DFS.
Issuers regulated by the DFS are the Paxos Trust Company (USDP and BUSD); Gemini Trust Company (GUSD); and GMO-Z.com Trust Company (ZUSD).
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