Welcome to The Daily Forkast, September 24th, 2021, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show:
00:00 Coming Up
00:38 D-day for Korean crypto exchanges.
02:39 Expert says e-CNY can be used for overseas payments.
04:38 Sushiswap denies claims of vulnerability from white hat hacker
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First up, doomsday in South Korea for crypto exchanges who have failed to live up to new regulations this day has been looming. Exchanges must submit a full compliance report by midnight Korea time or else they face closure. Now around 40, which is more than half of Korea’s crypto exchanges, are expected to simply disappear. But regulators say the country’s new crypto regulations are designed to create a safer environment for investors. Crypto exchanges in Korea were given six months to meet requirements under the new law, with the deadline set for September 24. Only four of Korea’s largestm Upbit, Bithumb, Coinone and Korbit, fulfilled both requirements. One – getting certified for security of personal information and two – partnering with a bank to provide users with real-name bank accounts for transparency.
Meanwhile, developments in China’s e-CNY project continue to speed up. An expert from the Export-Import Bank of China, a state-owned policy bank, said the digital currency can be used for overseas payments and has strong international competitiveness.
Now that’s huge. That brings the goal of internationalization of the RMB that one step closer. The big question is how much of a challenge to the U.S. dollar’s global dominance could it present? According to a report from Russian news agency Sputnik. Liu Yihua, a Deputy Director of Marketing Policy Guidance at EXIM and researcher at the Taihe Institute, said that when the e-CNY is used outside of China, permissions from local central banks would be required and foreigners can set up e-CNY wallets with local banking institutions.However, an official from the PBOC said the digital yuan is still primarily used for the domestic market at the moment, and one expert told us developing international significance may take some time. Roche says while countries like Thailand and Laos will be keen to encourage tourism by allowing e-CNY accounts, and others which sell their goods to China may feel obligated to use it, overall, these are only small contributions.He says the U.S. dollar gained dominance historically due to its institutional framework, and replacing the factors that allowed it to achieve that position will be no quick or easy feat for any currency to accomplish.
A showdown of sorts between one anonymous white-hat hacker and Japan-based decentralized exchange SushiSwap. Now, the anonymous hacker published a report claiming that one US$ 1 billion worth of funds were at risk due to a vulnerability in two of SushiSwap’s contracts – MasterChef V2 and Mini Chef V2. They stated that an emergency withdrawal function designed as a safety net would not work as intended. Now, the hacker went on to say the issue was reported to bug bounty platform Immunefi, which offers rewards of up to US$40,000 for valid claims. But developers over at SushiSwap rejected the hacker’s bug claim with a coder from the platform, tweeting “This is not a vulnerability. No funds are at risk.” And SushiSwap says over 100 invalid vulnerabilities are actually reported to it every month, and anything submitted via Immunefi is triaged within minutes. Well, as you can imagine, that didn’t sit quite right with the anonymous white hat hacker, accusing SushiSwap of handling the matter too casually and warning other white hats if they think they’re going to get rewarded for their work, you might want to think again.
So this might sound like bickering, but actually there could be bigger implications here. Just last month, a flaw in SushiSwap’s Miso token sale was spotted, and a potential US$350 million worth of losses was avoided thanks to a white hat hacker. Bounties are kind of like incentives, maybe sometimes better to incentivize those looking out for everyone’s greater interest.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #eCNY #DigitalYuan #CBDC #Sushiswap #CryptoExchange #China #SouthKorea #Upbit #Bithumb
00:00 Coming Up
00:38 D-day for Korean crypto exchanges.
02:39 Expert says e-CNY can be used for overseas payments.
04:38 Sushiswap denies claims of vulnerability from white hat hacker
---
First up, doomsday in South Korea for crypto exchanges who have failed to live up to new regulations this day has been looming. Exchanges must submit a full compliance report by midnight Korea time or else they face closure. Now around 40, which is more than half of Korea’s crypto exchanges, are expected to simply disappear. But regulators say the country’s new crypto regulations are designed to create a safer environment for investors. Crypto exchanges in Korea were given six months to meet requirements under the new law, with the deadline set for September 24. Only four of Korea’s largestm Upbit, Bithumb, Coinone and Korbit, fulfilled both requirements. One – getting certified for security of personal information and two – partnering with a bank to provide users with real-name bank accounts for transparency.
Meanwhile, developments in China’s e-CNY project continue to speed up. An expert from the Export-Import Bank of China, a state-owned policy bank, said the digital currency can be used for overseas payments and has strong international competitiveness.
Now that’s huge. That brings the goal of internationalization of the RMB that one step closer. The big question is how much of a challenge to the U.S. dollar’s global dominance could it present? According to a report from Russian news agency Sputnik. Liu Yihua, a Deputy Director of Marketing Policy Guidance at EXIM and researcher at the Taihe Institute, said that when the e-CNY is used outside of China, permissions from local central banks would be required and foreigners can set up e-CNY wallets with local banking institutions.However, an official from the PBOC said the digital yuan is still primarily used for the domestic market at the moment, and one expert told us developing international significance may take some time. Roche says while countries like Thailand and Laos will be keen to encourage tourism by allowing e-CNY accounts, and others which sell their goods to China may feel obligated to use it, overall, these are only small contributions.He says the U.S. dollar gained dominance historically due to its institutional framework, and replacing the factors that allowed it to achieve that position will be no quick or easy feat for any currency to accomplish.
A showdown of sorts between one anonymous white-hat hacker and Japan-based decentralized exchange SushiSwap. Now, the anonymous hacker published a report claiming that one US$ 1 billion worth of funds were at risk due to a vulnerability in two of SushiSwap’s contracts – MasterChef V2 and Mini Chef V2. They stated that an emergency withdrawal function designed as a safety net would not work as intended. Now, the hacker went on to say the issue was reported to bug bounty platform Immunefi, which offers rewards of up to US$40,000 for valid claims. But developers over at SushiSwap rejected the hacker’s bug claim with a coder from the platform, tweeting “This is not a vulnerability. No funds are at risk.” And SushiSwap says over 100 invalid vulnerabilities are actually reported to it every month, and anything submitted via Immunefi is triaged within minutes. Well, as you can imagine, that didn’t sit quite right with the anonymous white hat hacker, accusing SushiSwap of handling the matter too casually and warning other white hats if they think they’re going to get rewarded for their work, you might want to think again.
So this might sound like bickering, but actually there could be bigger implications here. Just last month, a flaw in SushiSwap’s Miso token sale was spotted, and a potential US$350 million worth of losses was avoided thanks to a white hat hacker. Bounties are kind of like incentives, maybe sometimes better to incentivize those looking out for everyone’s greater interest.
---
#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #eCNY #DigitalYuan #CBDC #Sushiswap #CryptoExchange #China #SouthKorea #Upbit #Bithumb
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Francisco Gimeno - BC Analyst Forkast always condenses the maximum information for viewers on Asian crypto and blockchain news in just five minutes or less. It's just amazing. Despite the warnings and the deadlines, many Korean crypto exchanges were not complying on the 24th of this month and now they won't be able to operate. China banning the crypto but already planning for using its Digital Yuan internationally. And many other interesting bits.