Crypto Devs Expose Flaws in Euro Stablecoin: Fed Highlights Benefits of Tokenization
• Crypto developers have exposed flaws in Societe Generale euro stablecoin.
• Brazil is investigating Binance for offering illegal derivatives.
• Fed Governor has highlighted the benefits and risks of tokenization and smart contracts.
Crypto Developers Expose Flaws in Societe Generale Euro Stablecoin
Crypto developers have uncovered “absolutely horrible” flaws in the euro-backed stablecoin launched by French banking giant Societe Generale. The stablecoin, called SG-EUR, was recently unveiled as a way to offer customers quick access to digital euros without having to go through a bank or other traditional financial institution. However, the developers who have examined its code have found that it is vulnerable to attacks that could result in users losing their funds. As such, they are urging users to be cautious when using this digital asset.
Brazil Investigating Binance Over Illegal Derivatives Offerings
The Brazilian Securities and Exchange Commission (CVM) is reportedly investigating cryptocurrency exchange Binance over allegations that it has been offering illegal derivatives products to local investors without authorization from the regulator. According to reports, CVM began its investigation into the exchange after receiving numerous complaints about Binance’s activities in Brazil, including its alleged participation in unregistered securities offerings and unlawfully providing investment advice services. The regulator is now reportedly looking into whether Binance has been operating illegally within Brazil’s borders and may take action against the company if necessary.
Fed Governor Highlights Benefits & Risks Of Tokenization & Smart Contracts
Federal Reserve Governor Lael Brainard recently spoke at an event hosted by CoinDesk about how tokenization and smart contracts can benefit consumers while also presenting potential risks that should be considered before implementing them on a wide scale. She noted that many of the benefits associated with digital currencies are derived from their ability to facilitate faster payments and settlements while reducing transaction costs — something she believes could be beneficial for both consumers and businesses alike if properly regulated. However, she warned that there are still significant regulatory challenges associated with cryptocurrencies before they can become widely adopted by mainstream financial institutions and investors due to their decentralized nature and lack of oversight from central authorities like governments or banks..
Trezor Confirms Refusing CoinJoin UTXOs To Protect Privacy Of Others
Hardware wallet company Trezor has confirmed refusing coinjoin UTXOs as part of its efforts to protect user privacy on Bitcoin transactions. Coinjoin is a privacy tool designed to obfuscate transaction origins by allowing users to join multiple outputs together in a single transaction pool — thus making it more difficult for anyone attempting blockchain analysis techniques to track down specific addresses or wallets participating in said transactions. Trezor says it refuses these types of transactions because they can be used maliciously by actors seeking anonymity online, most often for nefarious purposes such as money laundering or funding terrorism activities..
Dutch Court To Release Tornado Cash Dev Alexey Pertsev Under Surveillance
A Dutch court has ordered the release of Russian programmer Alexey Pertsev — founder of privacy tool Tornado Cash — under surveillance following his arrest earlier this month on suspicion he was involved in criminal activities related to crypto assets held at Moscow-based crypto exchange LiveCoin MT Ltd.. The Amsterdam District Court ruled Wednesday, April 21st 2021 that he must remain under 24/7 surveillance until further notice but would no longer need custody during his stay at an undisclosed location outside Amsterdam where he will not be allowed freedom of movement beyond attending court hearings related to his case..