• Paxful CEO steps down, creating a Public Trust to make users whole.
• Crypto developers expose flaws in Societe Generale euro stablecoin.
• Brazil investigating Binance over illegal derivatives offerings.
Paxful CEO Steps Down
Paxful CEO Ray Youssef recently announced that he will be stepping down from his role with the company, and has vowed to make Paxful’s users whole by establishing a Public Trust. The trust is meant to provide security and assurance for users who have purchased or sold on Paxful prior to this announcement.
Crypto Developers Expose Flaws in Stablecoin
Cryptocurrency developers have exposed „absolutely horrible“ flaws in the Societe Generale euro stablecoin, prompting regulators to investigate potential misuse of the coin. The European Central Bank (ECB) is looking into possible violations of its rules on digital currencies, including whether the coin was being used for money laundering or other illicit activities.
Brazil Investigating Binance Over Derivatives Offerings
The Brazilian Securities Commission (CVM) is currently investigating cryptocurrency exchange Binance over allegations of offering unregistered derivatives products without obtaining proper authorization from authorities. The CVM is also looking into whether Binance has broken any laws when it comes to advertising and marketing these products in Brazil.
Fed Governor Highlights Benefits and Risks of Tokenization
Federal Reserve Governor Lael Brainard recently highlighted the benefits and risks associated with tokenization and smart contracts while speaking at an event hosted by Blockchain@Berkeley Law School. Brainard stated that tokenized assets could help reduce costs associated with settlement times and increase access to capital markets for small-scale investors, but also noted that there are potential risks such as increased cyber security vulnerabilities due to their decentralized nature.
Trezor Confirms Refusing Coinjoin UTXOs To Protect Privacy Of Others
Hardware wallet manufacturer Trezor confirmed that it is refusing coinjoin UTXOs — a technique used by some privacy-focused cryptocurrency wallets — in order protect user privacy. Trezor said it considers coinjoin UTXOs “inherently dangerous” because they can compromise individual user data if used improperly or maliciously by third parties who might be able to link multiple transactions together belonging to different wallets owned by one entity