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Poolin assured its customers that funds are safe and promised to fix the issue amid a bearish market. (Read More)
Solana, a top ten smart contracts-enabled cryptocurrency by market cap, has acknowledged it is facing a series of problems hindering the performance of its network. The official account of the status of the network, as well as the status page, reported this incident yesterday. This is the latest issue Solana is facing after experiencing several […]
What’s going on at Polygon? There seems to be a disturbance in the force over there. Is the Ethereum Layer 2 project alright? Are they doing everything above board or is there something sinister going on? Are they even decentralized if they can hard-fork just like that? Or did they follow the proper procedures and their critics are just uninformed? Can we even answer all of those questions? Probably not. But we can present all the information available and let you all get to your own conclusions. Are we all supposed to just shut up and forget about the fact that over a week ago Polygon hard-forked their blockchain in the middle of the night with no warning to a completely closed-source genesis and still haven't verified the code or explained what is going on? — Nathan Worsley (@NathanWorsley_) December 15, 2021 Let’s start with DeFi Builder Nathan Worsley’s accusation. Or is he just requesting information? Worsley recently tweeted, “Are we all supposed to just shut up and forget about the fact that over a week ago Polygon hard-forked their blockchain in the middle of the night with no warning to a completely closed-source genesis and still haven’t verified the code or explained what is going on?” Related Reading | Polygon: Ethereum’s Friend Is Looking To Make Big Strides The “middle of the night” part is arguable since everyone is in different timezones and the Polygon blockchain is everywhere. However, he cleared up why the issue is important, “Until the code is verified there are no security guarantees about the billions of dollars in assets the chain currently secures.” And tweeted proof of everything else, “Here’s the commit that was hard-forked into production.” Here's the commit that was hard-forked into production the middle of the nighthttps://t.co/qMunI4WZxx — Nathan Worsley (@NathanWorsley_) December 15, 2021 To add credibility to his claim, DeFiance Capital’s Zhu Su joined the chorus asking for answers. “Was this to patch a critical bug? Why and how did this happen?” Why am I seeing 100x more solana fud than discussion of this? Was this to patch a critical bug? Why and how did this happen? https://t.co/GhY3eTYNtm — Zhu Su ?? (@zhusu) December 15, 2021 Polygon Responds And Shows Receipts The criticism got a response from Polygon’s co-founder Mihailo Bjelic. “We’re making an effort to improve security practices across all Polygon projects,” Bjelic tweeted. “As a part of this effort, we are working with multiple security researcher groups, whitehat hackers etc. One of these partners discovered a vulnerability in one of the recently verified contracts. We immediately introduced a fix and coordinated the upgrade with validators/full node operators. No funds were lost. The network is stable.” 2/2 ..vulnerability in one of the recently verified contracts. We immediately introduced a fix and coordinated the upgrade with validators/full node operators. No funds were lost. The network is stable. A detailed blog post coming, we are finalizing additional security analyses. — Mihailo Bjelic (@MihailoBjelic) December 15, 2021 Ok, that sounds reasonable. Bjelic also promised, “A detailed blog post coming, we are finalizing additional security analyses.” A question lingered in the air, though. And crypto enthusiast J. Vicente Correa asked it in the most direct way possible, “U can fork the chain by yourself and take all my funds as u wish?” Absolutely not. The network is run by validators and full node operators, and we have no control over any of these groups. We just did our best to communicate and explain the importance of this upgrade, but ultimately it was up to them to decide whether they will do it or not. — Mihailo Bjelic (@MihailoBjelic) December 15, 2021 And Polygon’s Mihailo Bjelic answers in the most political way possible. “Absolutely not. The network is run by validators and full node operators, and we have no control over any of these groups. We just did our best to communicate and explain the importance of this upgrade, but ultimately it was up to them to decide whether they will do it or not.” Fair enough. However… MATIC price chart on Poloniex | Source: MATIC/USD on TradingView.com A Node Operator Has Some Criticism Of His Own In the same thread, Polygon node operator Mikko Ohtamaa blasted the way the company handled the whole thing and also showed receipts. “Next time it happens can you at least announce a critical update to all Polygon node operators. Now this looks super unprofessional and confusing for the community. It was not mentioned or pinned down in any major channels or publications.” He got a response from Polygon’s other co-creator, Sandeep Nailwal. “This was a security update, and hence pre-public-announcement could’ve escalated things.” Hey Mikko, this was a security update, and hence pre-public-announcement could've escalated things. — Sandeep – Polygon – NAE (NOT Abandoning ETHEREUM) (@sandeepnailwal) December 15, 2021 Ok, that makes sense. However, Ohtamaa had more complaints. “Some bug fixes” for a critical patch is not good. If there is a critical fix you co-ordinate with validators.” Plus, he reinforced Nathan Worsley’s original complaint. “It’s really obvious it is a critical security bug if you do unannounced no notice hard fork in the middle of a weekend.” It's really obvious it is a critical security bug if you do unannounced no notice hard fork in the middle of a weekend. So do not be dumb and think your users are dumb. — Mikko Ohtamaa ?? (@moo9000) December 15, 2021 According to Ohtamaa, “there are multiple open source projects out there” that have done similar operations in a more effective manner. Someone asked what could Polygon have done better. He answered with a series of simple steps. Prepare the patch privately. A few days before, announce a critical security fix is coming. All node operators need to be prepared. Distribute the patch at the preset time. Not downplay the criticality of the patch and make idiot-looking release notes. Related Reading | How Polygon Sealed A $400M Deal To Get Ahead In The Ethereum ZK Rollup Race So, is there something rotten at Polygon? We will have to wait for the “detailed blog post” Bjelic promised to know for sure. Featured Image by Mae Mu on Unsplash - Charts by TradingView
BitMEX - the leading centralized crypto derivatives exchange announced that it's out of the hot waters as it was successful in reaching a $100M settlement with the U.S. regulators - specifically the Commodity Futures Trading Commission (CFTC) and Financial Crimes Enforcement Network (FinCEN) on August 10. As part of the settlement, BitMEX will ban U.S. residents from accessing the derivatives trading platform.
https://twitter.com/BitMEX/status/1425157348528644096U.S. prosecutors filed criminal charges against BitMEX four executives Delo, Reed, and Greg Dwyer including the top Arthur Hayes in Oct 2020, alleging that the exchange failed to comply with U.S regulations and couldn't control the money laundering facilitation through the exchange. Since then, Mr. Hayes was reported to be on the run, though he still maintained public communication through his crypto-related blog posts via Twitter.
https://twitter.com/BitMEX/status/1425159156223389701 The specifics of the Bitmex caseThe Department of Justice alleged at that time that BitMEX actions were in clear violation of the Bank Secrecy Act (BSA), which grants the Govt the power to engage in financial surveillance to prevent fraud, money laundering, and terrorism-related funding. BitMEX suffered also because of its ties in regulatory arbitrage, by dodging the regulators because of unclear interpretations around the nascent crypto industry.
BitMEX has signaled intent to move past this episode and has said that it's embarking on "an ambitious business transformation under its ‘Beyond Derivatives’ strategy". It will add five new business segments of spot, brokerage, custody, information products, and academy. For that purpose, the centralized exchange is bound to ramp up internal hirings and exchange expansion. The blog post also notes that BitMEX has made significant progress in user verification, Know your Customer (KYC) and Anti Money Laundering (AML) compliance, and working for market integrity.
https://cryptoticker.io/en/what-is-the-bitcoin-cme-gap/Alexander Höptner, CEO of BitMEX also mentioned in a separate blog post on the settlement that crypto is moving fast, sparking fundamental changes at the grass-root level and is becoming more inclusive. He also noted that the industry is becoming more responsible, seeing how it can bring positive impact in all imaginable industries especially financial technology, intellectual property (IP) and record-keeping, etc. It's for that reason that BitMEX is solving the legal matter to develop the platform further and keep contributing to the industry.
Bitmex settles with us regulators© Cryptoticker
The post BitMEX Settles For $100M With US. Authorities, Will Ban US Residents From Trading appeared first on CryptoTicker.
London-based digital banking app Revolut stops crypto in the U.S. market, citing regulatory concerns. What will happen to cryptos?
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