Welcome to Barmy’s Daily Crypto News – December 26th, 2022
1. The digital euro may be launched in the next year
A second report on the progress of the inquiry phase of the eurozone central bank’s initiative to issue a digital version of the common European currency has been made public.
A digital euro would be a liability on the balance sheet of the Eurosystem, the monetary authority of the eurozone made up of the European Central Bank and the national central banks of the member states, just like banknotes are today. As a result, the regulator argues, the Eurosystem must have complete authority over the issuance and settlement of digital euros.
The European Central Bank further guarantees that its involvement in the processing of user data will be minimized by the architecture of the digital euro. In 2021, the initiative to create a digital euro officially began its study phase. In September 2022, the ECB released its first progress report. The creation of the distribution scheme’s ruleset should start in January. In the fall of 2023, the Governing Council of the central bank will assess the research’s findings and decide whether to move forward with a realization phase.
2. 1inch Network announced a major upgrade — Fusion
Fusion, a significant update for the 1inch Swap Engine, was announced by 1inch Network. For cryptocurrency investors, the Fusion update seeks to enable affordable, secure, and rewarding swaps.
DeFi investors can make orders with a predetermined price and time range without paying network costs by using the Fusion mode of the 1inch Swap Engine. The upgrade also contains network upgrades including modernized staking contracts and tokenomics.
Through qualified market makers, the 1inch Swap Engine links DeFi users and offers liquidity for cryptocurrency trades.In contrast to the conventional centralized technique, 1inch’s most recent upgrade enables investors to conduct secure non-custodial swaps that are carried out entirely without any authorization or trust.
In addition, the Fusion mode protects users from the maximum extractable value (MEV), which is the maximum profit that can be made from block production over and above the regular block reward and gas charges.
3. Banks in the Russian Federation will not be allowed to contact their customers on Messengers and Telegram
In the Russian Federation, banks will not be permitted to communicate with their clients via a number of well-liked messengers. Roskomnadzor, the Federal Service for Supervision of Communications, Information Technology, and Mass Media, has not yet released a list of the affected applications.
The State Duma restricted the use of this sort of messaging service for correspondence containing sensitive information such personal data or documents related to payments and money transfers in the draft bill, which was approved in the third reading.
According to the report, the limits apply to all financial institutions, not just banks, including brokers, corporations involved in the securities market, management companies, investment funds, private pension funds, and depositories.
4. Defrost Finance announced that both of its versions are being investigated for a hack
Both of Defrost Finance’s versions, Defrost v1 and Defrost v2, a decentralized leveraged trading platform on the Avalanche blockchain, have been reported as being under investigation for a hack. Investors had reported losing their staked Defrost Finance (MELT) and Avalanche tokens from their MetaMask wallets when the announcement was made.
Doran, a member of the core team of Defrost Finance, acknowledged that Defrost v2 had been targeted by a flash loan attack shortly after a few users voiced their concerns about the odd loss of funds. The platform made the decision to shut down v2 while conducting further research because it thought Defrost v1 was unaffected at the time. PeckShield, a blockchain researcher, discovered that the hacker increased his or her profit by about $173,000 by manipulating the share price of LSWUSDC.
A loss of over $12 million is predicted. Despite the company’s proactive announcement of the hack, the neighborhood believes there may have been a rug-pull going on. Defrost v1 was previously declared to be unaffected by the hack since it lacked a flash loan feature.
5. Changpeng “CZ” Zhao discussed the reasons for the present FUD
On December 23, Changpeng “CZ” Zhao shared his thoughts on the causes of the current FUD surrounding the cryptocurrency exchange on Twitter. CZ claims in the forum that rather than the exchange itself, external forces are mostly to blame for Binance’s FUD.
The CEO cited the fact that some members of the bitcoin community despise centralization as one of the causes. They simply despise CEX, he said, regardless of whether it accelerates the acceptance of cryptocurrencies.
Additionally, CZ noted that many industry participants have viewed Binance as a rival, leading to increased lobbying against the exchange and “loans to minor media that are worth many times the market value of the media outlet, including buying their CEOs mansions, etc.”
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