The Shib Crypto Recap: Friday

As the crypto world caps off the week, here are the headlines that made it to our top list today. Read about the latest in cybersecurity and customer trust in financial service providers, regulatory developments, Ripple’s legal battles, and a phishing attack with ties to a “draining-as-a-service” (DAAS) tool.

Fidelity Data Breach: Thousands Affected as Hackers Steal Personal Information

Over 77,000 Fidelity customers had their sensitive identity information stolen in a data breach. The incident was disclosed on Wednesday after Fidelity informed authorities. The hackers accessed personal information from August 17 to 19, using two accounts created by a third party. This breach also exposed data from thousands of other customers. Fidelity has since notified those affected and is offering credit monitoring and guidance on protecting their information.

Such incidents emphasize the vital importance of implementing strict account creation procedures and maintaining constant monitoring to recognize and prevent unauthorized access.

Stablecoin Regulation in Focus: Senator Hagerty Introduces New Framework Proposal

U.S. Senator Bill Hagerty has introduced a draft for legislation to establish a regulatory framework for stablecoins. This proposal, which resembles the Clarity for Payment Stablecoins Act, aims to clarify stablecoin regulations. It suggests splitting oversight between the Federal Reserve for banks and the Office of the Comptroller of the Currency for non-bank issuers. Hagerty highlighted the benefits of stablecoins in improving payment systems and increasing demand for U.S. Treasuries.

Discussions on this legislation are ongoing in both the House and Senate, with efforts led by Rep. Patrick McHenry and Rep. Maxine Waters since 2022.

Ripple Files Cross-Appeal Against SEC in Ongoing Legal Battle Over XRP

Ripple Labs has submitted a cross-appeal in its ongoing legal dispute with the SEC, filing it with the U.S. Court of Appeals for the Second Circuit. This move comes after the SEC filed its own notice of appeal regarding a previous court decision. Ripple’s cross-appeal aims to ensure all relevant issues are covered. Stuart Alderoty, Ripple’s chief legal officer, stated that the appeal highlights that an “investment contract” requires specific rights and obligations, which were not present in Ripple’s XRP sales.

Both parties have filed appeals, with detailed arguments expected in the coming months. This ongoing case has been a significant legal issue in the cryptocurrency space for nearly four years.

$35 Million Vanished: How a Phishing Scam Shook the DETH Market

A phishing scam led to the loss of $35 million in fwDETH for a crypto whale. Security firm Scam Sniffer reported that a counterfeit “permit” message deceived the whale, and this allowed the attacker to withdraw the funds. BlockSec co-founder Yajin Zhou noted that this message was used to access the whale’s fwDETH tokens, which caused a major market disturbance. The value of Duo ETH (DETH) dropped more than 90%. It went from $2,000 to $100 before it partially recovered to $1,000. Blockchain security firm SlowMist linked the attack to the Angel Drainer group, which offers scammers tools for phishing.

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Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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