Wintermute Hacked $160M, SEC Claims Jurisdiction Over Ethereum Transactions


The biggest cryptoverse news for Sept. 20 includes Wintermute losing $160 million to DeFi operation hack, Ethereum developer confirming Shanghai upgrade won’t unlock staked ETH, experts arguing that the SEC cannot claim jurisdiction over Ethereum transactions, MicroStrategy buys an additional 301 Bitcoins for $6 million.

Top CryptoSlate Stories

Wintermute Reveals $160M DeFi Operations Hack

A hacker attacked about 90 crypto assets belonging to market leader Wintermute. The company’s DeFi operation lost over $160 million due to the incident.

Wintermute CEO Evgeny Gaevoy said market-making funds are safe as CeFi and OTC operations were unaffected by the hack.

Ethereum vanity address exploit may be cause of Wintermute hack

Blockchain security firm Certik has confirmed claims from the Ethereum community that a custom address exploit may be behind the Wintermute attack.

1nch contributor k06a noted that since Wintermute’s address had 7 0 in mind, it may have only taken 50 days to brute force the address using a hacking rig. mining 1,000 GPUs.

Ethereum Developer Confirms Shanghai Upgrade Won’t Unlock Staked Tokens

In a conversation with CryptoSlateEthereum developer Micah Zoltu claimed that the Shanghai upgrade will not allow the withdrawal of staked ETH tokens, but will focus on reducing gas fees.

Zoltu added that there is no specified timeline to enable the withdrawal, as Ethereum core developers have yet to discuss how to unlock staked ETH.

Experts Say SEC Cannot Claim Jurisdiction Over Ethereum Transactions

Data from Etherenodes shows that approximately 43% of Ethereum validating nodes operate from the United States. As a result, the SEC asserts that the Ethereum transactions took place in its jurisdiction.

Crypto experts disagree with the SEC on the matter, saying it is an unacceptable precedent that the crypto community must fight against.

Voyager urges Alameda Research to repay $200 million loan

In July, Alameda Research said it was happy to repay its loan and collect its collateral “whenever it works for Voyager.”

The appointed time has come, as Voyager has filed a petition asking Alameda to repay its $200 million loan. Voyager also agreed to release Alameda’s $160 million guarantee.

Vitalik Buterin argues that highly decentralized DAOs will be more efficient than enterprises

Vitalik argued that Decentralized Autonomous Organizations (DAOs) will be more effective than traditional corporations if they maintain the ethos of decentralization while incorporating elements of the corporations.

To design an effective DAO, Vitalik proposed that protocols learn to make timely business decisions and look to political sovereigns when designing their succession system.

MicroStrategy buys an additional 301 Bitcoins for $6 million

MicroStrategy, led by Michael Saylor, topped its asset portfolio by buying 301 Bitcoins, priced at $6 million.

So far, MicroStrategy has amassed a total of 130,000 BTC and plans to inject up to $500 million to buy more.

US Treasury Seeks Public Comment on Combating Crypto-Related Crimes

The Treasury has called on the public to provide feedback that will guide its approach in crafting a regulatory bill to curb illicit finance perpetrated using cryptocurrencies.

The Treasury is also willing to learn how it can apply blockchain analytics tools to improve its AML/CFT compliance process.

Crypto Proponent Ian Balina Calls SEC Accusation ‘Frivolous’, Denies Settlement

The SEC filed a lawsuit against Ian Balian for promoting the SPRK token in 2018. The commission classified the tokens as an unregistered security, saying Balina improperly formed an investment pool to resell the token.

Balina said he refused to settle with the SEC what he considers a “frivolous” charge.

Research Highlight

State of the Ethereum derivatives market after the merger

CryptoSlate analyzed Ethereum’s term perpetual funding rate and open interest to reveal that although speculation around the merger has ended, investors are willing to stay for a long time.

According to funding rate data, ETH traders were paying around 1,200% to short Ethereum, which has seen ETH decline by more than 20% in the past seven days.

Ethereum Futures Perpetual Funding Rate

At press time, the trend is reversing, suggesting that short-term speculation is over and traders are looking to reinvest.

News from all over the Cryptoverse

Robinhood brings USDC to its users

USDC was listed as the first stablecoin on Robinhood’s stock trading platform today. The move indicates the firm’s commitment to expanding its crypto trading business model.

Crypto market

In the last 24 hours, Bitcoin fell below the $19,000 support level to settle at $18,913, registering a decline of -3.19%. Over the same period, Ethereum fell -3.95%, to trade at $1,324.

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