DeFi Hack Hits Compound Finance
Compound Finance has become the latest decentralized finance (DeFi) project to fall victim to a hack. Crypto investigator ZachXBT warned users on July 11 to avoid the Compound Finance website, which appears to have been compromised. According to ZachXBT, the site redirects to a newly registered phishing site, posing a significant security risk.
Michael Lewellen, a security adviser at Compound Finance DAO, confirmed the breach. He advised users not to interact with the compromised URL, which hosts a phishing website. Despite the breach, Lewellen assured users that the protocol itself was not impacted and that the smart contract funds remained safe.
U.S. Commodities Regulator Advocates for Crypto Oversight
The United States Commodities Futures Trading Commission (CFTC) has reiterated its stance that Bitcoin and Ether should fall under its regulatory purview. In recent discussions, CFTC Chair Rostin Behnam urged lawmakers to create a “disciplined, balanced framework” for classifying tokens as either commodities or securities.
Behnam emphasized the longstanding partnership between the Securities and Exchange Commission (SEC) and the CFTC, highlighting their joint efforts to regulate securities and derivatives markets effectively. He expressed confidence in their continued collaboration to ensure a reliable and fair system for listing and trading digital assets on regulated exchanges.
Goldman Sachs Plans New Tokenized Products
Goldman Sachs’ global head of digital assets, Mathew McDermott, has announced that the investment bank is set to launch three new tokenization products this year. In an interview with Business Insider, McDermott mentioned a growing interest from clients regarding crypto and tokenized real-world assets (RWAs).
While McDermott did not disclose specifics about the forthcoming products, he highlighted the bank’s intention to create marketplaces for tokenized RWAs. He attributed the renewed momentum in crypto to the increasing adoption of Bitcoin exchange-traded funds (ETFs) in the United States. Additionally, regulators are reviewing registration filings for spot Ethereum ETFs, which are anticipated to begin trading soon.
Summary Review Today’s crypto news highlights significant developments impacting the industry. Compound Finance’s website breach serves as a reminder of the ongoing security challenges in the DeFi space. Meanwhile, the CFTC’s call for clearer regulatory frameworks and Goldman Sachs’ upcoming tokenization products underscore the growing institutional interest and evolving landscape of the crypto market. As these trends continue, the importance of robust security measures and regulatory clarity will be crucial for the sector’s sustained growth and adoption.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
