Bitfinex and Tether Drop FOIL Resistance; Kwon Extradition Approved; Bankman-Fried Trades Mackerel in Jail; Insights into KyberSwap Attack
Summary:
Bitfinex and Tether have opted not to fight a Freedom of Information Law (FOIL) request made by multiple news outlets. Concurrently, Terraform Labs co-founder Do Kwon has been approved for extradition by a Montenegro court to the United States or South Korea. Meanwhile, Sam Bankman-Fried, who's in jail, is bartering with mackerel for haircuts. In other news, Ambient exchange founder Doug Colkitt shared insights into the recent KyberSwap attack in which $46 million in funds were stolen due to a smart contract exploit.
After previously resisting a Freedom of Information Law (FOIL) request, Bitfinex and Tether have decided to no longer fight the request put forth by various news outlets. Concurrently, after securing approval for extradition by a Montenegro court, Do Kwon, a co-founder of Terraform Labs could potentially be extradited to the United States or South Korea. All the while, Sam Bankman-Fried, recently incarcerated, is bartering Mackerel for haircuts in prison.
Bitfinex and Tether previously disputed a FOIL request submitted in New York by renowned news organizations, accusing the firms of certain activities. The crypto exchange and the stablecoin issuer, in a communication with Cointelegraph, have stated their intention to provide information transparently, following the recent FOIL request. They clarified that transparency does not mean revealing all their documents and demanded a judicious review of documents before making them public. The initial FOIL request came after the companies agreed to a settlement of $18.5 million with New York authorities amid allegations of mixing up $850 million in corporate and client funds back in February 2021. Further to the settlement, they committed to delivering quarterly attestation reports.
Meanwhile, Do Kwon's saga continues with a court in Montenegro granting his extradition to South Korea or the United States. The Podgorica High Court affirmed the legal prerequisites for Kwon's extradition. According to a court announcement, the final decision on his extradition will be made by the justice minister of Montenegro. Kwon had previously been sentenced to four months imprisonment in Montenegro over charges of utilizing a forged passport attempting to escape to Dubai via a privately chartered plane. Kwon was charged in June 2023 with trying to exit the country using a counterfeit Costa Rican passport.
As for Sam Bankman-Fried, the founder convicted of financial crimes, has turned to trading the commonly-prized prison commodity, Mackerel, instead of cryptocurrencies. Despite not eating Mackerel as part of his vegan diet, he's found it an effective bartering chip, trading four packs for a haircut before his trial, according to the Wall Street Journal.
In other news, Ambient exchange founder Doug Colkitt commented on the recent KyberSwap attack, which saw $46 million in funds stolen. Colkitt explained the attacker behind the elaborate smart contract exploit exploited a "money glitch" and managed to manipulate KyberSwap's fluidity features. The result: the contract was fooled into believing its liquidity was higher than it was.
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Published At
11/24/2023 8:46:31 PM
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