Web2 Flaws Account for 46% Crypto Losses; Commerzbank Gets Crypto Custody License; SEC Stance on Bitcoin ETFs Unchanged
Summary:
Blockchain security firm Immunefi reveals that 46% of lost cryptocurrency is attributed to traditional web2 flaws. In Germany, Commerzbank becomes the first full-service bank to secure a crypto custody license, enabling it to offer customers a range of digital asset services. Meanwhile, the U.S. Securities and Exchange Commission's stand on approving Bitcoin spot exchange-traded funds remains firm despite an XRP price surge based on falsified information.
An examination by blockchain security company Immunefi indicates that 46% of total cryptocurrency lost to exploitations can be accredited to conventional web2 defects. These losses are a result of infrastructure vulnerabilities rather than smart contract issues. The scrutinization incorporated crypto exploitations from 2022, although data on fraud and exit scams were not considered.
The prominent German bank, Commerzbank, has secured a crypto custody license, as confirmed by an announcement made by the bank on November 15th. This makes Commerzbank the inaugural full-service bank in Germany to obtain such a license as per the guidelines of the German Banking Act. With this license, the bank can now provide custody of crypto assets and broaden its scope to offer additional digital asset services.
Commerzbank's chief operating officer, Jörg Oliveri del Castillo-Schulz, hailed this development as an "important milestone", attesting their dedication to employ the most recent technologies and innovations. The priority for the bank now is to construct a dependable platform that adheres to local regulations, while aiding its institutional clients with crypto custody services via blockchain.
On a related note, speculation about alterations in the U.S. Securities and Exchange Commission's (SEC) decision regarding Bitcoin (BTC) spot exchange-traded fund (ETF) approvals remain rife after an XRP (XRP) price surge triggered by a spurious filing suggesting BlackRock intended to establish an XRP trust. Though industry voices believe such falsified information may bolster SEC's standing about the susceptibility of the crypto markets to manipulation, it is unlikely that isolated incidents like this will significantly defer the approval process for spot crypto ETFs or serve as legal grounds for delay.
According to data from Cointelegraph Markets Pro, the price of XRP escalated over 12% in the course of 30 minutes on November 13, retracting once the news of the file was exposed as fraudulent. Experts believe such incidents might potentially jeopardize the launch of a Bitcoin ETF in the United States.
The counterfeit XRP trust filing is set to be referred to the Delaware Department of Justice for additional probe. This article does not comprise investment guidance or recommendations. All investment and trading actions involve potential risk, and individuals should independently research before making a decision.
Published At
11/15/2023 7:33:02 PM
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