Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Nearly half of all cryptocurrency lost to exploits is due to web2 flaws. In other news, Commerzbank says it is the first “full-service” German bank to be granted a crypto custody license. Meanwhile, the United States securities regulator isn’t likely to change its stance on spot Bitcoin ETFs
Nearly half of all cryptocurrency lost to exploits is due to web2 flaws
According to analysis from blockchain security platform Immunefi, 46% of cryptocurrency lost via exploit is due to traditional web2 flaws. These infrastructure weaknesses, as opposed to smart contract flaws, accounted for a large share of all losses.
The report covered cryptocurrency exploits from 2022, excluding data for exit scams and frauds. According to its authors:
“In 2022, we saw losses of $3,948,856,037 across the web3 ecosystem. $3,773,906,837 of this was lost to hacks across 134 specific incidents, and the remaining $174,949,200 was lost to fraud across 34 specific incidents.”
Commerzbank granted crypto custody license in Germany
German bank Commerzbank has been granted a crypto custody license by local regulators, according to an announcement released by the lender on Nov. 15.
Commerzbank says it is the first “full-service” German bank to be granted this license in the country under the legal framework of the German Banking Act. This allows it to offer custody of crypto assets and will enable it to offer “further digital asset services.”
Jörg Oliveri del Castillo-Schulz, the chief operating officer of Commerzbank, said that acquiring the license is an “important milestone.”
“This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets.”
The bank says its first step now is to establish a “secure and reliable” platform that fully complies with local regulations while supporting its institutional clients through crypto custody services via blockchain.
SEC won’t sway on ETF approvals despite a “bad look” XRP spike
The U.S. Securities and Exchange Commission (SEC) isn’t likely to sway on its decision to approve or delay spot Bitcoin (BTC) exchange-traded funds (ETFs) after XRP (XRP) jumped and then dumped on a faked filing suggesting BlackRock was creating an XRP trust.
Bloomberg ETF analyst Eric Balchunas told Cointelegraph the incident isn’t a good look and added it could validate the SEC’s belief that crypto markets are easily manipulated — a claim it has used to push back approving spot crypto ETFs.
“There’s no doubt it is a bad look that arguably validates the ‘fraud and manipulation’ that the SEC used as grounds for past denial.”
The Nov. 13 filing on the Delaware list of corporations website showed BlackRock creating the “iShares XRP Trust” — a precursor to launching an ETF. XRP spiked over 12% in 30 minutes, then retraced once the filing was outed as a hoax.
Michael Bacina, a crypto lawyer and Blockchain Australia chair, told Cointelegraph he would be surprised if the SEC used the incident to delay approvals as it’s “unlikely an isolated rumor such as this would provide a legal basis.”
Yield App CEO Lucas Kiely agreed the faked filing wouldn’t sway the SEC and stressed the crypto community should “calm down” as the whole saga is likely just a “mild amusement for BlackRock.”
On the other hand, James Edwards, a crypto analyst at Australian fintech firm Finder, believes such events “could easily undermine efforts to launch a Bitcoin ETF” in the United States.
The fake XRP trust filing will be referred to the Delaware Department of Justice for further investigation.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
