US Senator says he supported crypto amendments despite blocking the bill.

As reported earlier, provisions had been hastily added to the infrastructure bill that sought to raise $28 billion through expanded taxation and impose stringent third-party reporting requirements for any entity that came under the definition of cryptocurrency “broker.” Taking to Twitter yesterday, Senator Richard Shelby expressed support for the amendment put forward by senators Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Ron Wyden, and Kyrsten Sinema that would have exempted software developers, transaction validators, and node operators from the third-party reporting requirements.

 

Senator’s sole objection led to the bi-partisan infrastructure bill passing on Aug 10.

Despite his stated support, Shelby asserted he objected to the amendment over his dissatisfaction with the defense spending allocations contained in the legislation. Richard Shelby, the 87-year-old Republican Senator whose sole objection led to the bi-partisan infrastructure bill passing through the Senate without amendment on Aug 10, has revealed he actually supported changes to the bill’s cryptocurrency provisions that his vote ultimately blocked. 

 

The crypto community has slammed Shelby for his actions.

The crypto community has slammed Shelby for his actions, with the comments to his post nearly exclusively populated with angry outpourings from crypto-natives. Twitter-user David Zell noted that Shelby’s largest donors from 2015 until 200 were commercial banks and firms representing the securities and investments sector — which donated more than $870,000 to Shelby over the period. Jake Chervinsky, general counsel to Compound Finance, also criticized the US Senator, highlighting that Shelby is retiring at the end of his term. Despite the popular amendment failing to pass the Senate, Chervinsky noted that it is “very unlikely” DeFi developers will be targeted under the infrastructure bill’s original language. 

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Why didn’t Binance and Circle Freeze Hacker Account?

Poly Network became the victim of the largest Defi hack in crypto history as hackers managed to drain $610 million worth of assets on Binance Smart Chain (BSC), Ethereum (ETH), and Polygon. As per the latest development, the hacker behind the attack has agreed to return the fund and has demanded a secure multi-sig wallet from the Poly Network.

Poly Network

SlowMist, a blockchain analytic firm that managed to get hold of the hacker’s IP address and digital fingerprint discovered that the hacker’s initial source of funds was Monero (XMR), and then changed to BNB/ETH/MATIC and other coins in the exchange and withdrew the coins to 3 addresses. The forensic group summarised the attack as

“This attack is mainly because the keeper of the EthCrossChainData contract can be modified by the EthCrossChainManager contract, and the verifyHeaderAndExecuteTx function of the EthCrossChainManager contract can execute the data passed in by the user through the _executeCrossChainTx function. Therefore, the attacker uses this function to pass in carefully constructed data to modify the keeper of the EthCrossChainData contract.

The hacker claimed the attack would have been in billion had he decided to rug remaining “Shitcoins” as well. He also took a pot-shot at the protocol developers saying,

“WHAT IF I MAKE A NEW TOKEN AND LET THE DAO DECIDE WHERE THE TOKENS GO”

Ether ScanEther Scan

Tether Froze Hacker’s USDT Account, But Circle and Binance Didn’t

As soon as the hack was discovered, Poly Network requested all exchanges and miners to red-flag transactions initiating out of the mentioned hacked accounts. Tether was quick to the job and froze $33 million worth of USDT almost immediately. However, a majority of the funds were on the BSC network which many believe didn’t take appropriate steps to block the transactions.

One reason that Binance didn’t freeze BUSD transactions is that the native stablecoin cannot be frozen by anyone on the BSC network. However, Circle could still have blocked the transactions, but they decided against it and said they would take legal actions instead.

A Chinese blogger Chaojuin consulted all three token controllers of USDT, USDC, and BUSD

“I consulted USDT, USDC, and BSC for the first time. USDT was frozen. The CEO of USDC said that they wanted to go public legally and not frozen. BSC initially said that it was frozen, but after CZ Binance tweeted, Know that they are not frozen.”

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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ADAX Has Just Changed the Game, Offering Censorship-Resistant DeFi via ADA ⋆ ZyCrypto

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In the history of every successful startup, there comes a ‘defining’ moment – a moment when the vision of its founders clashes with the impossible and, against all odds, triumphs by becoming a reality. ADAX, a decentralized exchange (DEX) within the Cardano ecosystem, has just experienced that moment.

We are thrilled to demonstrate that, as promised, ADAX’s trustless protocol will enable censorship-resistant token swaps within the Cardano ecosystem, make full use of ‘social sentiment’-based trading tools, and ensure ample asset liquidity through unique liquidity pools. For the last three months, our team of seasoned developers and finance professionals has been working tirelessly to hit this milestone. We are now proud to say that we are on the right track.

Welcome to the DeFi world powered by frictionless transactions on ADAX.

Modern UI/UX

Our UX team have spent countless hours making sure that ADAX DEX is built according to the industry’s best practices and that the user experience is both intuitive and frictionless. Take a look at the new UI designed for your convenience at ADAX.pro.

Effortless Token Swaps

ADAX DEX protocol is streamlined to be lean and mean. ADAX users are empowered to execute smart contract-based trades instantly and only at a fraction of the cost of the Ethereum network. ADAX also has no order book – all intermediaries and cumbersome procedures have been stripped out of the equation, giving users untrammeled freedom to trade without ever giving up control of their assets.

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Thanks to our exclusive partnership with Stockgeist.AI, a market sentiment monitoring platform, ADAX’s traders will be empowered to re-calibrate their investments based on early signs of changing ‘social sentiment’. By utilizing the data scraped from social media sites like Twitter, Facebook, Reddit, and Discord, ADAX’s traders will know exactly which tokens are getting hot and which are cooling down, thus stretching their lead over the competitors even further. 

Deep Liquidity Pools

Most liquidity pools in existence rely on dynamically changing ratios, with impermanent loss rampant in low-volume assets, often undermining the very risk/reward-based rationale of early liquidity providers. ADAX liquidity pools are different and do not suffer from that all-too-common problem that saps the market liquidity services of our competitors. 

Seamless Wallet Integrations

To inch closer to the goal of becoming the UniSwap of Cardano, ADAX is in the process of ensuring widespread wallet integration. Will offer full support of Yoroi, GeroWallet, and CardsWallet, we have many more API-based integrations planned for the immediate future.

Throughout our journey to ensure the prosperity of all stakeholders within the Cardano ecosystem, we have received more support than we could have ever predicted. We’ve had an oversubscribed private sale and a tremendously successful IEO on ExMarkets. We’ve also cultivated partnerships with projects like Charli3 and BlackDragon and welcomed the backing of some of the most important crypto stakeholders, including Roger Ver, the so-called ‘Bitcoin Jesus’, and Mate Tokey, a co-founder of Bitcoin.com. 

Most recently, our list of valued relationships has expanded to include GeroWallet, a multi-functional Cardano Wallet, and MELD, a leading non-custodial banking protocol. The latter will be using our platform as the designated DEX for their token and providing the Polygon bridge to further increase the cross-chain spread that ADAX is aiming for.

In short, we are both extremely excited and humbled by the amount of support we have received. We hope that by delivering on our promises, we can begin to give back to the enthusiastic Cardano community, which continues to support us throughout our quest to become the most powerful trading venue within the Cardano ecosystem.

To find out more about how ADAX is changing the world of DeFi on Cardano, visit the website at https://adax.pro/

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