Today in Crypto: Tether Joins Hands with INHOPE to Fight CSAM, Mango Labs Sues Exploiter, ‘UK Must Move Faster’ on Crypto Regulation

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated:

January 4, 2024 10:51 EST

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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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Security news

• Tether, the company operating the blockchain-enabled platform tether.to that powers the USDT stablecoin, announced that it would collaborate with INHOPE, a global network combatting online Child Sexual Abuse Material (CSAM), to share information, facilitate conversations between stakeholders, and take action to drive bad actors out of the crypto ecosystem. Tether is the first cryptocurrency to take a stand with INHOPE against CSAM, said the announcement.

Legal news

• DeFi lending protocol Mango Markets developer, Mango Labs, is suing Avraham Eisenberg, the exploiter of the Solana-based platform for the $47 million Eisenberg allegedly holds from the exploit plus damages. According to the complaint, the lawsuit seeks to nullify an agreement between Mango DAO and Eisenberg, made after the exploit, to return $67 million of the total $114 million stolen. Because the DAO’s $10 million insurance fund was insufficient to cover depositors’ losses, it was forced to accept the agreement under duress, it claimed.

Regulation news

• Former UK Chancellor of the Exchequer and the new chair of crypto custodian Copper, Philip Hammond, said that the country needs to move faster to establish a more effective regulatory regime for digital assets. “The UK needs to be leading in this area post-Brexit,” Hammond told the Financial Times. “It’s allowed itself to slip behind. Switzerland is further ahead. The EU is also moving faster. There has to be appetite to take some measured risk.”
• The Dutch central bank, or De Nederlandsche Bank (DNB), has fined the European branch of crypto exchange Coinbase €3.3 million ($3.6 million) “because Coinbase provided crypto services in the Netherlands in the past without registration with DNB, which is in non-compliance with the law,” per the press release. The regulator said Coinbase had been operating while unregistered between November 15, 2020, and August 24, 2022, adding that “DNB did reduce the fine by 5% because Coinbase had always intended to obtain registration with DNB.”

DeFi news

• Decentralized finance (DeFi) lending platform Aave is set to launch the third version of its protocol on Ethereum after a successful decentralized autonomous organization (DAO) vote. Aave v3 will be launched with support for seven assets: AAVE, LINK, WBTC, WETH, wstETH, USDC, and DAI. Pricing for all assets, except WBTC and wstETH, will come directly from a Chainlink feed.
• Web3 identity solution Quadrata announced that it partnered with nine DeFi protocols: TrueFi, Archblock, BSOS, Frigg.Eco, Cred Protocol, Chelo Finance, CR Square, Chee Finance, and SPACE. “Quadrata’s passport network will provide identity verification for the users of each protocol, offering an imperative measure of safety and security,” said the press release.

Exchange news

• Bitpanda announced the launch of Bitpanda Technology Solutions, an Investing-as a-service infrastructure available in Europe and globally. Already serving more than 20 million customers in 25 countries with its initial White Label API, Bitpanda Technologies Solution is now adding features, asset classes, and several regulatory licences to its offering, it said. The platform now allows fintechs, traditional banks, and online platforms to offer trading, investing, and custody services across stocks/ETFs, cryptocurrencies, precious metals, and commodities.

Investment news

• Financial services firm Wilshire has entered a partnership with digital asset platform FalconX to develop a range of single-coin, multi-coin, and thematic indexes, providing institutional investors with access to the fast-growing over-the-counter (OTC) crypto derivatives market and “enhanced ability to conduct safe and regulated trading,” said a press release.

Gaming news

• Mana Games, a multi-chain Web3 game launcher and social eSports application, said it would introduce a unique win-to-earn P2P competition model with Identity built on the Concordium Blockchain. The new feature, set to launch by the end of January, will allow players to compete in Web2 AAA games and earn Web3 rewards, it added.