Daily Digest - 19 December 2022

Headlines

▌Binance Supports Azerbaijan’s Enactment of Crypto Regulations

Cryptocurrency exchange Binance has offered to support Azerbaijan’s efforts to develop digital asset regulations. Binance has been active in the region this year, seeking to expand its market presence and increase its interaction with Azerbaijani authorities. Binance is ready to provide support to the Central Bank of Azerbaijan (CBA) to develop crypto regulatory mechanisms.

Policy

▌U.S. Senate Banking Chairman: "May" Ban Cryptocurrencies

Sherrod Brown, chairman of the U.S. Senate Banking Industry, said on Sunday that federal agencies need to address the cryptocurrency market and "may" ban it after the FTX crash. Brown said, "Maybe banning cryptocurrency, although it is very difficult to ban it, because it will go overseas, who knows how it will work, the cryptocurrency market is a "complex, unregulated pool of money", this problem is much bigger than FTX. So we have to do it right, have talked to the Treasury Department and want the regulator to do an assessment. I've been chairing the Banking, Housing and Urban Affairs Committee for the past eight and a half years, educating me colleagues and trying to educate the public about cryptocurrencies and the dangers they pose.”

Cryptocurrency

▌Raydium Announced Detailed Post-Mortem: The Attacker Compromised Eight Constant Product Liquidity Pools on Raydium, $4.4m Stolen

On Dec 16, 2022, a malicious actor began an exploit on the Raydium Liquidity Pool V4’s authority account by gaining access to the Pool Owner (Admin) account. OtterSec posted an initial overview of the attack. This update also expands on the initial post-mortem posted on Twitter by Raydium’s official account.

▌Twitter Bans Tweets Promoting 3rd-Party Social Media Platforms Including Facebook, Instagram, Mastodon, & Truth Social

Twitter will no longer allow users to promote their accounts on at least seven other major social media sites, including Facebook, Instagram and Truth Social, it announced Sunday. The new policy comes after many users recently began posting links to their accounts on other sites following Elon Musk's takeover as CEO of Twitter and its subsequent reinstatement of far-right accounts, suspension of journalists and mass layoffs.

▌Sam Bankman-Fried Seeks Extradition to the US After Spending 4 Days in Bahamas Jail

Former FTX Chief Executive Sam Bankman-Fried is expected to appear in court in the Bahamas on Monday to reverse his decision to contest extradition to the United States, where he faces fraud charges, a person familiar with the matter said on Saturday. The 30-year-old cryptocurrency mogul was indicted in federal court in Manhattan on Tuesday and accused of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC.