As usual, it’s been a bit of a wild week in the crypto realm. Although, with Bitcoin reaching a new yearly high and all the ETF hype, it’s easy to forget that it’s not all sunshine and rainbows. And with roughly $443 Million worth of crypto tokens set to unlock in November, things are only set to get more interesting this year.
So, if you didn’t catch all the news last week, here are the main points to get you up to date!
LastPass Breach Results in $4.4 Million Crypto Loss
LastPass, usually a fortress guarding our digital treasures, lost over $4 million in cryptocurrencies to a breach that can be traced all the way back to December 2022. Around 25 LastPass users fell victim to the security breach, which targeted users who stored their seed phrases on the platform, leading to a total loss of over $35 million across more than 150 victims since December, and the losses keep mounting. Security experts advise affected users to move their crypto assets urgently.
UK's New Economic Crime Act Empowers Crypto Seizures
Across the pond in the United Kingdom, The UK's Economic Crime and Corporate Transparency Act, enacted on October 26, is aimed at combating fraud and money laundering, bolstering financial safety and giving the authorities the power to crack down on crypto shenanigans. This law empowers Companies House to verify directors' identities more rigorously, aiding in the elimination of fraudulent companies.
But here's the kicker - law enforcement now has the magic wand to seize and manage cryptocurrencies much more effectively. After all, we've seen a whopping $1.2 billion slip through the cracks, ending up in the wrong hands overseas. This move aims to prevent illegal financial activities, like those false lawsuits and letting big corporations walk away scot-free.
SEC Fines BlackRock $2.5 Million
Over in the Global Heavyweight corner, BlackRock Advisors LLC, the world's largest asset manager overseeing more than $9.43 trillion in assets, faces a $2.5 million fine from the SEC due to inaccurate investment disclosures related to Aviron Group.
The SEC revealed that BlackRock had incorrectly categorized Aviron, an entertainment firm, from 2015 to 2019. While BlackRock didn't admit guilt, it accepted the SEC's order, including a cease-and-desist, censure, and monetary penalty.
Hackers Exploit Maestro Router for $500,000
Hackers exploited a vulnerability in the Maestro Router 2 smart contract, stealing 280 ETH ($500,000) from the Telegram trading bot Maestro.
This attack led to a 30% drop in JOE tokens' price due to a lack of liquidity. Despite the breach, Maestro managed to refund affected users, maintaining its positive performance, with earnings exceeding $20 million in fees in 2023.