Binance Introduces Antidote For Address Poisoning Scams Post $68M Exploit

Here are some of the major developments in the world of crypto over the past few days.
 some of the major developments in the world of crypto
some of the major developments in the world of crypto

Binance's security experts developed an “antidote” against the growing instances of address poisoning scams, that trick investors into willingly sending funds to a fraudulent address.

The scammers hope that the victim will mistakenly copy and send funds to their address. This "antidote" comes after a $68 million exploit targeting Binance. The algorithm will also help flag spoofed addresses on HashDit’s user-facing products, web browser extensions, and MetaMask Snaps.

The need for preventive algorithms became clear two weeks ago after an unknown trader lost $68 million to an address poisoning scam. To make matters worse, according to CoinTelegraph, scammers are taking advantage of vanity address generators to customize addresses to make them less random or more like a specific address.

Swiss Leaders Propose Implementation of Worldwide Crypto Reporting Standards

Switzerland plans to introduce global crypto tax reporting standards and join the Crypto Asset Reporting Framework to improve transparency. The Federal Council, the seven-member group that jointly runs the Swiss government, plans to introduce the Crypto Asset Reporting Framework (CARF) to improve tax transparency.

Swiss federal authorities aim to "close gaps in the tax transparency mechanism and ensure equal treatment of traditional assets and financial institutions," with consultations lasting more than three months and ending on 6 September. finish.

CARF introduces new reporting requirements for crypto asset service providers, such as cryptocurrency exchanges, crypto asset brokers and dealers, and crypto asset ATM operators. Once the regulation comes into effect, Canadian individuals and businesses will be required to report transactions between crypto assets and fiat currencies to other crypto assets to the Canada Revenue Agency.

Millennium Management discloses $2B in Bitcoin ETF holdings

International hedge fund Millennium Management has reported it holds $1.94 billion across five different spot Bitcoin ETF products. Millennium held a total of $1.94 billion across five spot Bitcoin BTC $66,178 ETFs as of March 31, according to its 13F filing with the United States Securities and Exchange Commission.

Describing Millennium as the “king” of Bitcoin ETF holders, Bloomberg ETF analyst Eric Balchunas noted the firm held 200 times the exposure of the average new ETF holders in the top 500.

By the time the May 15 filing deadline arrives, I suspect we may end up with 700+ professional firms and a total AUM approaching $5 billion,” added Hougan. On May 14, The State of Wisconsin disclosed that it held a total investment amount of $164 million across two funds offered by Grayscale and BlackRock

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