Latest Crypto News: Bank Of Russia To Pilot CBDC ‘Rouble’, Hackers Steal $2 Million From Dexible

Here are some of the major developments from the world of crypto over the last few days
Latest Crypto News: Bank Of Russia To Pilot CBDC ‘Rouble’, Hackers Steal $2 Million From Dexible

Bank of Russia informed on February 17, 2023 that its central bank digital currency (CBDC), the digital rouble, is ready for a pilot phase.

The project will be launched for peer-to-peer transfers between individuals and for retail purchases, the bank’s deputy governor informed.

“The pilot will work on real operations for real people, but only for a limited numbers of them, with the 13 banks that have signalled they’re ready,” decrypt quoted Bank of Russia’s deputy governor as saying.

After the pilot, Bank of Russia will decide on ways to scale the project.

The bank first proposed a CBDC project in October 2020. The CBDC project is intended to decrease the reliance of the Russian economy on the dollar and mitigate the impact of foreign sanctions on the country.

Hackers Exploit Dexible For $2 Million Worth Crypto

Decentralised exchange aggregator Dexible on Friday informed that it was the victim of a hack that cost it a loss of $2 million worth of crypto.

“A hacker exploited a vulnerability in our newest smart contract. This allowed the hacker to steal funds from any wallet that had an unspent spend approval on the contract,” decrypt quoted Dexible as saying.

The attack affected 13 Arbitrum wallets and five Ethereum wallets, which have been fully mined. Around 85 per cent of the losses came for a few ‘whales’, including BlockTower Capital, an investing company for digital assets.

Trader Earns $100K In Seconds Front-Running Token Listing

An unidentified crypto trader made over $100,000 in profit after purchasing a token 30 minutes before it was listed on crypto exchange Binance, decrypt said, citing a Lookonchain report.

He purchased $208,335 worth of Gains Network (GNS) tokens before the listing.

GNS soared some 51 per cent just after the listing—from $7.92 to $12.01. A trader then sold his tokens earning $106,747 in profit.

A former Coinbase product manager, Ishan Wahi, has pleaded guilty earlier this month to participating in an insider trading scheme that netted him $1.1 million.

BlockSec Helps Platypus Recover Stolen Fund Of $2.4 Million

Cryptocurrency security firm BlockSEC has helped Platypus get back $2.4 million from attackers by implementing an upgraded proxy. With this help, the attacker could only cash out $270,000 out of the nearly $9.1 million stolen, decrypt reported.

According to Yajin Zhou, co-founder of BlockSec, $2 million was recovered using the proof of concept it produced. Zhou said that $8 million in assets were left stranded because the attacker contract lacks a transfer function.

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