A major vulnerability in old versions of the Vyper programming language caused problems for Curve Finance, Bitcoin held its $29,000 range, and more!
Here’s what we’re looking at.
SEC told Coinbase to halt trading
Coinbase’s CEO said the SEC told the exchange to halt trading of all cryptocurrencies, save for Bitcoin, on its platform before it sued the firm in June.
Brian Armstrong made the claim in an interview with the Financial Times over the weekend. The regulator has sued Coinbase for allegedly violating securities laws.
A Coinbase representative told DL News: “This is an inaccurate representation of the facts. The interview as published earlier today by the Financial Times omits important context regarding our conversations with the SEC.”
The SEC told DL News its staff does not ask firms to delist securities.
See below for Coinbase’s full statement.
Curve Finance vulnerability kneecaps DeFi
A vulnerability in stablecoin exchange Curve Finance’s code led to an estimated $41 million in asset outflows from the protocol on Sunday.
One or more exploiters used a bug in old versions of the Vyper programming language to drain funds from several liquidity pools. Curve has said all remaining pools are safe.
Bitcoin holds above $29,000
Bitcoin maintained its $29,000 price range on Sunday, despite the DeFi-shaking vulnerabilities surrounding Curve Finance and other protocols.
The leading cryptocurrency has been in the $29,000-$30,000 range for a week, down from this year’s high of $31,600 on the fourteenth of this month.
Coinbase’s Base sees memecoins activity
Coinbase’s layer two blockchain, Base, has seemingly come online ahead of its planned public launch in August, as a series of memecoins were tracked on the network over the weekend.
Over $48 million has been transferred to the network since its mainnet went live on July 13, but no official bridge to other chains has been released.
Ethereum turns eight
The Ethereum community celebrated the network’s birthday on Sunday, which marked the eighth year anniversary of its “genesis block,” or first block of transactions.
Ethereum is the second-largest blockchain network after Bitcoin, with a market capitalisation of $227 billion.
What we got up to this past weekend
This article was updated on Monday to add Coinbase’s comment:
“Prior to litigation, the SEC did not at any point request that Coinbase delist any specific assets, which the SEC acknowledges in the same article.
Whether deliberately or as a result of an oversight, the author implied that the SEC ordered Coinbase to “halt all trading of every crypto asset other than Bitcoin.” As stated by the SEC itself further in the article, its “enforcement division did not make formal requests for “companies to delist crypto assets”.
This type of request could only be made following a majority vote from the Commissioners themselves. Per the SEC’s own assertion, the views shared in the FT article may have represented the views of some staff at the time, but did not represent those of the commission more broadly.
We continue our discussions with the commission, but believe that transparent and fair rulemaking and Congressional action, such as bills that we saw gain bipartisan support in the US House of Representatives last week, represent the best path forward for American crypto users and the companies building the cryptoeconomy in the US.”