• Crypto developers have exposed security flaws in Societe Generale’s euro stablecoin.
• Brazil is investigating Binance for offering illegal derivatives with customer service agents allegedly providing instructions on how to circumvent restrictions.
• Fed Governor has highlighted the benefits and risks of tokenization and smart contracts, while Trezor has refused Coinjoin UTXOs to protect other people’s privacy.
Crypto Developers Expose Security Flaws
Crypto developers have identified “absolutely horrible” security flaws in Societe Generale euro stablecoin. The issue was first reported by a Redditor who found that the coin “has no multi-signature protection, no atomic transactions, and no way to freeze or undo transactions.” This means that users are at risk of losing their funds if they do not take steps to secure them properly.
Brazil Investigating Binance for Illegal Derivatives Offerings
Brazil is currently investigating crypto exchange Binance for allegedly offering illegal derivatives to customers despite being issued a stop order from the government in 2020. It appears that customers can change the language of Binance’s website in order to access features otherwise restricted, which is illegal in Brazil according to recent findings. Customer service agents have even provided instructions on how to use this workaround, making them complicit in this crime as well.
Fed Governor Highlights Benefits & Risks of Tokenization & Smart Contracts
Fed Governor Lael Brainard recently spoke about the potential benefits and risks associated with tokenization and smart contracts. On one hand, these technologies can improve financial resilience by reducing counterparty risk and increasing flexibility; on the other hand, they can also increase transaction costs due to complexity and raise regulatory concerns due to their decentralized nature. Brainard concluded that it will be important for regulators to ensure these technologies are adopted safely and responsibly moving forward.
Trezor Refuses Coinjoin UTXOs To Protect Privacy Of Others
Trezor recently announced that it has taken steps to protect user privacy by refusing all coinjoin UTXOs (unspent transaction outputs). In a blog post published April 19th, Trezor clarified that this decision was made out of respect for its users‘ privacy rights — since coinjoin transactions can reveal information about sender/recipient addresses — as well as its commitment towards financial privacy overall.
Dutch Court To Release Tornado Cash Dev Alexey Pertsev Under Surveillance
A Dutch court ruled April 19th that Alexey Pertsev — a Russian developer behind anonymity solution Tornado Cash — should be released under surveillance while awaiting trial over money laundering charges brought against him by Russia last year. Pertsev had been detained in Amsterdam since October 2020 but will now be able remain free provided he meets certain conditions set by the court such as regularly reporting his whereabouts and avoiding contact with certain individuals connected with his case