MIM Depeg, Panama’s President Vetoed Crypto Bill, Metamask Warn of Sec Vulnerability and More.
ENEDEX DeBrief — Week 3, June 2022
Welcome to the 7th iteration of ENEDEX Debrief, where we recap 5 major news in the crypto and blockchain industry in bite size by the end of each week. Let’s get to it!
- Magic Internet Money (MIM) token depegs as Terra (LUNA) domino effect persists
Magic Internet Money (MIM), a US dollar-pegged stablecoin of the Abracadabra ecosystem, joins the growing list of tokens losing their $1 value amid an untimely crypto winter. The sudden de-pegging of the MIM token commenced roughly on June 17, 7:40 pm ET, which saw the token’s price drop to $0.926 in just three hours.
Citing an insider scoop, AutismCapital claimed that Abracadabra accrued $12 million in bad debt as a direct result of Terra’s sudden downfall “because liquidations couldn’t happen fast enough to cover the protocol’s MIM liabilities.”
The ripple effect continues. What other companies or project will be affected by UST’s downfall next? Let us know your thoughts!
2. President of Panama vetoed crypto bill citing FATF guidelines
Panama’s President Laurentino Cortizo has partially vetoed Bill №697, dubbed the “crypto bill,” saying it requires more work to better fit Panama’s financial regulations.
President Cortizo previously warned in May he wouldn’t sign the bill unless it included additional Anti-Money Laundering (AML) rules after Panama’s National Assembly passed the crypto bill in late April 2022.
Will things turn out differently if it’s the bull market? Let us know your thoughts
3. MetaMask warns of security vulnerability from older versions of popular crypto wallet
On Wednesday, MetaMask said that it uncovered a critical security vulnerability in older versions of its crypto wallet with the help of security researchers at Halborn. The security firm was awarded a bounty of $50,000 for the discovery. For users of the MetaMask extension before version 10.11.3, three necessary conditions would have led to the potential vulnerability.: 1) an unencrypted hard drive; 2) having imported a secret recovery phrase into a MetaMask extension on a device that was compromised, stolen, or has unauthorized access; and 3) having used the “Show Secret Recovery Phrase” checkbox to view one’s secret recovery phrase on-screen during the import process.
Update your metamask to make sure it’s secure!
4.BIS to launch market intelligence platform
The Bank for International Settlements (BIS) Innovation Hub announced the launch of a new set of projects targeting various aspects of traditional and crypto payments — including a cryptocurrency market intelligence platform and security for retail central bank digital currency (CBDC).
BIS’s cryptocurrency market intelligence platform will be launched under the Eurosystem Centre initiative, which aims to provide vetted data about crypto projects. One of the key drivers for the project’s commencement is the collapse of numerous stablecoins projects and decentralized finance (DeFi) lending platforms such as Terra (LUNA) and Decentralized USD (USDD)
More resilience support for the whole crypto ecosystem is always good
5. Third non-EU country, Ukraine, joins the European Blockchain Partnership
After Norway and Liechtenstein, Ukraine became the third country outside the European Union (EU) to join the European Blockchain Partnership (EBP), an initiative derived by 27 member states to deliver cross-border public services. The Ministry of Digital Transformation of Ukraine announced the country’s move to join the EBP as an observer on June 17. With the ultimate goal of integrating its digital economic space with the EU, Ukraine plans to expand its interstate blockchain network partnership with other countries.
Not even war can stop global blockchain adoption.
Those are 5 notable news on the cryptoverse this week! Anything that we missed?
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