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By August 3, 2022DeFi
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Solana ecosystem users are seemingly being targeted in a new exploit that has so far drained over 8,000 wallets from users of different platforms including Phantom, Slope, and TrustWallet.

The Ontario Securities Commission (OSC) has included a number of cryptocurrency firms in a consumer protection alert that called out companies not registered to deal in the Canadian province. The warning encompasses possible harmful or illegal activity.

Cryptocurrency exchange Zipmex will release Solana (SOL), Cardano (ADA), and Ripple (XRP) tokens to users’ wallets in the coming days after blocking users from withdrawing their funds last month. The process will start with SOL and will be followed by XRP and ADA.

Sponsored: XRPayNethas been making major progress in the DeFi space this year. Their recent launch of a versatile mobile application has allowed users to trade with freedom. The app touts the flexibility to trade with 90,000 trading pairs available for use. This vast expansion of technology and availability has been a widely positive first impression from its customers.

Top stories in the Crypto Roundup today:

  • Over 8,000 Solana Wallets Drained in New Exploit
  • Ontario Regulator Includes Crypto Firms in Consumer Protection Alert
  • Crypto Exchange Zipmex to Open Withdrawals for Some Tokens
  • Crypto Investment Products’ AUM by Company
  • Sponsored:XRPayNet - Redefining the industry standard for financial transactions
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Solana ecosystem users are seemingly being targeted in a new exploit that has so far drained over 8,000 wallets from users of different platforms including Phantom, Slope, and TrustWallet.

The attack is still ongoing and has seen users’ funds siphoned to an external wallet,amassing over $5 million in SOL, SPL, and other Solana-based tokens. The exact cause of the attack remains unclear, although it appears to have predominantly affected mobile wallet users.

The attack may have somehow obtained the ability to sign – initiate or approve – transactions on behalf of users, which could mean a third-party service these wallets interacted with has been compromised.

A representative for Phantom, the largest Solana hot wallet, said the organization is “evaluating the incident impacting Solana wallets and are working closely with other teams in the ecosystem to get to the bottom of this.”

To protect themselves, users are being advised to revoke any permissions they may have given with their wallets. On Phantom, users need to move to “Settings,” then “Trusted Apps” to do this.

Some users have reported losing funds on both the Solana and Ethereum blockchains.

The Ontario Securities Commission (OSC) has included a number of cryptocurrency firms in a consumer protection alert that called out companies not registered to deal in the Canadian province. The warning encompasses possible harmful or illegal activity.

The OSC maintains a “warning list” of companies and individuals that it believes may be putting investors at risk. In its recent notice, it pointed to KuCoin, PhenoFX, crestswiftrade.com, and FX-BTC trade as unregistered firms.

In June, the OSC barred KuCoin from operating in Ontario in a move made as part of a wider crackdown on cryptocurrency exchanges, following Canada’s securities regulators deciding to treat custodial exchanges as securities exchanges.

The regulator has also recently been going after unregistered exchanges. It has settled with Bybit, which committed to working with the OSC to register.

Cryptocurrency exchange Zipmex will release Solana (SOL), Cardano (ADA), and XRP tokens to users’ wallets in the coming days after blocking users from withdrawing their funds last month. The process will start with SOL and will be followed by XRP and ADA.

Since July 20, Zipmex’s customers haven’t been able to transfer out their cryptocurrency holdings from their Z Wallets to their Trade Wallets, preventing them from selling or trading the tokens.

The exchange was facing a loss of $100 million lent out to crypto lender Babel Finance, which froze withdrawals in mid-June after the Terra ecosystem collapse and subsequent Three Arrows Capital contagion led to a flurry of defaults.

In July, Grayscale Investments continued to hold the vast majority of cryptocurrency investment products’ assets under management at $19.8 billion, accounting for 74.4% of the total.

XBT Provider had the second-highest assets under management last month with $1.53 billion, 5.77% of the total, followed by 21Shares’ $993 million, equivalent to 3.73% of the total.

XRPayNet has been making major progress in the DeFi space this year. Their recent launch of a versatile mobile application has allowed users to trade with freedom. The app touts the flexibility to trade with 90,000 trading pairs available for use. This vast expansion of technology and availability has been a widely positive first impression from its customers.XRPayNet makes major strides towards the goal of converting crypto payments made to businesses that use existing processing systems to give the business their payment back in their conventional currency.

With another new exchange listing under their belt last week on Bitmart and their flashy new crypto cards coming out later this year that will allow consumers to spend any crypto in stores globally, XRPayNet is redefining the future of financial transactions. They are making the Crypto to Fiat payment process seamless and furthering global adoption as less than fifty thousand businesses accept crypto out of 250 million companies globally. If XRPayNet isn’t on your radar, it should be now.

XRPayNet’s latest app available for download here on iOS and Android.

For more information and updates please check out:

Apple: https://apps.apple.com/app/id1616451007

Android: https://play.google.com/store/apps/details?id=com.xrpaynet.app

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