Do Kwon On The Run, ETHPoW Suffers Bridge Exploit, UK FCA Warns FTX Users

Written by Crypto University

September 20, 2022

Do Kwon On The Run

According to South Korean prosecutors, Do Kwon, the co-founder of Terraform Labs, is reportedly on the run. The Seoul Southern District Prosecutor’s Office says that Do Kwon is not cooperating with the investigation. Furthermore, he has no intention to appear for questioning. 

“I am not “on the run” or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation, and we don’t have anything to hide,” said Do Kwon in a Twitter thread.

According to Do Kwon, he is not on the run. Instead, he is in the process of defending himself in multiple jurisdictions. He maintains that his legal team has held themselves to an extremely high bar of integrity. In addition, they are looking forward to clarifying the truth over the next few months.

ETHPoW Suffers Bridge Exploit

ETHPoW, the Ethereum fork using proof of work consensus, has suffered a bridge exploit enabling the attacker to steal 200 ETHW tokens. Blocksec, a blockchain security firm, detected the exploit. Blocksec explained that the root cause of the exploit originated from the Omni Bridge on the PoW chain.  

“On September 16th, 2022, we detected that some attackers successfully harvested lots of ETHW by replaying the message (i.e., the call data) of the PoS chain on EthereumPoW (aka the PoW chain),” BlockSec wrote in a Medium post.

The consequence is that the attacker might harvest a large amount of ETHW and trade them in various markets. As a result of the increased liquidity, the price of ETHW may be influenced. Blocksec warned investors to exercise caution when trading these tokens on the PoW chain. In addition, Blocksec warned solidity developers to use extreme caution when dealing with the chainId.

UK FCA Warns FTX Users

The Financial Conduct Authority (FCA) of the United Kingdom has issued a warning against FTX. It claims that the cryptocurrency exchange is not authorized to operate in the UK. Furthermore, the UK watchdog warns users that they would not have an avenue for recourse should anything go wrong with the company. 

“This firm is not authorized by us and is targeting people in the UK. You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong,” a statement from the Financial Conduct Authority read.

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