WazirX Delists USDC, Wintermute $160M Hack, SEC Claims ETH Transactions Fall Under US Jurisdiction

Written by Crypto University

September 21, 2022

WazirX Delists USDC

WazirX, India’s leading cryptocurrency exchange, has delisted USDC, USDP, and TUSD – auto-converting users’ holdings to Binance USD. It seems the cryptocurrency company is following after Binance, which announced the same news earlier this month. 

“Namaste Tribe! WazirX has stopped deposits of USDC, USDP, and TUSD, and we will not support any new deposits. To enhance liquidity and capital efficiency for users, WazirX will implement BUSD Auto-Conversion for users’ existing balances of USDC, USDP, and TUSD stablecoins at a 1:1 ratio,” announced WazirX in an official statement.

WazirX will freeze withdrawals of the above stablecoins on the 23rd of September. Furthermore, the exchange will auto-covert the remaining balances before the 5th of October. Last month, Binance CEO and founder, Chanpeng “CZ” Zhao, and WazirX founder Nischal Shetty had a Twitter war. The two founders argued about the ownership of WarziX, each refusing to own up.

Wintermute $160M Hack 

Wintermute, a cryptocurrency market maker, has suffered a $160 million hack related to its decentralized finance platform. The company’s over-the-counter (OTC) and centralized finance (CeFi) platforms are unaffected. 

“We’ve been hacked for about $160M in our DeFi operations. CeFi and OTC operations remain unaffected. We are solvent with twice that amount in equity left. If you have a MM agreement with Wintermute, your funds are safe. There will be a disruption in our services today and potentially for the next few days and will get back to normal after,’ announced Evgeny Gaevoy, the CEO and founder of Wintermute. 

Wintermute trades billions of dollars in the crypto market daily by providing liquidity across different venues. It was appointed the official DeFi market maker for the Tron network last week. Gaevoy said that the business is still considering the attack as a “white hat” incident and has requested the hacker to contact them.

SEC Claims ETHPoS Transactions Fall Under US Jurisdiction

The Securities and Exchange Commission (SEC) has filed a federal lawsuit against crypto influencer Ian Balina for failing to register a cryptocurrency as security before conducting an ICO. The SEC stated in its 69th paragraph that it believes the US government has jurisdiction over all Ether transactions. 

Such a scenario would also increase the SEC’s role in supervising Ether and other cryptocurrencies. This is not the first time the SEC has asserted authority over the whole Ethereum ecosystem.

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