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A bug in crypto lending platform Seneca Protocol was exploited on Wednesday to steal funds directly from users’ wallets. Losses so far exceed $3 million on the Ethereum and Arbitrum networks. Seneca is a decentralized finance (DeFi) project that allows users to borrow the stablecoin senUSD against yield-bearing assets such as deposit tokens and liquid staking tokens (LSTs). The suspicious transactions were brought to the attention of the crypto community by pseudonymous X (formerly Twitter) user Spreek. Looks like Seneca Protocol has a critical approval exploit (open external call). $3m+ lost so far across eth/arb pic.twitter.com/MkbNShtPUm — Spreek (Denver 28th-5th) (@spreekaway) February 28, 2024 Read more: Ethereum liquid staking braces for April 12 withdrawals Crypto security researcher Daniel Von Fange identified the bug in Seneca’s code, adding that he was removed from the project’s Discord where the team was deleting references to the exploit . Another user, goin...

In a recent interview with Bloomberg, Mike Belshe, CEO of crypto exchange BitGo, stated that market structure needs to improve before the U.S. SEC will grant approval for Bitcoin ETFs. Mike Belshe, CEO of cryptocurrency exchange BitGo, has suggested that all indications are leaning towards a favorable outcome for a spot Bitcoin (BTC) exchange-traded fund (ETF). However, he emphasized that the journey ahead won't be without challenges. In an interview with Bloomberg on November 16, Belshe explained that based on the discussions taking place between firms seeking Bitcoin ETF approval and the United States Securities and Exchange Commission (SEC), he holds an optimistic view that approval is imminent. However, he pointed out that improving the market structure is a prerequisite before the SEC grants ultimate approval for a Bitcoin ETF: “I think it is quite likely we have another round of ETF rejections before we get the positive news.” Belshe reiterated the SEC's stance on sep...

Seattle-based cryptocurrency exchange Bittrex has received court approval to proceed with its revised bankruptcy plan, aimed at winding down its operations in the United States. On Sep. 30, Judge Brendan Shannon approved the company’s liquidation plan during a hearing in Delaware, aimed at repaying the remaining creditors, according to court filings. “As stated on the record at the hearing, the Court ruled that it would enter a revised Proposed Order, which resolves the SEC’s informal comments.” SEC filing Bittrex initially filed for bankruptcy protection in May, shortly after facing charges from the SEC for operating an unregistered securities exchange. The SEC also accused Bittrex of collaborating with crypto asset issuers to remove statements that could have prompted an investigation into whether these assets should be classified as securities. The exchange chose to shut down its U.S. operations and return assets to customers in the wake of the SEC...