This week, we bring you the latest updates and developments in the world of crypto compliance and investigations.
Donald Trump’s campaign receives crypto donations
The campaign for Donald Trump has been reported to accept significant cryptocurrency donations.
CNBC reports that the former US President has successfully raised over $4 million through cryptocurrencies. According to a filing with the Federal Election Commission, donations to the Trump 47 Committee have included Bitcoin, Ether, Ripple’s XRP token, and the US dollar-pegged stablecoin USDC.
Meanwhile, Republican Senator Roger Marshall has pulled back his support for the Digital Asset Anti-Money Laundering Act a contentious anti-cryptocurrency bill that he initially co-sponsored alongside Democratic Senator Elizabeth Warren in 2022. As of July 24, this withdrawal has left 18 senators in support of the legislation, according to the official Congressional directory tracking the bill.
Read more on cnbc.com and cointelegraph.com.
Dough Finance issues ultimatum to hacker after $1.8m exploit
Dough Finance, a decentralized finance (DeFi) protocol, suffered a significant exploit on July 12, resulting in the loss of approximately $1.8 million.
The attack was detected by Web3 security firm Cyvers, which identified multiple suspicious transactions involving Dough Finance. The hacker exploited a vulnerability in the protocol’s “ConnectorDeleverageParaswap” smart contract, enabling them to convert the stolen USD Coin (USDC) into Ether (ETH).
Transaction map from Crystal
Our analysis shows that there has been a funds exit via Tornado Cash Finance, while most other movements are swaps between WrappedBTC/ETH/USDC.
In response to the hack, Dough Finance issued an ultimatum to the hacker, demanding the return of the stolen funds by July 15, 2024, or face legal consequences. They urged users to withdraw their funds and avoid interacting with the protocol until the situation is resolved.
Since then, we have not seen any updates.
This incident highlights the ongoing vulnerabilities within the DeFi sector, which has seen numerous similar exploits in recent times.
Read more on dailycoin.com.
FTC reports over $1 billion lost to crypto scams since 2021
Since the beginning of 2021, over 46,000 people have reported losing more than $1 billion in cryptocurrency scams, according to the latest FTC Consumer Protection Data Spotlight.
The problem is exacerbated by the combination of social media and cryptocurrency. Nearly half of those who reported losing crypto to a scam since 2021 said it began with an ad, post, or message on a social media platform.
Among these cases, 32% originated on Instagram, 26% on Facebook, 9% on WhatsApp, and 7% on Telegram.
Read more on ftc.com.
