- Equity markets are rising today ahead of the latest CPI reading due at 8:30 AM tomorrow. The S&P 500 and Nasdaq 100 are up 0.85% and 1.22%, respectively, while the US Dollar and US Treasury yields are showing slight declines. Crypto markets were rallying this weekend but were stopped short after Paxos announced the termination of their relationship with Binance surrounding BUSD (more below). $BTC (-0.96%) is holding around $21.6k while $ETH (-2.53%) has fallen below $1,500. $AAVE is a notable outperformer today, rising 5.43% as the crackdown on BUSD has sparked speculation that Aave’s new stablecoin $GHO is now better positioned to see take stablecoin market share. $GHO is currently live on Ethereum's test-net and is expected to launch on main-net soon.
- Blockchain infrastructure company Paxos is terminating its relationship with Binance regarding issuing the Binance branded stablecoin, BUSD. The action follows direction from the New York Department of Financial Services (NYDFS), who is investigating Paxos. Additionally, the SEC has informed Paxos that they plan to sue for violating investor protection laws and alleging that BUSD is an unregistered security. Paxos will be able to respond to the SEC and explain why legal action should not be taken. This is the latest in a recent string of regulatory crackdowns against crypto firms. Last week, crypto exchange Kraken settled with the SEC and agreed to stop offering their staking services and pay $30 million in penalties. Paxos issued a statement reaffirming that all BUSD tokens issued by the Paxos Trust will remain backed 1:1 with USD Reserves and will remain fully redeemable to customers through at least February 2024.
- Over the weekend, many MetaMask users received phishing emails asking for wallet seed phrases and to certify KYC details. Hackers targeted domain name registrar company Namecheap to send unsolicited phishing emails to users. Namecheap confirmed the compromise Sunday evening, calling it an “email gateway malfunction” and that the breach was limited to unauthorized emails, and that no personal information was compromised. MetaMask took to Twitter to remind customers that they do not collect KYC information and will never email users about their accounts. They warned that any emails from MetaMask or Namecheap should be ignored. Phishing attempts are an ongoing issue in crypto, and MetaMask has actively been trying to help users alleviate the problem. They recently implemented a new security feature that will automatically warn users when they connect to a phishing site and continue to educate users on proper security practices.
The SEC Targets Paxos, MetaMask Users Targeted in Phishing Scam
Feb 13, 2023
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