🏴‍☠️ Pump.Fun operated by Insider Exploit

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Pump.Fun, the recently booming memecoin launchpad, suffered a $2 million exploit perpetrated by a company insider. The team quickly upgraded its contracts, mitigating any further damage.

US senators have voted to repeal the SEC’s controversial crypto accounting rule. Lawmakers are urging President Biden to take stock of bipartisan support for the resolution, as the president could veto the vote.

DTCC has released the results of a pilot project exploring on-chain NAV data using Chainlink. Ten major financial institutions, including JP Morgan and Franklin Templeton, participated in the pilot.

Additionally, the Department of Justice may have legitimized MEV mining, and SEI rallied behind the announcement of the project’s v2 roadmap.

✍️ In today’s newsletter:

• Pump.Fun Suffers $2 Million Exploit Perpetrated by Insider
• US Senate votes to repeal SEC crypto accounting rule
• DTCC taps Chainlink to drive data on-chaining
• DoJ indictment legitimizes MEV extraction
• Sei bounces 25% as V2 roadmap revealed

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💰Memecoin Launchpad Pump.Fun Loses Nearly $2 Million in Exploit

Pump.Funthe booming memecoin launch pad, lost 12,300 SOLworth approximately $2 million to a leverage leveraged flash loans to withdraw funds from the platform. The team quickly improved their contracts has avoid further lossesand stated that wallets connected to the platform are secure.

🔎Pump.fun identifies former employee in $1.9 million breach

An autopsy of the hack targeting Pump.Fun accused a former employee of carry out the attack. The project says the former insider “illegally accessed the takedown authority” to execute the hack.

🗳️US Senate Rejects SEC Crypto Accounting Rule, But Biden May Veto Vote

THE The US Senate has passed a resolution overturning an SEC accounting rule criticized as being which poses significant obstacles to US financial institutions providing custody services to crypto companies. Although President Biden could still overturn the vote by veto, lawmakers urge him to take note of important bipartisan support for the resolution.

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Registrations are now open to all participants! Apply early to keep your free place.

👀️Have American regulators just legitimized MEV mining?

Web3 Experts believe it US Department of Justice perhaps simply legitimize the practice of MEV extraction. On May 14, the Justice Department filed a historic indictment against two brothers who fled with $25 million After Take (the) advantage of three MEV Bots. The DoJ described the two men as having “fraudulently obtained” the funds by “exploiting[ing] the very integrity of the Ethereum blockchain.

⛓️️DTCC leverages Chainlink for Smart NAV driver

THE Custodian Trust and Clearing Company (DTCC), a key institution in the American financial system, published the findings of a pilot program benefit Chainlink Cross-Chain Interoperability Protocol. The pilot project explored the contribution of net asset value in chainand presented the participation of the 10 leading financial institutions.

📈Sei Token Appears on V2 Roadmap

SEI is mobilizing after the project revealed its roadmap v2notching a 25% gain since the announcement was abandoned. Sei plans to introduce parallelized EVM execution with the upgrade.

🌍 SOMEWHERE ELSE

• Dolce & Gabbana sued by customer who spent $6,000 on NFT outfits to wear in the metaverse (Financial position)
• Binance executive denied bail in Nigeria on money laundering charges (The Guardian)
• Hong Kong tests first-ever digital yuan payment system for cross-border transactions (CryptoSlate)
• The BNB smart chain will introduce its own blobs to compete with Ethereum (unleashed)

🔥 TRENDY

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