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Weekend Wrap: Uniswap dev sacked for alleged rug, Steadefi hacker goes mixing and more

August 14, 2023 Coin Telegraph

certik

Uniswap developer AzFlin has admitted to creating the FRENS token but has argued what he did doesn't constitute a rug pull.

Uniswap dev loses job, was it worth it?

A Uniswap developer known as “AzFlin” has been sacked by the founder of Uniswap Labs, Hayden Adams, for allegedly creating a memecoin and rug pulling it a few hours later for 14 wrapped-Ether (wETH), worth $25,800.

It is understood that AzFlin developed and deployed FrensTech token (FRENS) on Coinbase’s new layer 2 blockchain Base on Aug 12 before selling the tokens raised from the liquidity shortly after.

Adams publicly confirmed the sacking of AzFlin, adding that such behaviour is neither supported nor condoned at Uniswap Labs.

Wanted to let people know this person is no longer with the company.

Not behavior we support or condone. https://t.co/sxVowwIR3Q
— hayden.eth (@haydenzadams) August 12, 2023

The developer has mocked the situation at hand with a series of light-hearted posts along with a new X (formerly Twitter) cover photo.

*AzFlin is making fun of their new unemployment status. Source: X (formerly Twitter).*

AzFlin, however, claims that no rug pull was committed.

“I bought that $FRENS used to provide LP with my OWN money from the dev wallet, so I am entitled to do as I please with it. This FUD is outrageous,” they said on Aug. 12.

Not everyone is buying into AzFlin’s story though, with some applauding Adams’ decision to fire AzFlin for the alleged action:

Hayden Adams' decision to terminate employee AzFlin is highly necessary and demonstrates his commitment to upholding Uniswap's reputation and ethical standards. Developing a meme token and then exploiting access to transfer and sell tokens from the liquidity pool is a morally…
— KEVIL KOLS NETWORK (@KevilCrypto) August 13, 2023

Zuckerberg calls out Musk for dodging cage fight

Meta CEO Mark Zuckerberg says it's “time to move on” from any talks of a potential cage fight between him and Elon Musk, accusing the Tesla CEO of making excuses and dragging his feet on any solid plans.

Zuckerberg explained in an Aug. 13 Threads post that Musk isn’t “serious” about a real fight because Musk has dragged on giving any potential dates for the bout.

“I think we can all agree Elon isn’t serious and it’s time to move on.” Zuckerberg added:

“Elon won’t confirm a date, then says he needs surgery, and now asks to do a practice round in my backyard instead.”

*Mark Zuckerberg’s latest comments on a potential fight with fellow billionaire Elon Musk. Source: Threads*

Zuckerberg — who has helped re-shaped Meta’s investment focus on the Metaverse and artificial intelligence — said that he will be ready for a fight whenever Musk “gets serious” about a real date and official event.

The Meta CEO said he will continue to focus on competing with those who take the sport seriously for the meantime.

Donald Trump holds Ethereum and NFTs

Financial records have revealed that former United States President Donald Trump owns between $250,001 to $500,000 in Ethereum (ETH).

The statement, which was filed to the United States Office of Government Ethics on April 14, lists “cryptocurrency wallet (Ethereum)” as one of Trump’s investments, according to the 82-page form.

*Donald Trump's public financial disclosure report. Source: U.S. Government*

The investment may possibly be linked to Trump’s several nonfungible token (NFT) collections which have hit the market on several occasions between 2022 and 2023.

Trump’s NFT venture is expected to rake in between $100,000 and $1 million, according to the financial statement.

Despite the cryptocurrency and NFT investments, the billionaire businessman has voiced his skepticism towards the industry in the past, labeling Bitcoin (BTC) as a “scam” and cryptocurrencies more broadly as “potentially a disaster waiting to happen” in Aug. 2021.

Trump is once again in the running to become the next U.S. President in the upcoming 2024 Presidential Election.

Steadefi hacker turns to Tornado Cash

The exploiter of decentralized finance protocol Steadefi has transferred 100 Ether (ETH), worth about $185,000 to cryptocurrency mixing protocol Tornado Cash, according to blockchain security firm CertiK.

CertiK explained on Aug. 13 that the hacker still holds $786,000 (424 ETH) connected to the Steadefi exploit, which took place on Aug. 7.

#CertiKSkynetAlert

We have seen EOA 0xe10d deposit 100 ETH (~$185K) into @TornadoCash.

The EOA, which still holds 424 ETH ($786k), is connected to the exploit on @steadefi on August 7.

See more on Skynet https://t.co/4HOEg2PJ1k
— CertiK Alert (@CertiKAlert) August 13, 2023

A total of $334,000 was drained directly from Steadefi, with total losses amounting to over $1.1 million, according to some estimates.

Tornado Cash has served as a tool for hackers attempting to obfuscate the money trail and cash out the stolen funds.

On Aug. 8, 2022, the United States Office of Foreign Asset Control (OFAC) sanctioned Ethereum and USD Coin (USDC) addresses connected to the privacy tool.

Also making news

United States Senator Cynthia Lummis has filed an amicus brief supporting Coinbase’s motion to dismiss its lawsuit against the U.S. Securities and Exchange Commission. Lummis says the SEC is unrightfully pushing to obtain “primary influence” over the cryptocurrency sector at a time where much regulatory consideration needs to be taken by Congress.

Decentralized finance platform Curve Finance has officially stated on Aug. 11 its intention to reimburse users impacted by the recent hack resulting in $62 million of losses on July 30. The firm has already managed to retrieve 79% of the funds thus far.

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August 13, 2023 The Daily Hodl

Ripple case: SEC appeal unlikely as it gains from ‘current confusion’ — Haun Ventures CEO

July 17, 2023 Coin Telegraph

Analisa Torres

An immediate appeal could potentially jeopardize the SEC’s “entire enforcement agenda” if it ends up losing, said Katie Haun of Haun Ventures.

A former federal prosecutor turned chief executive of a crypto-focused venture capital fund says she would be “surprised” if the United States securities regulator lodges an immediate appeal against the Ripple case ruling, as it currently benefits from lack of “legal clarity.”

On July 13, Judge Torres granted a partial summary judgment in favor of Ripple Labs regarding XRP’s status as a security. At the time, a few commentators warned that an appeal from the SEC would be a possibility.

However, in a July 15 Twitter thread, Haun Ventures CEO Katie Haun explained that the securities regulator will likely stay quiet as it benefits from the “current confusion” and that losing an appeal could jeopardize its future enforcement actions.

Some non-legal advice musings on the Ripple decision, including two main takeaways:

1/ The Court drew a reasonable line and overall it's a good outcome for the industry. For other suits w/ the SEC, we believe the Supreme Court’s “major questions doctrine” will play a larger…
— Kathryn Haun (@katie_haun) July 15, 2023

“Anything is possible, but an immediate appeal seems unlikely both because the agency would have to ask the court to split this decision from the portion going to trial and because I’m skeptical the SEC actually wants legal clarity,” said Haun.

“The Commission benefits from the current confusion and losing these issues on appeal would jeopardize its entire enforcement agenda. So I’d be surprised if the SEC tried to appeal now.”

Haun is but the latest commentator to share the view.

On July 15, Ripple Labs CEO Brad Garlinghouse also believes it may “take years” before the SEC lodges an appeal. He added that an appeal by the SEC would only reinforce Judge Torres’ decision that XRP is not a security.

In a video posted on YouTube on the same day, U.S. lawyer and Ripple commentator Jeremy Hogan said he believes the SEC will launch an appeal after the trial between SEC and Ripple ends, which is scheduled for early 2024.

The SEC is currently suing crypto exchanges Binance and Coinbase over alleged violations of securities laws. Some believe the recent Ripple case ruling, while not a binding precedent, could have an impact on the outcome of the cases.

Meanwhile, many crypto commentators and lawmakers have called for Congress to take action and give legal clarity to crypto in light of the recent ruling.

Brian Quintenz, former commissioner of the Commodity Futures Trading Commission — now head of policy for venture capital fund a16z crypto — stated that the recent Ripple court ruling “only results in more uncertainty for entrepreneurs and builders.”

U.S. Senator Cynthia Lummis said the ruling underscores the urgent need for Congress to establish a clear and comprehensive regulatory framework for the cryptocurrency industry.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

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cynthia lummis