The post Crypto Recap: Today’s top stories and events appeared on BitcoinEthereumNews.com.

In today’s fast-paced world of cryptocurrency, significant events continue to unfold, impacting the landscape of digital finance. From the sophisticated $46 million KyberSwap hack to regulatory developments in Europe and legal challenges facing former Binance CEO Changpeng Zhao, the crypto industry remains a hotbed of activity and intrigue. KyberSwap Heist: An Ingenious Exploit The crypto community is still reeling from the recent KyberSwap hack, where a cunning attacker exploited an “infinite money glitch” to siphon off $46 million. Doug Colkitt, founder of Ambient exchange, shed light on this incident through a series of posts on X (formerly Twitter), describing it as one of the most complex and meticulously engineered smart contract exploits ever seen. The attacker manipulated KyberSwap’s liquidity implementation, deceiving the contract into believing it had more liquidity than available. This sophisticated technique involved borrowing 10,000 Wrapped Ether (wETH) from Aave and exploiting KyberSwap’s unique implementation of concentrated liquidity. The aftermath of the attack saw KyberSwap’s total value locked (TVL) plummet by 68%, highlighting the vulnerability of even the most established crypto platforms. European Regulatory Response to Crypto Crises Amidst the chaos, the European Union is firming up its stance on cryptocurrency regulation. Ivan Keller, a policy officer for the European Commission, discussed the implications of FTX’s collapse in 2022 and Binance’s recent $4.3 billion settlement with U.S. authorities. Speaking at the MoneyLIVE conference in Amsterdam, Keller underscored these events as pivotal reasons for the comprehensive application of the EU’s Markets in Crypto-Assets (MiCA) regulation. Set to fully apply in 2024, MiCA aims to mitigate risks associated with crypto-assets and provide regulators with clearer oversight capabilities. This regulatory move, triggered by high-profile mishaps in the crypto world, marks a significant shift towards more robust and structured governance in the digital asset space. U.S. Prosecutors Clamping Down on CZ In…

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Filed under: News - @ November 24, 2023 2:24 am