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Crypto drainers are retiring as investigators start to close in

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A growing trend of “crypto drainers” is emerging as investigators report an increase in hacks targeting decentralized finance (DeFi) platforms. These attacks, often involving sophisticated methods to drain funds from users’ wallets, have raised concerns about the security of DeFi ecosystems. Hackers exploit vulnerabilities in smart contracts and decentralized applications (dApps), bypassing traditional security measures to siphon off millions of dollars in digital assets, leaving users with little recourse for recovering their funds.

The rise of crypto drainers has prompted an intensifying focus from law enforcement and blockchain forensics teams. Investigators are working to track down those behind these attacks, using advanced tracking tools to follow the movement of stolen assets across blockchains. Despite these efforts, the decentralized nature of crypto transactions and the use of privacy-focused technologies often make it difficult to trace and recover the stolen funds, presenting a significant challenge for authorities.

Many of the recent hacks have been linked to vulnerabilities in smart contract code, where attackers exploit weaknesses to authorize unauthorized withdrawals. DeFi platforms, which are typically more open and accessible than traditional finance systems, have become a prime target for such activities. As the DeFi space continues to grow, security experts are calling for enhanced audits and more rigorous smart contract testing to prevent such attacks in the future.

In response to these growing threats, the DeFi community is taking steps to strengthen security protocols. Some platforms are implementing stricter user verification processes, while others are increasing their efforts to collaborate with white-hat hackers to identify vulnerabilities before they can be exploited. While these measures aim to mitigate risks, the rise of crypto drainers highlights the ongoing need for stronger security standards in the rapidly expanding DeFi sector.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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