Binance Pilots Banking Triparty Agreement to Help Institutional Investors to Manage Counterparty Exposure
This first-in-crypto solution replicates traditional finance framework enabling institutions to fulfill risk management obligations by pledging fiat or fiat equivalent trading collateral with banking custodians DUBAI, UAE, Nov. 30, 2023 /PRNewswire/ -- Binance, the global blockchain ecosystem behind the largest cryptocurrency exchange by trading volume, is pleased to announce it has successfully executed the world's first cryptocurrency triparty arrangement with a third party banking partner. This solution enables institutional investors to keep trading collateral, off-exchange in the custody of a third party banking partner. This is the first in a series of pilot projects initiated by Binance, which is currently the only cryptocurrency exchange offering such a solution.
This arrangement directly tackles the issue of counterparty risk, the primary concern for institutional investors today. It replicates a framework common in traditional financial markets, which enables investors to proportion their crypto-asset allocation based on their risk tolerance. Collateral held with the banking partner can be in the form of fiat equivalent such as Treasury Bills which has the added benefit of being a yielding asset.
Catherine Chen, Head of VIP and Institutional at Binance, said, "Counterparty risk has long been a concern of institutional investors across the industry. Our team of crypto natives and traditional finance professionals has been exploring a banking triparty agreement for more than a year to address their concern. We've developed a solution that ensures our institutional clients can optimize their collateral and cryptocurrency investments, modeled after the traditional markets' trading conduct. We are in close discussions with an array of banking partners and institutional investors who have also expressed strong interest in participating."
Last week, the Bitcoin market continued to decline despite the fact that both short- and long-term investors are holding more profitable supplies than during the recent correction in September. Bitcoin opened at a high of 59,339 and reached the lowest price in the month ofˋ53569. This continues the price correction that has been in play for most of November.
Square Enix has announced the launch of its first NFT game on Ethereum. Symbiogenesis with a total of 500 character NFT. This narrative game is scheduled for launch in December.
Lethal Integration: Vulnerabilities in Hooks Due to Risky Interactions
As highlighted in our previous article, over 30% of projects in the Awesome Uniswap v4 Hooks repository exhibit vulnerabilities. We'll focus on two critical aspects: - Flawed Access Control: Proper access controls are crucial for secure Hook-PoolManager and Hook-Internal interactions. Improper Input Validation: Inadequate validation of registered pools can create attack vectors.
Vulnerability Analysis: -Flawed Access Control:Hook-PoolManager Interaction: Strict access controls must be enforced on callback functions to prevent exploitation by malicious actors.Hook-Internal --Interaction: The absence of restrictions on internal function calls poses a vulnerability.
Exploitation & Mitigation: Use poolManagerOnly and selfOnly modifiers to control access.Exploitation examples highlight the need for stringent access controls to avoid unexpected behaviors. Improper Input Validation:Proper Access Control: Use poolManagerOnly and selfOnly modifiers to restrict access to sensitive functions.Reentrancy Lock: Consider implementing a reentrancy lock to prevent malicious logic from re-entering sensitive functions.Whitelisting Approach: Admin approval for whitelisted pools can enhance security but limits functionality. Conclusion: Hooks in Uniswap v4 may have vulnerabilities in access control and input validation. Developers must balance security and functionality, understanding every line of their contracts for safety.
Billion-Dollar Bank’s ATM Glitch Triggers Mad Rush for Cash As Machine Spits Out Double the Requested Amount
A London-based NatWest bank ATM caused a commotion as customers hurried to withdraw cash due to a malfunction. The machine dispensed double the requested amount, prompting people to line up for the unexpected windfall. A NatWest representative attributed the glitch to a one-off manual error, which has since been rectified. It's uncertain if those who received extra cash will keep it, raising the possibility of legal action by the bank under the Theft Act 1968. This incident follows a previous glitch in September when NatWest customers reported missing deposits, swiftly resolved by the bank. NatWest, one of the UK's largest banks, has 960 branches and 3,400 ATMs nationwide.
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