Crazy days in Crypto…
Top Stories (7/26)
TL:DR Some, but not all, tokens are considered securities. The SEC did not press charges against the DAO or any other ICOs.
“ We believe that applying the same facts and circumstances test to other tokens will mean that some do not fit into the definition of securities, particularly tokens with an underlying utility rather than a mere speculative investment value. Our securities framework and other research explains why this is the case. We hope clear guidance from the SEC to that effect will be forthcoming.”
As of today, the white hat group has returned 95% of the rescued funds.
On Wednesday, an anonymous hacker (or hackers) stole $32 million worth of ethereum’s cryptocurrency, ether, from three multi-signature wallets thanks to a vulnerability in the contract for the wallets.
A volunteer group of coders calling themselves the White Hat Group took it upon themselves to “rescue” the funds in the other 500 vulnerable wallets before the hackers could get them. They did this by breaching the wallets using the same vulnerability as the hackers and funneling the funds into the group’s own account.
On Monday morning, the group was in possession of $86 million USD worth of other people’s ether, and $122 million in tokens — the digital assets that are sold off in Initial Coin Offerings (ICOs), fundraising events that have raised millions in mere minutes. That’s about $208 million worth of digital assets in ethereum, in total.