Crypto Flipsider News – FTX Hearing Fails; Magic Eden NFT Tool; Ankr Utilization; Apple Blocks Coinbase; Orca integrates Stripe By DailyCoin

Read in the summary:

• US Senate FTX collapse hearing highlights gaps in regulatory authority

• Magic Eden launches NFT protocol to enforce royalties to creators

• Ankr Protocol loses 5 million dollars in exploitation, Binance stops withdrawals

• Apple (NASDAQ: ) Blocks Coinbase (NASDAQ: ) Wallet Over 30% Gas Fee Cut on NFT Transactions

• Orca brings fiat-to-crypto transactions to Solana via Stripe integration

US Senate FTX Collapse Hearing Highlights Deficiencies in Regulatory Authority

In a hearing on December 1, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam and US senators agreed that the collapse of FTX has exposed notable gaps in current legislation.

In the hearing, Senator Tina Smith commented that the implosion of FTX was “shocking, not surprising” and that there will continue to be future crises as long as regulatory gaps remain.

The CFTC chief lobbied for greater oversight for his agency in regulating the crypto industry, arguing that “gaps will remain in a federal regulatory framework, even if other regulators act within their existing authority.”

Behnam said expanding CFTC authority is about filling a gap, pointing to the success of LedgerX. He also urged Congress to act quickly on crypto regulation.

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• Politicians who received donations from FTX’s Bankman-Fried have either returned or re-donated about $1.2 million to charity.

Why you should care

The collapse of FTX has raised the question of how much oversight will be given to regulatory agencies in an effort to crack down on a repeat.

Magic Eden launches Solana NFT protocol to enforce royalties for creators

Magic Eden, the leading non-fungible token (NFT) marketplace for Solana-based digital art, has launched a new protocol to allow creators to enforce royalties on all new collections using the tool.

Magic Eden’s Open Creator Protocol (OCP) is built on top of Solana’s SPL token standard and will allow royalty enforcement for new collections starting Friday 2 December.

To protect the royalties of creators, Magic Eden’s OCP allows creators to ban marketplaces that have not protected royalties on their collection – similar to the move by competing marketplace, OpenSea.

In addition, Magic Eden says it will continue to maintain optional royalties on its platform for collections that do not adopt OCP.

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• Magic Eden explains that it cannot “retroactively apply OCP to existing collections” and creators must perform “burn [and] re-mints.”

Why you should care

Magic Eden’s OCP can help attract creators to the marketplace at a time when competing marketplaces refuse to honor royalties.

Ankr protocol loses 5 million dollars in exploitation, Binance pauses withdrawals

Ankr, a blockchain-based cross-chain infrastructure protocol, has been exposed to a $5 million exploit as a result of a flaw in its code that allowed unlimited minting of its reward-bearing stake tokens – aBNBc.

Security research firm PeckShield reported that the exploiter was able to mint six quadrillion of the aBNBc token without any form of verification. The Ankr development team confirmed the exploit via Twitter.

PeckShield also reported that the Ankr exploiter transferred 900 BNB worth about $253,000 to Tornado Cash and linked USDC and ETH to . The exploiter currently has 3,000 ETH (around $3.8 million) and 500,000 USDC.

In all, the exploit was valued at around $5 million. However, Binance CEO Changpeng Zhao reported that the exchange had frozen around $3 million that the exploiter moved to Binance.

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• The Ankr team has announced that all underlying assets on Ankr Staking were safe at this time, and all infrastructure services were unaffected.

Why you should care

The exploitation of Ankr once again focuses on the major flaw that decentralized finance (DeFi) has not been able to overcome.

Apple blocks Coinbase Wallet over 30% gas fee cut on NFT transactions

On Thursday, December 1, the largest US crypto exchange, Coinbase, announced on Twitter that it had disabled non-fungible token (NFT) transfers on its iOS wallet app due to a dispute regarding Apple’s in-app purchase policies.

According to Coinbase, Apple is asking for a 30% cut of any Ethereum gas fee paid NFT transactions via the wallet app, as part of the company’s in-app purchase policy updated in October.

Coinbase said the policy aims to protect Apple’s profits at the expense of consumer investment. Additionally, Apple blocked Coinbase’s latest app release until the crypto exchange disables its NFT feature.

Coinbase has said the policy is “akin to Apple trying to take a cut of fees for every email sent over open internet protocols.” The move has sparked outrage in the crypto community, which has spoken out against the tech giant.

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• Coinbase explained that it cannot comply with Apple’s 30% payment due to the company’s in-app purchase system not supporting crypto payments.

Why you should care

Many believe that Apple’s strict NFT fee policy will make it more difficult for users to transfer their assets and limit the mainstream adoption of NFTs.

Orca brings fiat-to-crypto transactions to Solana via Stripe integration

Orca, a Solana-based decentralized exchange (DEX), has debuted fiat purchases and fiat-to-crypto transactions on the Solana chain by integrating Stripe’s new fiat-to-crypto on-ramp solution.

In what marks Stripe’s first integration with a decentralized exchange across any blockchain, users can now make fiat purchases for tokens like USDC and SOL via the on-ramp solution built in Orca.

Tokens purchased by users with the solution will be transferred back to their Solana wallets, where they will appear in the token panel.

Speaking about the integration, Orca’s co-founder Ori Kawn explained that a core part of the company’s mission “is to enable broader financial access” to decentralized finance (DeFi).

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• Orca’s announcement comes after Stripe announced launching its new fiat-to-crypto payment offering for Web3 companies on Thursday, December 1.

Why you should care

Orca’s integration will make DeFi more accessible to users and could help boost the Solana ecosystem shaken by the FTX collapse.

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