Tornado Cash proposal returns control to DAO after $890,000 hack, crypto rallies as US nears debt ceiling deal

Tornado Cash DAO regains control of protocol after hacker proposal passes

Tornado Cash token holders will regain control of the protocol after a hacker extracted $890,000 of the protocol’s native TORN token.

The hacker took control of the protocol on May 21 following a malicious governance proposal which allowed them to award themselves governance tokens through illicit votes.

Following the attack, the hacker created a proposal to return control of the protocol to Tornado Cash’s decentralised autonomous organisation, which passed in a vote Saturday.

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Singapore state investment firm reprimands employees for $275m FTX loss

Singapore state investment firm, Temasek Holdings, has announced it will punish the investment team responsible for a $275 million loss related to collapsed exchange FTX.

In a statement on the firm’s website Monday, Temasek chairman Lim Boon Heng said the team responsible for the writedown “took collective accountability” for the loss, and had its compensation reduced as a result.

The punitive measures come after a six month internal review by the company following FTX’s bankruptcy which cost investors billions. The company did not outline the details of the compensation cuts.

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Crypto markets rally as US lawmakers make debt ceiling progress

Crypto markets rallied on Sunday as US lawmakers made progress to fend off a looming debt ceiling crisis in the country.

Major coins such as Bitcoin and Ether saw respective 24 hour gains of 4.1% and 3.6%, with many altcoins trailing as President Joe Biden and Republican House Speaker Kevin McCarthy inked a last-minute deal to resolve the potential default.

A debt default would be the first such occurrence in the history in the United States, and would be “catastrophic,” in Biden’s words on Sunday.

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Long-dormant $14.8m Ethereum wallet wakes up, rouses crypto sleuths

A long-dormant crypto wallet that bought 8,000 Ether, worth about $14.8 million, during Ethereum’s 2015 ICO has begun to shuffle funds around, according to analytics firm Lookonchain.

At the time of the Ethereum initial coin offering, the user purchased the Ether for about $0.31, or $2500.

Lookonchain says the funds are being consolidated into a single wallet, though the reason for doing so remains unclear.

Bali announces crypto payment crackdown for tourists

Bali announced plans to crack down on tourists who make payments with crypto, with threats of “deportation, administrative sanctions,” and more, according to the Indonesian state’s Governor Wayan Koster.

During a Sunday press conference, Koster reaffirmed that crypto payments are illegal in Indonesia, as are any payments not carried out in the country’s native rupiah.

The new crackdown applies to tourism destinations such as hotels and restaurants.

Jimbos Protocol hit for $7.5m in weekend exploit

Arbitrum-based crypto project Jimbos Protocol had 4,090 Ether, worth $7.5 million, stolen in an exploit on Saturday, only three days after its version 2 launch.

Blockchain analysts PeckShield tweeted details of the heist, which it says was enabled by a lack of slippage controls in the protocol.

Jimbos said Sunday that it was working with security researchers and would contact law enforcement agencies if a solution was not reached by the following day.

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Indian crypto exchanges are in survival mode, trying to extend their runways — CoinDesk

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Web3 may flip ‘content consumption on its head,’ but still needs traditional media: MyCo co-founder — Decrypt