Icon(ICX) is a platform build for enterprise solution by communicating within different blockchains with the help of smart contracts. It had surged to 12$ in january during the altcoin boom and plunged back to nearly 1.6$ in march.
Recently the coin came in news when Ian Balina,a famous Youtuber who was a Advisor to the Icon team,sold his coin which brought widespread anger in the Icon community and his fans.
G20 Calls for Crypto Regulation Recommendations By July
The world's economic leaders have set a July deadline for the first step toward unified regulation of cryptocurrency.
Speaking Tuesday after the G20 meeting of finance ministers in Buenos Aires, Argentina Central Bank chair Frederico Sturzenegger said the member nations present agreed that cryptocurrencies needed to be examined, but that more information was needed before any regulations could be proposed.
However, during the press conference, he noted that the members had a firm deadline in July for recommendations, saying:
"In July we have to offer very concrete, very specific recommendations on, not 'what do we regulate?' but 'what is the data we need?'"
Not every nation is on board with this plan. On Monday, Brazil Central Bank president Ilan Goldfajn said cryptocurrencies will not be regulated in his country, according to news service El Cronista. The outlet further reported that Brazil would not necessarily be following the regulations outlined by the G20, on cryptocurrencies or other issues.
In the meantime, the G20 pledged to apply the standards of the Financial Action Task Force (FATF) - an intergovernmental body formed to fight money laundering and terrorist financing - to cryptocurrency.
In statement released Tuesday afternoon, the G20 said:
"We commit to implement the FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation. We call on international standard-setting bodies (SSBs) to continue their monitoring of crypto-assets and their risks, according to their mandates, and assess multilateral responses as needed."
The discussions were inspired in part by calls for a closer look at cryptocurrencies by France, Germany, the U.S. and Japan over the last several months.
Central bankers and government officials have advocated taking a closer look at the impact cryptocurrencies could have on crime, investors and on the world economy. While finance officials from France and Germany said in a joint letter that cryptocurrencies "could pose substantial risks for investors," U.S. Treasury Secretary Steven Mnuchin and an anonymous Japanese government official expressed concerns about their use in illegal activities.
However, where major regulators seem to agree is on cryptocurrency's impact on the global financial system. Bank of England head Mark Carney, who also chairs the G20's Financial Stability Board, wrote on Sunday that "crypto-assets do not pose risks to global financial stability at this time," citing the relative size of the overall market cap.
Cryptocurrencies make up less than 1 percent of the global gross domestic product (GDP), he said, while credit default swaps were equal to the global GDP in 2008.
Some of the officials attending the summit called for a global set of regulations that every country would be able to enforce, but it is unclear how far discussion on possible regulations has gotten.
That being said, a public document released prior to the meeting noted that "the technology behind crypto assets has the potential to promote financial inclusion," but noted that the impact on financial stability and potential uses in tax evasion and illegal activities needed to be understood first.
Coinbase bug made it possible to reward yourself with unlimited Ethereum
popular exchange desk Coinbase suffered from a flaw in its Ethereum smart contract setup, which made it possible to reward yourself with a virtually infinite sum of ETH, according to newly surfaced vulnerability report.
The jarring vulnerability was discovered by Dutch fintech firm VI Company, which reported the issue to Coinbase back in late December last year. The exchange desk fixed the issue a month later in January and has since rewarded the Dutch company with a $10,000 bounty.
“By using a smart contract to distribute [ETH] over a set of wallets you can manipulate the account balance of your Coinbase account,” the researchers wrote in a HackerOne report submitted to the exchange desk.
“If [one] wallets transaction in the smart contract fails all transactions before that will be reversed,” VI Company explained. “But on Coinbase these transactions will not be reversed, meaning a person could add as much Ethereum to their balance as they want.”
This practically meant that anyone could have abused this glitch to credit their wallets with infinite amounts of Ethereum.
The researchers have provided screenshots proving they were able to successfully exploit the glitch. They have also linked to the faulty transaction on Etherscan.
VI Company has also since detailed the steps it took to exploit the bug:
Setup a smart contract with a few valid Coinbase wallets and [one] final faulty wallet
Transfer appropriate funds to smart contract
Execute smart contract adding the set amount of ether to the Coinbase wallets without ever actually leaving the smart contract wallet because the complete transaction fails at the last wallet
Repeat until you have more than enough ethereum in your Coinbase wallet.
Cash out
It remains unclear whether any individuals were able to successfully exploit the glitch to get rich, but we have reached out to the exchange desk for a clarification. We will update this piece accordingly should we hear back.
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