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Pro Bono

Am Law 100 firm with practices in Business, Digital Assets and Data Management, Intellectual Property, Labor & Employment, Litigation and Tax.

Home | BakerHostetler

When the Year Ends, It’s Time To Review Wage and Hour Trends

Steven Goldberg, Jennifer Rodriguez and Sam Toth Author Article on the Corporate Transparency Act

Camille Bent is a Panelist on Fordham Law’s Academy for the Advancement of Women in Law Webinar

Blockchain Monitor

Crypto Firms Announce New Initiatives; IOSCO, FSB, BIS Publish Digital Asset Reports; OFAC, SEC, DOJ Bring Crypto Actions; Hackers Steal $97M and $50M, *Client Alert*

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• <a href="#EURC">EURC Stablecoin Launches on Stellar; Singapore Exchange Integrates PYUSD</a> • <a href="#Discussion">Discussion Paper Addresses Financial Stability Implications of Tokenization</a> • <a href="#Cross">Cross-Chain Network Hacked for $200 Million; Exchange Hacked for $8 Million</a>

EURC Stablecoin Launches on Stellar; Singapore Exchange Integrates PYUSD

By <a href="https://www.bakerlaw.com/ChristopherLamb">Christopher Lamb</a>

In a recent press release, the issuer of USDC and the Stellar Development Foundation (SDF) announced that the euro-pegged stablecoin EURC has launched and is live on the Stellar network. According to the press release, “Like USDC, EURC is a fiat-backed stablecoin and always redeemable 1:1 for euro under a full-reserve model.” The press release further notes that “[b]usinesses and developers can now leverage a global euro digital currency that comes with the speed, affordability, and reliability of the Stellar network” and the “EURC can be sent, spent, held, and traded around the globe 24/7, with low-cost, near -instant transactions.”

In another recent press release, a cryptocurrency exchange based in Singapore announced that it has teamed up with a major U.S. fintech company and a New York-based cryptocurrency custodian and stablecoin issuer to become a preferred PayPal USD (PYUSD) exchange. According to the press release, this builds on earlier integrations between the exchange and fintech firm, and the two firms “will continue to explore bringing more connected top up and commerce capabilities to market in the future.”

For more information, please refer to the following links:

<a href="https://stellar.org/press/eurc-launches-on-the-stellar-network">EURC Launches on the Stellar Network</a>

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<a href="https://crypto.com/company-news/crypto-com-teams-up-with-paypal-and-paxos-to-further-enable-paypal-usd-pyusd">Crypto.com Teams Up with PayPal and Paxos to Further Enable PayPal USD (PYUSD)</a>

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Discussion Paper Addresses Financial Stability Implications of Tokenization

By <a href="https://www.bakerlaw.com/KeithRMurphy">Keith R. Murphy</a>

Several authors issued a research paper in connection with the Finance and Economics Discussion Series of the Board of Governors of the U.S. central bank, according to a recent press release. As noted in the research paper, entitled “Tokenization: Overview and Financial Stability Implications,” the authors address tokenization, which refers to the process of constructing digital representations in the form of cryptocurrency tokens for non-cryptocurrency assets, and they note that the process creates interconnections between the digital asset ecosystem and the traditional financial system. Among other findings in the report, the authors note that “[a]t sufficient scale, tokenized assets could transmit volatility from crypto asset markets to the markets for the crypto token’s reference assets.”

<a href="https://www.federalreserve.gov/econres/feds/tokenization-overview-and-financial-stability-implications.htm">Tokenization: Overview and Financial Stability Implications</a>

Cross-Chain Network Hacked for $200 Million; Exchange Hacked for $8 Million

By <a href="https://www.bakerlaw.com/KeithRMurphy">Keith R. Murphy</a><a href="https://www.bakerlaw.com/VeronicaReynolds"></a>

According to a report, a cross-chain trading network for digital assets suffered a recent hack for approximately $200 million. As noted in the report, the network is a service like a layer-2 protocol, with the goal of making cross-chain transfers less expensive and more efficient, but its reliance on a centralized database exposes it to a single point of failure. The network’s founder was reportedly due to address the issue in a livestream following its discovery.

In related news, a large cryptocurrency exchange that recently rebranded its name also suffered a hack of 500 ETH, for a loss of approximately $8 million, according to a report this week. The hacked wallet was reportedly one of the exchange’s hot wallets, but a representative stated that the company has fully covered the loss and that funds are safe. The representative further stated that the company is offering a $20 million bug bounty for the return of the stolen funds, as well as offering the hacker a job as a security white hat advisor, according to the report.

<a href="https://www.coindesk.com/tech/2023/09/25/mixin-network-losses-nearly-200m-in-hack/">Mixin Network Losses Nearly $200M in Hack</a>

<a href="https://www.coindesk.com/business/2023/09/25/crypto-exchange-htx-lost-8m-of-ether-due-to-a-hack-justin-sun-says/">Crypto Exchange HTX Lost $8M of Ether Due to a Hack, Justin Sun Says</a>

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Christopher W. Lamb

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Keith R. Murphy

Digital Assets and Data Management

Blockchain Technologies and Digital Assets

Crypto Firms Partner On Stablecoin Initiatives; Tokenization Discussion Paper Published; Hackers Steal $200M From Cross-Chain Network, $8M From Exchange

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