Dubai Passes First Crypto Law; Sets Up Dubai Virtual Assets Regulatory Authority
source link: https://nextbigwhat.com/dubai-passes-first-crypto-law-sets-up-dubai-virtual-assets-regulatory-authority/
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Dubai Passes First Crypto Law; Sets Up Dubai Virtual Assets Regulatory Authority
- The emirate within the United Arab Emirates has set up the Dubai Virtual Assets Regulatory Authority, which will be working with all related entities to promote security and transparency for crypto investors.
- Role of regulatory body VARA.The Dubai Virtual Assets Regulatory Authority or VARA will be tasked with regulating the sale of virtual assets and virtual tokens while also being responsible for regulation and authorising virtual asset service providers.
- The law is expected to go into effect across the emirate with the exception of the Dubai International Financial Centre, which is a special economic zone under the ambit of the Dubai Financial Services Authority.
[Via]
Sign Up for Our Newsletters
Join 2 millions subscribers
Here’s how 98k ETH was stolen on Solana
There has been a lot of confusion however how the Wormhole hack had happened, and exactly whose side is at fault. Unfortunately, there is a lot of misinformation going around, and many people are not technical. I’d like to explain how this works.
ELI5 version:
To create wETH on their chain, Solana checks that there is a valid signature, and that the signature comes from a Guardian.
Proper usage means there is a valid signature (Correct 
) from a guardian (Correct ). These two conditions match, and so request is approved.
They expected an attacker would issue an invalid signature (Incorrect 
) from a guardian (Correct ). These two conditions do not match, so the request is denied.
The hack
The attacker issued an invalid signature (Incorrect ) from a non-guardian (Incorrect ). But these conditions match: incorrect matches incorrect. So the request is APPROVED (!!) and the ETH was stolen on the Solana network.
The Ethereum network successfully processed a withdraw, because Solana told Ethereum “it’s all good, this is legit”, but Solana’s logic for determining whether it is good was flawed.
For programmers: the check was == instead of &&
[Via]
Sign Up for Our Newsletters
Join 2 millions subscribers
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK