Indonesia Announces Crypto License Deadline Extension
Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) recently disclosed a deadline extension for crypto exchanges that have yet to meet the licensing requirements, qualifying them as full-fledged Physical Crypto Asset Traders. Per an official statement, exchanges operating in Indonesia have until the last week of November 2024 to comply with the updated regulatory standards. Noteworthily, the update follows Bappebti’s third amendment of its rules governing the organization of crypto asset trading introduced in 2021. The 2021 legislation is in line with Bappebti Regulation No. 9 of 2024. According to the updated regulations, registered exchanges (CPFAKs) must transition from provisional status to fully licensed PFAKs to continue operating within the country. However, achieving this transition entails meeting certain regulatory obligations, including joining the Futures Exchange and the Crypto Futures Clearing House. These new regulations aim to reduce investment risk and monitor transactions closely for taxation, consequently improving the safety of digital asset trading in Indonesia. Opportunity for More Crypto Exchanges to Enter the Indonesian Digital Space With the deadline extension, Indonesia hopes to grant potential crypto exchanges more time to complete the required obligations. Furthermore, the extension also enables more efficient participation for players in the crypto market. Notably, before the inception of this regulation, legal entities and commercial enterprises were not permitted to trade crypto assets. Meanwhile, the extended deadline made these entities eligible to participate in the crypto marketplace. Thus far, around 30 exchanges have applied for licenses. Some, like Binance’s subsidiary Tokocrypto, are fully licensed in Indonesia, while others are still awaiting approval. Oscar Darmawan, CEO of leading crypto exchange INDODAX, praised the deadline extension, stating, “We warmly welcome this decision, as it provides space for more exchangers to fulfill their obligations under applicable regulations. This will also help strengthen the crypto industry as a whole by ensuring that every exchanger complies with the standards that have been set.”
Tapioca DAO Announces $1 Million Bounty for DeFi Hacker
On October 18, the decentralized money market protocol on Layerzero, Tapioca DAO, suffered a security breach. A naive Tapioca DAO team member enhanced the cyber attack, leading to about $4.7 million in losses. As of the time of the report, the stolen funds are in a BNB Chain. Devastated by the loss and the number of affected customers in the line, the firm desperately offered $1 million to the individual who perpetuated the cyber theft, as against the conventional one-tenth rule. Notably, the platform announced the bounty offer via an on-chain message directed to the attacker on October 20. Tapioca DAO Cyber Attack Leveraging the social media platform Discord, the unsuspecting attacker manipulated his way through the tight mechanics of the cryptocurrency firm, stealing over 90% of the TAP token, the platform’s native currency. By creating a favorable scamming environment, the cyber manipulator tricked the vulnerable team member into revealing crucial details that led to the dispossession of about 30 million TAP tokens initially placed on investment. Per investigational findings, each TAP token had an intrinsic value of approximately $1.40 during the attack launch. The scammer also accessed the stable contract featuring the USDO/USDC trading pair and stole a cumulative $4,405,600 ($1,575,606 in ETH and about $2.8M in USDC). Following the successful invasion, the hacker converted the proceeds to Ethereum afterward and swapped them for USDT. As earlier stated, he has since moved the USDT to a BNB Chain. According to ZachXBT, an on-chain investigation firm, there is a high suspicion that the cyber theft stemmed from unprotected software mistakenly installed by a Tapioca employee. Tapioca DAO Issues Safety Precautions To mitigate losses from the cyber hack, the firm transferred the untampered $2.7 million assets to “DAO multi-sig,” which offers a high-security network. The exceptional security of multi-signature wallets stems from various authorized wallets regulation. The firm further advised its customers on the dangers of fake links, stating that they are one of the most unsuspecting routes of carrying out scamming projects. In addition, users should monitor their wallets and report suspicious activities to the appropriate authorities.