News linked to both this project and an event.
Odaily News: Luxembourg has passed a new law authorizing the Financial Intelligence Unit (FIU) to send cross-institutional fraud alerts to traditional banks and cryptocurrency exchanges, with the relevant measures taking effect on August 8. The bill, numbered 8722, requires cryptocurrency exchanges operating in Luxembourg to receive alerts in sync with banks and payment institutions. The bill aims to close the loophole that allows fraudulent funds to move rapidly between traditional financial institutions and digital assets. Under previous rules, banks could only block transactions of flagged accounts within their own systems and were unable to notify another financial institution or cryptocurrency exchange to prevent funds from entering or leaving. Max Braun, head of Luxembourg's FIU, stated that incorporating cryptocurrency exchanges into the cross-departmental alert system will make it more difficult to cash out from flagged accounts. According to data from Luxembourg's Ministry of Justice, police recorded 6,382 fraud cases in the country in 2024, and financial practitioners submitted more than 18,000 reports of fraud and scams.
Odaily Odaily News According to MAX monitoring, on July 16, the Cascade CLS treasury suspectedly experienced a security vulnerability, resulting in approximately $1.3 million in user fund losses. The platform has suspended all trading and withdrawals and has invited SEAL 911 and other third-party security teams to investigate and handle the incident. Cascade is a 24/7 multi-asset perpetual contract platform headquartered in New York, targeting the US market. It supports deposits via Arbitrum USDC or bank accounts and is currently still in an invitation-only private testing phase.