Chain News Today TheBitTimes.com

Basel Committee proposes maturity limits for stablecoin reserve assets. Overcollateralization required for longer-term assets to ensure stability. Credit quality criteria defined for reserve assets to bolster stablecoin stability. In a move to enhance the st ability of Stablecoin s, the Basel Committee on Banking Supervision, part of the Bank for International Settlements (BIS), has recommended targeted adjustments to its standards on banks’ exposure to crypto asset s. The proposed measures, outlined in a consultative document released on Dec. 14, 2023, focus on refining prudential standards for stablecoin exposure, building on the committee’s initial standards published in December 2022. Addressing redemption risks with maturity limits The committee’s first proposal centres on mitigating redemption risks during periods of extreme stress, where stablecoin issuers might face mass withdrawal claims, leading to fire sales. To address this, t...

The bug would have allowed malicious validators to compromise the network and applications that rely on it, including Celer’s cBridge. Web3 investor and developer Jump Crypto has identified a vulner ability in Celer’s State Guardian Network (SGN) that would allow malicious validators to compromise the network and applications dependent on it, including Celer’s cBridge. According to Jump Crypto’s postmortem report, validators were allowed to vote more than once on the same update due to a bug in the SGN EndBlocker code. By allowing validators to vote multiple times, malicious actors could multiply their voting power to approve harmful updates. The report explained: “The [EndBlocker] code is missing a check that prevents a validator from voting on the same update twice. A malicious validator could exploit this by voting multiple times on the same update, effectively multiplying their voting power and potentially tipping the vote in favor of an invalid or malicious update." Celer...