Cryptocurrency transaction mixing service Tornado Cash has experienced a forceful takeover of its governance system, orchestrated by hackers via a malevolent proposal. The breach saw an attacker surpass the tally of legitimate votes, granting them control over the protocol’s governance system.

The company behind the popular cryptocurrency wallet MetaMask, ConsenSys, has addressed rumors that it collects taxes from cryptocurrency users, informing its followers on social media that the rumors were based on “inaccurate information.”

The Bitcoin-focused payments company Strike has announced that it is expanding its app to over 65 countries, significantly broadening its reach beyond its current user base in the United States and El Salvador.

Top stories in the Crypto Roundup today:

• Tornado Cash Suffers Major Governance Attack
• ConsenSys Clears Up Confusion Over MetaMask’s Tax Policy
• Bitcoin Payments App Strike Expands to 65 Countries
• Ethereum Open Interest Plummets in May, Bitcoin Holds Steady

Tornado Cash Suffers Major Governance Attack

Cryptocurrency transaction mixing service Tornado Cash has experienced a forceful takeover of its governance system, orchestrated by hackers via a malevolent proposal. The breach saw an attacker surpass the tally of legitimate votes, granting them control over the protocol’s governance system.

The attack was conducted over the weekend, and led to an attacker having 1.2 million counterfeit votes to control its governance system. As the fake vote exceeded the 700,000 legitimate votes, the attacker was able to gain full control of Tornado Cash’s governance.

The Tornado Cash protocol is governed by holders of its native governance token TORN, which allows them to vote for changes in the protocol. Samczsum, a security researcher at crypto investment firm Paradigm, noted that with the votes the attackers have they can “do whatever they want.” Their first move was to withdraw 10,000 votes as TORN and sell them all.

Following news of this exploit, leading cryptocurrency exchange Binance, announced a temporary suspension of TORN deposits. The attacker has since submitted a proposal to undo the attack.

The US Treasury Department sanctioned Tornado Cash in August, accusing the service of helping North Korean hackers hide their illicit profits. The service was used by the Lazarus Group, a North Korean cyberattack group, to launder around $450 million, according to the officials.

ConsenSys Clears Up Confusion Over MetaMask’s Tax Policy

The company behind the popular cryptocurrency wallet MetaMask, ConsenSys, has addressed rumors that it collects taxes from cryptocurrency users, informing its followers on social media that the rumors were based on “inaccurate information.”

The rumors stemmed from MetaMask’s terms of service’s tax section, which ConsenSys clarified referred exclusively to products and paid plans offered, having nothing to do with on-chain cryptocurrency transactions.

The firm noted that legal terminology “can be complex, but it’s crucial to emphasize that this section does not apply to MetaMask or any other products that don’t involve sales tax.”

ConsenSys’ comments come after members of the cryptocurrency community noted that MetaMask’s terms of service mentioned the company “reserved the right to withhold taxes where required,” leading some to believe the line was related to a users’ income taxes.

Bitcoin Payments App Strike Expands to 65 Countries

The Bitcoin-focused payments company Strike has announced that it is expanding its app to over 65 countries, significantly broadening its reach beyond its current user base in the United States and El Salvador.

Jack Mallers, the CEO of Strike, made this revelation during the Bitcoin 2023 conference held in Miami Beach, Florida. The Strike app leverages Bitcoin and the Lightning Network, a layer-2 scaling solution, to provide global payment services and cross-border money transfers.

The app now has a revamped interface and offers users the ability to hold funds in both Bitcoin and Tether’s USDT stablecoin. By expanding its presence to these additional countries, Strike anticipates a significant surge in its total addressable market, potentially reaching close to 3 billion individuals worldwide.

Manuela Rios, the Vice President of Product at Strike, said the company’s goal is to serve the entire global population of 7 to 8 billion people.  Rios, however, acknowledged there is a discrepancy in app design and user experience between the United States and other countries.

Ethereum Open Interest Plummets in May, Bitcoin Holds Steady

In May Ethereum (ETH) experienced a notable decline in open interest, dropping by 24.9% to reach $5.28 billion. This decrease also marked a 13.7% fall from its peak price in 2023.

On the other hand, Bitcoin (BTC) witnessed an 11.3% decrease from its peak price of $30,493 on May 14th. However, when it comes to open interest, Bitcoin displayed relative stability with a marginal decrease of 0.18%, bringing it to $9.41 billion.

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