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Tether Gains Victory Over Class Action Suit, China Blames AI, and Blockchain Industry for Telecom Frauds, and Stolen Funds from Curve Pools Are Recovered

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Tether gains court triumph over the Class Action Suit filed against it in 2021. China aims to tackle telecom frauds using protective measures against Artificial Intelligence (AI) and all related to the blockchain industry.

READ ALSO:United States SEC May Likely Approve Ethereum ETF this Year Instead of Bitcoin

Furthermore, reports show that funds stolen from Curve Finance Pools have been recovered within one week.

Class Action Suit Against Tether is Dismissed

The United States Southern District Court of New York dismissed the lawsuit against Tether, the notable USD-pegged stablecoin (USDT) issuer, on August 4, 2023.

In 2021, Matthew Anderson and Shawn Dolifka filed a Class Action against Tether and its associated company Bitfinex.

The Complainants claimed that Tether deceptively promoted its stablecoin (USDT) as one backed one-to-one by the United States Dollar.

Noting that the defendants failed to keep the quantity of Tether in reserve equal to that in circulation.

However, the presiding judge over the case, Judge Laura Swain of the U.S. Southern District Court of New York on August 4, dismissed the case because the plaintiffs’ allegations lacked credible facts.

Their facts could not convince the court of their claims against Tether and Bitfinex; again, their facts did not show noticeable traces that the value of USDT has been affected negatively.

China to Fight New Methods Fraudsters Deploy to Carry out Telecom Frauds

Reports from Chinese local news on August 6 reveal that the Central Committee for the Commission for Political and Legal Affairs of the Communist Party of China (CPC) has issued a striking warning against participants in telecom frauds.

Recently, China has experienced several telecom frauds targeted at its citizens.

Fraudsters indulge in virtual kidnapping, where scammers extort their victims and demand ransom by stealing the identity of Chinese security personnel and collecting personal information.

The government of China has shared its plans for tackling the situation by taking decisive actions against AI, blockchain, cryptos, and metaverse, which it claimed are the new methods cybercriminals use to launch their attacks.

Alchemix Shares That Stolen Funds from Curve Pools Are Restored

On August 5, Alchemix shared via its Twitter Page the return of funds a hacker stole from Curve Finance pools after hacking into the system.

Note the attack on the Curve Finance pools was made on July 30, and it was discovered that more than $73.5 million worth of cryptos were withdrawn.

Alchemix discovered that about $13.6 million of assets from the alETH-ETH pool were transferred to an anonymous crypto wallet.

Furthermore, Metronome’s sETH-ETH and JPEGd’s pETH-ETH pools recorded outflows of more than $1.6 million and $11.4 million, respectively.

The hacker identified susceptible Vyper programming on Curve Finance and launched reentrancy attacks, targeting stable pools on Curve Finance pools.

According to Leviathan News, over 73% of the stolen funds have been returned by the hacker, remaining more than $19.7 million crypto equivalent.

The hacker returned the assets after accepting a bug bounty from Metronome, Curve, and Alchemix, which they announced on August 3, to recover the stolen funds.

 

 

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