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Unveiling the MailerLite Phishing Attack: A Deep Dive into the Crypto Market Breach

The recent phishing attack on email service provider MailerLite has raised significant concerns within the crypto market. The company disclosed to Decrypt that the breach, which occurred when a support team member unwittingly fell victim to a deceptive link and provided their Google credentials, resulted in unauthorized access to MailerLite's internal system. Here are the key points of the incident: Hackers gained access to MailerLite's internal system by executing a password reset for a specific user on the admin panel. They were able to impersonate user accounts, focusing primarily on cryptocurrency-related accounts. A total of 117 accounts were accessed, with some being used to launch phishing campaigns using stolen information. Notable affected accounts included CoinTelegraph, Wallet Connect, Token Terminal, DeFi, and Decrypt. The hackers managed to steal over $580,000, according to ZachXBT, with the funds being sent to a specified address. Web3 security firm Blockai

Coinbase Legal Chief Urges SEC to Revise RIA Custody Rule to Account for Cryptocurrencies

As the world of cryptocurrency continues to expand, so do the regulatory challenges that come with it. The latest issue arose when Coinbase's chief legal officer sent a letter to the SEC requesting revisions to the RIA custody rule. The rule requires registered investment advisors (RIAs) to maintain custody of their clients' assets, including cryptocurrencies. However, Coinbase's legal chief criticized the rule for unfairly targeting crypto and failing to account for the unique features of digital assets.

As someone deeply involved in the world of crypto, I share these concerns. The RIA custody rule, as it currently stands, could have significant implications for the growth and adoption of cryptocurrency. Here are some of the key points that I believe need to be addressed:

The current RIA custody rule unfairly targets crypto

In its current form, the RIA custody rule requires RIAs to maintain custody of their clients' assets. However, it fails to account for the unique features of digital assets, such as the fact that they can be stored and transferred without the need for a custodian. By requiring RIAs to maintain physical custody of their clients' crypto assets, the rule unfairly targets crypto and creates a barrier to adoption.

Safeguarding all asset classes is essential

While the RIA custody rule is intended to protect investors, it is essential that it does not create a situation where some asset classes are unfairly disadvantaged. It is not enough to simply include cryptocurrencies within the existing rule. Instead, revisions must be made to ensure that all asset classes are safeguarded equally.

The growth of crypto depends on regulatory clarity

The regulatory challenges faced by the crypto industry are well-documented. However, it is essential that regulators provide clear and consistent guidance to ensure that the industry can continue to grow and innovate. The current RIA custody rule creates unnecessary uncertainty and could stifle innovation within the crypto industry.

Revisions to the RIA custody rule are necessary

Given the potential implications of the RIA custody rule for the growth and adoption of cryptocurrency, it is essential that revisions are made. Coinbase's legal chief has made a compelling case for why the rule needs to be revised to account for the unique features of digital assets. By doing so, we can ensure that all asset classes are safeguarded equally, and that the growth of the crypto industry is not needlessly impeded.

In conclusion, the RIA custody rule has the potential to create significant challenges for the crypto industry. However, by working together to revise the rule and account for the unique features of digital assets, we can ensure that all asset classes are safeguarded equally, and that the industry can continue to grow and innovate.

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