Welcome to Coinsauce's Daily Crypto Roundup! After an eventful week, we're back to keep you in the loop with the hottest crypto news and updates! From all things thrill to all things chill - we have got you covered! Today may seem relatively calm - so you can sit back, take a breather and enjoy the tranquillity before the next wave of excitement hits the crypto verse!

Trending in the past 24 hours 👇

1. Déjà vu - Hundred Finance hacked for $7 million 😓

2. Bells of regulation: US Congress to introduce a new draft to regulate stablecoins 👀

3. Malicious intent? - Do Kwon paid lawyers $7 million before the $LUNA collapse 🤔

So, let’s dive straight in!

Security breach on Hundred Finance leads to another $7 million exploit 🤦‍♂️

April showers bring May flowers - but for DeFi protocols, they bring hackers with their flash loans 😪 This time, Hundred Finance was the unlucky victim, losing over $7 million in the attack.

Flash loan attacks take place when a hacker borrows a large amount of funds via a flash loan (a type of uncollateralized loan) from a lending protocol. The hacker then combines it with other techniques to manipulate the price of an asset on various platforms.

According to Peckshield, the hacker stole the funds by donating 200 WBTC to inflate the exchange rate for hWBTC, which made it possible to drain the lending pools with a tiny amount of hWBTC.

With over $6 million lost through a re-entrancy attack as recently as 12 months ago, the platform needs to hire a security guard for their codebase - or maybe a bouncer to keep those hackers out 😅

Nonetheless, it's been a tough month for DeFi, with hackers successfully exploiting multiple protocols and exchanges to the tune of over $20 million, as seen below 👇

US Congress to introduce a new draft bill for Stablecoins 🔍

The US government wants to keep stablecoins from wobbling! A new draft bill providing a framework for stablecoins in the United States was published in the House of Representatives document repository, which could bring stablecoin issuers under the Federal Reserve oversight, making Tether and Circle's lives a little less stable ❗ (Pun intended)

The proposed law would require non-bank issuers to legally register themselves, with up to $1 million in fines or 5 years in prison time 🔒 for non-compliance. Issuers out of the United States would have to seek registration in order to conduct any sort of business in the country.

The bill also demands stablecoin issuers to hold reserves backed by US dollars and a potential ban 🚫 on stablecoins not backed by tangible assets.

The draft however, may not be the final version of the bill as debate and talks could continue in Washington over coming weeks and months.

However, with the recent increase in regulatory scrutiny from multiple US agencies, it seems that crypto's cowboy days may be numbered!

Did “Do”-“Know”? 🤔 

South Korean prosecutors confirmed that Terraform Labs CEO Do Kwon sent 9 billion won ($7 million) to Kim & Chang — a top South Korean law firm — right before the collapse of the Terra ecosystem. (Indeed shady 🧐)

Do Kwon deliberately sent millions to the law firm before Terra's collapse, suggesting he knew what was coming and was anticipating legal troubles?

Previously, Kwon was arrested at Podgorica airport in Montenegro after trying to fly to Dubai using fake documents. Following his arrest, both United States and South Korean authorities have sought his extradition, with the court yet to come up with a final decision.

While the collapse of $LUNA might have caused some chaos in the crypto market, we're happy to see that the industry has already bounced back - and we hope justice is served ✅

Meme of the day

Me vs Society

And that’s a wrap for today’s daily crypto recap 💪 Although things may seem calm for now, don’t forget that the market can heat up instantly! So, don’t forget to subscribe to our Twitter & Instagram handle to follow all the latest updates in near-real-time and be well-informed with the latest and greatest in the world of crypto 🙏

Disclaimer: This newsletter is for educational purposes only and does not constitute financial advice or an offer to buy or sell assets. You must exercise caution and conduct your research before making any financial decisions.