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Pedro Magalhães, a blockchain developer who claims to have reverse-engineered Brazil's pilot CBDC has found code that would allow accounts to be frozen or drained at will. A blockchain developer who claims to have reverse-engineered the source code of Brazil’s pilot central bank digital currency has discovered functions in the code that would allow a central authority to freeze funds or reduce balances.  He has since argued, however, that there could be situations that such functions could be beneficial. The source code of the Real Digital pilot project was posted on GitHub portal on July 6 by Brazil’s top bank. It was explained at the time that the Real Digital pilot project is intended for use only in a test environment and that the “presented architecture” may be subject to additional changes. Pedro Magalhães — a blockchain developer and founder of tech consulting firm Iora Labs — later that day claimed to have been able to “reverse engineer” the open source code of Banco...

Not all exchanges have disclosed wallet addresses for the funds, however. According to a new report published by blockchain analytics firm Nansen on June 14, most reputable cryptocurrency exchanges adopted user protection funds amid the collapse of FTX. Together, exchanges such as Binance, OKX and Bitget have more than $2 billion combined in nominal fiat protection funds . Meanwhile, Huobi’s insurance fund is collateralized by 20,000 Bitcoin (BTC), while Coinbase grants up to 150,000 British pounds ($189,140) worth of insurance to U.K. customers’ accounts. The Nansen researchers wrote: “Proof of Reserves should become the minimum standard in the exchange industry, However, as stated above, these are both positive indicators for an exchange but do not guarantee its solvency.” Among other items, Binance has maintained the top spot with regard to both spot and derivatives trading volume. In the spot sector, the exchange had an overall market share of 69% and a monthly trading volume...