Coinbase introduces spot trading for users outside US. Meanwhile, the OKX decentralized exchange (DEX) suffered an exploit resulting in a loss of around $2.7 million in cryptocurrencies after a proxy admin upgraded a contract that allowed a hacker to compromise the private key. And BlackRock has revised the structure of its pending spot Bitcoin (BTC) exchange-traded fund (ETF).

Coinbase introduces spot trading for users outside US

Institutional clients on the Coinbase International Exchange based outside the U.S. will be able to trade Bitcoin and Ether against USD Coin starting on Dec. 14.

Coinbase launched its International Exchange in May with trading for BTC and ETH perpetual futures for institutional investors. In September, the exchange announced it would expand to offer the same services to retail traders.

After the Dec. 14 spot trading launch for non-US traders, Coinbase says the offerings will expand to include retail investors, additional tokens and “features that enable new trading strategies and enhance capital efficiency.”

OKX DEX suffers $2.7 million exploit after proxy admin contract upgrade

OKX DEX suffered a $2.7 million hack on Dec. 13 after the private key of the proxy admin owner was reported to be leaked. 

On Dec. 13, the blockchain security firm SlowMist Zone posted on X (formerly Twitter) that OKX DEX “encountered an issue.” According to the report, the issue began on Dec. 12, 2023, at approximately 10:23 pm after the proxy admin owner upgraded the DEX proxy contract to a new implementation contract, and the user began to steal tokens.

Then, at approximately 11:53 pm, the proxy admin owner made another upgrade to the contract, and the user continued to exploit tokens. SlowMist’s analysis at the time said the attack “may be” the result of the key of the proxy admin owner being leaked.

The DEX proxy was subsequently removed from the platform’s trusted list.

Scopescan, an on-chain analysis firm, also reported the attack, saying users were reporting the event. It reported that after contacting the DEX, it was told that an old abandoned contract was attacked but has been located and stopped.

According to a post from the blockchain security company PeckShield, the total loss of the OKX DEX attack was around $2.7 million in various cryptocurrencies. PeckShield advised users to “please revoke allowances” if there are any.

BlackRock revises spot Bitcoin ETF to simplify bank’s access

BlackRock has revised the structure of its pending spot Bitcoin ETF, which could see banks create new shares in the fund using cash instead of crypto.

The new “prepay” ETF model would allow banking giants including JPMorgan and Goldman Sachs to act as authorized participants for BlackRocks’ ETF, allowing them to legally sidestep restrictions preventing them from directly holding Bitcoin or crypto.

BlackRock said the new ETF structure offers “superior resistance to market manipulation” — which the United States Securities and Exchange Commission (SEC) has cited as the reason for repeatedly denying all prior spot Bitcoin ETF applications.

If approved, the new ETF structure could be a game-changer for Wall Street banks with trillion-dollar balance sheets looking to get involved, as many highly regulated banks aren’t legally allowed to hold direct exposure to Bitcoin themselves.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.