100% Upvoted. best. Reply. @punkr0ck. What effect the huge fine would have on the continued existence of EtherDelta is a question only time will answer. This thread is archived. Well, this now appears to be false. A recent public statement from the U.S. Securities and Exchange Commission implied that those engaged in writing and publishing code might need to worry about running afoul of securities laws. A. Adam. save. March 26, 2018 at 12:51 am. They didn’t bring the website down because what the hackers did was hijack the DNS (Website address) to take the address down they had to contact the Server provider (by the way a crappy cheap provider) convince them that the website address is theirs, recover the account and then shut it off. Takeaways Within the digital asset markets, this enforcement action is the first of its kind to be imposed against a digital assets trading platform. A couple of things, Etherdelta has no login. For the time being, it seems Coburn will not face any jail time or anything like that. Affiliate: Deposit 0.02 BTC, and get … Coburn did not admit or deny his wrongdoing, but he ultimately paid $388,000 in penalty fees and interest. Sort by. Thus, EtherDelta fit the parameters of Rule 3b-16(a) and was subject to the registration requirement under Exchange Act Section 5. Instead, he settled the dispute by paying over $385,000 in fees, penalties, and so forth. However, at press time, the EtherDelta website has not been shut down by the SEC and was still in operation. 7 comments. I have a question. Even if it becomes difficult for the SEC to actually shut down the decentralized exchanges (DEXs), there are still punishable actions that someone will have to be accountable for. Although the decentralized nature of certain exchanges may prevent them from getting shut down, any type of known figurehead runs the risk of getting in some serious trouble. EtherDelta smart contract is present on EtherScan and only 312 lines of code. FYI smart contract upgrade is underway, so you should try this on the new smart contract once it's live. report. So etherdelta was never shut down, simply fined $400K and enabled to continue trading within the dex? Hi Sudhir, thanks for nice post. This isn’t the end of the world, EtherDelta didn’t get shut down, DEXs didn’t get banned, and it may be that DEXs that don’t mimic exchanges (and instead for example just host contracts that allow direct swaps) won’t have the same issues. Oct 25 2016 15:39 UTC. Additionally, a charge of this magnitude (EtherDelta was at one point the largest DEX around), shows that the SEC means business. In its tweets, the exchange warned that its DNS server was compromised by … It does not appear EtherDelta will be shut down or modified in any way either, which is … We are going to analyze EtherDelta Ethereum source code to give the precise picture of how truly decentralized EtherDelta and what options SEC and other law enforcement agencies have to control or shut down EtherDelta. EtherDelta [didn’t cover it due to its recent breach] district0x; Airswaps [Under development] ... No exchanges which don’t have single points of failures can’t be shut-down!! punkrock. share. New comments cannot be posted and votes cannot be cast. The SEC's settlement with the founder of EtherDelta is likely the first of many enforcement actions to come against crypto token exchanges. For token deposits, EtherDelta needs you to sign two transactions (one to approve the deposit on your behalf, and one to do the actual deposit) . EtherDelta shut down its site and services when it learned of the cyberattack. hide. level 1.