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Finance

Lawmakers criticise banks over interest rates, hacking, IT errors and governance questions at audit

Issues ranging from banks’ loan-rate calculations to hacking incidents, IT system management and financial holding companies’ governance were raised at a National Assembly audit. Lawmakers questioned whether banks cut preferential rates after tighter rules on loan add-on rates. They also probed differences in cybersecurity systems among banks and called for stronger standards. Delayed detection of internal system errors, including cases at Toss Bank, was cited. Governance and outside director appointment procedures at BNK Financial Group, Woori Financial Group and KB Financial Group affiliates were also questioned.

Crypto

Wemix upgrades bug bounty with CertiK to strengthen detection of key threats

The Wemix Foundation has revamped its bug bounty programme with blockchain security firm CertiK, shifting it to the CertiK Hunt platform. The new programme focuses on the Wemix 3.0 blockchain and governance contracts and uses a three-tier severity system. Reports of critical vulnerabilities can earn up to $10,000, paid in USDT on Ethereum. Participation is restricted to vetted researchers, and only top-tier Vanguard members can submit reports.

Crypto

Ripple fixes XRPL flaw that could mint 184 times XRP supply, but $250,000 bug bounty stirs criticism

Ripple fixed a critical vulnerability in the XRP Ledger that could have allowed creation of XRP worth 184 times the fixed supply, but drew criticism over a $250,000 bug bounty. Blockchain investigator ZachXBT said the reward was too low given the potential risk to billions of dollars in assets and warned it could distort researchers’ incentives. Ripple said it found no signs of exploitation and that an attack would have required unusual conditions.