Here’s what happened in crypto today

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Today in crypto, DeFi protocol SIR.trading lost its $335,000 in a hack, equivalent to its entire total value locked. Binance has introduced a CEX to DEX feature, and crypto industry professionals say US regulation must clarify banking and stablecoins before focusing on taxes.

DeFi protocol SIR.trading loses entire $355,000 TVL in “worst news” possible

Ethereum-based DeFi protocol SIR.trading, also known as Synthetics Implemented Right, has been hacked, resulting in the loss of its entire total value locked (TVL) — $355,000 at the time of the attack. 

The March 30 hack was initially detected by blockchain security firms TenArmorAlert and Decurity, both of which posted warnings on X to alert users of the protocol.

The protocol’s founder, known only as Xatarrer, described the hack as “the worst news a protocol could received [sic],” but suggested the team intends to try to keep the protocol going despite the setback.

Decurity described the hack as a “clever attack” that targeted a callback function used in the protocol’s “vulnerable contract Vault” which leverages Ethereum’s transient storage feature. 

According to Decurity, the attacker was able to replace the real Uniswap pool address used in this callback function with an address under the hacker’s control, allowing them to redirect the funds in the vault to their address. 

TenArmorAlert further explained that by repeatedly calling this callback function, the attacker was able to fully drain the protocol’s TVL.

Binance introduces CEX to DEX trades for better user experience

Crypto exchange Binance has introduced centralized exchange (CEX) to decentralized exchange (DEX) trading, eliminating the need for complicated asset bridging and cumbersome manual transfers.

Binance Wallet users will now be able to use Circle's USDC (USDC) and other supported stablecoins to purchase tokens trading on the Ethereum, Base, Solana, and BNB Smart Chain networks.

The CEX to DEX feature creates a much-needed user experience overhaul, especially for those new to crypto, who may find bridging or manually transferring assets too technically complex and unapproachable.

Additionally, the technical complexity inherent in crypto creates the potential for lost user funds and is one of the main barriers to crypto achieving mass adoption.

Stablecoin rules needed in US before crypto tax reform, experts say

United States cryptocurrency regulations need more clarity on stablecoins and banking relationships before lawmakers prioritize tax reform, according to industry leaders and legal experts.

“In my view, tax isn’t necessarily the priority for upgrading US crypto regulation,” according to Mattan Erder, general counsel at layer-3 decentralized blockchain network Orbs.

A “tailored regulatory approach” for areas including securities laws and removing “obstacles in banking” is a priority for US lawmakers with “more upside” for the industry, Erder told Cointelegraph.

“The new Trump administration is clearly all in on crypto and is taking steps that we could have only dreamed about a few years ago (including during his first term),” he said. “It seems likely that crypto regulation will be able to have it all and get much more clear and rational regulation in all areas, including tax.”

Still, Erder noted there are limits to what President Donald Trump can accomplish through executive orders and regulatory agency action alone. “At some point, the laws themselves will need to change, and for that, he will need Congress,” he said.

Trump’s March 7 executive order, which directed the government to establish a national Bitcoin reserve using crypto assets seized in criminal cases, was seen as a signal of growing federal support for digital assets.