Cross-chain lending protocol Radiant Capital has suffered a hack resulting in the loss of 1,900 ETH, equivalent to approximately $4.5 million, according to blockchain security and analytics firm PeckShield Inc. Radiant Capital operates as a decentralized borrowing and lending protocol featuring cross-chain functionality built using LayerZero technology. As of the latest data from DefiLlama, the...Read More
According to an analysis from CoinGecko, the period from 2020 to 2023 has witnessed a surge in crypto airdrops. Led by giants like Uniswap, Apecoin, and dYdX, the top 50 airdrops have distributed $26.6 billion in tokens in that period. Uniswap’s Historic $6.43 Billion Airdrop Uniswap (UNI) led the pack, which made headlines with its...Read More
The PancakeSwap community is proposing a reduction in the overall supply cap of its native token, CAKE. A newly unveiled proposal discussion on December 21st advocates for decreasing the total supply limit of the asset from 750 million to 450 million. Given CAKE’s consistent deflation over the past few months and its intensified focus on...Read More
The recent surge in cryptocurrency markets over the last month seems to have spilled over into the realm of decentralized finance (DeFi). The trading volume on decentralized exchanges (DEX) has traditionally been considerably lower than that of centralized exchanges (CEX). However, the recent market rally has led to increased activity, albeit at a somewhat slower...Read More
Gemini, the Winklevoss Twins crypto platform offering an exchange, custodian services, and – in partnership with Genesis – Earn services, has been in a bit of trouble ever since the latter filed for bankruptcy last January. Possible Recovery Plan Waiting For Court Approval Genesis, whose legal troubles stemmed partly from a loan to its parent...Read More
Blockchain initiatives will benefit from security, scalability, and interoperability. How do unsafe projects handle problems? While banks market Blockchain technology, do you think recurring Defi project troubles would make it easy to penetrate mainstream finance? Recently, cryptocurrencies have significantly transformed the financial landscape, introducing innovative concepts like decentralized finance (DeFi) that promise greater financial inclusion...Read More
Venus Protocol, a prominent lending market on the BNB Chain, has denied allegations of a major security breach over the past weekend. These speculations initially suggested a $54 billion exploit, as blockchain security firm SlowMist reported. Venus Protocol Refutes Claims of Major Exploit Brad Harrison, the Head of Venus Labs, addressed these concerns on December...Read More
The Starknet Foundation – the organization behind the Ethereum Layer 2 network Starknet – announced plans to allocate over 1.8 billion STRK tokens across multiple initiatives soon. The move is aimed at driving the adoption and growth of the Starknet blockchain. Allocation of 1.8 Billion STRK Tokens According to the official announcement, 900 million STRK...Read More
The investment firm Tiger Global has reportedly reduced the valuation of its holdings in Bored Ape Yacht Club and OpenSea. Per a Bloomberg report, the company marked down the value of its investment in Bored Ape Yacht Club (BAYC) by 69% and its stake in the NFT marketplace OpenSea by 94%. The move follows Tiger...Read More
Velodrome, the second-largest DEX on the Optimism network, and its fork, Aerodrome, the leading DEX on Base, have reported a compromise in their respective frontend systems. Following the incident, both platforms urged users through their social media channels to refrain from interacting with their platforms for the time being. Velodrome and Aerodrome Urge Caution Amid...Read More
Decentralized exchange protocol KyberSwap announced that it had recovered $4.67 million in funds after a recent security attack that resulted in a staggering loss of nearly $50 million from its concentrated liquidity pools last week. The hacking incident targeted KyberSwap’s Elastic pools, affecting funds across various blockchains, including Arbitrum, Optimism, Ethereum, Polygon, Binance Smart Chain,...Read More
The latest in a string of DeFi platforms to be exploited, Kyber Network was attacked earlier today, with over $46 million worth of funds stolen. 🚨Urgent🚨 Dear KyberSwap Elastic Users,We regret to inform you that KyberSwap Elastic has experienced a security incident. As a precautionary measure, we strongly advise all users to promptly withdraw their...Read More
The native token of the Yearn Finance ecosystem has plummeted by 40% overnight, which led to certain speculations within the community of a potential exit scam. Yearn Finance is among the most popular and prominent DeFi players, and it just recently hinted about an upcoming launch of its platform’s newest version, which questions the exit...Read More
Stani Kulechov – the founder of Aave Companies – has announced that the network of blockchain entities and ventures that he created has rebranded as Avara. Rebranding to Reflect New Priorities According to Kulechov, the name change reflects Avara’s new mission to go beyond DeFi by bringing Web3 to “all users globally with different kinds...Read More
The co-founders of Opyn, a prominent DeFi options protocol, have announced their departure from the company and the crypto industry. This decision comes in the wake of charges filed against Opyn by the Commodity Futures Trading Commission (CFTC) in September. Opyn’s Co-founders Announce Departure from Crypto Opyn co-founders CEO Zubin Koticha and Alexis Gauba recently...Read More
Aave V3 markets have been unpaused by the Community Guardian, signaling the resolution of the issues that prompted the temporary measures. The move follows the execution of a governance proposal voted on earlier. Additionally, Aave V2 Ethereum is anticipated to be unpaused tomorrow, a decision accelerated due to block times on voting and operational considerations....Read More
THORChain, a native asset settlement protocol, is now the second-largest decentralized exchange (DEX). Its native token, RUNE, has experienced a significant increase over the last week amid the aforementioned development. THORChain Surges in Trading Volume Over the past week, THORChain has experienced a significant surge in trading volume, surpassing $1.325 billion. Data from DeFi Llama...Read More
Decentralized finance (DeFi) platform Aave has taken a significant step to bolster security measures, initiating a crucial vote to disable stable borrows on all networks. This proactive move comes in response to a reported attack vector by a white hat, prompting Aave to suspend certain market operations as a precautionary measure temporarily. The platform aims...Read More
According to the latest report from Immunefi, from January to October 2023, over $1.41 billion has been lost to hacking and fraudulent activities in 292 specific incidents. In October 2023 alone, losses amounted to approximately $22.2 million, primarily attributed to hacking and fraud. The most frequently targeted blockchain networks during the period were BNB Chain...Read More
Stablecoins are often viewed as assets that pose systematic risks to the financial market. However, these pegged tokens have become the most popular category among investors amid adverse market conditions. QuickNode’s latest on-chain report revealed a notable surge in stablecoin activity across blockchain networks. Stablecoins saw a 45% growth in active addresses and a 41%...Read More
Frax Finance, a prominent decentralized cross-chain protocol, has warned its users, urging them not to use the frax.finance and frax.com domains until further notice. The company’s founder, Sam Kazemian, has advised caution, emphasizing resolving the domain name issue before resuming normal operations. Frax Finance Faces Domain Hijacking The incident occurred early Wednesday when Frax Finance’s...Read More
As different jurisdictions gear up for regulations on the digital asset sector, DeFi remains a tricky subject. The International Organization of Securities Commissions (IOSCO) had recently weighed in on the matter and recommended that governments should identify the “Responsible Person” behind ostensibly decentralized finance applications and subject them to regulatory oversight similar to conventional financial...Read More
Marinade Finance, the largest decentralized finance (DeFi) protocol on the Solana blockchain, has recently initiated a process to block access for users based in the UK. This decision follows a similar action by Orca Finance and is responding to “compliance concerns” related to the Financial Conduct Authority (FCA) regulations. Marinade Finance Blocks UK Users Marinade...Read More
North America emerged as the dominant cryptocurrency market, boasting an estimated on-chain value of $1.2 trillion between July 2022 and June 2023. According to Chainalysis’ latest report, the figure accounts for 24.4% of the global transaction activity observed during this period. Crypto, DeFi Dips in North America Data also suggest that while North America has...Read More
The proactive approach to framing crypto-specific guidelines comes as a respite after years of conversations about an outright ban on the sector that was initially mooted by the Reserve Bank of India. The Indian government may have shelved its plans to impose a blanket ban on crypto, but there’s still a long way to go,...Read More
In 2023, the Ethereum blockchain witnessed intriguing transformations in the way users and entities engage. According to Nansen’s recent report, there has been a remarkable surge, with more than 300,000 daily active Ethereum addresses. Among these active addresses, DeFi entities have maintained their position as the dominant players. As of October 12th, 2023, DeFi users...Read More
The chilling winds of crypto winter continue to sting projects, prompting several of them to take a hard look at downsizing or ceasing operations entirely. A decentralized content-sharing and publishing platform – LBRY – is the latest one to succumb to the market condition. The company behind the LBRY blockchain said that “there is no...Read More
The crypto industry’s fundraising efforts have taken quite a hit owing to the incessant crypto winter. Q3 was no exception. The latest data suggest that new record lows were set for both the total funding amount and the number of deals during this period, reaching levels not seen since Q4 2020. The quarterly figures fell...Read More
BarnBridge is the latest crypto project that found itself entangled in legal proceedings initiated by the US Securities and Exchange Commission (SEC). With potential financial penalties on the horizon, the project turned to its token holders. The details of any specific order sent by the financial regulator have not been disclosed. Voters Decide on SEC’s...Read More
Decentralized finance (DeFi) protocol Platypus Finance has suffered yet another flash loan exploit that resulted in the loss of over $2 million. Blockchain security firm PeckShield was the first to alert the community about the hack on October 12th, shortly after which the platform announced temporarily suspending all pools. On-chain data also suggest that the...Read More
