Decentralized finance (DeFi) protocol Struct Finance recorded over 129% gains in its total value locked (TVL) over the past week, according to data from DeFi TVL aggregator DeFiLlama. Struct Finance’s TVL more than doubled between July 11 and July 18 from $350,820 to $800,000, and at the time of writing, the TVL was at $806,314....Read More
Non-custodial decentralized finance (DeFi) protocol, Arcadia Finance, is the latest victim of a $455,000 exploit that occurred on both the Ethereum and Optimism networks. Confirming the hack, Arcadia revealed that it is working with security partners to minimize the damage after pausing the contracts. The platform has also roped in law enforcement to deal with...Read More
Regulatory heat on the crypto industry intensified in the previous quarter. Facing the brunt are several sectors, including the DeFi and NFT, that demonstrated a troubling state. The blockchain gaming sector, on the other hand, appears to have remained unshaken in the face of the turmoil. According to a DappRadar report, the gaming category continues...Read More
A new Aave proposal took place to decide the fate of $3 million in the protocol’s treasury. The holders of the Aave tokens will be voting on a governance proposal on whether 1,600 Ether, worth around $3 million, in the DeFi protocol treasury will be converted to wrapped staked ether (wstETH) and rocket pool ether...Read More
The cross-chain decentralized finance (DeFi) platform – Poly Network – announced on Twitter that it had halted operations due to a “recent attack.” The team revealed that the exploit affected 57 cryptocurrencies on 10 blockchains, advising users to “promptly withdraw liquidity from decentralized exchanges.” Poly Network experienced another similar hack in 2021 when wrongdoers drained...Read More
In yet another case of a rug pull, Arbitrum-based Chibi Finance reportedly siphoned more than $1 million worth of various crypto assets. Notably, the protocol went live on Tuesday, but the developers managed to launder the stolen funds to other networks shortly after. On-chain analysis conducted by blockchain security platform CertiK revealed that Chibi devs...Read More
Joseph Chalom – BlackRock’s head of strategic partnerships – thinks the current regulatory environment is not quite welcoming for leading institutional investors to participate in Decentralized Finance. He predicted that crypto firms like Coinbase could play a vital role in such a transition in the future, acting as a bridge between DeFi and traditional finance....Read More
Struct Finance – a Decentralized Finance (DeFi) platform that allows customers to engage with tailored structured monetary products linked to cryptocurrencies – announced the mainnet launch of its tranching mechanism and innovative Interest Rate Vaults. The initiative enables users to invest in products according to risk tolerance, providing predictable returns. Reaching Investors With ‘All Risk...Read More
Sturdy Finance – a DeFi project promising up to 10x leverage on staked assets – has been exploited by a hit-and-run attack on its pricing oracle. Although the amount stolen (worth about $800k at the time this article was written) pales in comparison to other, more high-profile attacks like the one on Atomic Wallet users...Read More
In late 2020, PoolTogether was sued by Joseph Kent, a software engineer who, at the time, was working as the tech lead for Senator Elizabeth Warren’s presidential campaign. The lawsuit was filed taking advantage of a New York law that allows buyers of an illegal lottery ticket to file a class-action lawsuit against the issuer...Read More
Sweat Economy – a fitness-focused decentralized application – announced the launch of a new governance vote on June 7th in the Sweat Wallet application. The move would enable the community to decide the fate of 2 billion idle SWEAT tokens in inactive user accounts. According to the official press release shared with CryptoPotato, users will...Read More
The week started on a grim note following the large-scale theft of digital assets from Atomic Wallet users resulting in a six-figure loss across different chains. Distraught users have taken to Twitter to challenge some of the Atomic Wallet’s claims after the company assured them that it is working with “leading security companies” and has...Read More
According to DappRadar’s monthly industry report, the decentralized application industry grew by 9.97% in May. It has reached an average of 1,967,051 daily unique active wallets (dUAW), the paper added. The research attributed the growth to the gaming sector and decentralized finance (DeFi), however, the latter has seen a decline in total value locked. These...Read More
A new report by blockchain security company Beosin revealed that the total amount of crypto assets lost to exit scams and rug pulls was higher than the amount stolen from decentralized finance (DeFi) projects through exploits and attacks last month. Beosin also discovered that losses from the exploits in May were down 79% compared to...Read More
Tenet is a layer-1 network that’s focused predominantly on the expansion of use cases related to liquid staking derivatives (LSDs). According to a press release shared with CryptoPotato, Tenet has forged a partnership with LayerZero aimed at boosting the adoption of LSDs. LayerZero, in turn, is an omnichain interoperability protocol that’s currently valued at over $3 billion....Read More
Users of the cross-chain router protocol Multichain have been reportedly experiencing delays in receiving their funds following an upgrade. There have also been rumors about the arrest of the Multichain team, which is yet to be confirmed. MULTI Sinks 24% in 24 Hours Several Multichain users have complained about their funds being stuck in the...Read More
IOVLabs – a company that develops decentralized blockchain technologies – launched a $2.5 million “strategic grants program” to accelerate the adoption of Rootstock. The latter is a sidechain tied with Bitcoin and designated to enable smart contracts for the ecosystem. ‘Strong Commitment’ to Advance BTC According to a document seen by CryptoPotato, the Argentina-based blockchain...Read More
The United States Department of Justice (DOJ) plans to direct crackdowns against rogue crypto trading platforms and such investment scams, a top official said. Recently, an FBI report revealed that American citizens lost $2.5 billion to crypto scams in 2022. DОJ to Target Rogue Exchanges Eun Young Choi, director of the National Cryptocurrency Enforcement Team...Read More
Decentralized Finance (DeFi) players have been left unscathed as the unmonitored control of off-chain capital of centralized crypto entities led to misdeeds and bad trades, and subsequent collapses. Be it multi-billion dollar bankruptcies, fraud allegations, rampant scandals, or plunging crypto-asset prices, 2022 was characterized by tragic events, culminating mostly from CeFis, which, in turn, enhanced...Read More
The United Kingdom is gearing up for tax treatment of lending and borrowing on decentralized finance (DeFi) protocols. The country’s taxation division – HM Revenue and Customs – released a consultation document seeking views on modifying the tax treatment of DeFi lending and staking. The final decision on whether to proceed with legislative changes will...Read More
After a turbulent 2022 owing to macroeconomic headwinds, Solana’s performance improved substantially in the first quarter of the year. Data suggested that its market cap increased by more than 118% QoQ along with the broader market. Furthermore, numerous ecosystem developments fueled fee payer and transaction activity during Q1. Solana’s Performance in Q1 Solana’s network outages...Read More
Blockchain security firm CertiK and zk-Sync decentralized exchange (DEX) Merlin are working towards a plan to reimburse users affected by a recent exploit that drained almost $2 million from the latter. Merlin revealed on Thursday that the incident, which was widely believed to be an exploit, was, in fact, a rug pull by several rogue...Read More
The leading retail-facing self-custody cryptocurrency wallet on Solana, Phantom Wallet, revealed that it will now support Ethereum and Polygon for all browsers, Android, and iOS users. According to the press release shared with CryptoPotato, the solution is aimed at offering a more convenient way for users to manage their assets across various networks. The wallet provides users...Read More
The crypto market significantly improved this year, but volatility persisted. Despite this, Uniswap managed to maintain its dominance over the decentralized market. In fact, it remains one of the largest decentralized exchanges in the ecosystem, commanding over $4 billion in total value locked (TVL) across all blockchains. In yet another milestone, the protocol officially surpassed...Read More
Securities and Exchange Commission (SEC) Chair Gary Gensler’s crusade against the crypto-asset industry has prompted political pushback. United States Representative Warren Davidson is the latest to retaliate. The Ohio Representative said he is introducing legislation to remove Gensler as the SEC boss in a bid to “correct a long series of abuses.” SEC’s ‘Unconstitutional Overreach’...Read More
Government officials have confirmed the city’s crypto commitments at the Hong Kong Web3 Festival this week as it aims to become a fully regulated crypto hub attracting investment and Web3 startups. On April 12, Financial Secretary Paul Chan Mo-po reiterated that appropriate regulations and oversight were of paramount importance. “I believe that everybody has learned from...Read More
Earlier this week, the United States Treasury Department came out with some strong words while elaborating on the risk assessment of decentralized finance (DeFi) in the first report of its kind in the world. While the agency managed to start an important conversation on the much-needed industry guidance, crypto advocates have been firm on regulation...Read More
The Securities and Exchange Commission (SEC) is furthering its plans to bring crypto exchanges under its regulatory purview – including DeFi exchanges. The agency has announced that it is reopening an old proposal surrounding consumer protection laws to explicitly put digital asset trading within its scope. Regulating DeFi Per a press release from the SEC...Read More
Tornado Cash has, once again, found itself as the nexus of pilfered funds from a DeFi protocol. An Ethereum wallet address associated with the exploiter of the DAO Maker breach from 2021 sent $600,000 worth of DAI stablecoin through the controversial coin mixer. According to the blockchain security firm, PeckShield, the wallet had been dormant...Read More
As DeFi hacks continue, the latest protocols to be targeted by exploiters are Aave and Yearn Finance, according to blockchain security firm PeckShield. Aave’s version 1 was impacted, while versions 2 and 3 remained unaffected. The oldest version has been frozen since December 2022, and the team behind the lending protocol said it is monitoring...Read More
