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
On April 6, Charli3 was launched on Cardano as its first oracle integrator. The platform’s oracles have been integrated by Liqwid, a leading DeFi project on Cardano. Charli3 provides a decentralized node network with the framework for projects to supply secure, accurate, and safe data to their platforms and users. It could be viewed as...Read More
Poor cybersecurity practices within the decentralized finance (DeFi) industry present a threat to crypto, consumers, and national security, according to a new report from the United States Treasury Department. The first-of-its-kind document argues that DeFi’s peer-to-peer nature presents new illicit finance risks that require extra legal supervision to address. The Risks of DeFi Released on...Read More
Trust Wallet – a decentralized, non-custodial crypto wallet provider – collaborated with the payment systems – Ramp and MoonPay – to allow customers to convert their digital asset holdings into fiat directly within the application. Users who own over 100 TWT will get a special discount when withdrawing funds. The New Fiat Off-Ramp Feature According...Read More
The decentralized multi-chain Web3 DeFi wallet – BitKeep – announced that its total user count has exceeded 10 million as of April. Since surviving multiple hacks, the company has witnessed tremendous growth. In March alone, BitKeep added 560,000 new user accounts as a result of numerous successful campaigns between the company and several prominent blockchains,...Read More
Dfinity Foundation – a not-for-profit organization that develops the Internet Computer protocol – announced the launch of a “twin” token that is 1:1 cryptographically secured by Bitcoin. Dubbed “ckBTC,” the new token is being touted as liquid and cost-efficient that will enable layer-2 capabilities on Bitcoin by making it faster and cheaper to transact without...Read More
Injective – a layer 1 blockchain – announced the first-ever Solana rollup launch for Cosmos. According to the official press release shared with CryptoPotato, the “Solana Sealevel Virtual Machine (SVM)” will be deployed within the Cosmos ecosystem with the help of roll-up provider Eclipse. By bringing the Solana development environment to the broader Cosmos ecosystem,...Read More
The hacker behind DeFi protocol Euler Finance’s $200 million exploit earlier this month has publicly communicated through the blockchain to apologize for his crime. The exploiter, going by the name “Jacob,” has gradually been returning funds related to the hack, now totalling $177 million. In an encoded blockchain message on Monday, the hacker promised to...Read More
The operators behind the decentralized cross-chain liquidity protocol – THORChain – preemptively paused the network after claims of potential vulnerability made rounds on social media. According to the announcement, the vulnerability in question is speculated to be associated with THORChain dependency that may affect the overall network. “Out of an abundance of caution,” THORChain decided...Read More
The hacker behind the largest DeFi exploit of 2023 continues to demonstrate controversial behavior, as this time, they returned the majority of the funds stolen from Euler Finance. In two separate transactions, the perpetrator sent back over $100 million worth of ETH to the protocol. CryptoPotato reported the flash loan attack, which took place earlier...Read More
Decentralized finance analytics firm DeFiLlama apologized for the internal conflict that brewed over the weekend. In an update shared on Twitter, the team cited “poor communication and a misunderstanding.” The drama centers around a native LLAMA token. The team, however, confirmed that there are no plans to launch the token currently planned, and any airdrop...Read More
Last week’s collapse of Silicon Valley Bank (SVB) and the subsequent contagion appeared to have worked in favor of the decentralized exchanges as trading activity soared to levels not seen since November 2022. According to the latest data from DeFiLlama, the daily trading volume on decentralized exchanges was up by an astonishing 255.36% over the...Read More
The decline of centralized entities has worked out well for their decentralized counterparts. Over the weekend, USDC witnessed a significant trading volume on several decentralized exchanges. Uniswap, for one, reached its highest daily volume ever of $11.84 billion on March 11th. But it isn’t the only decentralized protocol that saw traction. Decentralized Exchanges Register Impressive...Read More
The hacker who stole $1.59 million worth of crypto assets from Arbitrum-based decentralized finance (DeFi) lending platform Tender.fi has returned nearly all the funds, keeping roughly $97,000 as a bounty reward. Tender.fi was exploited on the morning of March 7, with the project’s official Twitter handle confirming the incident in a tweet a few minutes...Read More
The hacker of the DeFi project – Uranium Finance – started moving 2,250 ETH, worth approximately $3.35 million, in stolen funds into the popular coin mixer, TornadoCash. The movement of funds from the wallet was detected by the blockchain security firm, PeckShield, on March 7th. Data from Etherscan reveals that the hacker transferred the funds...Read More
The Solana-based Wormhole Bridge was hacked for $325 million after the attacker managed to exploit a security flaw, making it one of the largest exploits in crypto history. A year later, a group of white hats, along with two crypto firms, launched a “counter-exploit” against the malicious entities and clawed back a portion of stolen...Read More
