Curve Finance founder Michael Egorov has deposited $24 million worth of Curve DAO (CRV) tokens to decentralized lending platform Aave to mitigate against liquidation risk on a $65 million stablecoin loan. Source
While Hong Kong welcomes cryptocurrency, digital asset trading remains banned in mainland China. Hong Kong Legislator, Johnny Ng, has encouraged Coinbase and other global exchanges to set up their shop in the region. The legislator took to Twitter, offering his assistance for Coinbase and other interested parties to register and develop within the former British colony. Mr Ng, who previously cofounded a Web3 accelerator, is known for his bullish stance on Web3 tech. His call to virtual asset trading platforms coincides with a US SEC clampdown on major players like…
The venture capital firm plans to use the office, which will open later this year, to fund growth in the crypto and startup ecosystems in the U.K. and Europe. Source
Cardano (ADA) bounced modestly after losing nearly 30% of its valuation in the previous week, its worst seven-day performance since May 2021, when the Terra collapse sparked a cryotocurrency market crash. Nonetheless, ADA looks ready to undergo a sharp recovery in the coming months, based on technical analysis. ADA price up 30% from six-month lows On June 12, ADA price rose 2.25% to $0.28, up around 27% from the six-month low of $0.22 seen last week. The rise appeared alongside gains elsewhere in the crypto market, hinting at investors buying…
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin’s (BTC) price witnessed an instant fall on June 5, as the US Securities and Exchange Commission (SEC) decided to take legal action against Binance and Coinbase. The asset’s price fell from around $26,800 to $25,500 within 18 hours after the SEC’s legal case against the exchanges. A day after, however, the broader crypto market witnessed a recovery, and bitcoin consolidated over the $26,000 mark until June 10. As the bearish sentiment grew, the asset’s price…
Binance operates an independent entity dubbed Binance Nigeria Limited similar to the United States entity that was also deemed illegal earlier last week. Cryptocurrency exchanges around the world have found themselves at loggerheads with several global regulators for offering digital assets without proper registrations. In the latest developments, both the Nigerian and the United States Securities and Exchange Commission (SEC) have intensified the crackdown on unregistered crypto exchanges. Reportedly, Binance Nigeria has been operating a crypto exchange without the proper regulatory approvals required for securities. This comes after the Nigerian…
Numerous sub-communities on Reddit, including popular crypto subreddits, unanimously decided to go private for 48 hours to protest against new company policies that prevent the use of third-party applications. In April, Reddit announced plans to modify how users interact with the Reddit Data application programming interface (API) — a seven-year-old application enabling developers to create tools and utilities for moderation and other activities. Most subreddits reacted to the move, as Reddit’s intention to build native moderator tools directly impacts the community’s ability to create and use third-party tools predominantly used…
Decentralized finance (DeFi) protocol Sturdy Finance has lost 442 Ether (ETH), worth almost $800,000 when writing, to a security exploit. The attacker exploited a vulnerability that eventually manipulated a faulty price oracle, allowing them to drain funds from the protocol. On June 12, blockchain security firm PeckShield alerted Sturdy Finance and reported a transaction that seemed to be related to price manipulation. Almost an hour later, the DeFi protocol said that they were aware of the exploit and responded by pausing all their markets and assuring its users that no…
The proof-of-work consensus mechanism of Bitcoin (BTC) could become a useful means of securing a variety of proof-of-stake (PoS) smart contract blockchain protocols thanks to efforts from a Stanford University professor. David Tse and his research team are driving the use of the preeminent cryptocurrency to provide added security to PoS networks. Tse’s proprietary Babylon blockchain aims to use Bitcoin to bolster network security and incentivize BTC holders to participate in what is ostensibly a new approach allowing staking of Bitcoin on proof-of-stake chains. In an interview with Cointelegraph, Tse outlined…
Ethereum co-founder Vitalik Buterin believes the success of Ethereum will come down to three major technical “transitions” that need to happen almost simultaneously — layer-2 scaling, wallet security, and privacy-preserving features. In a June 9 post via his personal blog, Buterin explained that the Ethereum blockchain outright “fails” without sufficient scaling infrastructure to make transactions cheap. “Ethereum fails because each transaction costs $3.75 ($82.48 if we have another bull run), and every product aiming for the mass market inevitably forgets about the chain and adopts centralized workarounds for everything,” he…