Day: July 7, 2023

DeFi ‘circuit breaker’ could slash hack losses by 70%: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. Amid the growing number of hacks in the DeFi ecosystem, a smart contract developer has made a new Ethereum request for comment (ERC) proposal to introduce a circuit breaker that could cut losses from hacks by 70%. In another exploit scare, Some Multichain contracts on Ethereum suffered withdrawals of more than half of their deposits, causing on-chain sleuths to fear an exploit…

‘Waste of this court’s time’

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Lawyers representing billionaire Elon Musk and Tesla asked a United States district court judge to toss out a motion to have them sanctioned over alleged conflicts of interest in a $258 billion lawsuit alleging Musk participated in an illegal racketeering scheme related to the Dogecoin (DOGE) cryptocurrency. In a filing dated July 6, Musk and Tesla’s team responded to the June 25 motion filed by Evan Spencer, a lawyer representing the plaintiffs in the case against Musk. Spencer referred to the defendants’ lawyers as “yes men” in his filing and…

BlackRock CEO Larry Fink’s Turnabout on Bitcoin $BTC Elicits Cheers, Skepticism of Crypto Cred

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“Arguments have been made that ETFs, as well as bitcoin exchanges, ignore what some believe is the single most important feature of bitcoin, the ability to control their funds without the need to place trust in a third-party to manage the asset,” said Jim Iourio, managing director of TJM Institutional Services and a veteran futures and options trader. “This flies in the face of Bitcoin’s entire point of existence.” Original

‘unlikely to be a game changer’

JPMorgan released a research report on Thursday stating that the approval of a spot bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) will not have a transformative impact on the crypto markets due to several factors. The report highlights the lack of significant investor interest in similar ETFs that have been available in Canada and Europe for some time. Not groundbreaking The anticipation surrounding the approval of a spot bitcoin exchange-traded fund (ETF) in the United States continues to grow among enthusiasts. However, JPMorgan, a leading…

Ether price charts reflect weakness, but inflow to LSDFi could prevent an ETH sell-off

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Ether has been on a downward trend, with the $2,000 level forming a crucial resistance level in recent months. While Bitcoin (BTC) recorded 11.94% gains, moving past $30,000 in June after BlackRock filed an application for an exchange-traded fund with the Securities and Exchange Commission in the United States, the upside in Ether (ETH) stayed around 3.16%. In the first week of July, buyers attempted to move the price past crucial resistance at around $1,900. However, a failed breakout exposed the price to further correction. The Ethereum network also witnessed a decline in…

BIS develops framework against CBDC cyberattacks

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On July 7, the Bank for International Settlements (BIS), a financial institution owned by constituent central banks, published a framework for defending central bank digital currencies (CBDCs) against cybersecurity threats. The BIS wrote: “Recent examples of smart contract hacks, which have led to the loss of a significant amount of value in DeFi, serve as an example of the potential security risks CBDC systems could face.” In its report, the BIS said security frameworks should safeguard the confidentiality, integrity, and availability of CBDC transactions. By design, CBDCs must be able…

President will step down and chief legal officer will become CEO

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Ryan Wyatt will be stepping down as president of Polygon Labs and moving into an advisory role after more than a year at the firm. In a July 7 announcement, Wyatt said he planned to leave Polygon at the end of July but would be staying in the crypto space by continuing to advise the firm. Polygon chief legal officer Marc Boiron — also the former chief legal officer of dYdX — will be stepping up as the company’s new CEO. Proud to start as CEO role at @0xPolygonLabs, reporting…

Price analysis 7/7: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC, MATIC, DOT

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Bitcoin and select altcoins are finding buyers at lower levels, indicating a pick-up in positive sentiment. Bitcoin is still struggling to stay above $31,000. While a tight consolidation near the overhead resistance is a positive sign, the failure to rise above it may result in short-term liquidations. However, a shallow pullback should not be considered a trend change because, many times, the bulls take a step back to regroup and launch another attack at the resistance. If the barrier is overcome, the positive momentum picks up. Binance CEO Changpeng “CZ” Zhao…

How Argentina’s inflation is helping altcoins and the crypto market

On today’s Macro Markets show, veteran stock market and Cryptox analyst Marcel Pechman starts by analyzing Argentina’s 150% inflation, which proves that people continue to work and consume (somehow) even if their local currency loses its value. What is the lesson here? For starters, everyone wants free money. That explains why altcoins and airdrops continue to attract attention, regardless of whether the majority of investors end up being unprofitable. You might think that those investors would quickly learn their lesson, but in reality, quite the opposite occurs. All it takes…

US-Based Crypto Exchange Gemini Sues Genesis Parent Company DCG Over Gemini Earn Dispute

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Crypto exchange Gemini is suing the parent company of bankrupt crypto broker Genesis over the Gemini Earn program, claiming that top executives of the lender mislead creditors. According to a new report from Reuters, the US-based exchange is suing Digital Currency Group (DCG). Additionally, in a lengthy thread, Gemini co-founder Cameron Winklevoss says that the crypto exchange has filed a lawsuit against DCG and its chief executive, Barry Silbert, for allegedly personally masterminding a fraud scheme against creditors. According to Winklevoss, after Gemini decided to end the Earn program, Silbert…