Tag: DeFi

French central bank looks at certification, incorporation as part of DeFi regulation

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The Banque de France has contributed to the discussion of European crypto asset regulation with a close examination of decentralized finance (DeFi) and potential approaches to its regulation. This discussion is timely because of the growing use of tokenization in finance and the introduction of blockchain technology in many economic sectors, the authors said.   The paper, written by members of the Fintech-Innovation Hub at the French central bank’s Autorité de contrôle prudentiel et de résolution, noted that the term DeFi hides a range of crypto asset services, technologies and…

Vulcan Blockchain Founder Bryan Legend Ushers In a New Era of DeFi With ‘#BARS’ – Blockchain News, Opinion, TV and Jobs

Cryptocurrency entrepreneur and visionary Bryan Legend is perhaps most noted for being the co-founder of OOXY Labs, which has a decade of experience in the blockchain and crypto space and is helping to innovate the future of decentralized finance technology.  Now, he’s catapulting the space to the next level, blockchain automatic revenue sharing — aka BARS, a term Legend recently coined. It describes a new, pioneering type of auto-staking function that gives users access to multiple streams of passive income via the Vulcan platform, and Bryan Legend is hopeful it…

DeFi tool to notify users about suspicious on-chain activity

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The success of Web3 is dependent upon solutions to the security issues posed by distinct application structures. Web3 security companies are responsible for ensuring that blockchain-based platforms and applications are protected from cyber threats. These companies offer a variety of services, including smart contract auditing, security testing and incident response. PureFi, a decentralized finance (DeFi) protocol for cryptocurrency onboarding, has introduced a new method called SafeTransact to improve the security of Web3 transactions. Web3 security is heavily dependent on the unique ability of blockchains to establish promises and withstand human…

Terra DeFi project Terraport suffers $2M hack days after launch

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The algorithmic stablecoin TerraUSD (UST) collapsed almost one year ago, but some Terra-related projects are still live and trying to overcome some issues. Terraport Finance, a decentralized finance (DeFi) exchange project based on the Terra Classic blockchain, suffered a breach on its liquidity wallet on April 10. Announcing the news on Twitter, Terraport said the hacker had drained all liquidity pools from the platform, causing losses of about $2 million worth of digital assets. “We are currently working with community members and major exchanges to secure as many of these…

Sushiswap Smart Contract Bug Results in Over $3M in Losses; Head Chef Says Hundreds of ETH Recovered – Defi Bitcoin News

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According to several reports, a bug introduced to the decentralized exchange (dex) protocol Sushiswap’s smart contract has resulted in more than $3 million in losses. The blockchain and smart contract security firm Peckshield explained the exploited contract was “deployed in multiple blockchains.” Dex Platform Sushiswap Suffers From Smart Contract Exploit Over the weekend, the dex platform Sushiswap saw its RouteProcess02 contract exploited and then distributed across various blockchain networks. Blockchain security firm Certik published an alert after discovering the exploit. The company Peckshield also updated the crypto community via Twitter,…

Cardano’s DeFi landscape advances with launch of its first oracle integrator

The Cardano network has taken a step towards total decentralization with its first oracle integrator launch. Liqwid, a top DeFi project on Cardano, has integrated Charli3, the first decentralized oracle integrator on Cardano’s mainnet, which went live on April 6. Charli3 enables projects to deliver precise, secure, and safe data to their platforms and users, akin to Chainlink for Ethereum (ETH). The FIRST ORACLE INTEGRATION ON CARDANO!🤯 The day is finally here🥳 This is a MAJOR occasion for the #Cardano ecosystem as a whole, showing that projects are following the…

US Treasury warns DeFi poses a threat to national security

The U.S. Department of Treasury issued a stark warning, stating that the rise of decentralized cryptocurrency markets poses a significant threat to national security, with concerns ranging from illicit activities to financial stability risks. The U.S. Department of Treasury (DoT) recently released a statement expressing concern over the impact of decentralized cryptocurrency markets on national security. The statement, which can be found on the DoT ‘s website, outlines the potential risks associated with the growing popularity of cryptocurrencies and the challenges they present to existing financial systems and regulatory frameworks.…

US Treasury Report Warns of Defi’s Threat to National Security, Authors Conclude Fiat Is Used in Illicit Finance More Than Crypto – Defi Bitcoin News

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The U.S. Treasury has released a 42-page report assessing the risks of decentralized finance (defi). The report states that specific nation-state adversaries, cybercriminals, ransomware attackers, thieves, and scammers are using defi to “transfer and launder their illicit proceeds.” The Treasury’s report warns that defi could threaten national security and calls for policymakers to increase oversight. U.S. Treasury Report Assesses Risks Associated With Decentralized Finance The U.S. Treasury released a report on April 6, 2023, that assesses the purported risks of defi. “The risk assessment explores how illicit actors abuse defi…

North Korea and criminals are using DeFi services for money laundering — US Treasury

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A new report from the United States Treasury Department analyzing decentralized finance concluded that actors from the Democratic People’s Republic of Korea as well as other scammers are able to exploit vulnerabilities to facilitate money laundering. In its ‘Illicit Finance Risk Assessment of Decentralized Finance’ report released on April 6, the U.S. Treasury said many groups engaged in illicit activity from North Korea benefited from some DeFi platforms’ non-compliance with certain anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations. According to the report, insufficient AML/CFT controls and…