Tag: DeFi

Will US Treasury proposals kill defi? Critics blast new crypto bill

The US Treasury Department recently revealed a proposal outlining new tax rules for the cryptocurrency industry. Among the updates is the introduction of a 1099 form for crypto transactions. The new guidelines also clarify tax obligations for digital asset miners.  The proposed bill appears to exempt miners while potentially impacting cryptocurrency exchanges, causing backlash from the industry, especially decentralized finance (defi) professionals. A tailored tax form The proposed regulations come as a response to the 2021 Infrastructure Investment and Jobs Act, aiming to clarify tax reporting requirements for the rapidly…

$6.5 Million Lost In Latest Base-Native DeFi Protocol Rug Pull

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Magnate Finance, a DeFi lending protocol on the Ethereum layer-2 network Base, is reported to have conducted a rug pull, robbing its users of $6.4 million worth of assets. This event represents the latest troubling incident on the Base network in merely a month of its official mainnet launch. 3 Rug Pulls, $16.7 Million Lost – Who’s Responsible?  On Friday, August 25, blockchain security intelligence Peckshield confirmed Magnate Finance’s rug pull, stating that the project developers manipulated the provider of the price oracle, allowing them to withdraw all assets of…

Bitcoin ‘supercomputer’ and BTC DeFi coming soon – Cointelegraph Magazine

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Earlier this year, Ordinals — a unique inscription on the smallest unit of a Bitcoin, called a Satoshi — emerged as a controversial new development. Dismissed by some as spam and embraced by others as a way to bring BRC-20 tokens and NFTs to Bitcoin, the technology stimulated a flurry of developments. Now there is excitement around “recursive inscriptions,” which is a very confusing yet potentially much more powerful development. Recursive Inscriptions essentially promise to allow more complex functionality to be built on Bitcoin’s blockchain, akin to smart contracts on…

DeFi protocols Exactly, Harbor hacked in separate attacks

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Decentralized finance (DeFi) protocols Exactly and Harbor were exploited on Aug. 18 in two separate — and apparently unrelated — attacks, according to blockchain security firms DeDotFi and PeckShield. On-chain data reveals 4323.6 Ether (ETH), worth nearly $7.3 million at the time of writing, had been stolen from Exactly Protocol. The hackers then bridged 1490 ETH using the Across Protocol, and 2,832.92 ETH to the Ethereum network via Optimism Bridge. Update: After a thorough review of the Exactly Protocol Hack, we have concluded that the total of stolen amount up…

Curve Finance to reimburse users, another DeFi hack, and ConsenSys launches L2: Finance Redefined

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. Over two weeks after Curve Finance’s multiple pool exploits, the DeFi protocol has assured the hack victims that it is assessing each impacted user for reimbursement. This comes after the exploiter returned 73% of the stolen funds. The DeFi ecosystem moved beyond the Curve dilemma only to face another set of exploits this past week, with Zunami Protocol seeing its stablecoins pools…

SEC lawsuit crushes HEX, defi traders look at InQubeta presale

The decentralized finance (defi) sector has seen rapid growth, innovation, and occasional debates. For instance, the U.S. Securities and Exchange Commission (SEC) recently sued HEX, a move that saw the token’s price plunge. Amid this, defi investors and analysts are examining InQubeta and its ongoing presale. InQubeta plans for defi InQubeta taps into the capabilities of blockchain and artificial intelligence (AI).  The project’s presale has generated significant interest due to the project’s staking model and non-fungible token (NFT) marketplace. Subsequently, the demand for QUBE has been rising in recent weeks. In the ongoing…

DeFi tries to recover from Curve hack, but exploits continue: 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. The DeFi ecosystem is yet to recover from the crisis brought on by the Curve Finance hack, and even though the issue seems contained, another set of exploits hit the DeFi ecosystem this past week. DeFi protocol Steadefi is the latest victim of an ongoing exploit as the ecosystem was still recovering from the Curve crisis. Binance came forward to invest $5…