Tag: finance

KyberSwap hacker wants control, law firm says Aussie DeFi tax rules ‘non-binding’: Finance Redefined

boss

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 hacker who stole over $46 million from the DeFi protocol KyberSwap has released a list of demands, including total control over the Kyber company and all its assets. The hacker specified a deadline for the Kyber team to fulfill the demands. A law firm in Australia described the DeFi tax guidance released by the country’s finance regulator as “toilet paper.” Cadena…

Digital Finance Firm SoFi Hands Its Crypto Business to Blockchain.com

SoFi’s transition away from directly offering crypto services may be tied to its decision to become a bank holding company. The U.S. Federal Reserve, as part of that approval, told the company that its crypto activities were not permissible under banking rules, though it would be allowed to continue them for two years, with the possibility of extensions, according to a regulatory filing. (Bloomberg reported on SoFi’s decision to close and the link to banking regulation earlier Wednesday.) Source

The Driving Force of DeFi’s Growth and the Future of LST Finance

Decentralized applications (dApps), such as Lybra, Prisma, Sommelier, Enzyme, that use these types of tokens are part of the LSTfi (LST finance) category of finance (allowing users to stake their LSTs in a form of collateral, or for other DeFi use cases). In other words, LSTfi is the use of LSTs in DeFi. LST finance (LSTfi) exploded after Ethereum’s Shanghai upgrade on April 12 2023, which enabled staked ETH withdrawals. Source

Renowned Finance Author Says Buy Bitcoin Now Before It’s Too Late, Here’s Why

boss

Renowned finance author Robert Kiyosaki has never been shy about his support for Bitcoin and he continues to push for more adoption of the asset. Kiyosaki who wrote the infamous ‘Rich Dad Poor Dad’ book is back once again with a piece of advice, and a warning, for investors regarding Bitcoin. Buy Bitcoin Now, Says Kiyosaki In normal fashion, Kiyosaki took to Twitter to sound the warning about rising prices due to inflation. This tweet was made back on November 23 where the author lamented the reality of individuals who…

How Indexed Finance Foiled Two Treasury Hijack Attempts

boss

In an interesting line of events, Ethereum-based DeFi project Indexed Finance recently faced and triumphed over a dual hijack attempt of the protocol DAO’s treasury. Following this development, the project’s founders will now re-assume control from the DAO. In a thread on X on Saturday, Laurence Day, a former executive at Indexed Finance, shared two failed hijack attempts targeted at the treasury of the project’s DAO, which is currently valued at  $120,000. According to Day, both attackers purchased a high amount of Indexed’s native token – NDX and attempted to…

Indexed Finance thwarts hijackers, set to compensate 2021 hack victims

boss

Indexed Finance, an Ethereum-based project that suffered a $16 million hack in 2021, has successfully thwarted two hijacking attempts. Control of the project’s decentralized autonomous organization (DAO) will be returned to its founders, who aim to allocate the remaining treasury to victims of the 2021 hack. In a thread on X (formerly Twitter), Laurence Day, a former core contributor, detailed the efforts of the Indexed community in overcoming two hijacking attempts on the remaining treasury of the Indexed DAO. Both attackers acquired significant amounts of the protocol’s NDX token and…

Binance onboarded millions into finance but forgot the paperwork — Columbia professor

boss

Recent events surrounding the crypto exchange Binance sparked significant debate about the United States’ crackdown on crypto firms. According to Omid Malekan, adjunct professor at Columbia Business School and author, the Department of Justice’s approach in the case is very different from what is seen in traditional finance. “People who sincerely believe that crypto is some unique enabler of bad people doing bad things don’t understand how the rest of the financial system actually works,” Malekan wrote on X (formerly Twitter), adding that companies that follow Anti-Money Laundering best practices…

KyberSwap attacker used ‘infinite money glitch,’ Australia’s tax agency won’t clarify DeFi rules: Finance Redefined

boss

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 attacker who stole $46 million from the KyberSwap protocol has used a complex strategy described by a DeFi expert as an “infinite money glitch.” With the exploit, the attackers tricked the platform’s smart contract into believing it had more liquidity available than it did. Australia’s tax regulator has failed to clarify its rules on DeFi despite Cointelegraph reaching out for answers.…

Sushi to test Bitcoin swaps and Opyn DeFi protocol founders cave to CFTC pressure: 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. A new DeFi report has highlighted that a significant amount of crypto lost to exploits was due to traditional Web2 flaws and security issues, such as centralization of information, which makes it easier to exploit. Decentralized exchange (DEX) platform Sushi is set to begin testing for Bitcoin (BTC) swaps on 30 blockchains using the interoperability platform ZetaChain. The two founders of the…

How Web3 is causing an evolution of traditional finance

boss

As decentralized finance grows in popularity, many wonder what the future holds for traditional finance (TradFi). In episode 37 of Cointelegraph’s Hashing It Out podcast, Elisha Owusu Akyaw talks to Sarah Clark, the CEO of E-Gates, about how TradFi plans to compete and collaborate with the Web3 space and what that means for global payments moving forward. The episode also highlights issues around Web3 payments, such as regulatory compliance, fraud prevention and customer trust.  Clark has worked at multiple TradFi firms like PayPal and Barclays before pivoting to Web3. She explains…