Tag: finance

Curve omnipool platform Conic Finance hacked for $3.2 million in ETH

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Conic Finance, a liquidity pool balancing platform for the decentralized finance (DeFi) protocol Curve, has suffered an exploit on the Ethereum omnipool. Conic Finance has been exploited for $3.26 million in Ether (ETH), the Web3 risk-alert source Beosin Alert reported on July 21. Nearly the entire amount of stolen cryptocurrency was sent to a new Ethereum address in just one transaction, according to data provided by Beosin. Transactions on the address involving a flashloan exploit on Coin ETH Pool. Source: Etherscan Conic Finance was quick to confirm the news on…

5 emerging digital finance trends to watch

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The world of finance is rapidly evolving, driven by advancements in technology and changing consumer behaviors. As humanity moves further into the digital age, several emerging trends are reshaping the financial services landscape. This article will explore five key digital finance trends that readers should be aware of. Open banking The delivery of financial services is being revolutionized by the disruptive movement known as “open banking,” which involves securely transferring consumer financial data between financial organizations with customers’ permission. Open banking makes it possible for outside developers to create cutting-edge…

Joint letter from the ICO and FCA to UK Finance and Building Societies Association

It is more important than ever, with increasing cost of living pressures, for firms to ensure their customers are receiving fair value on their savings. We note that some firms have raised the rates of existing savings products, and others have taken positive steps to communicate with their customers to ensure they know the best rates available to them. However, too many customers are sitting on low rates or not accessing products that may offer better value. Some firms have queried whether data protection regulations prevent them from telling savings…

Ethereum scaling protocols drive zero-knowledge proof use: 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. This week, Finance Redefined looks at the growing popularity of zero-knowledge proof-based scalable solutions. Zero-knowledge rollups (ZK-rollups) technology has gained a lot of traction over the past year thanks to its increased use in the Ethereum ecosystem. Bug bounties are seen as a great reward system for white hat hackers to weed out bugs in the DeFi ecosystem, which often fall prey…

Crypto lender Geist Finance shuts down permanently over Multichain hack

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Lending protocol Geist Finance is shutting down permanently due to losses from the Multichain exploit, according to a July 14 social media post from the app’s development team. Geist contracts were been paused on July 6, then resumed in “withdraw and repay only” mode on July 9. The latest post confirms the team does not plan to reopen lending and borrowing on Geist. 1/2 After confirmation from Multichain that the funds will not be recovered, we are announcing that Geist will not reopen. Because Chainlink oracles are tracking the value…

Real-World Asset Tokenization Platform Ondo Finance Expands Tokenized Treasurys to Polygon Network

Tokenized Treasurys has grown to a $600 million market, with Ondo Finance’s OUSG token claiming a significant share of $134 million since its inception in January. Flux Finance, developed by Ondo’s team and governed by a decentralized autonomous organization (DAO) through community votes, lets investors take out loans by pledging OUSG as collateral. It has $44 million of total value locked on the platform, according to DefiLlama. Source

U.S. Senate Finance Committee Letter Seeks Crypto Industry Comments for Taxation Policy

“In recent months, the Committee on Finance initiated a bipartisan effort to identify key questions that lie at the intersection of digital assets and tax law,” the letter said. “The Internal Revenue Code of 1986, as amended (IRC), draws distinctions between types of property, with no straightforward classification for digital assets. This uncertainty creates complex reporting issues for taxpayers …” Source

US Senate Finance Committee asks digital asset community how to tax it in open letter

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United States Senate Financial Services Committee Chair Ron Wyden and ranking member Mike Crapo released an open letter to the digital asset community on July 11 asking for input on the taxation of digital assets. The senators are looking for solutions to highly complex taxation issues, so much so that they offered background reading from the Joint Committee on Taxation to prepare respondents. The Internal Revenue Code of 1986 provides “no straightforward classification for digital assets,” the senators said. They asked a large number of questions grouped into nine subject areas,…