Other, smaller-circulation stablecoins lost their pegs, too, including BUSD, issued by Paxos, and crypto-backed stablecoin DAI, issued by MakerDAO. Only USDT seemed to benefit from the turmoil, briefly exceeding $1, most likely because of investors shifting out of the depegged stablecoins. Source
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The ongoing downturn in the crypto market hasn’t stopped European venture capital (VC) firms from investing in DeFi projects. A new report revealed that European DeFi startups saw a 120% increase in VC funding last year. The Euler Finance saga continued to dominate headlines, with the exploiter returning a significant chunk of the $190 million in stolen funds. The exploiter has returned over 58,000…
“Rewards, incentives, as well as all emissions will be made directly out of the DAO. Proposals and delegations of votes will be live, and the community (along with our new ecosystem partners), will collectively materialize the full potential of the project alongside our team,” it added. Source
Following his arrest in December, Bankman-Fried is on bail residing at his parents’ home in Palo Alto, California, following a $250 million bond. As part of the conditions of his bail, he has been given a new phone without internet access and a new laptop that can only access approved websites. Source
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“I think it’s a question of demand,” Hunt said. “I think we always want to be at the cutting edge in the U.K., in terms of new technology, but the world has changed significantly since then and we’re not convinced that the demand is going to be there in the same way.” Original Source DemandDroppedFinanceHuntLackMinisterNFT CryptoX Portal
With the Williams Racing partnership, Kraken anticipates getting more global recognition amid increased competition from centralized exchanges. The Kraken cryptocurrency exchange has announced a strategic partnership with the English Formula 1 team Williams Racing. Following the partnership, Kraken’s logo will appear evidently on the halo and rear wing of Williams Racing’s FW45 race car driven by Alex Albon and Logan Sargeant in the Formula 1 Rolex Australian Grand Prix 2023. The partnership is geared towards sensitizing the cryptocurrency topic on the world stage through the formula one racing programs. Through…
On Tuesday, French officials conducted raids on five major banks located in and around Paris, including Societe Generale, BNP Paribas, HSBC, Natixis, and BNP’s Exane Bank, over alleged charges of money laundering and fiscal fraud. According to a spokesperson for France’s Financial Prosecutor’s Office (PNF), the preliminary investigation into four French banks and one international bank began at the end of 2021. Cum-Ex Scheme at the Center of the Investigation; Societe Generale Confirms Involvement in the Raids Amid the banking crisis plaguing the industry in the United States and abroad,…
Over the last week, the attacker of Euler Finance has released a total of $138 million which is 70% of the total amount stolen from the Euler Finance protocol. Earlier this month, a major decentralized finance (DeFi) hack rocked the crypto market with the hacker stealing nearly $200 million by exploiting the Euler Finance protocol. However, as per the latest development, the hacker has been releasing partial funds. On-chain data shows that on Monday, March 27, the hacker returned an additional $26.5 million worth of Ether (ETH) to the deployer…