Decentralized lending platform Compound has been plagued by a code bug in a recent governance proposal to update its price feeds. The code error has “temporarily frozen” the Compound ETH (cETH) market, causing cETH transactions to revert, but Compound Labs stated that despite the front end not working, “funds are not immediately at risk.” Compound Labs announced on Aug. 31…
OpenSea, the number one NFT marketplace by volume, announced today the integration of the layer two scaling solution Polygon into its Seaport protocol implementation. “Starting today, we will begin using Seaport for all new listings and offers on Polygon!” OpenSea tweeted. “We’re excited to start using Seaport across multiple blockchains to improve the experience for everyone on OpenSea.” Starting today,…
In brief Crypto-fueled wireless network Helium is considering a move from its own custom blockchain to Solana. Helium’s core developers have proposed the migration, which will be voted on beginning September 12. Helium, the blockchain platform that uses crypto token incentives to fuel decentralized wireless networks, may soon undergo a significant transformation if a newly-revealed proposal passes: it could move…
According to a recent report, the venture capital firm founded by Alexis Ohanian, Seven Seven Six, is planning to raise $177 million for a new crypto-centric fund. The new Seven Seven Six fund called Kryptós will concentrate on investing in cryptocurrencies like bitcoin and ethereum. Seven Seven Six Launches Cryptocurrency Fund Kryptós — Plans to Go Live in October On…
In brief Web3 startup Proof has raised $50 million in Series A funding, led by Andreessen Horowitz. The firm also revealed plans for a token and a new Moonbirds NFT project, along with other new initiatives. Proof, the Web3 startup behind the Proof Collective NFT membership club and valuable Moonbirds NFT collection, made a bevy of announcements today during its…
Paraguay’s president, Mario Abdo Benítez, vetoed a bill that sought to recognize cryptocurrency mining as an industrial activity on Monday. He reasoned that mining’s high electricity consumption could hinder the expansion of a sustainable national industry. The decree stated that crypto mining uses intensive capital with low manpower usage, and therefore would not generate added value on par with other…
Consumer watchdogs within the U.S. House of Representatives believe crypto-related fraud is a massive problem. Rep. Raja Krishnamoorthi—Chair of the Subcommittee on Economic and Consumer Policy of the House Committee on Oversight and Reform—sent letters to the largest crypto exchanges in the U.S. on Tuesday, requesting “information and documents” showing how each company is working to “combat cryptocurrency-related fraud.” The…
On Aug. 30, global investment bank UBS increased its view on the risk of the United States entering a recession within one year to 60%, up from 40% in June. According to economist Pierre Lafourcade, the latest data showed a 94% chance of the economy contracting, but added that it “does not morph into a full-blown recession.” Partially explaining the…
United States House of Representatives member Tom Emmer has reportedly suggested that regulating and encouraging innovation in the crypto space should not be a political win for either Democrats or Republicans. According to an interview released Tuesday by Axios reporter Brady Dale, Emmer said many of his colleagues in Congress were treating cryptocurrencies as a risk which merited warnings, rather…
A woman received $10.5 million in an accidental transaction from popular cryptocurrency platform Crypto.com—and then allegedly spent it on a luxury home, according to reports. Two sisters in Melbourne, Australia, are now being chased by the courts after going on a spending spree with the cash, 7NEWS reported Tuesday. A Crypto.com representative confirmed to Decrypt that the matter is currently…
