The $8m Platypus flash loan attack was made possible because of code that was in the wrong order, according to a post mortem report from Platypus auditor Omniscia. The auditing company claims the problematic code didn’t exist in the version they saw. In light of the recent @Platypusdefi incident the https://t.co/30PzcoIJnt team has prepared a technical post-mortem analysis describing how…
Crypto lending platform MakerDAO is voting on a new proposal to bring another commercial bank into its ecosystem, strengthening the connection between decentralized finance (DeFi) and traditional finance. As per MakerDAO’s governance forum, Cogent Bank, a Florida commercial bank, is proposing to participate with $100 million in loans to MakerDAO’s RWA Master Participation Trust. Maker Governance votes on 4 Governance Polls…
Nishad Singh, the co-founder and former chief engineer of bankrupt crypto exchange FTX, is working on a plea deal with prosecutors, Bloomberg reported Feb. 17. The deal, which would see the 27-year-old Singh plead guilty to charges related to FTX’s collapse, has yet to be finalized, the report said. Singh would be following in the footsteps of former FTX chief…
A complaint filed by the United States Securities and Exchange Commission said Terra co-founder Do Kwon and Terraform Labs laundered more than $100 million worth of Bitcoin from the platform following its collapse in May 2022. According to the SEC complaint filed in the U.S. District Court for the Southern District of New York on Feb. 16, Kwon and Terraform…
The total crypto market capitalization rejected at $1.13 trillion on Feb. 16, but there was no change in the month-long ascending channel structure. More importantly, this level represents a 43% gain in 2023, which is far from the $3 trillion level achieved in Nov. 2021. Still, the current recovery is notable. Total crypto market cap in USD, 1-day. Source: TradingView…
In the face of rising competition from upstart rival Blur, leading NFT marketplace OpenSea announced today that it will temporarily eliminate its 2.5% fee on sales, as well as cut down creator royalty protections as it attempts to weather a rapidly changing market. Along with axing its own marketplace fee on trades for a “limited time,” effectively cutting off its…
The multichain exchange aggregator DexibleApp has been hit by an exploit, and $2 million worth of cryptocurrency has been lost as a result, according to a Feb. 17 post-mortem report released by the team on the project’s official Discord server. As of 6:35 p.m. UTC on Feb. 17, the DexibleApp frontend shows a popup warning about the hack whenever users…
The persistent scarcity of foreign exchange may force the Nigerian central bank to delay repaying the $10.4 billion owed to local banks, analysts at Moody’s Investors Service have concluded. The central bank’s failure to pay its debts on time will likely force the affected financial institutions to similarly delay paying back their own forex-denominated debts. Nigeria’s Declining Oil Revenues Nigeria’s…
The stunning collapses of Celsius and FTX destroyed many lives — early adopters who had the foresight to understand the unique value propositions of Bitcoin (BTC) and crypto were left with practically nothing when both platforms halted withdrawals, shuttered their doors and eventually filed for bankruptcy. While there’s still hope that creditors will be made partially whole again, the road…
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 United States Securities and Exchange Commission’s (SEC) crackdown on crypto-staking services could lead to uncertain consequences for the DeFi ecosystem. Cybercriminals used various methods to siphon funds through hacks and exploits in 2022,…
