DeFi

Mango Labs Takes Legal Action Against Alleged Hacker Eisenberg

January 27, 2023 1 min read

Avraham Eisenberg is facing a legal battle with the Solana-based decentralized exchange (DEX) Mango Markets over a “profitable trading strategy” he allegedly used to exploit a vulnerability on the platform and take advantage of the exchange’s users. In October 2022, the trading platform reported an anomaly and took precautionary measures to protect users’ funds. The hacker was identified as Avraham Eisenberg and the U.S. Department of Justice arrested him for

Aave launches version 3 of its lending protocol on Ethereum

January 26, 2023 1 min read

Decentralized finance (DeFi) lending platform Aave is set to launch the third version of its lending protocol, Aave v3, on Ethereum after a successful vote by the platform’s DAO (Decentralized Autonomous Organization). Aave v3 on Ethereum will support seven assets: wrapped bitcoin, wrapped ether, wrapped staked ether, USDC, DAI, link, and Aave. The asset selection was proposed by DeFi risk manager Chaos Labs and approved by the Aave DAO in

Uniswap V3 to take on PancakeSwap in the DeFi space

January 26, 2023 1 min read

Uniswap, a decentralized exchange platform, has announced that its proposal to deploy its V3 version on the Binance Smart Chain (BSC) has passed a “temperature check” vote with 80% in favor. The proposal, which was first published on January 17th, highlighted the reasons for the proposed deployment on the Binance Smart Chain including the growing user base and high transaction speeds and low fees. This move could pose a significant

ZenGo Becomes First Non-Custodial Wallet on Polygon with no Seed Phrase Vulnerability

January 26, 2023 3 mins read

Tel-Aviv, Israel, 25th January, 2023 ZenGo has become the first non-custodial wallet with no seed phrase vulnerability to integrate with the Polygon network. As a result, Polygon users can enjoy self-custody of Polygon (MATIC), ETH, BTC, and more with secure asset recovery built-in. By leveraging advanced biometrics and cutting-edge MPC cryptography, ZenGo eliminates onboarding complexities, allowing anyone to safely set up and secure their wallet in seconds from any iOS or

Aave community to vote on version 3 launch on Ethereum

January 25, 2023 1 min read

Aave Protocol is voting to execute its third iteration, or v3, on the Ethereum blockchain, a critical moment for the decentralized finance (DeFi) community, which hopes to benefit from v3’s focus on risk management and capital efficiency. Aave’s Twitter account is calling v3 the “most significant upgrade to the Aave Protocol” since it launched in January 2017. The vote ends Jan. 25, 2023, at 18:58 UTC. If the proposal passes,

Genesis creditors take legal action against Barry Silbert and DCG for securities violations

January 24, 2023 1 min read

Digital Currency Group (DCG), a Connecticut-based cryptocurrency firm, is facing a new class-action lawsuit from creditors of its subsidiary, Genesis Capital. The securities class action (SCA) lawsuit was filed by Connecticut-based law firm Silver Golub & Teitell (SGT) on behalf of individuals and entities who entered into digital asset lending agreements with Genesis. The complaint against DCG and CEO Barry Silbert alleges that Genesis engaged in an unregistered securities offering

BlockFi Fights to Hold on to Staff in the Face of Bankruptcy

January 24, 2023 1 min read

BlockFi has been actively seeking court approval to pay retention bonuses to certain employees to prevent a mass exodus. The company filed a 14-page witness declaration with the U.S. Trustee and the creditors’ committee on Jan. 23, 2023, to support the petition. The proposed retention bonuses range from 10% to 50% of the employees’ salaries. The court’s decision is pending. In the meantime, BlockFi has experienced some personnel loss. Since

Curve Finance Introduces New Gauges for Ethereum Pools

January 24, 2023 2 mins read

Ethereum-based decentralized finance (DeFi) platform Curve Finance has proposed to add more gauges to its liquidity pools on the Ethereum network. The request for additional gauges came from whale addresses on the platform. The gauge system on Curve Finance measures the liquidity of a particular pool or set of pools on the platform. The gauges are used to determine a given pool’s stability fee (or interest rate), with pools with

UAE investors launch fund targeting web3 projects with $1 billion

January 11, 2023 1 min read

Venom Ventures Fund is hoping to capitalize on the burgeoning DeFi, gaming, and banking services market that has seen immense growth throughout 2021. The two groups believe that Web3 is “the future of digital assets and financial services” and that their investments will help unlock new opportunities in the space. “We are excited to join forces with Venom Foundation to bring our collective experience and network of resources to a

Ondo Finance introduces tokenized US Treasury bonds for stablecoin holders

January 11, 2023 1 min read

On Jan. 10, Ondo Finance, a decentralized finance (DeFi) firm launched a tokenized fund, allowing stablecoin holders to invest in U.S. Treasuries and bonds. The three products offered by the firm, U.S Government Bond Fund (OUSG), Short-Term Investment Grade Bond Fund (OSTB), and High Yield Corporate Bond Fund (OHYG) are short-term U.S Treasuries and bonds in popular ETFs managed by firms such as Blackrock and PIMCO. The funds have annual

Crypto losses reach $3.9B in 2022: Immunefi report

January 9, 2023 1 min read

Immunefi has released its Crypto Losses in 2022 Report, showing that the cryptocurrency industry lost a total of $3.9 billion in 2022. The report found that hacks were the main cause of losses, accounting for 95.6% of all losses, with fraud, scams, and rug pulls accounting for only 4.4%. DeFi platforms were the main target of successful exploits, accounting for 80.5% of losses, while CeFi platforms accounted for 19.5%. The

Immunefi Researcher Saves $200 Million from Being Stolen on Three Polkadot Parachains

January 6, 2023 1 min read

A security researcher known as pwning.eth discovered and reported a software vulnerability that could have been exploited to steal up to $200 million from three Ethereum-compatible parachains on the Polkadot network. The vulnerability was found in a program called Frontier that is used for “wrapping” native tokens on the Moonbeam, Astar Network, and Acala parachains. Wrapping is the process of converting native crypto assets into tokens that can be more