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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInHacker Gets $50 Million in Heist of DeFi’s Mango
The community of decentralized-finance application Mango DAO on Saturday got back a portion of about $100 million stolen this week after letting the hacker keep about $50 million of the funds. The settlement wraps up several days of tense negotiations between the hacker and Mango, which is governed by its community of token holders who […]
The Crypto World Is on Edge After a String of Hacks – The New York Times
These loosely regulated ventures allow people to borrow, lend and conduct other transactions without banks or brokers, relying instead on a system governed by code. Using DeFi software, investors can take out loans without revealing their identities or even undergoing a credit check. As the market surged last year, the emerging sector was hailed as […]
FCA Says the Crypto Industry Doesn’t Want Them to regulate DeFi
Crypto advocates told the Financial Conduct Authority (FCA), the U.K.’s financial watchdog, that decentralized finance (DeFi) shouldn’t be regulated because it is too difficult to do so. In May, the FCA hosted its first two-day CryptoSprint, where 184 industry participants from the U.K. and other countries gathered to hear the FCA’s thoughts on how the […]
DeFi ‘Casino’ May Need New Global Regulator, German Central Banker Says
“To me, DeFi seems more like a casino for tech-savvy speculators,” Wuermeling, a member of the German central bank’s executive board responsible for bank supervision and IT, said in a speech on Thursday. DeFi “is growing quickly and so might its ties to the rest of finance and the economy…we need to be discussing regulatory […]
BlockFi Agrees to Pay $100 Million in Penalties and Pursue Registration of its Crypto Lending Product
The Securities and Exchange Commission today charged BlockFi Lending LLC (BlockFi) with failing to register the offers and sales of its retail crypto lending product. In this first-of-its-kind action, the SEC also charged BlockFi with violating the registration provisions of the Investment Company Act of 1940. To settle the SEC’s charges, BlockFi agreed to pay […]
Hackers Stole More Than $600 Million in Cryptocurrency, Then Gave Some of It Back – WSJ
Poly Network said Wednesday that assets worth around $260 million have been returned. In a series of lengthy question-and-answer posts about the heist on a blockchain account used to hijack the funds, the purported hacker or hackers claimed that they were always planning to return the funds. “I am not very interested in money! I […]
At least $611 million stolen in massive cross-chain hack
Cross-chain protocol Poly Network has been hacked for $611 million in the largest DeFi hack to date. “We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon,” tweeted Poly Network today, adding, “We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses.” Source: […]
DeFi Platforms With Names Like SushiSwap Aim to Be Nasdaq for Crypto – Bloomberg
Money manager Vladimir Vishnevskiy can earn a negative interest rate for holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi. Source: DeFi Platforms With Names Like SushiSwap Aim […]