ALSO: France, Switzerland and Singapore to test DeFi in forex markets, a16z joins Ooki DAO pile-on and more |
The biggest crypto news and ideas of the day |
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Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today’s newsletter: |
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Crypto Exchange Deribit Loses $28M in Hot Wallet Hack: Cryptocurrency options and futures exchange Deribit paused withdrawals while dealing with the aftermath of the $28 million exploit. The company tweeted that client assets have not been affected and iot will reopen withdrawals after security checks. |
| Meanwhile, a rogue actor has been disrupting Bitcoin’s Lightning Network, the network’s scaling and payments layer, apparently by creating a non-standard bitcoin transaction that prevented users from opening new Lightning channels between nodes. |
Crypto Investor a16z Wants to Join Ooki DAO Defense Against CFTC: Venture capital firm Andreessen Horowitz, known as a16z, filed a “friend of the court” brief to argue that the Commodity Futures Trading Commission (CFTC) must serve its lawsuit against individual members of the DAO, instead of targeting the organization as a whole. |
| A16z is just the latest entity requesting to join the case against Ooki DAO in which the CFTC alleges the DAO violated federal commodities laws by offering leveraged and margin crypto trading products to U.S. residents. |
France, Switzerland, Singapore to Test DeFi in Forex Markets: Central banks from France, Switzerland and Singapore are attempting to automate foreign exchange markets using decentralized finance (DeFi) protocols to cut the cost of cross-border payments. The project is being coordinated by the central bank of central banks, the Bank for International Settlements (BIS). |
| “DeFi and its applications have the potential to become systemically important parts of the financial ecosystem,” the BIS said in a statement. Meanwhile, the Monetary Authority of Singapore (MAS) started two new pilot projects to explore the use of tokens in trade finance and wealth management, involving major TradFi players Standard Chartered and HSBC. |
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Putting the news into perspective |
Ruja Ignatova (OneCoin Corporation) OneCoin and the Rise of Global Financial Frauds After two years running dark, the BBC’s investigation into the OneCoin pyramid scheme returns with evidence of corruption at the very highest levels of government. The so-called "Missing Crypto Queen," aka Ruja Ignatova, who disappeared on Oct. 25 of 2017 now appears to have been assited by United Arab Emirates and Bulgaria government officials. David Z. Morris examines the rise of global financial frauds in the digital age, and asks whether this new ability to bring in huge amounts of money is often supported by "heavier players." Read the full story here. |
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Overheard on CoinDesk TV... |
"You had all the ingredients you would need for a scammers dream." – Chainalysis cybercrime research lead Eric Jardin, on how exploiters stole $1.2 million during Ethereum's Merge, on CoinDesk TV's "First Mover" |
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| Bankruptcy Judge Advances Probe Into Whether Celsius Operated as Ponzi Scheme (WSJ - paywalled) Report Claims 97% of Uniswap Tokens Are ‘Rug Pulls’—Crypto Twitter Has Doubts (Decrypt)Aave Rolls Up its Sleeves With Only 5% of Goals Met (The Defiant) How Nic Carter fueled demand for tungsten on crypto Twitter (Protos)The Serotonin Web3 Gaming Review (serotonin.co) |
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