Decentralized finance is a form of blockchain-based finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to provide traditional financial instruments, instead of relying on smart contracts on blockchains, the most common of which being Ethereum.
A security breach on Base, a Layer 2 blockchain, has led to the theft of approximately $1 million. The exploit, which involved manipulated Wrapped Ether (WETH) contracts, was first reported on October 25 by blockchain security firm Cyvers Alerts. According to Cyvers Alerts, the attacker exploited a weakness in the ...
Read moreDetailsAccording to Anthony Agoshkov, Co-Founder of Marvel Capital and Founder of Alchemy Family, the convergence of traditional finance (TradFi) and digital assets is reshaping markets at an unprecedented pace. In a recent interview with Finance Magnates, Agoshkov expressed optimism about the transformative role of cryptocurrency, asserting that despite being in ...
Read moreDetailsBrazil is integrating DeFi principles into the creation of its own "synthetic" central bank digital currency (CBDC), Drex, formerly known as the Brazilian digital real. According to Roberto Campos Neto, president of Banco Central do Brasil (BCB), the South American country aims to design a CBDC that tackles the "trilemma" ...
Read moreDetailsRDX Works, the team behind the Radix DeFi platform, has reduced its workforce by 15%. CEO Piers Ridyard shared the news on Thursday via Telegram, stating that the decision is part of a broader cost-cutting strategy. He emphasized that these layoffs are vital to a larger strategy that includes significant ...
Read moreDetailsDeFi platform Zoth has reportedly raised $4 million to fund its efforts to launch digital versions of traditional fixed-income instruments on the blockchain. According to a new report, this new capital will fuel the launch of Zoth's Tokenized Liquid Note, a product designed to include secure, low-risk assets such as ...
Read moreDetailsA security vulnerability affecting Squarespace domains has exposed numerous DeFi protocols to phishing attacks, prompting industry experts to issue warnings and advice to users. On July 11, blockchain investigator ZachXBT alerted the community via Telegram about Compound Finance's website being redirected to a phishing site due to this vulnerability. The ...
Read moreDetailsGovernment-backed studies identify decentralized finance (DeFi) and metaverse technologies as crucial opportunities to strengthen the region's standing in the sector, offering a promising future for the industry. On June 25th, the Hong Kong Institute for Monetary and Financial Research (HKIMR), the Hong Kong Academy of Finance (AoF) research arm, released ...
Read moreDetailsDeFi Technologies Inc., a Canadian company issuing DeFi exchange-traded products (ETPs), has vehemently denied allegations of questionable practices aimed at artificially inflating its stock price. The response comes after a report from the crypto-focused newsletter CoinSnacks, which accused the company of engaging in email campaigns and paying influencers to promote ...
Read moreDetailsThe European Securities and Markets Authority (ESMA), the EU's top financial regulator, has published a new report assessing the potential advantages and notable risks associated with the DeFi (Decentralized Finance) ecosystem. In the 22-page analysis, ESMA acknowledges the innovative aspects of DeFi in terms of financial accessibility, product diversity, and ...
Read moreDetailsConic Finance, a DeFi protocol managed by Curve DEX, has suffered a significant exploit resulting in a hacker making away with 1700 ETH, valued at more than $3.2 million. Security experts from BlockSec revealed that the attacker exploited a reentrancy flaw within Conic Finance to drain funds from the protocol. ...
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