A crypto-exchange founder makes his case for decentralised finance
The demise of FTX, the crypto exchange run by Sam Bankman-Fried,…
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Decentralized finance
Nomad Bridge Hack Allowed ‘Mob’ to Drain Millions in Crypto
Graphic: Cryptographer (Shutterstock)As evidenced by its namesake, apparently there wasn’t much security stopping a hoard of wandering strangers from breaking into the Nomad DeFi project’s token bridge, allowing hundreds of unknown hackers and some users to walk away with over $190 million crypto, leaving behind a bare pittance in the project’s wallet.Late on Monday, users started noticing tokens being extracted from Nomad’s accounts “in million-dollar increments.” Crypto security company CertiK confirmed in a Tuesday…
9 Companies That Hoarded Customers’ Money as Crypto Crashed
Traders work on the floor of the New York Stock Exchange (NYSE) on May 5, 2015 in New York City.Photo: Spencer Platt (Getty Images)There’s no getting around it, June was a disastrous month for cryptocurrency.Though cryptocurrency prices have trended down for the better part of 2022,investors truly had the rug pulled out from under them in the past two months. With bitcoin prices in particular plummeting to values not seen since 2020, exchanges and lenders were forced to do something few expected. One after another, firms…
Bitcoin Wasn’t as Anonymous as Crypto Bros Told You
Photo: YURI CORTEZ/AFP (Getty Images)A new study on bitcoin calls into question whether the digital currency is truly as decentralized and anonymous as its biggest devotees would have you believe. Researchers from Baylor, Rice, and the University of Houston analyzing the best-known cryptocurrency’s early days found that, among other things, the “wealth, income, and resources in the bitcoin community were highly centralized,” and that new data analysis techniques have the ability to “de-anonymize” users.While the study…
Japan Law Says Stablecoins Can Only Be Issued By Financiers
Plenty of questions remain whether existing stablecoin issuers like Tether will be able to operate in Japan.Photo: Justin TALLIS / AFP (Getty Images)The Japanese are stepping out in front of the international crowd of hungry crypto-curtailing regulators, becoming the first nation to truly clarify the legal status of stablecoins and setting a precedent for more regulations on the largely-unregulated crypto industry.Bloomberg and the Financial Times reported Japan’s new law passed by the upper house of parliament Friday…
Winklevoss Twins’ Crypto Company Gemini Sued, Laying off Staff
Tyler and Cameron Winklevoss, the founders of Gemini Trust Company, are some of the biggest names in the crypto exchange game.Photo: Joe Raedle (Getty Images)Cameron and Tyler Winklevoss, AKA the Winklevoss Twins, AKA the “Winklevii,” are losing a bit of that crypto-based twinkle in their eyes. Not only is the pair’s crypto company Gemini looking to cut over 100 staff due to a market downturn, they were also sued Thursday over their company allegedly lying to federal regulators in order to be the first DeFi company to…