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Decentralized Finance (DeFi)
DeFi stands for decentralized finance, which owns the blockchain advantages, thus removes trusted third parties and more. DeFi will have profound impact to traditional financial industries.

HK FinTech Week: What’s Next for Blockchain in Finance?
HK FinTech Week: What’s Next for Blockchain in Finance?

Ways DeFi is Changing Finance and its Stand in 2020
Decentralized finance (DeFi) is the bridge between traditional centralized currency and decentralized cryptocurrencies like Bitcoin, Ethereum. Here's how it's changing finance.

Finality: A Necessary Condition for Blockchain Applications in Finance
Settlement finality is critical in the world of traditional finance. The same applies to decentralized finance built on distributed ledger technologies (DLT).

Leaked FinCEN Files: $137M Linked to Crypto Ponzi Scam OneCoin Laundered Through Bank of New York Mellon
A leaked trove of US official documents revealed that five major banks were involved in illicit transactions pertaining to mobsters and crypto Ponzi schemes.

‘Big Four’ Tech Amazon, Google, Apple & Facebook Grilled During US Antitrust Hearing
In an antitrust hearing with the Judiciary Committee of US Congress, the CEOs of Amazon, Apple, Facebook and Google testified, as a continuation of an unfinished legal conversation with lawmakers.

DFA Bill Passed, But Central Bank of Russia Still Thinks Cryptos Are Criminal
Despite the Digital Financial Assets bill being passed by the State Duma, Russia’s Central Bank has nevertheless argued that crypto transactions are not deemed as legitimate investments.

Hong Kong Financial Watchdog Proposes Restricting Cryptocurrency Trading to Professional Investors
Hong Kong retail traders may be prohibited from trading cryptocurrencies if the city’s Financial Services and the Treasury Bureau’s proposed rule is approved.

Thailand's SEC Eyes on Decentralized Finance
Thai financial authority turn their eyes to decentralized finance regulation by requesting future DeFi-related activities to get appropriate licenses.

Basel Committee on Banking Supervision Seeks Advice on Designing Prudential Treatment for Crypto-assets
Basel Committee on Banking Supervision publishes paper going over the design for prudential treatment for crypto assets. The paper goes over areas such as risks of crypto-asset exposures, capital, and liquidity requirements, and general considerations for the prudential treatment.

FinCEN Director Kenneth Blanco Warns Banks to Take Crypto AML Seriously
Kenneth Blanco, the Director of the FinCEN warned banks to seriously consider how virtual currencies should fit into their anti-money laundering (AML) policies.

US Treasury Secretary Yellen Optimises to Recognize Crypto Role in Finance
Janet Yellen said that the benefits of cryptocurrency are clear and the US Treasury Department acknowledges the role it plays in the current landscape.

Third Co-Founder of Centra Tech Pleads Guilty for $25 Million ICO Fraud
It has recently been announced that the third co-founder of Centra Tech has agreed to plead guilty for his role in the $25 Million Initial Coin Offering (ICO) Scam his cryptocurrency firm was involved in.

Twitter Bitcoin Hack Demonstrates That Crypto Fraud is Easier to Track Than Fiat
Cryptocurrency regulation was the hot topic during an ongoing panel hosted by the Association of Certified Financial Crime Specialists.

Crypto Investment Fraud Generates $27 Million, SEC Charges Scammers Posing as Pastors
The US Securities and Exchange Commission filed a complaint against three men posing as pastors who defrauded churchgoers in a cryptocurrency Ponzi scheme.

FinCEN Proposes Cryptocurrency Guidelines to Fight Money Laundering and Regulate Unhosted Wallets
The Financial Crimes Enforcement Network (FinCEN) has proposed regulatory measures for businesses operating with cryptocurrencies, such as exchanges.

Philippines Warns the Public on Bitcoin Scammers Posing as Government Officials
Finance ministry of the Philippines Government has alerted the public about false information that fraudulently uses the name of Secretary Carlos Dominguez III to promote a fake crypto trading platform recognized as “Bitcoin Revolution”.

U.S. Financial Regulators Warn Crypto Firms to Tighten Stablecoin AML Risk Controls
U.S. regulators have issued a strict warning on money laundering risks associated with stablecoins and has warned providers to tighten AML protections and controls.

Russian Finance Ministry Believes Crypto Should be Regulated not Banned
The Ministry of Finance in Russia believes that the ban on crypto-assets should be shelved. Proper regulations would provide both transparency and protection to citizens.

Russia Updates Regulations on Crypto Transactions, Harsh Fines Reserved for Defaulters
Russia’s Ministry of Finance has issued an amendment to its current cryptocurrency regulations. The amendments also come with stricter sanctions.

AML BitCoin Lobbyist Abramoff to Pay $55K in Convicted Guilt Plea for ICO Fraud
In the civil case filed against Jack Abramoff for his role in the 2018 Initial Coin Offering (ICO) scandal, the AML BitCoin lobbyist is expected to pay $55, 000 in disgorgement and interest for his conspiracy in fraud.

Japan’s Financial Services Agency Has Officially Chosen a New Commissioner, Himono
Japan's Financial Services Agency (FSA) confirmed its plans for hiring Ryozo Himono as the new commissioner of the financial watchdog group.

India’s Government Plans to Bring Back Law to Ban Cryptocurrencies
A report revealed that the Finance Ministry is now inviting other ministries to have a discussion of its earlier draft on the crypto ban introduced a year ago.

Will Crypto Assets Have a Future in Russia After All? State Duma Passes DFA Bill
The State Duma of Russia passed a law regarding digital financial assets (DFA) in the financial bill’s third reading, which determined the fate of Bitcoin and other cryptocurrencies.

US Federal Regulator Says Banks Can Offer Cryptocurrency Custody Services to Customers
The US Office of the Comptroller of the Currency (OCC) has announced that states and national banks and federal savings associations can provide crypto custody services to customers.

Singapore Aims at Becoming the World’s Main Business Hub for Crypto
Singapore is striving to establish itself as a global key hub for crypto business activities. The city state's head of the financial regulator said the best way to regulate crypto is "not to clamp down or ban these things".

UK Tax Authority Updates Its Guidelines for Crypto Taxation
HMRC updates its guidelines for crypto – taxation, relating to both individuals and businesses. The new guidelines explicitly state that crypto-currencies are not considered as ‘money.’

‘AML BitCoin’ Lobbyist Abramoff Pleads Guilty to ICO Fraud
AML BitCoin lobbyist Jack Abramoff has pleaded guilty to multiple accounts of fraud associated with the 2018 Initial Coin Offering (ICO) for AML BitCoin.

John McAfee Indicted for Tax Evasion and for Fraudulently Promoting ICOs Through Twitter
The DOJ is charging John McAfee with tax evasion and failure to file tax returns, according to an unsealed indictment that was revealed yesterday.

BNY Mellon Joins the Marco Polo Network to Develop a More Open and Connected Trade Finance Network
The Marco Polo Network announced a new strategic partnership with the Bank of New York Mellon (BNY Mellon) to create a vast financial atmosphere that will ensure economic as well as trade growth, making BNY Mellon a member of the top network of financial institutions which leverage blockchain technology for trade finance.

Financial Stability on The Brink of Instability Due to Bigtech Companies
FSB Worries that the development of BigTech Companies and their growing user community may cause the disintegration of banks amongst other mainstream financial systems.

Accenture Forms Strategic Partnership with TradeIX, Joining the Marco Polo Network
Professional services firm Accenture has partnered with TradeIX to create new use cases for the buyers and sellers in the trade finance market. TradeIX, a trade finance blockchain startup, previously launched the Marco Polo Network along with R3.

Tried and Failed: Maker Foundation's Attempt to Patent "DeFi"
Set out to rid the decentralized finance space, free from scammers, DeFi creators tried to patent the term ‘DeFi’. However, this was short-lived as the United States Patent and Trademark Office rejected the registered application last January.

ConsolFreight Releases New Proof Of Concept To Advance The Role Of Logistics Providers In Trade Finance
"Banks are short-sighted in determining and validating the value of the goods being financed. They have drawn a very distinctive line between Logistics and Financial institutions, where the value of the assets is entirely disconnected from the process. Thus, leaving an untapped market of unfulfilled credit demand estimated at $1.6 trillion," says ConsolFreight's CEO, Ernesto Vila.

Blockchain Unleashed at the United Nations General Assembly on the Global Crisis
Greta Thunberg, the 16-year-old has been on the headlines for the global climate crisis movement and has delivered a compelling speech at the 73rd United Nations General Assembly (UNGA).

Trade Finance Platform We.Trade on the Brink of Liquidation, Report says, a trade finance platform, established as a joint venture among multinational firms, including 12 banks is on the brink of liquidation, local media reports.

Binance Invests Heavily in Chinese Crypto Media Firm
According to a Bloomberg report, Binance has debuted an investment in China With a crypto Media and data sourcing company, Mars Finance.

White House Budget Urges Legislation to Return Secret Service to Treasury Due to Crypto Crime Surge
Cryptocurrencies, and other technological advancements, projected as a threat to the international financial marketplace, the department believes has contributed to more groups of criminal organizations and more links between financial and electronic crimes combined.

5% Global Business Transactions Expected to Utilize Blockchain Technology by 2028: SkyQuest
At least 5% of worldwide business transactions are expected to utilize blockchain technology by 2028, thanks to heightened activity in the fintech blockchain market, according to a report by research firm SkyQuest.

South Africa Pioneers Blockchain-Enabled Property Register Pilot Project
The Centre for Affordable Housing Finance in Africa (CAHF) has teamed up with Seso Global, a blockchain property registry company, to develop the first-ever blockchain-powered property register in South Africa.

PayPal’s Crypto Trading Services Officially Launch in the United States, Driving Bitcoin’s Price Past 16K
PayPal’s crypto services are officially available for use in the United States. In response to the announcement, Bitcoin's price spiked and pushed past $16K.

Ripple Co-Founder Reveals Key Factor that Can Drive Up XRP Adoption
Ripple co-founder Chris Larsen disclosed what could potentially help in pushing XRP’s popularity higher.

Mogul Productions Implements Chainlink Oracles to Optimize Film Financing
Some industries are reluctant to change because they benefit a small group of people or firms; film financing fits this category. Mainly restricted to established companies, funding and producing an independent movie can be extremely challenging without the right backers. One project looking to remedy that is Mogul Productions, a blockchain-based, decentralized film financing platform.

R3's Marco Polo Network Welcomes First Indian Corporate as Asia Serves as a Key Area of Growth
The Marco Polo Network announced on Thursday that India’s leading provider of digital transformation, Tech Mahindra became the first corporate in India to join the R3’s open-source blockchain-based Marco Polo Network for facilitating cross-border transactions.

Italian Banking Association Chose Decentralized Blockchain Route
The Italian Banking Association, Associazione Bancaria Italiana (ABI), chose to leverage the blockchain-based system Spunta, as they could not identify an appropriate single actor to run a centralized system.

HSBC Undertakes Blockchain-based Trade Finance Transacntion for Automotive Sector in the Middle East
Through the blockchain technology supported by the Contour platform, HSBC conducted a trade finance transaction between SAIC Motor and Taajeer Group.

Top Banks in South Korea Select CenterPrime And Chainlink To Bring FX Rates Data to DeFi
Top banks in South Korea have selected Chainlink and CenterPrime to bring a blockchain-enabled decentralized finance solution for foreign exchange rates.

Ripple Swell 2020: Clear Regulations and CBDC Will Drive Cryptocurrency Adoption Forward
Financial leaders virtually discussed the regulatory framework for crypto assets and how crypto adoption could be driven forward.

Binance Acquisition of CoinMarketCap for $400M Just a Stone’s Throw Away
Binance, one of the largest crypto exchanges globally, is reportedly ready to splash out nearly $400 million USD to attain CoinMarketCap, the most popular crypto data aggregator. It is alleged that the deal is in the final stages, and it is just a matter of time before it is revealed later this week.

Wirex Moves on From Defunct Wirecard, Secures New Partnership with Railsbank
Crypto service provider Wirex has moved on from Wirecard,. The company has secured a new partnership with Railsbank

China Construction Bank Announces Updates of Blockchain Platform After $50B Transacted
One of China’s four largest banks, China Construction Bank (CCB) has officially released the second version of its blockchain platform for trade finance, reaching 360 billion yuan ($50 billion) in cumulative transaction volume. CCB announced the release of “BCTrade 2.0,” focusing on digitizing trade and financial services between 54 domestic and overseas CCB branches and 40 external organizations. Reported by Xinhua news, these organizations include state-owned banks and foreign banks.

Celsius Network Slashes 25% of its Workforce amid Potential Insolvency
Celsius Network’s woes continue to deepen because the crypto lending company has reduced its workforce by 150 employees, including those based in Israel.

Ripple Welcomes Former JPMorgan Chase Chief Regulatory Affairs Officer to its Board of Directors
Ripple has been expanding its network and recently, the blockchain firm has made yet another move to bring its company growth to another level.

HSBC Becomes the First Bank to Finance Transaction via Hyperledger
Multinational banking giant, HSBC has reportedly become the first bank to complete a financial transaction using the blockchain trade platform, based in Europe.

Credit Giant MasterCard Grants Wirex First Principal Membership License
Wirex has become the first native cryptocurrency platform to be granted a principal membership license from credit giant Mastercard as part of their accelerated expansion into digital assets.

Banking on Blockchain: ICBC Releases First-Ever White Paper on Blockchain for the Financial Sector
One of China's major banks, the Industrial and Commercial Bank of China (ICBC) has released its white paper on blockchain-based applications in the financial sector. The document is the first white paper related to blockchain technology in the financial industry. The paper also highlights the present challenges faced by the banking sector.

Crypto Trading in India Soared by 400% During COVID-19 Lockdown
With the ongoing COVID-19 pandemic, India’s cryptocurrency trading industry has seen an increase of 400 percent over the last few months.

Shanghai Municipal Commission of Commerce Signs a Blockchain Alliance Proposal to Foster Trade And Finance
Shanghai Municipal Commission of Commerce had signed a written proposal giving the Shanghai government departments and six financial companies an opportunity to establish an E-port area blockchain alliance with the sole aim of fostering international trade and financial services.

Goldman Sachs Explores Development of its Own Digital Token
Leading global investment bank Goldman Sachs is examining options of creating its own cryptocurrency. The bank has appointed Mathew McDermott as the worldwide head of digital assets to spearhead the realization of this dream.

ASIFMA: Tokenized Securities Might Bridge the Current Mainstream Finance with the New Digital World
ASIFMA (the Asia Securities Industry & Financial Markets Associations) has availed a new white paper that reveals a roadmap for regulators and market participants on tokenized securities.

Investment Funds for 2020 | Index Funds Centralized Decentralized and the Blockchain
On the outset, this article has been written to put in perspective Index Funds as we know them, which new kind of Index Funds are developing with Cryptocurrencies (Digital Assets) and what developments are taking place in the Global Capital Markets with Blockchain developments.

Mainstream Adoption of DeFi and DLT Is Coming, It Will Replace Banks, Says US Currency Comptroller
The US acting Comptroller of the Currency disclosed that roles played by banks will soon change due to cryptocurrencies and decentralized finance (DeFi).

Stakeholders in the Crypto Ecosystem Want US Regulator to Increase Bank's Crypto Capabilities
Stakeholders including the Silvergate Bank have responded to the OCC call recommending the regulator to improve US bank’s crypto capabilities.

Chinese City Tests Blockchain-Powered Cross-Border Financial Platform
Nanning, a Southern Chinese City, located in Guangxi Region, has experimented with a blockchain-enabled cross-border financial platform.

Goldman Sachs and Citigroup Perform the First Equity Swap on Blockchain
Traditional equity swaps have to be continuously updated for multiple variables. These include different interest rates, end-of-day market prices, and corporate actions like stock splits and dividend payments. Financial institutions need to hire many people to verify the process until the swap completion, which in some rare cases, could take months.

DeFi Hack Linked to North Korea
The $197 million DeFi hack on Euler Finance has been linked to North Korea after blockchain investigator Chainalysis identified that 100 ETH from the stolen funds was transferred to an address associated with North Korea-linked actors. While Chainalysis suspected the involvement of North Korea, it highlighted the possibility of misdirection by other hackers. Euler Labs CEO expressed disappointment in the hack, revealing that ten separate audits over two years assured its security.

G20 Discusses Crypto Regulations Under India Presidency
G20 members reviewed technological advancements and dangers during the FMCBG conference on Feb. 24–25.

SWIFT Takes Another Shot at Cryptos, Refers to Them as "Useless and Unsteady"
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has dropped another hammer on proponents of Bitcoin and cryptocurrencies, referring to Cryptos as “useless and unstable.”

Uniswap V3 Protocol License Expires, Allowing Developers to Fork Code
Uniswap V3 protocol’s Business Source License (BSL) has expired, allowing developers to fork the code and deploy their own decentralized exchange (DEX). The new “General Public License” now applies to the protocol. To fork the code, developers must use an “Additional Use Grant.”

Curve Finance CEO Michael Egorov and Spouse Acquire Two Melbourne Mansions, Amassing an Impressive 5663 Square Metre Estate
In an unprecedented move showcasing a hefty investment in Australia's property market, Curve Finance(CRV) CEO Michael Egorov and his wife Anna have made a grand purchase in the heart of Melbourne,

Blockchain-Focused Fund COSIMO X Acquires Seven-Figure Funding from RIT
COSIMO Ventures, an investment firm situated in Boston and Dublin, recently announced that the Rochester Institute of Technology (RIT) has endorsed them with a seven-figure investment.

U.S. Homeowners Express Rising Financial Anxieties, According to FAR Survey
Finance of America Reverse LLC released its 2023 Home Equity Punch List, revealing that 79% of homeowners remain uneasy about the U.S. economy, with concerns about unforeseen healthcare expenses and discretionary spending. Gender differences were also noted. Home equity loans were only sought slightly more, with a lack of product knowledge contributing to financial anxiety.

Euler Finance hacker returns $5.4M
The hacker who drained $197 million from Euler Finance in the biggest DeFi hack of 2023 so far reportedly returned around $5.4 million in Ether to the company. The funds were sent in three transactions from the hacker's address to Euler Finance's deployer address, but it remains to be seen if the hacker will return the rest of the stolen funds.

ZipmexX Suspends Withdrawals, Citing Celsius and Babel Risk Exposure
Asia's leading digital asset exchange ZipmexX has suspended users' cryptocurrency withdrawals, citing the move as the exchange's assets could be swallowed up by the financial crisis facing the Celsius Network and cryptocurrency lender Babel Finance.

IOSCO to Consult on Crypto Regulation
The International Organization of Securities Commissions (IOSCO) plans to launch a consultation for its crypto asset regulation report in Q2 2023. The final recommendations are expected to be published by the end of 2023, with separate workflows dedicated to crypto assets and decentralized finance.

Swiss Retail Bank to Offer Cryptocurrency Services
PostFinance has partnered with Sygnum to offer customers cryptocurrency trading and storage services, including Bitcoin and Ether.

Hong Kong Aims to Lead in Green Finance and Web 3.0, Says Financial Secretary
Hong Kong is setting its sights on becoming a global leader in two new fields: green finance and Web 3.0, according to a recent speech by the city's Financial Secretary Paul Chan.

Ethereum Projects Launch MEV Blocker to Minimize Invisible Tax
27 Ethereum projects have launched MEV Blocker, a solution to reduce maximally extractable value (MEV), or Ethereum's invisible tax. MEV Blocker is a free tool developed to counter MEV bots that hijack transactions and inflate prices for users. It sends at least 90% of profits back to users and can protect them from frontrunning and sandwiching when using any Ethereum DApp.

UK Watchdog Proposes Tougher Advertising Rules
If the UK Government approves the FCA's plan, crypto businesses from abroad may have to meet additional conditions to advertise to UK clients.

SlowMist Reports Surge in Diverse Crypto Security Incidents for the Week of September 17-23, 2023
SlowMist, a cybersecurity firm specializing in blockchain, released its weekly security report for the week of September 17-23, 2023. The report highlights a total of seven security incidents with an estimated loss of around $380,600. The week saw a significant rise in phishing attacks and rug pull tactics, as well as the emergence of diverse attack methods like DNS hijacking and contract vulnerabilities.

European Crypto Startups See Record VC Investment in 2022
Despite a challenging year for the crypto industry in 2022, VC investment in European crypto startups reached an all-time high of $5.7 billion, with decentralized finance startups seeing a 120% increase in investments. Europe is also home to the highest number of crypto startups, but lags behind the US in unicorns and startups with over $1 million in funding. Investment in financial service-based startups declined by 19% compared to 2021, while infrastructure grew by 24%. The EU's Markets in Crypto-Assets regulations are set for a final vote in April 2023.

Crypto Trading Income eToro Spikes to $264 Million in Q2
eToro has posted a massive increase in cryptocurrency income that accounts for 73% for its entire trading commissions in the second quarter 2021. The company’s latest financial results provide more evidence that the cryptocurrency boom is more than just hype.

Euler Finance suffers $197M DeFi hack
Decentralized finance (DeFi) protocol Euler Finance lost nearly $197 million in a flash loan attack on March 13, impacting more than 11 other DeFi protocols. The vulnerability remained on-chain for eight months despite a $1 million bug bounty in place. Euler Finance disabled the vulnerable etoken module and vulnerable donation function, and has reached out to security firms and the ETH security community to help with the investigation and recover the stolen funds.

Babel Finance Halts Withdrawals as Crypto Market Plunges
Amid the current selloff, Babel Finance has become the latest to suspend withdrawals. The crypto lender said that its woes are triggered by the current difficult market conditions.

US District Judge Rules in Favor of Custodial Arrangement for bZx DAO Members
A US district judge has ruled that bZx DAO transactions are custodial due to the ability for developers to upgrade a smart contract where the key is held by a single developer, as highlighted in a class-action lawsuit against bZx DAO and others. This may impact DeFi platforms that use multisigs and require them to obtain custody licenses to comply with the law.

Defi Wallet Unstoppable Finance Raises $12.8M in Series A Fund
Berlin-based Unstoppable Finance has announced a €12.5 million ($12.8 million) Series A round led by Lightspeed Venture Partners.

DeFi Platform Texture Secures $5M in Funds to Develop Yield Management Tools
DeFi protocol Texture Finance has tapped $5m in funding from P2P Capital amongst others.

Crema Finance Hacker Returns Stolen Crypto Following Negotiation
Crema Finance has received 6,064 ETH ($7 million) and 23,967 SOL ($870,000) from a hacker who had stolen 69,422.9 SOL and 6,497,738 USDC stablecoin (roughly $9 million) following a negotiation.

China and Singapore establish task force for green finance cooperation
China and Singapore have formed a task force to collaborate on green and transition finance initiatives. The China-Singapore Green Finance Taskforce (GFTF) will focus on developing financial standards, products, and technologies to support a low-carbon future in the region. The task force will also facilitate greater public-private sector collaboration and strengthen sustainability bond market connectivity.

The DeFi space is on a path of steady recovery as good actors, MakerDAO, SushiSwap, and Aave were among 30 protocols engaged.

Curve Finance and the Vyper Vulnerability: A Technical Post-Mortem Report
Curve Finance suffered an exploit on July 30, 2023, due to a Vyper compiler vulnerability in versions 0.2.15, 0.2.16, and 0.3.0, affecting multiple liquidity pools.

US Senate Finance Committee Seeks Input on Taxation of Digital Assets
The US Senate Finance Committee has issued an open letter to the digital asset community and other interested parties, seeking their input on the taxation of digital assets. The letter, dated July 11, 2023, was signed by Chair Ron Wyden and Ranking Member Mike Crapo.

Digital Transformation in Finance and Accounting Accelerated by Pandemic, ISG Reports
The 2023 ISG Provider Lens™ report highlights the global transformation of finance and accounting departments due to COVID-19 lockdowns and remote work, relying on external providers for digital strategies and outcome-based contracts.

3AC Withdraws $45m from Curve and Convex amid Bankruptcy
Three Arrows Capital (3AC) might have declared bankruptcy, but the firm is still conducting a number of robust transactions according to insights derived from on-chain data.

Hong Kong's Financial Secretary Propels Web3 Expansion
Hong Kong's Financial Secretary, Paul, has highlighted the growing significance of digital entertainment as an economic sector. The government has allocated HKD 50 million to support a thriving Web3 ecosystem, with over 180 companies involved.

Maple Finance Opens Cash Management Solution to U.S. Investors, Backed by U.S. Treasury Bills
Maple Finance opens Cash Management to U.S. Accredited Investors, offering yield backed by U.S. Treasury bills.

Hacker moves stolen funds after bounty launch
The hacker who stole $196 million from Euler Finance has transferred $1.65 million through Tornado Cash, after a $1 million bounty was launched. Victims pleaded for return of funds, but the hacker's move to a crypto mixer suggests they may not be swayed. On-chain data shows the stolen funds consisted of DAI, USDC, staked ETH and WBTC.

Compound Founder's New Venture Superstate To Bridge Traditional and Blockchain Finance
Compound's Founder and CEO, Robert Leshner, has announced the launch of a new venture, Superstate (@superstatefunds). "Superstate's mission is to create regulated financial products that bridge traditional markets & blockchain ecosystems," said Leshner, signaling a significant shift in the financial industry.

Goldman Sachs Applies for a DeFi and Blockchain ETF to Optimize Investment Results
Banking giant Goldman Sachs applied for an exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission intended to maximize investment results based on the performance of the Solactive DeFi and Blockchain index.

Blockchain in Fintech Sector Expected to Hit $31.4B by 2030
Blockchain in the FinTech market is anticipated to reach $31.4 billion by 2030, given that the penetration of this cutting-edge technology in the financial industry has boosted app-based operations.

Magnate Finance Deployer Gained $16.7M in Rug Pulls and MAG Down Over 90%
Magnate Finance, a project on Coinbase's BASE platform, has been linked to a series of rug pulls totaling $16.7M. The deployer, known for real-time risk alerts, has connections to other significant scams, including Solfire's $4.8M scam and Kokomo Finance's $5.5M scam. Magnate Finance's protocol token MAG has experienced a 90% drop, highlighting the inherent risks in the decentralized finance sector.

PureFi Introduces SafeTransact to Enhance Web3 Security
PureFi has launched SafeTransact, a new security method that examines blockchain transactions and notifies users of any suspicious activities. The system is designed to integrate with AMLSafe, a multi-crypto wallet from the same ecosystem. SafeTransact aims to improve the security of Web3 transactions and address the potential hacking threats to blockchain networks.

Hong Kong Embraces Web3.0 and Advances as an International Crypto Hub, said Chief Executive
Li Ka-chung emphasized Hong Kong's potential in leveraging its strengths as an international financial center and driving the development of cutting-edge technologies, particularly in the realm of Web3.0.

Indonesian Scholarly Body Majelis Ulama Indonesia (MUI) Says Crypto as Commodity or Digital Asset is Haram
The Ulema Council (MUI) has spoken against the engagement with digital currencies for Muslims in Indonesia, saying the nascent asset class is haram.

Bitcoin Is Working Despite Broad Market Downturn, Says El Salvador FM
Alejandro Zelaya has defended El Salvador’s Bitcoin plan. According to the finance minister, the plan is working amid challenges posed by the market crash.

European Regulatory Blockchain Sandbox Welcomes Its First 20 Projects
On July 3rd, Europe's blockchain regulatory sandbox officially introduced its inaugural set of use cases. This milestone follows a period of eager anticipation in the industry, culminating from nearly 90 applications submitted back in April.

Aave Freezes Stablecoin Trading Amid Price Volatility
Lending protocol Aave has temporarily halted trading of stablecoins and set the loan-to-value (LTV) ratio to zero due to the recent price volatility on USD Coin (USDC) following its depegging on March 11. Aave's decision was based on an analysis by decentralized finance risk management firm Gauntlet Network, which recommended a temporary pause of all v2 and v3 markets. The LTV ratio determines how much credit can be secured using crypto as collateral and is calculated by dividing the amount of credit borrowed by the value of the collateral.

Stablecoin Depeg Event Reveals Risks to DeFi and Traditional Finance
Recent failures of established financial institutions, such as Silicon Valley Bank and Signature Bank, have highlighted the potential for distress to spread to the decentralized finance (DeFi) sector. The depegging of stablecoins, including Circle's USD coin (USDC), has also brought governance risks related to the custody of reserve assets to the forefront. Moody's anticipates that regulators could increase their scrutiny of stablecoins and require greater counterparty diversification.

Two Massachusetts Men Arrested And Charged To US Court For Supposed Social Media Frauds And Crypto Theft
Two Massachusetts men had been arrested and charged to court on account of stealing victims' social media accounts and cryptocurrency through swapping their sims, hacking their computers, and other nameless techniques.

Liquid Staking Protocol Lido Activates "Staking Rate Limit" After Record Inflows
Lido Finance, a liquid staking protocol for Ethereum, activated a "staking rate limit" after more than 150,000 ETH was staked in a single day. The mechanism aims to address any negative effects of high inflows, limiting the amount of staked Ether that can be minted within a 24-hour timeframe.

Stablecoin Protocol Frax Finance Launches Lending Market Fraxlend
Algorithmic stablecoin protocol Frax Finance has launched its own lending marketplace Fraxlend, allowing users to lend and borrow tokens belonging to the Chainlink data feed without permission.

Euler Finance Suffers Flash Loan Attack, Loses Millions in Multiple Cryptocurrencies
Euler Finance, an Ethereum-based noncustodial lending protocol, suffered a flash loan attack on March 13, resulting in the loss of millions in Dai, USD Coin, staked Ether, and wrapped Bitcoin. The attacker stole nearly $196 million in multiple transactions, making it the largest hack of 2023. On-chain data indicates that the attack is related to a deflation attack that occurred one month ago, and the attacker used a multichain bridge to transfer funds from the Binance Smart Chain to Ethereum.

Bitcoin Mining in China Dropped before the Latest Crackdown
New research conducted by the Cambridge Centre for Alternative Finance (CCAF) shows that Bitcoin mining in China has already nosediving even before the government started cracking the whip on crypto mining in May.

Crypto Popularity to Spur Growth in Blockchain-Powered Banking, Financial Services
The surging use of cryptocurrencies is expected to enhance the development of blockchain in the banking and financial services market, according to The Business Research Company.

Crypto Industry Continues to Experience Hacks and Exploits: Can Increased Security Measures Help?
Despite recent recoveries, $4bn was lost to hacks, fraud, and scams in 2022. Increased security measures, such as DeFi and multi-signature wallets, can help.

Binance CEO Warns Traditional Institutions Against Reducing Exposure to Crypto
Investors steadily recovering from 2022 backed CZ's long-term bet on crypto sceptics.

Sui Foundation Allocates Over $1M to 17 Emerging Projects
The Sui Foundation has earmarked over $1.05 million for 17 new projects aimed at bolstering the development and adoption of Sui. This initiative encompasses a wide range of sectors within the Sui ecosystem, including DeFi, gaming, and on-chain solutions, showcasing the foundation's dedication to fostering innovation and expanding the decentralized platform.

Euler Finance Hacker Returns Majority of Stolen Funds
The hacker behind the $196 million exploit on lending protocol Euler Finance has returned the majority of the stolen assets, including 51,000 ETH and 7,737 ETH, worth a total of over $101 million at the time of writing. The hacker still controls some of the stolen assets, and the hack is considered the largest DeFi hack of 2023.

Synthetix Secures $20M Investment from DWF Labs
Synthetix has secured a $20 million investment from Web3 investment and quantitative trading firm DWF Labs. The partnership will see DWF Labs tasked with increasing SNX token liquidity and market making across centralized and decentralized exchanges, with Synthetix’ perpetual futures integrated into DWF Labs’ trading business.

Kokomo Finance Accused of $4M Exit Scam
Kokomo Finance, an open-source and noncustodial lending protocol on Optimism, is suspected of an exit scam worth $4 million. The protocol allegedly plucked user funds via a smart contract loophole, causing the Kokomo Finance token to plummet 95% in value. Blockchain security firm CertiK alerted its followers to the situation, noting that Kokomo Finance removed all social media accounts following the incident.

Curve Finance Announces Refund Plan Following $62 Million Hack
Curve Finance plans to refund users after a $62M hack on July 30. 79% of funds have been recovered, and the TVL has dropped to a 2-year low of $2.83B.

Crypto Hacks in Q1 2023
In Q1 2023, hackers accessed over $320 million through 139 incidents on BNB Chain and losses of $221 million on Ethereum. While significantly lower than Q1 and Q4 2022, the quarter saw hundreds of millions lost, with 60% due to the Euler Finance hack. However, funds were recovered through negotiations with hackers, a trend increasingly common in the industry.

Secret Network Validator Smart Stake to Shut Down Nodes
Smart Stake will no longer provide validator services to the Secret Network in light of an internal leadership conflict and transparency concerns.

DeFi Hacker Returns $5.4M to Euler Finance
A hacker who drained $197 million from Euler Finance returned 3,000 ETH ($5.4 million) to the deployer address, following a $1 million reward announcement by Euler Finance. The attacker used a multichain bridge to transfer funds from the BNB Chain to Ethereum and moved the stolen funds into Tornado Cash before returning the funds.

Euler Finance Hacker Returns Stolen Funds
Euler Finance has recovered most of the funds stolen in a flash loan attack that drained millions of dollars from various tokens, including Dai and USDC. After negotiating with the hacker, Euler Finance convinced the individual to return the majority of the stolen funds, resulting in the recovery of 12 million DAI and 10,580 ETH. The crypto community has applauded Euler Finance's efforts to recover the funds and restore investor confidence.

Former FTX Executive Under Investigation for Potential Campaign Finance Violations
Ryan Salame, the former co-CEO of FTX Digital Markets, is reportedly under investigation by U.S. authorities for potential violations of campaign finance law. Salame, along with his girlfriend Michelle Bond, who ran as a Republican candidate for New York’s 1st congressional district in 2022, are at the center of this investigation.

AllianceBlock and Crunchbase Partner to Enhance Decentralized Business Data
AllianceBlock has partnered with Crunchbase to offer its business data to Data Tunnel users. The partnership will enable blockchain businesses and developers to create applications like default probability models, customer acquisition profiles, and untapped market maps using Crunchbase's investment, funding, and industry trends data. The AllianceBlock Data Tunnel is a public marketplace for standardized data that allows for the sharing and combination of information without intermediaries.

Babel Finance explores new restructuring opportunities with DeFi project
Babel Finance is considering a new restructuring opportunity that involves the creation of a new decentralized finance (DeFi) project called Hope. This project aims to generate revenue to repay debts owed to creditors, and will mint a new stablecoin using Bitcoin and Ether as collateral.

Beware Of Impostors: China Has Not Issued or Released A Date For Its Digital Currency
Owing to this, a statement released by the People's Bank of China on October 13, warned the general public to beware of such fake platforms and organizations as they are not related to the Bank of China.

Euler Finance Audited 10 Times Before $196 Million Attack
Euler Finance, an Ethereum-based lending protocol, underwent 10 audits from six different firms in two years before it suffered a $196 million flash loan attack. Despite this, the audits deemed the platform "nothing higher than low risk" with "no outstanding issues." The attack prompted Euler to launch a $1 million bounty for information leading to the hacker's arrest, only for them to move the funds through crypto mixer Tornado Cash.

DeFi Hackers Mint $11.6M in Stablecoins
Blockchain security firm PeckShield identified a hack that allowed an attacker to mint over 1 quadrillion Yearn Tether and then swap it for other stablecoins worth $11.6M. The attacker also managed to transfer 1,000 ETH to the cryptocurrency mixer Tornado Cash. DeFi protocols and Aave have confirmed that their current contracts and protocols were not affected by the exploit.

Future of Index Funds
Inspired by traditional index funds' success, Crypto20 (C20) was designed to reinvent how investors gain exposure to the broader crypto market. With cryptocurrencies long-term growth potential, an index fund is the perfect entry point for investors looking to generate exceptional returns without taking on excessive risk.

Polygon Surges by 2600% on a Year-to-Date Basis as Adoption of Layer 2 Accelerates
Polygon's rate of return is very impressive, rising by more than 2600%, from $0.0178 to $0.468 since the beginning of 2021.

Risk or Opportunity: Uniswap's UNI Rose by 133% and SushiSwap by 143% in the Past 12 Days
Uniswap's UNI token has surged by 133% in the past week, with SushiSwap rallying and recording its own increase of 143%.

Solana (SOL) Surges by 230% on a Year-to-Date Basis to Hit a New High
Solana, which has faster transaction speed and lower fees than Ethereum, has been favored by Defi users to run applications. Recently, its native token SOL set a new all-time high of $37.10.

EY Ops Chain: Bringing Transparency and Accountability to Public Finance Management
Blockchain.News sat down with Jimmy Ong, EY Asia-Pacific Blockchain Leader to take a deep dive in EY Ops Chain and EY Blockchain Analyzer. In particular, we explore how EY Ops Chain facilitates a more transparent public finance tracking. Ong also shared an interesting use case when EY Ops Chain enables the tracking of blood in Canada.

PwC Global Crypto Leader Henri Arslanian on the Future of the Crypto Ecosystem
Henri Arslanian, the PwC Global Crypto Leader, Chairman of the FinTech Association of Hong Kong, is the highest-profile FinTech consultant in Hong Kong according to Chambers Global. Blockchain.News interviewed Arslanian at the Asian Financial Forum held in Hong Kong earlier this month, where he was invited to speak on the development of FinTech. The Asian Financial Forum brought over 3,500 speakers and influential financial experts, policymakers, and business leaders.  

Blockchain.News Interview with Co-founder and CIO of CryptAM, David Demmer on Digital Asset Management
We conducted an interview with the Founder and CIO of CryptAM, a Fintech firm that offer high net-worth and institutional investors access and diversification into the digital asset market. He also shared with us his views and insights on the current digital asset landscape.

IBM Blockchain in Action: What are the Benefits?
In first and second parts of our interview with Alan Lim, the Program Director of IBM Blockchain Lab in the Asia Pacific, we explored the idea of data standards to improve the supply chain industry, as well as the IBM Food Trust, a food provenance network that allows food products to be traced and tracked. Digging deeper into IBM Blockchain, what else has the company been working on?

Exclusive: Deloitte Blockchain Lab on the Three Areas of Collaborations with HKMA
We were delighted to interview Dr. Paul Sin, leader of the Deloitte Asia Pacific Blockchain Lab, who shared with us its development goals and the collaborations with HKMA across the Greater Bay Area and Europe.

MasterCard Asia Files Device Billing System Patent Compatible With Iota’s Tangle Network
MasterCard patents blockchain system to help shared device merchants avoid credit card fees.

Twitter CEO Endorses Bitcoin For Black America
According to his tweet on February 23rd, while promoting the book discussing Bitcoin’s huge potential benefits to the African-American community, Jack Dorsey, CEO of Twitter who is no stranger to controversies in the media, used the fanbase of his Twitter platform for this cause.

Sale of Asian Exchange Data Could Create Revenue Stream of $4.23 Billion Per Year Says Leading Strategy Consultants
Quinlan & Associates, a leading independent strategy consultancy released a report exploring how Asian exchanges can monetize the large volumes of exchange data.

Thai Government Announces Blockchain Technology Adoption in Finance Agencies to Enhance Work Efficiency
The Thai government has remained visible as one of the leading governments committed to adopting blockchain technology. Many innovations concerning blockchain use cases can be learned from the government.

China’s First National Level Blockchain Cross-Border Financial System Goes Live
China Guangfa Bank (CGB), a major Chinese bank, has officially launched the blockchain-based cross-border financial service platform on June 15, with the guidance of the Guangdong Branch of the State Administration of Foreign Exchange.

RBL Bank Partners with Accenture to Build A Digital Bank Infrastructure
RBL Bank announced that it will partner with Accenture, who envisions that it will enhance the bank’s information technology (IT) network and services.