The proposal to prohibit further CRV borrowing was supported by 100% of the Aave community. The community has been advised by risk management company Gauntlet to avoid the liquidation risk of Curve Finance founder Michael Egorov’s debt, which might cause a ripple effect and perhaps a DeFi meltdown, by prohibiting
A judge in Manhattan state court determined on Friday that New York Attorney General Letitia James may proceed with her civil fraud lawsuit against Alex Mashinsky, the founder and former CEO of the defunct crypto lender Celsius Network. James sued Mashinsky in January before the former CEO of insolvent crypto
According to a recent ruling from the United States’ highest tax body, cryptocurrency holders are required to include staking rewards in their gross income for the year they were earned. Internal Revenue Service Revenue Ruling 2023-14 was released on July 31. It clarified the tax treatment of profits from staking
In a devastating blow to the decentralized finance (DeFi) ecosystem, several projects utilizing Vyper— an alternative programming language for Ethereum smart contracts, suffered significant losses, with attackers making off with over $47 million. The incidents occurred on July 30, targeting stable pools on Curve Finance, an automated market maker platform.
Lido Finance, a leading liquid staking solution, is unveiling a whole new tokenomics framework. At this year’s EthCC conference, LidoDAO’s business development contributor Marin Tvrdi said that the organization’s members are “pushing” for a dual governance model. If enacted, it will offer Lido users veto power over governance proposals authorized
Insolvent Celsius Network LLC has struck a deal that will simplify its legal proceedings. The company has reportedly offered an extra 5% on its claims if a large number of its account holders agree to take part in a legal settlement over allegations of managerial wrongdoing. Celsius Network’s arrangements may
A $2 billion lawsuit has been brought against FTX’s sister firm Alameda Research by Celsius Network on claims of suspicious trading activity that may have affected the price of the Celsius CEL token in 2022. Regulatory agencies such as the U.S. CFTC, the U.S. SEC, and federal prosecutors in Manhattan
Arcadia Finance, a protocol for non-custodial decentralized finance (DeFi), was hacked for over $455,000 due to a flaw in the code. The breach on Arcadia Finance was brought to light by blockchain investigator PeckShield. It attributed it to “the lack of untrusted input validation.” It was claimed that the code
Mark Lamb, co-founder of OPNX, announced the creation of a credit currency for margin trading on July 5 in a statement. The “phase 1” release of the oUSD currency requires users to put crypto assets into the exchange before they may obtain oUSD. To facilitate potential “bankruptcy remoteness,” Lamb said
Bitget has launched a Crypto Loans product to enter the cryptocurrency lending sector. The platform plans to provide a crypto-based alternative financing option, as said in a statement, in an effort to win over customers who are dissatisfied with traditional financial institutions. It utilizes a dual-coin strategy to streamline the
