DeFi News

High yield staking platform Bent Finance has confirmed that it has been attacked, advising investors to withdraw funds - becoming the sixth hacked decentralized finance (DeFi) platform we reported on this month alone.

The United States Treasury Department has sanctioned an ethereum (ETH) address that it says received coins stolen in the Ronin Validator hack – and the FBI has claimed that the North Korean Lazarus group of hackers was behind the security breach.

MakerDAO (decentralized autonomous organization) founder Rune Christensen has called for the community members to consider depegging Maker (MKR)’s stablecoin DAI from USD, and perhaps (slowly) getting into ethereum (ETH) – which Vitalik Buterin argued would be a “terrible idea.”

Losses of the cross-chain router protocol (CRP) Multichain have reportedly exceeded USD 3m as the protocol is still prone to additional hacks and exploitation.

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Ethereum (ETH) Layer 2 (L2) scaling solution Optimism has announced the launch of its OP token that would further help the initiative move toward a decentralized governance structure known as the Optimism Collective.

Contrary to a popular belief, decentralized finance (DeFi) is “not really a new concept,” and also a misnomer, as DeFi platforms have “a fair amount of centralization” that includes governance mechanisms, fee models, as well as incentive systems, according to Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC).

Despite “massive” opportunities for investment banks in the decentralized finance (DeFi) space, banks are not necessarily looking to build their own systems or alternatives to existing DeFi protocols, a head of corporate development at JPMorgan claims.

France-based major manufacturer of crypto hardware wallet Ledger said it has "ambitious plans" in DeFi and other new services as it raised USD 380m, valuing the company at more than USD 1.5bn.

In a matter of 24 hours, a DeFi platform lost millions of dollars in a hack, developers of a play-to-earn (P2E) GameFi project apparently rug-pulled their investors, and a Solana (SOL)-powered exchange mistakenly shut itself down - all reminding us of risks in the crypto space.