Monthly Archives: August 2021

These 3 metrics suggest there’s still time for another ‘DeFi Summer’

Soaring token values, a steady inflow of new users and a TVL approaching all-time highs are all signs that the DeFi sector is heating up. Decentralized finance (DeFi) has been a big part of the explosive growth seen across the cryptocurrency ecosystem in 2021 as decentralized exchanges like Uniswap and SushiSwap and lending protocols like Aave and Compound have added a new dimension of token utility.  Data from Messari’s DeFi Asset index shows that over the past 30 days, a majority of the top 10 DeFi tokens gained […]

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Poly Network Hacker Says ‘In the Defi World Code Is Law’ While Returning Millions in Defi Tokens

Two days after the notorious Poly Network hack, the hacker continues to send funds back to the project. On August 12, the Poly Network hacker so far has returned millions worth of ether, thousands of uni tokens, 1,032 wrapped bitcoins, and 96 million in stablecoins. The day prior, after returning $260 million in tokens, the hacker explained that the Poly Network has “well enough assets to start the recovery phase.” Poly Network Hacker Returns a Number of Defi Tokens On August 10, Bitcoin.com News reported on the […]

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Is being late into Bitcoin about perspective?

Bitcoin has increased more than 5,000,000% in price between its early days and its all-time price high, but are most of its big gains already done compared to other crypto opportunities? Over the course of approximately 12 years, Bitcoin (BTC) went from the status as a little-known experiment to trading as an entirely new class of asset recognized by the mainstream financial world. In that time, the price of one Bitcoin has gone from less than $1, all the way up past $60,000 at its peak. People have […]

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New Bitcoin Legislation Introduced By Representative Beyer

Today Representative Don Beyer (D-VA) Introduced The Digital Asset Market Structure And Investor Protection Act. Today Representative Don Beyer (D-VA) introduced the Digital Asset Market Structure and Investor Protection Act. The legislation seeks “to protect consumers and promote innovation” by sweeping Bitcoin with other digital assets into existing financial regulatory structures. As Beyer put it, “Innovation in the digital asset sector is creating new goods and services every day as well as many new, high-quality jobs. The United States should provide a legal and regulatory environment which […]

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Crypto tax startup TaxBit raises $130M in funding round, now valued at $1.3B

The company said some of the funds would be used to open new offices in the United States and the United Kingdom. Already classified as a unicorn startup, United States-based cryptocurrency tax software developer TaxBit now has a valuation of more than $1.3 billion after a recent funding round. According to a Thursday announcement, IVP and Insight Partners led a $130 Series B funding round for TaxBit with participation from Bitcoin bull Anthony “Pomp” Pompliano, Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures and Madrona Venture Group. The […]

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Bitcoin bulls aim for $50K ahead of Friday’s $675M BTC options expiry

$675 million in BTC options expire this Friday and derivatives data suggests that bulls are favored to increase their control of the market. On Friday, Aug. 13, a total of $675 million worth of Bitcoin (BTC) options are set to expire and currently the bulls enjoy a significant advantage after a 20% weekly rally to $46,743.  According to Cointelegraph, two things that marked the positive shift seen from institutional investors were deposits to derivatives exchanges reaching their lowest levels since May 11 and entities with 10,000 to […]

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Crypto is no longer in the early adoption stage, Bittrex Global CEO says

Bittrex Global’s CEO explains where he thinks the crypto industry is in terms of adoption. The crypto industry began with Bitcoin’s launch in 2009, flowering into a bustling industry filled with many different assets and blockchain-based solutions in the years following. The sector, however, is no longer in its infancy, according to Bittrex Global CEO Stephen Stonberg. “I think we’re already past the stage of crypto early adoption,” Stonberg told Cointelegraph, adding: “Crypto has now gone mainstream. We have double digit percentage adoption in both developed and […]

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What the SEC can learn from the German regulator

While people are waiting with bated breath on how the SEC will regulate the DeFi industry, Germany’s BaFin has already found a way. The United States Securities and Exchange Commission’s chairperson Gary Gensler announced this month that the crypto industry should not escape the purview of the regulator. He highlighted that decentralized finance (DeFi) trading and lending protocols need particular attention when it comes to investor protections. Regulation can extend into a menu of options that covers custody, reporting, counterparty verification and asset classification and issuance. Reports […]

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Augmented Reality-Based Dogemon Go Mobile Game Allows Players to Earn Dogecoin

Following this year’s hype toward the meme-based digital currency dogecoin, a team of developers revealed the launch of an augmented reality (AR) mobile game called “Dogemon Go.” Similar to the AR game Pokémon Go, players catch virtual characters dubbed “Dogemons” and while characters level up they can earn dogecoin for rewards. Catching Dogemon and Earning DOGE There’s a new mobile phone video game that leverages augmented reality (AR) and the crypto asset dogecoin (DOGE). The crypto community caught a whiff of the Dogemon Go game last month […]

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DAO Maker crowdfunding platform loses $7M in latest DeFi exploit

CipherBlade is conducting an investigation into the hack and has identified a Binance account associated with the attacker. Hackers have stolen funds out of more than 5,000 user accounts with crowdfunding platform DAO Maker, a site aimed at raising money for crypto projects. According to a report from DAO Maker CEO Christoph Zaknun, hackers were able to remove roughly $7 million in USD Coin (USDC) from 5,251 user accounts at approximately 1:00 am UTC today. The platform said the attacker used a smart contract exploit to initially […]

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