Vee Finance, a decentralized finance platform, has officially confirmed its hack on Avalanche. On September 20, the hacker managed to transfer funds worth $35 million. In terms of assets, it was 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million). According to the report, the stablecoin was left untouched. As for the hacker, the report confirms that they have not yet transferred or processed the funds. The team is working to provide more details of the incident. Further,…
Crypto exchanges worldwide are delisting privacy coins for legislative reasons, which is having pressure on the asset class downwards. For example, Estonia-based BitBay announced Monday that Monero (XMR) would no longer be tradeable from Feb. 19, 2020, for compliance reasons, while XMR/BTC price maintains bearish undertones, resembling a falling knife.
This is happening in parallel to the “Crypto Spring,” where alt-coins across the board see bullish price action. With Bitcoin dominance steadily declining 2.7% in the last 3 months and total daily volume remaining equal, it indicates that money flows from Bitcoin to altcoins.
Springtime has not arrived for privacy coins…yet. This is not to say that it never will, as ZEC/BTC is already starting to see bullish price action, but it will arrive later.
Taking a step back, this regulatory rejection should not be seen as negative. The first time in history that such a value proposition (private transactions) has come to the surface. Just as national and supranational institutions initially rejected Bitcoin, resistance proved futile because of its decentralized properties. Now, those in power started institutionalizing it.
In the same vein, this is the first time privacy-centric coins enter into space under regulatory oversight. Many regulators have already stated that it is important to regulate fraud and money-laundering with private currencies, whereas others have stated that they should be completely outlawed.
This is an answer the market can only give in due course. Still, HODLers should not be worried because privacy is a genuine use and the decentralized nature of these particular coins makes it very hard to shut down the ecosystem entirely.