DeFi

In a release on Friday, Russian news outlet Interfax shared updates regarding the nation’s largest bank, Sberbank’s forthcoming DeFi platform. Russia’s leading financial entity is reportedly making steady progress as it approaches its project’s launch date. According to Konstantin Klimenko, Product Director of the Blockchain Laboratory of Sberbank, open testing should kick off by March.  SberBank’s DeFi System to Replace its TradFi Systems At the moment, Sberbank’s platform is undergoing private beta testing. However, Klimenko set a tentative deadline for…

DEXs, MinSwap and MuesliSwap, currently have $30 million and $6.5 million worth of liquidity locked in them respectively   On Thursday, COTI Network, the issuer of the Cardano-backed stablecoin Djed announced its upcoming listing on major DEXs MinSwap and Muesliswap. COTI also added that Shen, its reserve coin, would be on that listing. MuesliSwap to List DJED and SHEN On Thursday afternoon, COTI retweeted the MuesliSwap announcement that revealed the exchange’s plan to list $Djed and $Shen in the coming…

DCG subsidiary Genesis Global Capital filed for bankruptcy protection in the southern district of New York on Jan 19. Following a massive hit from the recent FTX collapse the lender is the latest firm to fold in the ongoing crypto winter.   Lending Businesses Seek Bankruptcy Protection News of the filing broke via a press release on Thursday. Per the report Genesis alongside two lending subsidiaries Genesis Global Capital and Genesis Asia Pacific submitted voluntary Chapter 11 applications. This followed rumors…

Self-doxxed trader behind the $110M Mango Market exploit Avraham Eisenberg is now in the custody of law enforcement agents. Eisenberg’s arrest came on allegations of commodities fraud alongside manipulation to cart off over $100M worth of crypto from the aforementioned platform.  Eisenberg Charged with Market Manipulation Per a  filing from the United States Attorney Southern District of New York (SDNY), the arrest took place in Puerto Rico. This was on Monday, December 26th. An unsealed criminal complaint on Tuesday alleged…

In a medium update earlier today, DeFi protocol Defrost Finance shared its strategy to reimburse users who suffered in the recent exploit. The team behind the platform noted in a Twitter thread that they had recovered the stolen assets and were set to commence refunds.  The Refund Process The blog post, titled “Details Concerning the Refunding Process” outlined the steps the platform will follow over the next few days. To begin with, the Defrost team will swap all ETH for…

In a Monday press release, bankrupt crypto brokerage firm Voyager digital revealed which company won the bid for its assets. Per the publication, exchange platform Binance.US made the highest bid for the troubled lender’s assets. This means Binance.US will acquire Voyager’s assets for approximately $1.022 billion. Voyager Chooses "Best Deal" for Customers The Binance.US bid covers the fair market value of the lender’s crypto portfolio. Currently, the market value of Voyager’s holdings rests at about $1.002 billion. As such, Binance.US’s…

A lending protocol in the Arbitrum ecosystem, Lodestar Finance has fallen victim to a flash loan attack. On December 10, a malicious actor was able to cart off about $5.8M in loot from the platform. Lodestar has since posted a Twitter thread explaining how the culprit was able to do so. Hacker Tweaks Exchange Rate, Withdraws Liquidity Per the post, the attacker’s approach was to manipulate the swap rate of the network’s plvGLP contract. The culprit set the rate at…

FTX founder and CEO Sam Bankman-Fried has not lost hope in the troubled firm’s chances of resurgence. The troubled founder revealed in his reply to a recent tweet that he thinks reopening the exchange could set the platform back on track. Also today, SBF continued his well-documented spat with Binance founder Changpeng Zhao. Neuner Shares Plans to Restore FTX, Bankman Fried Agrees It began on Friday morning when CNBC crypto trader Ran Neuner shared a potential course of action for…

In a Friday announcement,  financial services and investment management company Galaxy Digital revealed plans to purchase asset custody solution GK8. The firm, led by Mike Novogratz, won a bid allowing it to acquire GK8 from Celsius network under the lender’s bankruptcy proceedings. Galaxy to Implement GK8’s Custody Technologies GK8 is a blockchain-focused cybersecurity provider for financial institutions to store their digital assets. The platform also allows users to perform transactions without an internet connection. In their release, Galaxy digital noted…