Monday, 27 March 2023

Crypto News

SEC’s staking crackdown has uncertain consequences for DeFi: Finance Redefined

SEC’s staking crackdown has uncertain consequences for DeFi: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.

The United States Securities and Exchange Commission’s (SEC) crackdown on crypto-staking services could lead to uncertain consequences for the DeFi ecosystem.

Cybercriminals used various methods to siphon funds through hacks and exploits in 2022, amounting to over $2.8 billion in losses. The second week of February saw the Platypus protocol exploited, leading to losses of $8.5 million. In another exploit-related update, the hacker behind Mango Markets wants to keep disputed funds paid as a bug bounty.

The Financial Stability Board (FSB) stated that despite providing many novel services, DeFi does not differ substantially from traditional finance in its functions,

The DeFi market saw a new bullish wave thanks to a price rally by Bitcoin (BTC) and other altcoins. The recent price rally helped the DeFi market regain its $50 billion total value locked.

SEC’s crypto staking crackdown has uncertain consequences for DeFi: Lido Finance

A crackdown by the U.S. securities regulator on crypto staking could have unintended consequences for decentralized finance, according to the head of business development at Lido DAO.

Jacob Blish told Bloomberg in a Feb. 13 report that the most significant risk would be if the SEC eventually concluded that no U.S. citizen could interact with crypto staking services, including protocols.

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DeFi exploits and access control hacks cost crypto investors billions in 2022: Report

Cybercriminals used a variety of novel ways to carry out hacks and exploits in 2022, with over $2.8 billion of cryptocurrency stolen.

According to a report from CoinGecko, which used data from DeFiYield’s REKT database, hackers used diverse methods to steal crypto in 2022. These methods include bypassing verification processes, market manipulation, ‘crowd looting,’ and smart contract and bridge exploits.

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BIS-funded regulator to probe DeFi entry points like stablecoins

The Financial Stability Board — the financial regulator funded by the Bank for International Settlements — is pushing international regulations for decentralized finance.

On Feb. 16, the FSB issued a report on the financial stability risks of DeFi, highlighting major vulnerabilities, transmission channels and the evolution of DeFi. Despite providing many “novel” services, DeFi…

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