A $293 million hack led to a bank-run style withdrawal frenzy on leading decentralized finance lending protocol Aave, which saw some $10 billion pulled from its liquidity pools over the weekend. In all, more than $13 billion in total value locked (TVL) has been withdrawn from DeFi projects. The trouble began when the KelpDAO’s LayerZero-powered bridge was hacked on April…
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Caitlyn Jenner Wins $JENNER class action
Judge rules the memecoin is not a security
A class action lawsuit against former Olympian Caitlyn Jenner has been thrown out by a federal judge, who ruled that her failed $JENNER memecoin was not a security. Jenner was sued by a group of investors who saw the market capitalization of the token drop steeply from a high of around $46 million. It is now nearly worthless. Lead plaintiff…
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Circle Sued Over Inaction on Drift Protocol Theft
Class-action lawsuit seeks $230 million from stablecoin issuer
Stablecoin issuer Circle was widely criticized for allowing Drift Protocol hackers to steal $230 million in USDC tokens over the course of eight hours without acting to freeze the stolen funds. Now, it is being sued. Law firm Gibbs Mura on Tuesday filed a $230 million suit against Circle for “knowingly permitting the attackers, reportedly tied to North Korea’s government,…
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Buying Coffee With Bitcoin Is a Tax Burden: Cato
A daily cup of coffee could bring 100 pages of tax forms
With the proliferation of crypto spending debit cards, it’s easy enough to buy a cup of coffee with your bitcoins. The problem is that the purchase comes with a huge tax headache. Crypto sales of any kind, including using bitcoins for purchases, are treated as capital gains for tax purposes. So if you buy that cup of coffee every day,…
