“Banteg”—a core developer on the DeFi protocol whose Twitter bio says they are “ahead of the curve”—confirmed that the vault ended up losing $11 million. He went on to sow confusion by saying that deposits had been disabled while an investigation took place… and later confirmed that this isn’t possible given how the ecosystem is decentralized.
GameStop is DeFi’s golden moment
When Robinhood shut off its customers in what seemed to be a move to protect its hedge fund masters, the ‘little guy’ focused stock trading app opened the door to crypto’s decentralization
“This was a shot across the bow for institutional investors everywhere,” said Peter Smith, cofounder and CEO of the decade-old cryptocurrency exchange Blockchain.com. “There’s incredible power in decentralized groups of individuals and the future of finance will be built less like Wall Street and more like the internet: by a decentralized group of individuals.”
Crypto crime near $2B in 2020, but still down 57% from 2019
Blockchain analytics firm CipherTrace’s annual report said DeFi became ‘the next major threat vector for fraud and money laundering.’
One reason for that decline is that while the number of incidents of thefts, hacks, and fraud remained largely the same, the take by criminals in 2019 was 160% higher than in 2020. This indicates growing “maturity in the crypto space as entities continue to harden systems and take precautions against inside and outside threats,” the report said.
Crypto exchange OKEx launches OKT token staking and mining rewards
The exchange said that its OKExChain’s newly launched Swap and Farm decentralized applications will allow the holders of its token to earn passive income
“We have seen its native token, OKT, commanding an all-time high of $86.54 in its first days of trading on the OKEx platform,” OKEx CEO Jay Hao said. “We're thrilled that the team behind OKExChain has been able to provide OKT holders with even more benefits through the Swap and Farm initiatives, and to see OKExChain expanding its utility.”