• Feds are coming for DeFi
    Cryptocurrencies,  Regulation

    The feds are coming for DeFi

    In the wake of criminal charges leveled at exchange and derivatives platform BitMEX, decentralized finance projects may find they’re not untouchable

    The idea of decentralized finance is that there is no central authority in charge to control the exchange’s operations doesn’t mean they can get away with lax or no know-your-customer (KYC) and anti-money-laundering (AML) compliance. Or that there is no one to be held accountable.

  • KuCoin hackers turn to DeFi
    Cryptocurrencies

    KuCoin hackers dump stolen funds on DeFi

    The hackers who stole $150M of cryptocurrency from KuCoin are converting tokens to Ether on Uniswap, as Tether and Bitfinex freeze their USDT holdings

    The hackers who stole $150 million worth of cryptocurrency from crypto exchange KuCoin are now trying to launder the funds. According to a Sept. 27 tweet by cybersecurity expert Alon Gal, the KuCoin hackers used decentralized exchange (DEX) Uniswap to sell their stolen OCEAN tokens for Ether (ETH).

  • 11 crypto firms sued illegal ICOs
    Cryptocurrencies,  People,  Regulation

    Crypto faces ‘The man who took on Wall Street’

    On the day before the statute of limitations expired, the lawyer who extracted $25 billion from banks over the subprime mortgage crisis sued 11 cryptocurrency firms for holding illegal ICOs

    Eleven cryptocurrency issuers and exchanges including Tron, Block.one, and Binance were hit with class action lawsuits last week for holding or supporting initial coin offerings. Ominously, they were filed by a group of lawyers led by Philippe Selendy, who the Financial Times called “The man who took on Wall Street” after he forced 16 major banks including Citigroup, Goldman Sachs, and JPMorgan Chase to pay $25 billion for their part in the subprime mortgage crisis that sparked the Great Recession of 2007.

  • CoinMarketCap (via Shutterstock).
    Cryptocurrencies

    CoinMarketCap announces new reporting requirements

    The crypto price and volume tracker reacts to a report that suggested widespread fraud in the data it publishes

    Less than one month after an analysis concluded that 95% of the trade volume reported on CoinMarketCap is fake, the cryptocurrency data tracking site announced that it will exclude exchanges that do not provide more live data from its price and volume calculations.

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