“I give no weight to sworn statements of Dr. Wright that advance his interests but that have not been challenged by cross-examination and for which I cannot make a credibility determination. I have previously found that Dr. Wright gave perjured testimony in my presence,” Magistrate Judge Bruce Reinhart wrote in a scathing 14-page order.
DAI another day: USDC can be used as collateral at embattled MakerDAO
Coinbase and Circle’s USDC stablecoin is now being accepted to back loans, raising questions of centralization at the ‘pure’ DeFi coin
A major reservation with accepting USDC as collateral lied in how the stablecoin is centralized. This is a significant departure from Maker’s stance of ensuring DAI is only backed by decentralized assets—as USDC is the brainchild of Coinbase and Circle, major players in the crypto industry. As MakerDAO’s (now out of date) white paper noted: “Unlike other Stablecoins, DAI is completely decentralized.”
Crisis at MakerDAO as ETH crash creates bad debt worth $4 million
MakerDAO has admitted changes need to be made after a ‘brutal storm of external realities’ led to $4 million of bad debt being created on the DeFi platform
Decentralized finance giant MakerDAO has been holding crisis talks after dramatic falls in the price of Ether left debt worth about $4 million under-collateralized.
Huobi, Binance throw Justin Sun under the bus
The two exchanges have essentially repudiated their support of the mega-marketing Tron CEO’s hostile takeover of the Steem blockchain
Facing widespread anger from the Steem community, two leading cryptocurrency exchanges have thrown Tron Foundation CEO Justin Sun under the bus after initially supporting his hostile takeover of the Steem blockchain.
