DeFi

Even after the Celsius Network’s chapter 11 bankruptcy filing, the debacle surrounding its collapse continues to deepen. Frances Coppola, a well-known economist has asserted that the platform’s users are unlikely to recover their missing funds. Celsius a Shadow Bank? Earlier this month, the crypto lender collapsed amidst fraud allegations and liquidity problems that caused it to halt withdrawals. Later on, the network announced that it had applied for Chapter 11 bankruptcy in New York. At the time, the claim was…

Crypto lender Voyager Digital’s native token, VGX embarked on a remarkable rebound after the 3AC court verdict. While this might be an odd coincidence, this makes for a surprising turn of events, given both platforms’ shared troubles over the past few weeks.  The Voyager-3AC History Like several DeFi platforms in recent times, Voyager has encountered its share of financial challenges amidst the failing market. Just last week, the platform filed for Chapter 11 bankruptcy at a court in New York.…

A bad actor has managed to pull off a phishing attack on a major liquidity provider for the Uniswap v3 protocol. The campaign saw the hacker(s) loot a minimum of $4.7 million worth of Ether from the platform. According to internal reports, the total amount of stolen tokens could be even more. Alarms Go Off on Twitter Binance CEO Changpeng Zhao had earlier posted regarding the attack after the exchange company’s threat intel spotted suspicious movement. CZ shared a tweet…

CoinFLEX co-founders, Sudhu Arumugam and Mark Lamb have issued a release revealing plans to move forward with arbitration. After two weeks of near silence, the troubled crypto trading company now seeks to recover $84 million worth of debt from a client.  CoinFLEX Founders Proceed With Legal Action Last month, CoinFLEX put withdrawals on hold after one user’s account entered negative equity. The company became the umpteenth in a series of crypto outfits that had done the same thing. In a…

Crema Finance – a concentrated liquidity market maker protocol on Solana – has frozen operations following an $8.7 million exploit. The hacker has since transferred the funds to another platform, but he and his gains are still being tracked. Manipulating the Data Crema published a Twitter thread on Sunday explaining the technicals of the situation. Saturday’s hack was possible by creating a fake ‘tick’ account – an account that stores price tick data in Crema. Crema's design allows an owner…

Celsius Network, a decentralized finance (DeFi) lending giant, has halted withdrawals, swaps, and transfers between accounts. The company announced this news earlier today through a blog post. Celsius said it paused the above services due to extreme market conditions. Through this course of action, Celsius hopes to place itself in a better position to honor its withdrawal obligations. The company claims this move is intended to benefit the entire Celsius community. Specifically, Celsius alleged that pausing withdrawals, swaps, and transfers…

Another DeFi exploit has drained over $2 million in crypto from a protocol on Terra Classic, shortly after its historic collapse. If the developers wouldn't have fixed it quickly, the hackers could have stolen far more money. The governance participant “Mirroruser” of the Terra Research Forum was the first to discover the exploit on Monday. He noted that the attack drained all the pools bridging to Bitcoin, Ethereum, and Polkadot. “All other pools will get drained as soon as new…

The legal department of Terraform Labs is in shambles following the resignation of key team members. While there are no clear reasons yet behind the slew of resignations, this hasn’t stopped speculations that Terra’s lawyers might have ditched the struggling ship because of financial constraints. Legal Team Abandons Ship According to a spokesperson affiliated with the developers, three attorneys have now left Terra's holding firm. This unfolds about one week after the catastrophic collapse of Terra's stablecoin, UST, and its…

Nansen will offer Web3's analytics super-app for free.   Nansen has acquired the cross-chain DeFi tracker, Apeboard, at an 8-figure price, according to an announcement this Tuesday.  Alex Svanevik, CEO of Nansen, shared this information in a speech he made at the Permissionless conference held in Palm Beach. According to him, the inspiration behind the move was the inconvenience web3 users face in tracking their investments across multiple chains. As of writing, Nansen is yet to reveal the official takeover…