News

Switzerland-based crypto lender Nexo has unveiled intentions of buying fellow lending platform Vauld. Nexo announced this news via Twitter on July 5, a day after Vauld halted operations due to financial challenges. Through this acquisition, Nexo hopes to better the crypto space and bolster its presence in Southeast Asia. [embed]https://twitter.com/Nexo/status/1544287488507781120?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet[/embed]   In a subsequent press release, Nexo said it signed an indicative term sheet with Vauld. This agreement will see Vauld offer Nexo a 60-day exclusive exploratory period regarding the…

The Monetary Authority of Singapore (MAS) is looking to bolster consumer protections as bears continue dominating the crypto market. Specifically, the regulator mulls introducing new rules that would further limit crypto exposure for retail traders. In a written response to MP Murali Pillai who asked if the regulator plans to introduce further restrictions for crypto trading platforms to protect unsophisticated users, MAS Chairman Tharman Shanmugaratnam said: MAS has been carefully considering the introduction of additional consumer protection safeguards. These may…

In a Twitter post last night, the team behind the crypto-based social media platform, the Chingari App announced that they had not fallen victim to any hacks. Rumors of a rug pull or possible hack began after the Gari token lost more than 80% within 24 hours. Hacking Speculations Fuel Decline Last night, the short video platform moved quickly to assuage claims that its network had been hacked, attributing GARI’s sharp descent to a “market event”. Initially, the network’s native…

Peter Schiff – CEO of Euro Pacific Capital and a popular financial commentator – had his bank frozen by Puerto Rico’s regulators. The anti-crypto economist was mocked fiercely by Bitcoiners shortly afterward, but he failed to understand why. Closed Without Warning On Sunday, Schiff tweeted that his bank was closed due to net capital issues “despite no evidence of crimes.” The situation has left customers' accounts frozen, meaning they may lose their money. The “crimes” in question refer to media…

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…

Crypto lending platform Celsius continues to defend itself from liquidation and looming insolvency. The firm has paid down another $140 Million on its Bitcoin-backed loan with MakerDAO since the start of the month. Celsius Stays Afloat As data from Defi Explore demonstrates, Celsius has made four payments covering its outstanding debt since July 1st. The company’s initial payment on Friday came in the form of 22.6 million DAI – an algorithmic dollar-pegged stablecoin. The platform submitted another, smaller payment of…

An anonymous hacker named ChinaDan recently offered to sell the personal data of 1 billion Chinese residents for 10 Bitcoins. While there are uncertainties to this claim, Changpeng Zhao and others ask users to beware. Attack on Shanghai Police Database The hacker allegedly came by the information through a cybersecurity attack that took place earlier this year. According to Reuters, the breach leaked resident details contained in a database in possession of the Shanghai National Police (SHGA). Security experts have…

Singapore-based crypto lending platform Vauld has halted withdrawals, deposits, and trading. The company announced this news earlier today, citing financial difficulties as the reason for pausing operations. Vauld claims its financial strains emanate from multiple factors, including market volatility, struggling partners, and the recent crypto market downturn. According to the company, poor market conditions have seen investors withdraw more than $197.7 million since June 12. To help keep stakeholders safe, Vauld claims to have hired Kroll Pte Limited as its…

Amidst the current downturn in the crypto market, crypto skeptics and critics have banded together to hold an anti-crypto conference. The event will give those in attendance a chance to voice their crypto-related grievances to government administrators and policymakers.  Educating Lawmakers Dubbed the Crypto Policy Symposium, the conference will take place in London over two days in the first week of September. The forthcoming anti-crypto event contrasts with other gatherings with ties to the industry. Typically pro-crypto, these events discuss…