DeFi faces stress check, DoJ fears run on Binance, Hong Kong’s crypto buying and selling: Hodler’s Digest, July 30 – Aug. 5
The decentralized finance (DeFi) ecosystem skilled a difficult week after a seismic safety incident led to over $61 million being stolen from Curve Funds swimming pools, leaving a number of protocols dealing with broader contagion dangers. This assault uncovered vulnerabilities throughout DeFi tasks and sparked efforts to get well stolen funds over the previous few days, hammering the efficiency of tokens and even stablecoins because of the dramatic ups and downs on this story. Because the group navigates the aftermath of this exploit, Cointelegraph compiled the weeks occasions, presenting a timeline of what occurred because the hack on July 30.
America Division of Justice is reportedly contemplating charging cryptocurrency trade Binance with fraud, however hesitating primarily based on prices to shoppers. In response to folks aware of the matter, Justice Division officers are involved about an indictment in opposition to Binance inflicting a run much like what occurred with FTX in November 2022. The officers are contemplating fines or non-prosecution agreements for Binance relatively than felony costs in an effort to scale back the hurt to shoppers. Binance has been focused by a felony probe within the U.S. for allegedly violating the countrys sanctions on Russia and has additionally confronted lawsuits from U.S. regulators.
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