The Department of Justice (DOJ) has recently targeted four individuals involved in an $80 million cryptocurrency investment scam. The scheme involved laundering over $20 million through shell companies. The indictment highlights the extent of the scam and the significant amount of money involved.The DOJ’s action against these scammers demonstrates their commitment to combating fraudulent activities […]
In a recent setback for Yearn.finance, a scripting error has resulted in a loss of $1.4 million from its treasury. The error occurred during the conversion of Yearn’s yVault LP-yCurve tokens into stablecoins on the decentralized exchange CowSwap. Due to an oversight in handling treasury funds, the entire treasury balance, including fees, was inadvertently transferred […]
Bitcoin and other cryptocurrencies may soon experience a surge in adoption by U.S.-based companies, thanks to a recent accounting rule change. The new rule allows companies to more accurately reflect the value of their crypto holdings on their accounting books. Previously, companies could only record impairment when the value of their crypto decreased, even if […]
Decentralized finance protocol Yearn.finance has experienced a significant loss of funds due to a scripting error. The error caused the protocol’s treasury balance of lp-yCRVv2 tokens to be swapped, resulting in a loss of approximately $1.4 million. The error occurred during the conversion of yVault LP-yCurve tokens into stablecoins on decentralized exchange CowSwap. Yearn Finance […]
Loyal readers of The Protocol will recall our riff in last week’s issue, headlined “Bitcoin Censorship, or Just ‘Spam Filtering?’” The gist of the story is that some Bitcoin purists are trying to keep the oldest and largest blockchain free from non-financial transactions – such as the text snippets and images that some people are […]
On December 13, OKX decentralized exchange (DEX) experienced a significant hack, resulting in a loss of $2.7 million. The breach occurred due to a leaked private key of the proxy admin owner. Unlike previous attacks on exchanges, this incident involved stealing the credentials needed to access the exchange’s wallets, where funds were held in escrow […]
The decentralized exchange (DEX) of cryptocurrency exchange OKX, known as OKX DEX, experienced a hack resulting in a loss of $2.7 million. The hack occurred after the private key of the proxy admin owner was leaked. The issue began on December 12, 2023, when the proxy admin owner upgraded the DEX proxy contract. Users began […]
Howard Lutnick, the CEO of Cantor Fitzgerald, has expressed his admiration for Tether, a stablecoin issuer, stating that he is a “big fan” of the company. Lutnick revealed that he holds Tether’s treasuries, which currently amount to over $90 billion. Cantor Fitzgerald has been managing Tether’s multi-billion dollar Treasury portfolio for several years, despite other […]
El Salvador is set to make history early next year by issuing its long-anticipated Bitcoin bonds. These bonds, first announced in 2021, will raise funds to establish the world’s largest green Bitcoin mining operation. The country’s president, Nayib Bukele, tweeted a hint about the impending announcement, and the National Bitcoin Office confirmed that the volcano […]
Chainlink’s price feeds have been integrated into zkSync Era, a layer-2 network backed by Matter Labs. This integration was made possible through the Oracle blockchain’s SCALE program, which enables access to Chainlink’s price feeds for layer 1 and 2 networks. Chainlink’s price feed is a crucial tool that connects smart contracts with real-world data, such […]
