Join 98,705 users already on read.cash

Kraken CEO refused to bail out DeFi scams after withdrawing $ 24 million from Harvest Finance

0 16 exc
Avatar for nafee
Written by   23
1 year ago

Kraken CEO refused to bail out DeFi scams after withdrawing $ 24 million from Harvest Finance

The CEO of the Kraken cryptocurrency exchange Jesse Powell spoke sharply regarding the emerging trend in the industry when trading platforms are offered to eliminate the consequences of the actions of projects in the decentralized finance (DeFi) space.

According to Powell, "shitty DeFi scams" tend to "screw up" and expect help from exchanges. “I do not accept the attempt to shift the losses from your hasty reckless launches. Invest in audits, insurance and, please, DYOR (note - do your own research). Only after incurring losses will you come to enlightenment, ”he wrote.

The day before, the Harvest Finance DeFi protocol was attacked, from which, by manipulating the prices of stablecoins, $ 24 million was withdrawn. Subsequently, the developers reported that they contacted major exchanges, including Kraken, so that they would block assets if they were transferred to wallets under their control.

In early August, users contributed $ 400 million to Yam Finance's unaudited DeFi protocol. Two days later, a bug was discovered in it, after which the market capitalization of the YAM token collapsed by 90%.

Similarly, the Sushi Swap token fell 73% when its creator, known only under the pseudonym Chef Nomi, liquidated assets from a fund intended to finance further development.

At the end of September, users contributed $ 15 million to the Eminence Finance protocol even before its developer had time to announce an official release. These funds were also withdrawn by an unknown person using an exploit found in Eminence.

Despite Powell's reluctance to help unsafe projects, Kraken is keeping up with the latest trends and listing DeFi tokens. Assets such as yearn.finance (YFI), Uniswap (UNI) and Curve DAO Token (CRV) are available for trading on the exchange.

DBS Bank announced the launch of DBS Digital Exchange

DBS, the largest bank in Southeast Asia, published and then deleted a statement to launch the DBS Digital Exchange, a service offering fiat currency exchange for BTC, ETH, XRP and BCH. The remote statement said that DBS Digital Exchange is backed by a bank as well as the Monetary Authority of Singapore (MAS).

“Unlike most digital exchanges, DBS Digital Exchange does not hold any digital assets. They are stored in DBS Bank, which is known worldwide for its custodian services, ”the statement says.

The bank said it has deployed an institutional-grade custodian solution, DBS Digital Custody, to protect clients' assets. DBS Digital Exchange also plans to support share token trading. Industry members had time to express their views on the initiative before the statement was removed.

“I'm not sure if BTC can be transferred already, but this is definitely a step in the right direction,” Binance CEO Changpeng Zhao wrote on Twitter.

In May, DBS Bank announced that it is using Contour's Corda R3 technology-based trading platform to settle letters of credit using the blockchain.

MicroStrategy is ready to ramp up its investment in bitcoin, evaluating its business benefits

MicroStrategy executives reported that the purchase of 38,250 bitcoins had a positive impact on their business. This statement was made by company representatives on Tuesday during a conference call on financial results in the third quarter, writes CoinDesk.

MicroStrategy's revenues grew 6.4% year-over-year and net loss narrowed to $ 14.2 million. Calculated against its own non-GAAP accounting standards, the company earned $ 19.8 million or $ 2 in profit. 06 per share versus $ 11.6 million and $ 1.13 a year ago.

“We are seeing significant and unexpected benefits from our investment in bitcoin when assessing a company's profile in the broader market,” said Fong Li, President of MicroStrategy. "This has a beneficial effect on our overall reputation and increases our awareness among potential customers."

Lee also said that MicroStrategy is ready to continue investing in bitcoin: "You should expect us to buy bitcoins as we generate income that exceeds our daily business needs."

MicroStrategy CEO Michael Sailor said that the availability of bitcoins had a positive impact on the company's recruiting, marketing and brand, calling the cryptocurrency "a digital money network that does not waste money energy."

“As more and more entities begin to understand this idea, which in itself is quite attractive, the spread of bitcoin is growing,” he said.

On July 28, MicroStrategy announced its intention to invest $ 250 million in "alternative assets", including bitcoin, to hedge against the weakening dollar. On August 11, she invested $ 250 million in cryptocurrency, and a month later - another $ 175 million.

MSTR shares have surged more than 40% since the first investment. The company specializes in business intelligence and, in its main direction, does not intersect with digital currencies. At the same time, MicroStrategy allows for the possibility of reducing its position in cryptocurrency, its “primary reserve asset,” if necessary.


16
$ 0.00
Avatar for nafee
Written by   23
1 year ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments