DeFi (Decentralized Finance) explained
DeFi (short for “decentralized finance”) refers to financial services provided by public blockchains, most notably Ethereum. You can earn interest, borrow, lend, purchase insurance, trade derivatives, exchange assets, and more with DeFi, but it’s faster and doesn’t involve paperwork or a third party. DeFi is global, peer-to-peer (directly between two people, not through a centralized […]
Hackers steal $321M from Wormhole token bridge platform
Wormhole a token bridge between Ethereum and Solana has witnessed the latest DeFi hack resulting in the loss of 120,000 wETH tokens ($321 million) from the platform. This is the biggest hack in 2022 and second after PolyNetwork’s $610M in 2021 Wormhole is a token bridge that allows users to send and receive crypto without […]
Florida Office of Financial Regulation (OFR) Issues Warning About DeFi
Florida Office of Financial Regulation (OFR) warns that DeFi is still in its infancy, is extremely volatile, and is mostly driven by psychological considerations rather than investment fundamentals Warning About Decentralized Finance (DeFi) The Florida Office of Financial Regulation (OFR) has issued a warning concerning companies that offer lending, banking, and investment services based on […]
Ethereum Devs debunk warning made by JPMorgan about the end of DeFi dominance
Ethereum developers and contributors claim that the network’s emphasis on security provides a solid foundation for future growth. Ethereum popularized decentralized finance, which has now grown into a $250 billion industry thanks to the network’s app developers. However, by 2022, its share of the pie may have shrunk. JPMorgan Chase’s investment bank has a team […]
Cryptocurrency scams: scammers took a record of $14B in 2021
According to fresh data from blockchain analytics firm Chainalysis, scammers amassed a record of $14B in cryptocurrency in 2021. Theft and scams drove a 79% increase in losses from crypto-related crime compared to the previous year. In 2021, the most common type of cryptocurrency-related crime was scumming, which was followed by theft, the majority of which […]