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DeFi Protocol Pickle Finance Token Loses Almost Half Its Value After $19.7M Hack

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Popular decentralized finance protocol Pickle Finance was hacked on Saturday, draining $19.7 million in DAI, a decentralized stablecoin pegged to the U.S. dollar, from a Pickle wallet.

Pickle came on the scene Sept. 11 as one of many food-themed DeFi projects. The fully automated system rewards users with interest payments and token disbursements in PICKLE, ether and stablecoin pairings for providing liquidity to several stablecoin pools. 

On Friday, the team introduced the cDAI jar, a “new strategy” aimed at maximizing returns from DAI deposited on the decentralized lending protocol Compound. The Pickle team, and a group of “white hat hackers” have traced the 19,759,355 DAI weekend exploit to this smart contract, according to a blog post.

“We’re encouraging all LPs to withdraw their funds from the Jars until the issues have been resolved,” the Pickle team tweeted.



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Libra Association Taps Saumya Bhavsar as General Counsel for Payments Subsidiary

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The Libra Association, the organization developing the Facebook-backed cryptocurrency project libra, has hired a former banking regulator and industry veteran as general counsel for its payments subsidiary.

The hire, Saumya Bhavsar, will assist Libra Networks in “launching and managing a compliant payment system” the Swiss-based association said Wednesday. That could be crucial for a project that faces regulatory headwinds at seemingly every turn.

Bhavsar will be calling upon 25 years in banking regulation across the public and private sector. She was a senior attorney at the U.S. national banking regulator the Office of the Comptroller of the Currency in the late 90’s and early 00’s.

She then pivoted to private sector regulatory roles at Euroclear, UBS and Credit Suisse, her LinkedIn profile shows. Bhavsar spent the most recent three years at Credit Suisse.



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VanEck Launches Bitcoin-backed ETP in Germany

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VanEck has pushed out of the US into the European markets and, with favorable regulations, it expects to have a better embrace in the region where similar products are already available.

Investment management firm VanEck has successfully launched a bitcoin-backed Exchange Traded Product known as an Exchange Traded Note (ETN) on the Deutsche Borse Xetra exchange. According to a report by Funds Europe, the move by VanEck to launch the exchange-traded product (ETP) models that of other European Exchange Traded Fund Issuers who had made similar moves in the past.

According to the Funds Europe report, the VanEck ETP Bitcoin ETN has a total expense ratio of 2% and it will allow investors to gain exposure to Bitcoin (BTC) without having to purchase the premier digital currency themselves. “Today @vaneck_eu launched a #Bitcoin ETN. The ETN is physically-backed by Bitcoin and listed on Deutsche Böerse Xetra. Launching a Bitcoin ETP was a top priority for VanEck. We succeeded! VanEck hopes to serve many in Europe and Asia!” Gabor Gurbacs, VanEck’s digital asset strategist/director revealed in a tweet.

Gurbacs noted that the bitcoin-backed ETN is 100% physically backed meaning that any ETN invested in by an investor will be used to purchase the equivalent amount of Bitcoin. With professionally managed offerings, Gurbacs affirmed that the company’s ETN features transparent pricing with reliable investor protections.

The custody for the Bitcoins purchased through the VanEck ETP services will be offered by Liechtenstein-based crypto custodian Bank Frick. Frick will provide the Cold storage options for any deposited Bitcoin.

VanEck and Its Way to Bitcoin-Backed ETP Approval

The desire by VanEck to launch a bitcoin-backed ETP dates back to a few years ago when it made several attempts to launch the product in the US.

“Bringing to market a physical, fully-backed major exchange-listed bitcoin ETP was a top priority for our firm,” Gurbacs was quoted as saying. The United States Securities and Exchange Commission (SEC) has wielded its strong-arm into denying the VanEck the privilege of rolling out the product through a delay of crucial meetings and events where the decision to approve the application was to be made.

The haul has been a long one for VanEck. And the limited version of a Bitcoin exchange-traded fund which it launched as reported by Coinspeaker back in September 2019 has not seen so much success as it was only able to issue just 4 Bitcoins upon launch.

VanEck has pushed out of America into the European markets and with favorable regulations, it expects to have a better soft landing and embrace in Germany and the rest of Europe where similar products are already on offer.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.





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US Intelligence Chief Raises Concerns With SEC Over China’s Crypto Dominance: Report

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U.S. intelligence chief John Ratcliffe was reportedly seeking clearer regulation around digital currency.



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