TrueCoin’s internal systems were not impacted or accessed, and the company confirmed that the attack was an isolated incident and limited to a third-party vendor. The team behind stablecoin TrueUSD (TUSD) announced a potential leak of certain Know Your Customer (KYC) and transaction history data after one of TrueCoin’s third-party vendors was compromised. TrueCoin was…
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The staff note suggested that, although the DeFi ecosystem brings a ton of innovations in the financial sector, the regulatory challenges and vulnerability limit its potential use in traditional finance. The Bank of Canada published a staff note on decentralized finance (DeFi) on Oct. 17, assessing the innovations that made it popular and the challenges and…
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The stablecoin issuer freezes addresses containing $873,000 USDT linked to illicit activity in Israel and Ukraine. Stablecoin issuer Tether has moved to freeze 32 addresses linked to terrorist activity in Israel and Ukraine in collaboration with local law enforcement agencies. $873,118 worth of Tether (USDT) linked to illicit activity in Israel and Ukraine have been…
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The change in leadership at Tether reflects its commitment to actively exploring new business operations, the company said. Tether, the issuer of the world’s largest stablecoin by market capitalization, is replacing its CEO as the company works to expand its areas of focus. Paolo Ardoino, who has been serving as Tether’s chief technology officer since…
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Lookonchain, a blockchain tracking platform, now reveals that one stablecoin holder lost over $100,000 after panic selling USDR, a stablecoin issued on the Polygon network, for zero USDC after it depegged on October 11. The stablecoin holder swapped 131,350 USDR for zero USDC, allowing an MEV bot to swoop in and claim $107,000 in profit. The USDR…
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Real-estate-backed stablecoin USDR fell to $0.53 per coin on Oct. 11, but the team said it was merely a liquidity issue and that real estate holdings and digital assets will be used to support redemptions. Real estate-backed stablecoin USDR lost its peg to the U.S. dollar after a rush of redemptions caused a draining of liquid…
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Hong Kong will not allow retail investors to trade stablecoins until they are officially regulated, which is projected to happen by the end of 2024. As Hong Kong progresses with the adoption of cryptocurrency trading for individual investors, a local official stressed that retail stablecoin trading is not yet allowed. Hong Kong has not adopted…
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For the crypto market to fully enter another epic bull run, investors must be willing to purchase digital assets in large quantities. After a long stretch of abysmal performance, it looks like crypto investors are finally starting to believe in the market as they begin to pool their buying power to enter back into the…
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Two transactions showed lump sums of $50 million in USDT transferred from Bitfinex to the Tether treasury only a few minutes apart. Two 50 million Tether (USDT) transactions have been transferred from Bitfinex to the “Tether Treasury” address, according to transfer receipts from Whale Alert. Both transactions took place on Oct. 2, 2023, two minutes…
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The recently hacked Nigerian gift card and crypto exchange platform Patricia said on Sept. 29 that it had raised money to refund users. Some users have reportedly grown impatient with the crypto exchange and are weighing their legal options. Unilateral Conversion of Users’ Funds The Nigeria crypto exchange platform Patricia has reportedly raised an undisclosed…
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