Cryptocurrencies Hit Hardest by SEC Crackdown

The US Securities and Exchange Commission has labelled 19 crypto tokens as securities. Crypto tokens are created by developers for use in DeFi, gaming and other applications. The designation is explicitly laid out in the SEC lawsuits filed against crypto exchanges Binance and Coinbase Global last week. The labeling prompted a sharp selloff in the tokens. The impact was immediate with the combined market value falling $23 billion since the SEC’s lawsuit against Binance was filed on June 5. Furthermore, … Continue reading “Cryptocurrencies Hit Hardest by SEC Crackdown”

Crypto Hackers in 2022 on Track for Record Stolen with Over $US3 Billion Already

Blockchain specialist Chainalysis reports that at least $US718 million has been stolen so far in October alone by hackers from cryptocurrencies. That takes the gross stolen in the year past $US3 billion and on course to be a record for the total value hacked. The targets are predominantly decentralized finance (DeFi) protocols deploying software-based algorithms for crypto investors to bypass a central intermediary. Unfortunately, the security for DeFi has not grown with the sophistication of hackers. What we have seen … Continue reading “Crypto Hackers in 2022 on Track for Record Stolen with Over $US3 Billion Already”