The DeFi Frontier

Hey, we’re back with some pretty wild news this week! CZ (Changpeng Zhao) steps down as CEO of the Binance exchange after taking a plea deal with the DOJ and a settlement fine of $4 billion. XRP had a price spike under the false premise of Blackrock XRP filing for an XRP ETF; the DOJ announced significant crypto enforcement on the way and more. Let’s dive right in! 

DeFi News

dYdX’s insurance fund lost $9 million - CEO says it was a targeted attack

Decentralize crypto exchange dYdX suffered a loss of $9 million after YFI's 40% price crash. dYdX is a decentralized exchange with insurance funds to cover accounts with a negative balance. The CEO, Antonio Juliano, called the event a targeted attack and market manipulation. The platform is beefing up its security parameters and launching an investigation. Though this was a big hit, dYdX reports it is still well funded, with roughly $13.5 million remaining. [Read More]

News

XRP price rallies due to ETF rumors  📈

Rumors were circulating that BlackRock was filing for XRP ETF. This rumor resulted in a price hike. A BlackRock representative stated the rumors were false, and they have no plans to file for one. The price for XRP came down after confirmation that rumors were not true.  [Read More]

Major News - Binance CEO CZ (Changpeng Zhao) steps down 🤯

The reports state that Cz has taken a deal with DOJ as a 4 billion dollar settlement against the Binance exchange. Cz has pleaded guilty to anti-money laundering and sanctions violations in the US. Though CZ is stepping down as CEO, he will remain the biggest shareholder in the company. [Read More]

DOJ to Unveil Major Enforcement Actions with Top Officials on Board 😱

The Department of Justice is preparing to announce major cryptocurrency enforcement actions, with key figures like Merrick Garland and Janet Yellen speaking, amid recent actions against Binance and a lawsuit against Kraken, though the specific details remain undisclosed. [Read More]

Security news

A well-known DEX Kyberswap experiences a loss of $46 million from a security attack. The Kyber Network X account, formerly known as (Twitter) asked its users to withdraw their funds as they investigated the situation. Most stolen assets were wrapped tokens and transferred across multiple networks such as Arbitrum, Optimism, Polygon, and Base. [Read More]

Tribal Finance News

The much anticipated Tribal Finance Litepaper has been released for public viewing.