Inverse Finance, the ethereum-based DeFi tool, has seen an exploitation for over $1.2 million in cryptocurrency as of Thursday (June 16), CoinDesk writes, citing on-chain data.
The exploiters apparently used a flash loan attack, tricking the protocol to steal over 53 bitcoin. The sum was worth over $1.1 million. There was also 10,000 tether taken, which is pegged at a 1-1 basis with U.S. dollars.
In other news, Huobi Technology Holdings, which is a crypto platform operator, will now shutter its unit in Thailand after the regulator there took its license away, Bloomberg wrote.
The license was revoked by Thailand’s Securities and Exchange Commission (SEC) after Huobi didn’t set systems and personnel in accordance with the rules and regulations.
Furthermore, Benjamin Delo, who founded crypto derivatives exchange BitMEX, has been sentenced to 30 months’ probation for violating U.S. anti-money-laundering law, The Wall Street Journal (WSJ) wrote.
Prosecutors said he and other founders had “willfully defied” U.S. law when they didn’t set up know-your-customer procedures at the company.
In addition, ethereum mining might be dissipating, and it will be a “huge financial hit,” according to a source speaking to Bloomberg.
If ethereum mining falls apart, it will be because of “The Merge,” referring to a transition to a less energy-intensive technology.
This would end up potentially cutting off mining for ether and become “almost a complete loss of a good source of income.”
In more crypto news, the Bank of Israel will work with the Hong Kong Monetary Authority on testing a new digital currency, Bloomberg writes.
This will come along with testing against cyber security risks.
The project will use a two-tier CBDC, and will be issued by the central bank and distributed by various banks or other intermediaries.
Meanwhile, Changpeng Zhao, Binance CEO, has said volumes on the crypto exchange this year were so far similar to 2021’s $34 trillion, CoinDesk says.
“So far this year, we are about the same,” he said. He added that Binance traded about $120 billion as of June 15.
In more news, crypto hedge fund Three Arrows Capital hasn’t met demands by lenders to get more funding since its digital currency bets went south, a Financial Times (FT) report says.
The group’s failure to meet the margin calls over the weekend makes it the newest victim of a steep fall in various crypto prices.
Three Arrows is among the biggest and most active platforms in the crypto industry.
Finally, Bitso, the Latin American crypto exchange, handled around $1 billion in crypto remittances between Mexico and the U.S. thus far this year, CoinDesk wrote.
This comes out to around 400% growth as compared to the same time last year.
The company’s goal is to process $2 billion in global remittances to Mexico as of 2022.
Sign up here for daily updates on all of PYMNTS’ Crypto coverage.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More