🙊Another one: Nomad bridge hacked for $190 million

🌊 Waves comes up with a “DeFi revival plan” 🎩 Robinhood Crypto fined $30 million 🙊Another one: Nomad bridge hacked for $190 million

GM. vEmpions! Our motto of the day is: "When life gives you lemons, get some salt and tequila and you got yourself a party... Today instead of lemons however we give you the following updates:

🌊 Waves comes up with a “DeFi revival plan”🎩 Robinhood Crypto fined $30 million🙊Another one: Nomad bridge hacked for $190 million

vEmpire just opened its first USDC stablecoin staking pool… don’t miss out on this great opportunity, start earning passive income https://app.v-empire.io/ (make sure your wallet is on the BSC chain).

Waves comes up with a “DeFi revival plan”

The Waves community has voted to reboot non-custodial lending platform Vires.Finance following the depegging of the Waves stablecoin USDN back in April.

The dollar-pegged cryptocurrency fell as low as $0.68 at that time, wiping out millions in value for holders.

As the effects of the spiral began to take hold, it quickly became apparent that investors would not be able to withdraw their funds from the lending platform. This resulted in $500 million worth of lost funds for those who had invested in the platform. While this is a tragedy for those involved, it highlights the importance of investing only in platforms that you trust and understand.

Vires.Finance's DeFi Revival Plan is a multi-pronged approach to reimbursing lost funds and revitalizing the platform. For governance token holders with more than $250,000 in their Vires accounts, there are two options for reimbursement, as outlined in the proposal.

The first option is to swap holdings for Waves' algorithmic stablecoin Neutrino (USDN), with a 365-day vesting period and a 5% liquidation bonus. This option provides stability and security for users' funds, while also giving them the opportunity to take advantage of the growth potential of the DeFi space.

 The second option would allow holders to remain on the platform, but they would earn 0% APY for all USDC- or USDT-denominated funds above $250,000. This is designed to keep users' funds safe while still providing them with liquidity.

Waves' founder Sasha Ivanov has also proposed a plan to liquidate USDN to repay the $500 million worth of debt incurred by investors. This would be done by absorbing USDN loans into his own wallet.

So, in summary, the DeFi Revival Plan is a way to both reimburse lost funds and to keep the platform afloat. It remains to be seen how successful it will be.

Robinhood Crypto fined $30 million

In its never-ending quest to protect investors from the dangers of making money, the New York State Department of Financial Services (NYDFS) has taken a step into the crypto world. The regulator announced on August 2 that Robinhood Crypto LLC, a subsidiary of online brokerage Robinhood Markets Inc., would be fined $30 million for allegedly violating anti-money-laundering and cybersecurity standards.

This is the first time the NYDFS has taken action against a company for its crypto-related activities, but it's unlikely to be the last. After all, the cryptocurrency industry is full of bad actors who are looking to take advantage of innocent investors. And what better way to do that than by creating a platform that allows people to trade cryptocurrencies?

It's no secret that Robinhood has had some issues in the past. But according to the regulating body, the company's management and control of its compliance systems were inadequate, which led to the failures. According to the regulator, these failures are symptomatic of a deeper problem: the company's inability to build and sustain a culture of compliance. This failure has been exacerbated by the company's rapid growth, which has strained resources and made it difficult to allocate adequate resources for the appropriate programs.

Of course, the NYDFS is only doing its job. It's important to have strict regulations in place to prevent money laundering and other criminal activities. But it's also important to remember that not everyone who trades cryptocurrencies is a criminal. In fact, many people are simply looking to invest in an emerging asset class. It's also important to remember that not all trading platforms are created equal. Some, like Robinhood, are well-regulated and compliant with all applicable laws. Others, however, are not. So, before you invest in any crypto trading platform, make sure you do your homework.

Another one: Nomad bridge hacked for $190 million

Nomad cross-chain bridge was hacked for $190 million in various crypto assets yesterday. The hacker, who remains unknown, utilized a critical vulnerability that allowed them to drain funds from the bridge.  Reportedly, developers forgot to properly check the code for exploits before deploying it during an update. As a result, a critical vulnerability was introduced that allowed malicious actors to exploit the system and steal millions of dollars worth of cryptocurrency.

The exploit was first discovered on Monday by an unknown hacker, who quickly made off with the funds. As news of the initial exploit spread, others rushed to join in and take money for themselves. The total amount stolen is around $190 million, which is sure to shake the confidence of many in the cryptocurrency community.

This incident  is a stark reminder of the importance of security in the cryptocurrency space. It also highlights the need for proper audit and testing before code is deployed.