🦹♀️ Wintermute DeFi Operations Hacked for $160M
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Exploits
🦹♀️ Wintermute DeFi Operations Hacked for $160M
CEO Evgeny Gaevoy Says Firm Remains Solvent
TARGETED Crypto market maker Wintermute has lost $160M in a hack that targeted its DeFi operations early Tuesday. “If you have a [market maker] agreement with Wintermute, your funds are safe,” CEO Evgeny Gaevoy said on Twitter. “There will be a disruption in our services today and potentially for [the] next few days and will get back to normal after.”
👉READ THE FULL STORY IN THE DEFIANT.IO👈
Crypto Regulation
😳 U.S. Legislation Would Ban Algo Stablecoins for Two Years: Report
Terra Collapse Prompts Congress to Crack Down on Dollar-Pegged Token Issuers
By Samuel Haig
Influential members of the U.S. Congress appear to be working on legislation that would temporarily ban certain types of algorithmic stablecoins, according to a Sept. 21 report from Bloomberg News.
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Crypto Regulation
🏛 Balina Decries ‘Bad Precedent’ After SEC Sues Influencer
Agency Claims Jurisdiction Over Ethereum Transactions With U.S. Nodes
LAWSUIT Anyone who doubted the U.S. Securities and Exchange Commission isn’t serious about expanding its scope across crypto might want to check out a lawsuit the agency filed this week.
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NFTs + Layer 2s
🌊 OpenSea To Support Arbitrum NFTs
Leading NFT Marketplace To Launch Layer 2 Deployment On Sept. 21
By Owen Fernau
OpenSea is expanding to its first Layer 2 rollup.
The leading NFT marketplace plans to launch on Arbitrum on Sept. 21.
The launch would wed two projects which are leaders in their respective categories — Arbitrum is top among Ethereum scaling solutions known as Layer 2s with $2.5B of value locked in its smart contracts, according to L2BEAT.
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DeFi Beginners
🧐 What Is Maker?
A Step-by-Step Guide to One of DeFi Most Influential Lending Protocols
SMART CONTRACTS Maker, a crypto lender, is one of the pioneers of decentralized finance (DeFi), Maker uses smart contracts on the Ethereum blockchain to make loans based on DAI, a stablecoin.
👉READ THE FULL STORY IN THE DEFIANT.IO👈
Elsewhere
DAOs are not corporations: where decentralization in autonomous organizations matters: Vitalik Buterin Recently, there has been a lot of discourse around the idea that highly decentralized DAOs do not work, and DAO governance should start to more closely resemble that of traditional corporations in order to remain competitive.
Draft stablecoin bill in Congress to require Fed, state regulator approval: The Block Draft legislation to create a U.S. federal framework around stablecoins would temporarily ban the types of payment coins that are not backed by outside assets — similar to TerraUSD, an algorithmic stablecoin that collapsed earlier this year.
Magic Eden CEO: ‘Very Natural’ to Expand From Solana to Ethereum NFTs: Decrypt Magic Eden, the leading Solana NFT marketplace, continued its expansion to Ethereum today by rolling out support for a handful of major collections, including the Bored Ape Yacht Club, Pudgy Penguins, and Otherside. Additional projects will be added in the days ahead.
Trending in The Defiant
‘Massive Dumping’ by Ethereum Miners Punishes ETH Ever since The Merge took place on Sept. 15 investors have looked on in dismay as Ether lost a fifth of its value over the next four days.
Gensler Rattles DeFi With Suggestion PoS Coins are Securities The Merge may be complete, but the battle for legally defining Ethereum 2.0 is just beginning. Hours after Ethereum completed its historic transition to Proof of Stake technology, a top U.S. regulator said cryptocurrencies that use this approach should probably be defined as securities.
New PoW Ethereum Fork Plunges 75% Amid Flurry of Problems The Merge may have launched without a hitch but ETHPoW, the Proof of Work fork of Ethereum aimed at die-hard miners, is off to a troubled start.
🧑💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Samuel Haig, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.
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⛽️ Little Understood Trading Stratagem Quietly Siphons Money from Ethereum Users
MEV Bolsters Validator Rewards and Poised to Grow Post-Merge
By Samuel Haig
UNSEEN FORCE Most crypto users don’t even know it’s happening. It’s an unseen force, quietly and steadily siphoning money out of the marketplace and leaving unwitting Ethereum users none the wiser.
MEV It’s called Maximal Extractable Value, and it’s costing the average Ethereum user $1,200 over the last 21 months, according to data from Flashbots, a research project dedicated to solving the “MEV crisis.”
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