Author: Crypto Breaking News

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.A new analysis by investment management fund VanEck revealed that economic activity in the DeFi sector dropped 15.5% in August. Blockchain Capital, on the other hand, announced two new crypto-focused funds totaling $580 million.Balancer protocol blamed its recent exploit on its DNS service provider, claiming that a vulnerability in the code allowed the exploiters to hijack the front end, and Chainlink and Arbitrum have teamed up on decentralized application (DApp) development on Ethereum…

Murakami to wind back from NFTsAcclaimed Japanese contemporary artist Takashi Murakami says he may not release any more nonfungible tokens (NFTs) moving forward after first jumping into the market in late 2021. Murakami is a world-renowned artist who has a career spanning back to the late 1980s. He has released two NFT collections to date: the Clone X collection in partnership with RTFKT in December 2021 and the Murakami.Flowers collection in May 2022. Speaking with The Guardian in a Sept. 20 interview at the Asian Art Museum as part of his new solo art exhibition dubbed Unfamiliar People, Murakami simply…

Hungarian authorities have seized cryptocurrency worth over $1 million from a criminal organization in a value-added tax (VAT) fraud case. The authorities raided 28 locations, arrested three suspects, and seized various assets tied to the group. The seized cryptocurrencies were transferred to the wallet controlled by the Hungarian tax authority. Crypto Seized in Tax Fraud Case The National Tax and Customs Administration of Hungary (NAV) announced Wednesday that it has seized cryptocurrency from a criminal organization that evaded paying three billion Hungarian forints ($8.2 million) in value-added tax (VAT). NAV commandos, the Merkur Deployment Unit, and the investigators of the…

Coinshares, a European digital asset manager, is moving into the U.S. with a new hedge fund division aimed at institutional investors. The firm, based in Saint Helier, Jersey, intends to offer comprehensive services for institutions exploring crypto assets. Coinshares Expands to U.S. With New Hedge Fund Division The company revealed its new branch, Coinshares Hedge Fund Solutions, signifying its foundational emphasis as a crypto-centric hedge fund manager. Lewis Fellas, an asset manager with more than two decades of experience, including seven years in the digital assets sector, will lead this division. The press release highlights the merger of Coinshares‘ ten…

Venture capitalist Katie Haun is optimistic about the future of crypto. “It’s a really good time to be investing in this space during this down market,” she said. “I have actually never felt that in prior cycles, crypto was more inevitable than in this cycle, and this is the fourth cycle I’ve been in crypto,” she further shared. Katie Haun on Crypto’s Future and SEC Regulations Venture capitalist Katie Haun, founder and CEO of Haun Ventures, a $1.5 billion Web3-focused venture capital fund, shared her optimism about the future of crypto at Techcrunch Disrupt on Thursday. Haun was previously a…

The total value locked (TVL) on Coinbase’s layer 2 network Base has surged to $397.32 million in roughly a month and a half since launching in August. That figure now places Base ahead of the Solana network in terms of TVL, which has $358.96 million at the time of writing. The past 30 days have been significant for Base, with data from DeFi Llama showing that the network’s TVL increased by a whopping 97.21% over the past month. In comparison, Solana’s TVL has decreased by 9.64% over that same time frame.Top 10 chains in terms of TVL. Source: DeFi LlamaTwo…

Crypto exchange Binance and its CEO Changpeng Zhao (CZ) have filed a motion to dismiss the lawsuit against them by the U.S. Securities and Exchange Commission (SEC). “It is clear that the SEC’s lawsuit has no foundation in the currently enacted securities laws,” they argued, alleging: “In attempting to claim regulatory power over the crypto industry, the SEC distorts the text of the securities laws.” Binance and CZ Seek to Dismiss SEC Lawsuit Cryptocurrency exchange and its CEO Changpeng Zhao (CZ) filed a joint motion on Thursday to dismiss the lawsuit against them by the U.S. Securities and Exchange Commission…

In a battle to recover billions of dollars following the collapse of FTX, Chief Executive and Restructuring Officer John J. Ray III, is intensifying efforts just weeks before FTX founder Sam Bankman-Fried faces trial in what has been labeled one of the largest financial frauds in American history. Bankruptcy court proceedings kicked off the week as FTX filed a lawsuit against Bankman-Fried’s parents, Allan Joseph Bankman and Barbara Fried. The suit aims to reclaim millions of dollars allegedly fraudulently transferred and misappropriated by the couple, who purportedly took advantage of their access and influence within FTX to enrich themselves at…

The U.S. House Financial Services Committee has passed the CBDC Anti-Surveillance State Act, the first anti-central bank digital currency legislative effort introduced in the United States. Congressman Tom Emmer detailed that the bill halts the efforts of the Biden administration “from issuing a financial surveillance tool that will undermine the American way of life.” CBDC Anti-Surveillance State Act Advances U.S. Congressman Tom Emmer (R-MN) announced Wednesday that the House Financial Services Committee has passed the CBDC Anti-Surveillance State Act, which he and 50 other lawmakers reintroduced in Congress last week. “It’s the first anti-central bank digital currency [CBDC] legislative effort…

CRV, the native currency of Curve Finance, the decentralized exchange focused on stablecoins, is shaking off August’s weakness and printing higher highs when writing on September 22. Trackers reveal that CRV is up 22% in the past two weeks, adding 10% in the last week alone. Coincidentally, there has been increased activity from a whale moving CRV from Binance, the world’s largest crypto exchange by client count. Whale Offloads CRV From Binance To Curve Finance According to The Data Nerd, a tracker, a whale transferred 1.542 million CRV, worth roughly $684,000, from Binance. Afterward, the whale, only identified as “0x171,” added liquidity to…