Sep 2022 Crypto Industry Updates

Content will be sorted chronologically with latest at the bottom.

• DeFi protocol token New Free DAO (NFD) crashes by 99% after a flash loan attack
  • Unlike normal loans, several DeFi protocols offer flash loans that allow users to borrow large amounts of assets without upfront collateral deposits.
  • The only condition is that the loan must be returned in a single transaction within a set time period. However, this feature is often exploited by malicious adversaries to gather large amounts of assets to launch costly exploitations targeting DeFi protocols.
• DBS Bank is making a foray into the metaverse
  • signed a partnership with The Sandbox, a subsidiary of Animoca Brands
  • first Singapore company to ink a partnership with them, and the first Singapore bank to step into the Metaverse.
  • intention is to create “DBS BetterWorld” in The Sandbox
• VerifyVASP Raises Series A Funding at $100M Valuation Led by FTX Ventures
  • FTX Ventures together with Peak Capital and Bcharu invested US$5 million into the company
  • Based in Singapore, VerifyVASP provides a one stop Travel Rule solution encompassing counterparty due diligence, Travel Rule messaging and integrated risk monitoring for over 70 digital asset businesses from 24 countries, globally.
• Algorand Foundation has confirmed a $35 million USDC hole in its balance sheet
  • caused by exposure to embattled crypto lending platform Hodlnaut
• South Korea issues an arrest warrant for crypto firm founder Do Kwon
  • for alleged illegal activity behind collapsed stablecoin TerraUSD (UST)
• Investment giants’ Fidelity, Charles Schwab and Citadel crypto exchange goes live [13 Sep 2022]
  • consortium of broker-dealers, global market makers, and venture capital firms announced the formation of a compliant cryptocurrency exchange, EDX Markets, targeting United States retail and institutional investors.
• Crypto Market Maker Wintermute Hacked for $160M
  • Founded in 2017, Wintermute trades billions of dollars across crypto market daily as it provides liquidity across multiple venues