Platypus Finance Repays 63% of Funds After $9M Hack

• Platypus Finance, a decentralized-finance (DeFi) protocol for stablecoins, has announced that it will repay at least 63% of funds to users after last week’s attack.
• The hacker used a Binance account that went through know-your-customer checks and Platypus managed to recover part of the stolen digital assets with the help of blockchain security firm BlockSec.
• The protocol also worked with crypto exchange Binance to confirm the exploiter’s identity and has filed a complaint in France.

Exploit Details

Last week, an exploit occurred in the Platypus platform’s solvency check mechanism which allowed hackers to steal $9.2 million worth of digital assets. This included Circle’s USDC, Tether’s USDT, Maker’s DAI and Paxos’ binance USD from the protocol’s main pool. The exploit consisted of three consecutive attacks: the first attack drained a total of $8.5 million in stablecoins while the second mistakenly transferred $380,000 worth of stablecoins to lending protocol Aave.

Recovery Efforts

Platypus was able to recover $2.4 million of stolen USDC stablecoins with the help of blockchain security firm BlockSec. Additionally, Tether froze $1.5 million worth of stolen USDT tokens. The protocol has submitted a proposal to Aave’s governance forum for the release of those assets and some $287,000 worth were also recovered from other sources according to its blog post on Thursday.

Binance Collaboration

Platypus worked with crypto exchange Binance to identify the exploiter responsible for last week’s attack and contacted law enforcement as well as filing a complaint in France regarding this incident.

User Repayment

In conclusion, Platypus Finance will be repaying at least 63% back to users affected by this hack using their own funds as well as any recovered funds from external sources such as Blocksec or Tether freezing wallets associated with this incident.

• DA Davidson downgraded Coinbase (COIN) from buy to neutral as the stock has more than doubled this year.
• Regulatory concerns and a weak Q4 earnings report are adding to the near-term uncertainty for Coinbase.
• Despite the downgrade, D.A. Davidson remains bullish on Coinbase over the long term, raising their price target to $60 from $55.

Coinbase Downgraded Ahead of Earnings

D.A. Davidson analyst Chris Brendler has downgraded Coinbase (COIN) to Neutral from Buy after its big run higher early this year sent the shares surging past his $55 price target.

Rising Cryptocurrency Prices

Coinbase shares are up 108% to above $69 this year alongside a broader rally in cryptocurrencies that earlier Thursday pushed bitcoin (BTC) past $25,000 for the first time since August.

Growing Regulatory Concerns

With Coinbase’s upcoming Q4 earnings and growing regulatory concerns, Brendler suggests now is a good time to take some money off the table, even as he remains bullish on the stock over the longer term.

Q4 Earnings Worry

In addition to recent regulatory concerns, there is also worry about Coinbase’s earnings report due Feb. 21, which is expected to show weakness in assets under management and interest income.

Price Target Adjusted

< p >Alongside the downgrade, Brendler boosted his price target on COIN to $60 from $55.< / p >

• U.S. Regulators are trying to keep crypto assets away from banks and the traditional financial system.
• The Federal Reserve Board recently rejected a crypto-focused Custodia Bank’s application for membership.
• The Biden Administration has urged Congress to step up its efforts in regulating the crypto industry and avoid allowing mainstream institutions to invest in cryptocurrency markets.

Crypto’s Banking Problem: Industry Needs Access but US Regulators Keep Digital Assets at Bay

Regulatory Actions Aiming to Ring-fence Crypto from U.S. Banking System

Federal banking regulators seem to have free rein over crypto’s U.S. destiny – and they’re using their power to push it out of banking. Several recent regulatory actions – including the Federal Reserve Board’s (FRB) January decision to reject crypto-focused Custodia Bank’s application for membership – indicate federal regulators are coordinating on policy that aims to ring-fence crypto from the broader U.S. banking system, experts say.

The FRB Rejects Custodia’s Membership Application

The FRB’s rejection of Custodia’s membership application came hours after the Biden administration put out a statement urging Congress to “step up its efforts” to regulate the crypto industry and, when crafting new legislation, avoid “greenlighting mainstream institutions … to dive headlong into cryptocurrency markets,” which the statement warned would be a “grave mistake” that “deepens ties between cryptocurrencies and the broader financial system.” Shortly after Custodia’s membership application was denied, the Federal Reserve Bank of Kansas City dealt another blow to the crypto bank, denying its long-pending application for a master account.

The White House Urges Stricter Regulations on Crypto Industry

Less than two weeks after Custodia’s double-whammy rejections and the White House’s warning against crypto contagion, fresh rumors about more crypto banking crackdowns have begun to circulate among insiders in Washington D.C., signaling further clampdowns are likely on their way as regulators continue their concerted effort against digital assets gaining access into U.S.-regulated financial systems..

Crypto’s Fate in Hands of Regulators

Crypto can’t become what many of its proponents want it to be without banks, but U.S regulators are circling wagons around banking system they oversee which is only getting wider as Federal Reserve and other agencies turn away firms trying link with traditional financial system..

Conclusion

In conclusion, it is evident that US regulators are determined not allow any type of digital asset access into its regulated banking system due its fear of contagion risk posed by cryptocurrency investments . As such , it is likely that current trend will continue unless there is some sort of legislative or policy changes that could potentially reverse this situation .

• Oxhead Alpha is partnering with California’s DMV to use the Tezos blockchain to modernize vehicle titling solutions.
• Andrew Smith of Oxhead Alpha explains the choice behind Tezos, referencing the blockchain’s governance structure.
• Paper car titles will be reflected as digital assets on-chain via the Tezos blockchain.

Oxhead Alpha Partnership with California’s DMV

Oxhead Alpha is partnering with California’s DMV to use the Tezos blockchain to modernize vehicle titling solutions. The aim is to make a “very clear case of better, faster [and] cheaper” for citizens in the state. The paper car titles will be reflected as digital assets on-chain via the Tezos blockchain.

Choice Behind Tezos

The choice behind selecting Tezos was based on its governance structure and consensus algorithm which can reduce forking issues and create a robust security model. Andrew Smith of Oxhead Alpha discussed why they chose this particular blockchain in an interview with CoinDesk TV’s “First Mover” program.

Tezos Blockchain Advantages

Using the Tezos platform offers several advantages such as improved efficiency and cost savings for citizens in California when registering their vehicles; it also eliminates bureaucracy associated with traditional paper titling processes which are slow and prone to errors. Additionally, it provides a secure environment that allows users to manage their digital assets conveniently and safely without having to worry about vulnerabilities or double spending from malicious actors.

Tezos Governance Model

The use of on-chain governance also helps ensure that all changes made on-chain are done responsibly and securely, while allowing users more control over their transactions thanks to its self-amending nature which ensures that any changes made on-chain do not require hard forks or other protocols being changed manually by developers or miners respectively.

Conclusion

In conclusion, using the Tezos blockchain provides many benefits when it comes to modernizing vehicle titling solutions, especially in California where there are thousands of drivers who must register their cars each year. By providing an efficient and secure platform for managing these digital assets, users can be sure that their transactions are not vulnerable against outside attacks and manipulation from malicious actors while still enjoying cost savings compared to traditional paper titling processes.