💰Curve Founder Raises $44M From OTC Sales

TLDR Michael Egorov, the founder of Curve, has been urgently selling large amounts of CRV tokens in over-the-counter (OTC) trades after a $70M hack tanked the CRV price. These sales seem to be Egorov's strategy to manage and pay off outstanding loans across DeFi lending platforms.

SO WHAT The price of CRV has stabilized and Egorov has reduced the risk of liquidation through repayments. While the OTC transactions signify industry solidarity during crises, they've also sparked debates about transparency within DeFi.

TLDR After Curve's CRV token suffered a 20% price drop due to an exploit, lending platforms like Aave, FraxLend, and Abracadabra are now considering measures to manage the risks associated with CRV-backed loans.

SO WHAT This incident underscores the ripple effect a single exploit can have across the DeFi ecosystem, stressing the importance of ongoing risk management.

TLDR The market cap of the stablecoin FDUSD, launched by a Hong Kong-based trust, skyrocketed from $20M to over $260M within two days after Binance announced its support for the token.

SO WHAT The rapid adoption of FDUSD after its Binance listing emphasizes the influence major exchanges wield over crypto market dynamics. This, combined with the challenges faced by established stablecoins, showcases the fluidity of the DeFi space and the opportunity for newcomers when larger players falter or face regulatory hurdles.

TLDR MetaMask's Portfolio app has introduced a feature that enables users to stake Ether and MATIC, offering a user-friendly way to compare staking rates and diversify stakes across providers.

SO WHAT As staking becomes more mainstream, regulatory bodies like the IRS and SEC are increasing scrutiny, with the IRS requiring staking rewards to be reported as income and the SEC viewing staking services as securities offerings. While tools like MetaMask simplify staking, it's essential for users and platforms alike to stay abreast of regulatory shifts.

• 5495 ETH returned to JPEG'd by Curve hacker
• Coinbase files brief to dismiss SEC case

• Room-Temperature Superconductor Race Shines Light on Crypto’s ‘DeSci’ Movement (Decrypt)
• Founder of bankrupt crypto lender Celsius must face New York fraud lawsuit (Reuters)
• $33 billion startup Revolut cites ‘evolving regulatory environment’ in decision to end crypto service to U.S. customers (Fortune)