Today, we look at the aftermath of the Poly Network hack
Today’s Top Crypto News Stories
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BitMEX Fined $100M for Bank Secrecy Violations 🏦
The BitMEX derivatives exchange has agreed to pay a $100 million fine to the Commodity Futures Trading Commission and FinCEN. It resolves a civil suit alleging the crypto derivatives exchange violated anti-money-laundering regulations by failing to ID U.S. clients. Former CEO Arthur Hayes and his co-founders face 10 years in jail. Read more here.
$612M Poly Network Hacker Turns White Hat, Giving Back Stolen Crypto 🥳
The hacker who drained $612 million from cross-chain protocol Poly Network is giving it back. With the usual modesty of his ilk, the unknown hacker declared the theft and return of the crypto was “an eternal legend.” While many DeFi projects have been hit by hackers over the past two years, this was the largest DeFi hack, taking twice the total stolen since 2019. See more here.
Judge Rules ICX Staker’s Lawsuit Over $17M Bug Proceeds Can Go Forward 🐛
A former ICON Network staker who found a bug that let him create 14 million ICX tokens can sue for their return as his case is “plausible,” a federal judge has ruled. The DEFi aggregator blockchain’s public representatives asked Binance and Kraken to freeze the funds, and passed an update freezing his wallet. He wants the ICX, now worth $17 million, back. Get the scoop.
USD Coin Co-Founder Coinbase Drops Claim Stablecoin Is 100% Dollar-Backed 💲
Top U.S. cryptocurrency exchange Coinbase has dropped the claim that the stablecoin it launched with partner Circle is 100% backed by U.S. dollars. The move comes a day after competitor Tether, which issues the No. 1 stablecoin USDT, revealed an audit of its own stored reserves. Tether was long criticized for hiding the details of its reserves. Dig down here.