CoinMarketCap Daily, August 10: Biggest DeFi Hack Ever
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CoinMarketCap Daily, August 10: Biggest DeFi Hack Ever

10 months ago

Today, Poly Network experiences a huge hack, while the SEC's 'Crypto Mom' criticizes the Poloniex decision.

CoinMarketCap Daily, August 10: Biggest DeFi Hack Ever


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$612M Poly Network Hack Is DeFi’s Biggest Ever  💸

Cross-chain protocol Poly Network was hit with a devastating hack today, losing $612 million in a wide variety of stablecoins and cryptocurrencies. It was by far the largest hack of a DeFi protocol to date, more than doubling the total amount lost in 2019 and 2020 according to Messari. Tether managed to freeze $33 million of the lost funds. Get the story here.

AMC Will Accept Crypto At the Box Office and Concessions 🍿

Movie theater chain AMC’s president had to learn about crypto for another company on whose board he serves. Now he’s bringing what he learned back to AMC, announcing that the company will accept Bitcoin at the box office and concession stands by year’s end. And he’s looking for more opportunities in the “burgeoning cryptocurrency universe.” Get the scoop here.

Indian Crypto Exchange CoinDCX Achieves Unicorn Status  🦄

CoinDCX has become the first Indian cryptocurrency exchange to hit a $1 billion valuation, making it the first unicorn on the subcontinent in its field. The $90 million venture round will drive its growth from 3.5 million customers to 50 million, the firm said. But the threat of a legislative ban remains, despite some signs that the government is rethinking it. Read more here.

SEC’s ‘Crypto Mom’ Blasts Own Agency for Poloniex Fine 😠

The Securities and Exchange Commission’s pro-crypto member, Commissioner Hester Peirce, blasted her own agency for fining a cryptocurrency exchange $10 million this week. Poloniex sold cryptocurrencies that were unregulated and illegal securities, the agency said. But “Crypto Mom” Peirce said the agency’s failure to set clear rules was to blame. Learn more here.
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