Hello, ApolloXplorer!
Have you seen today’s key headlines yet?
<h2 id="header-0">#1. Hacked Wintermute is $200M in debt</h2>
Crypto market maker Wintermute has over $200 million in outstanding DeFi debt, with the largest involving a $92 million USDT loan issued by TrueFi.
It was hacked for $160 million on Tuesday.
Wintermute CEO Evgeny Gaevoy insisted that the company remains solvent and that it has "twice over" the amount of equity that was stolen.
Source: <a href="https://www.coindesk.com/business/2022/09/20/hacked-crypto-market-maker-wintermute-has-200m-in-outstanding-defi-debt/" rel="noopener noreferrer nofollow">CoinDesk</a>
<h2 id="header-1">#2. ETC plummets 23%</h2>
Ethereum Classic (ETC) and Ravencoin are seeing double-digit losses in the week following the merge.
Both tokens are seen as potential post-merge havens for proof-of-work miners.
ETC has fallen 23.4% while Ravencoin has fallen 43.1% since September 15, according to data from CoinGecko.
Source: <a href="https://decrypt.co/110184/ethereum-classic-plummets-23-over-the-week" rel="noopener noreferrer nofollow">Decrypt</a>
<h2 id="header-2">#3. Draft US bill would ban new algo stablecoins</h2>
A current draft of U.S. legislation would place a two-year ban on new algorithmic stablecoins.
The bill would criminalize the creation or issuance of new “endogenously collateralized stablecoins”.
The legislation includes a grace period of two years for existing algorithmic stablecoin providers to change their models and collateralize their offering differently.
Source: <a href="https://cointelegraph.com/news/draft-us-stablecoin-bill-would-ban-new-algo-stablecoins-for-2-years" rel="noopener noreferrer nofollow">Cointelegraph</a>
<h2 id="header-3">#4. Private key vulnerability contributed to Wintermute hack</h2>
Blockchain cybersecurity company Certik said a vulnerable private key was exploited in the Wintermute hack.
The hack was likely due to a leaked or brute-forced private key generated by the Profanity app, and not a smart contract vulnerability.
The vulnerability has been known since at least January.
Source: <a href="https://cointelegraph.com/news/well-known-vulnerability-in-private-keys-likely-exploited-in-160m-wintermute-hack" rel="noopener noreferrer nofollow">Cointelegraph</a>
<h2 id="header-4">#5. Tether ordered to prove backing of USDT</h2>
Tether has been ordered by a U.S. court to produce financial records relating to the backing of USDT.
This was requested as part of a lawsuit that alleges Tether conspired to issue USDT as part of a campaign to inflate the price of bitcoin.
The order requires Tether to produce company financial records, records of any trades or transfers of cryptocurrency or other stablecoins by Tether, and details about the accounts it holds at Bitfinex, Poloniex, and Bittrex.
Source: <a href="https://www.coindesk.com/markets/2022/09/21/stablecoin-issuer-tether-ordered-to-produce-documents-showing-backing-of-usdt/" rel="noopener noreferrer nofollow">CoinDesk</a>
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Crypto News of the Day: Hacked Wintermute has $200M outstanding debt, ETC falls 23%

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