Here are some major developments in the crypto space over the past few days
Conic Finance lost $3.26 million worth of Bitcoins in a hacking attack involving the CurveLPOracleV2 contract, blockchain security company Peckshield reported. Conic Finance offers a platform to balance liquidity pools for the Curve decentralized finance (DeFi) protocol.
According to the Web3 risk-alert site Beocin, all the stolen Bitcoins were transferred to a new Ethereum address in a single transaction on July 21. Conic Finance confirmed the incident on Twitter and said it is looking into the issue and would update its users on the developments.
Centralized Exchanges To Become Gateways For DeFi
Crypto weekly newsletter Finance Redefined said more DeFi protocols are adopting the zero-knowledge proof (ZK-proof) technology as a scaling solution. The DYDX Foundation predicts that the centralised exchanges will eventually serve as a conduit for DeFi protocols, stressing that the Polygon 2.0 protocol has already created the foundation for decentralised governance.
Meanwhile, the top 100 DeFi tokens traded in a similar range over the past two weeks.
SEC Hints At Potential Appeal To XRP Ruling
According to court documents, the US Securities and Exchange Commission (SEC) is “considering available avenues for further review” on the ruling. SEC stated that XRP was not a security when it was sold to retail investors, so it may review the case and appeal the decision.
According to the SEC, the decision contravenes “fundamental securities laws principles” such as the Howey test, which establishes what qualifies as an investment contract.
The SEC’s remarks were made in a lawsuit against Terraform Labs and its creator, Do Kwon, for allegedly “orchestrating a multi-billion dollar crypto asset securities fraud”. The SEC listed several objections to the court’s ruling on XRP in a July 21 response to a Terraform Labs petition to dismiss the case, which the defendants called a precedent-setting ruling.
“Contrary to defendants’ assertions, much of the Ripple ruling supports the SEC’s claims in this case and rejects arguments defendants have raised. However, with respect to the Programmatic and other sales, the SEC respectfully avers that Ripple conflicts with and adds baseless requirements to Howey and its progeny,” the SEC stated.