DeFi to be examined at the first CFTC Technology Advisory Meeting: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights – a newsletter designed to bring you significant developments over the past week.
DeFi will be in focus during the first technical advisory meeting of the Commodity Futures Trading Commission (CFTC), where a panel will “explore issues in decentralized finance.”
Polygon, a layer-2 scaling protocol for Ethereum, has launched a zero-knowledge decentralized identity solution to the public nearly a year after announcing its development.
The cryptocurrency phishing scam behind some of the most high-profile and valuable Web3 thefts claims to have packed up shop, saying it was “time to move on to something better.”
In another DeFi leverage-related development, Platypus Finance has created a portal that allows users to see how much the platform owes them after its recent $9.1 million leverage. French police have arrested two suspects and seized 210,000 euros ($223,000) in crypto in connection with the platypus exploit.
The DeFi market had a bearish start to March, with Thursday’s price drop wiping out most of the gains from the top 100 DeFi tokens. With the exception of a few, most of the top 100 tokens traded in the red on the weekly charts.
Decentralized finance to be examined at first CFTC technical advisory meeting
The US commodity regulator is to take a closer look at the decentralized financial space at an upcoming meeting of the technology committee, with leaders of the crypto industry also invited.
The CFTC announced on March 1 that the agenda for the March 22 meeting of its Technology Advisory Committee will include a panel on “exploring issues in decentralized finance.”
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Notorious Crypto Scammer Monkey Drainer Says They’re ‘Shutting Down’
The scammer with the pseudonym Monkey Drainer posted on their Telegram channel on March 1 that they “will shut down immediately,” and all “files, servers and devices” related to the drainer “will be destroyed immediately” and it “will not return .”
The fraudster even advised budding “young cybercriminals”, saying they should not “lose themselves in the pursuit of easy money” and that only those “with the highest level of dedication” should run a “large-scale cybercrime” outfit.
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Polygon launches decentralized ID product powered by zk-proofs
The Polygon ID service uses zero-knowledge proof, which uses cryptographic techniques to allow users to verify their identity online without having sensitive information sent or potentially stored with a third party.
Polygon Labs released Polygon ID on March 1, nearly 12 months after the project officially launched in a closed source environment. The Polygon team says that Polygon ID was built to “solve the problem of digital trust.”
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French police arrest two people in connection with the platypus attack
French police have arrested two suspects in connection with the $9.1 million Platypus exploit, and 210,000 euros ($223,000) in cryptocurrency have been seized, according to local authorities.
Investigations leading to the arrests were supported by blockchain explorer ZachXBT and crypto exchange Binance, Platypus said. The same exploiter compromised the decentralized protocol in three flash loan attacks on February 16.
According to the latest update from the protocol, it launched a page that allows viewers to check how much compensation they can get from the platform. The page contains several sections that allow users to better understand how much they owe after the utilization. This includes an overview, a pre-attack net worth and post-attack adjustments.
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DeFi Market Overview
Analytical data shows that DeFi’s total market capitalization stayed below $50 billion in the past week. Data from Cointelegraph Markets Pro and TradingView show that DeFi’s top 100 tokens by market capitalization had a bearish week, with most tokens trading in the red, barring a few.
Thanks for reading our roundup of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education in this dynamic area of progress.
