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Akropolis DeFi Platform Hacked for $2 Million in DAI

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Ana Andrianova, the Akropolis founder and CEO, has denied allegations that the latest attack was done similarly to the one DeFi protocol Harvest Finance encountered in October.

Akropolis is the latest decentralized finance (DeFi) project to be hacked through flash loans. The Gibraltar-based DeFi platform runs a protocol that generates interest on pooled Ethereum-based assets. The latest reports reveal that hackers managed to exploit saving pools and got away with over $2,051,159 in DAI stablecoins. They later moved the funds to a different address away from Akropolis.

The project announced:

“At ~14:36 GMT we noticed a discrepancy in the APYs of our stablecoin pools and identified that ~2.0mn DAI had been drained out of the yCurve and sUSD pools.”

Akropolis said via Twitter that it had discovered a hack that was executed across a body of smart contracts in the saving pools. The firm explained that the areas that these cybercriminals targeted had already been audited twice. They only included “Curve Y and Curve sUSD savings pools.”

Ethereum blockchain records indicate that the criminals stole 2,030,850 Dai (DAI) by exploiting saving pools. Since then, the firm published on its site that most of the funds are safe and it decided to suspend all stablecoin pools. For now, Akropolis is exploring different ways of reimbursing affected users.

How the Akropolis Attack Happened

Ana Andrianova, the Akropolis founder and CEO, has denied allegations that the latest attack was done similarly to the one DeFi protocol Harvest Finance encountered in October. In this case, hackers exploited over $24 million from Harvest’s pools and exchanged it for renBTC (rBTC).

According to Akropolis, the exploit utilized “a combination of a re-entrancy attack with dYdX flash loan origination”. The security firm that audited smart contracts for Akropolis, CertiK, did not find the two attack vectors that the hackers used. The firm also allegedly audited lending protocol bZx that has been compromised thrice in 2020.

CipherTrace reported on November 10 that while the hacks on DeFi protocols were almost negligible in 2019; they currently account for 20% of cryptocurrency losses from the hacks and thefts. The report said:

“The surge in DeFi was what ultimately attracted criminal hackers, resulting in the most hacks for the sector this year.”

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Wanguba Muriuki is a content crafter passionate about putting everything into writing. He is passionate about Blockchain and Traveling. He is also an experienced creative and technical writer. Everything and everyone has a story to tell. What better way to capture the real story than in words.





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Coinbase Preemptively Rebuts Unpublished New York Times Expose

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Cryptocurrency exchange Coinbase has publicly shared an internal letter pushing back at an as-yet unpublished article in the New York Times that, it says, will allege Black employees had “negative experiences” while with the firm.

The letter, posted on the company’s blog Thursday, states that NYT journalist Nathaniel Popper has been interviewing current and former staff over recent weeks and will “allege that a number of Black employees and contractors referenced in the story filed complaints with the company.”

“In reality, only three of these people filed complaints during their time at Coinbase. All of those complaints were thoroughly investigated, one through an internal investigation and two by separate third-party investigators, all of whom found no evidence of wrongdoing and concluded the claims were unsubstantiated.”

The letter, which was not signed but references the first person in places, appears to be an effort to take the sting out of the report by controlling the narrative before it’s even started. “We provided several written, on-the-record statements to The Times. We have no control over whether and how The Times uses those statements (in whole or in part) in the story,” Coinbase says.

The letter goes on to say that, despite the firm’s “best efforts” to provide relevant information to Popper, Coinbase expects “the story will paint an inaccurate picture that lacks complete information and context.”

“Finally, let me be absolutely clear on these points: We are committed to maintaining an environment that is safe, supportive and welcoming to employees of all backgrounds,” the unnamed writer (possibly CEO Brian Armstrong) says. “We do not accept intolerant behavior. And we are committed to the refreshed Belonging, Inclusion and Diversity strategy we rolled out earlier this quarter.”

The New York Times will publish the article in print on Sunday and possibly before that in online versions, according to the post.

The anticipated article and the firm’s preemptive response are now building to be the second major PR blow for Coinbase this year, after a controversial blog post from Armstrong in the summer set out that he would effectively bar most political activism in its workplace and focus on the “mission.”

The missive apparently came about after internal protests were sparked when the CEO would not publicly back the “Black Lives Matter” movement, but would state that “black lives matter.” He later compromised in a tweet.

At least 60 people took the opportunity to leave in September, including several executives, after Coinbase offered severance packages to staff unhappy with the new stance.





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Coinbase CEO Brian Armstrong Shares Concerns on Rumoured New US Crypto Regulation

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Coinbase CEO Brian Armstrong also explained the reverse effects of the rumored regulation.

The CEO of digital currency exchange platform Coinbase Brian Armstrong expressed his opinion on the rumors that the US Treasury may implement unfavorable regulation on the crypto industry. Armstrong highlighted the details of the rumored regulation in a Twitter thread.

Already, the CEO said Coinbase, along with other crypto companies and investors, have contacted the US Treasury regarding the matter.

On the 25th of November, Armstrong shared his concerns on the proposed regulation.

He noted that the new regulation may affect non-custodial wallets which allow crypto holders to store and use their digital assets without relying on a third party. If the rumors are true, the CEO said financial institutions will begin to verify the owner of a self custodial wallet. After then, the institution would need to gather information on the individual. The institution will only approve and send withdrawals after verifying identity of the owner of the self-custodial wallet.

Although the new process appears proper and secured, Armstrong said it is a bad idea practically. He said it is mostly “impractical” for financial institutions, like Coinbase, to garner information on recipient identity in the crypto economy. Stating that several crypto users pay for good and services online using digital currencies, he asked:

“Does it make sense to require customers to help verify the identity of a business before they can buy a product there?”

The CEO highlighted other reasons that make the rumors regulation impractical. He said that some crypto users may not even own any government-issued identification cards or permanent addresses. Hence, it would be difficult to verify their identities.

In addition, he said the new regulation may be intruding on people’s financial privacy. He said the rule may be unfavorable to crypto holders who are limiting the information they disclose on their companies.

Coinbase CEO Explained Possible Effects of US Treasury Rumored Regulation

In his Twitter thread, Brian Armstrong also explained the reverse effects of the rumored regulation, if true. He said if the US Treasury passes the rule, it may result in a reduced number of transactions from crypto financial institutions to self-custodial wallets. Armstrong warned:

“This would be bad for America because it would force U.S. customers to use foreign unregulated crypto companies to get access to these services. And long term, I believe this would put America’s status as a financial hub at risk.”

He added that the rumored crypto regulation would be a terrible legacy with long-lasting adverse effects on the US.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.





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Facebook-Led Libra Plans Dollar-Pegged Stablecoin Launch in January 2021: Report

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Libra, the Facebook-linked stablecoin targeted continuously by lawmakers, might get off the ground as early as January 2021, albeit in a more limited format than the original multi-currency basket envisioned.

According to a report by the Financial Times on Friday, the Libra stablecoin project might actually see the light of day, according to “three people involved in the initiative,” though it may only launch a single dollar-pegged stablecoin.

The global stablecoin project was initially proposed to be pegged to a basket composed of multiple fiat currencies, but was walked back by project leaders in April as a result of regulatory pressure from lawmakers in the U.S. and abroad.

The project’s leaders announced Libra could launch as a series of stablecoins, each pegged to a fiat currency, rather than one multi-currency basket during that revamp.

Now, Libra’s “global stablecoin” will simply launch as a single coin backed 1:1 by the U.S. dollar, according to the FT, pending approval from the Swiss financial regulator FINMA.

The other currencies within the basket and the composite may still be rolled out at a later time.The dollar-pegged coin could launch as soon as January, according to FT, which did not name its sources.

Facebook unveiled the Libra project in June 2019, announcing its vision for the global stablecoin.

It immediately faced regulatory backlash from lawmakers worldwide, who cited concerns about Libra’s potential to threaten financial stability or enable money laundering.

The social media giant helped form the Libra Association, a governing council for the project, later that year. It now has 27 members.

While its limited form, as a 1:1 peg to the U.S. dollar might placate policymakers, the project still faces a significant uphill battle as regulators seek to clamp down on the digital payments industry and hold senders and receivers to account for their transactions.

Spokespeople for the Libra Association did not immediately return a request for comment.



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