Poly Network Exploited For $611M In Record DeFi Hack – August 11

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$46,039

Bitcoin price has reclaimed the $46,000 mark to begin Wednesday, as price continues to show stability at recent highs.

Top-20 altcoins are beginning to surge, as Ethereum gains 3%, XRP and Binance Coin rise 8% each, and Polygon leaps 19%.

Top Stories for August 11, 2021 🔥

👉 Poly Network Exploited For $611M In Record DeFi Hack

Cross-chain platform Poly Network has been exploited for a record-setting $611 million – the largest hack in DeFi history.

The hacker has begun to return the stolen assets, however, following news that their ID information was allegedly obtained by Slowmist, a blockchain security firm.

Messages were communicated by the attacker to Poly Network, via notes in Ethereum transactions. Poly Network has set up a multi-sig address for the hacker to return the stolen funds.

👉 Coinbase Changes Language Describing USDC Backing, Tether-Style

The Coinbase website has quietly changed its description of its USDC stablecoin, from “backed by US dollars” to “backed by fully reserved assets”.

The move is reminiscent of Tether’s similar USDT amendment years ago, possibly ruining USDC’s greatest competitive advantage over their closest competitor.

USDC is now “backed by one dollar or asset with equivalent fair value, which is held in accounts with US regulated financial institutions”.

👉 BitMEX Settles With CFTC/FinCEN For $100M

Crypto derivatives exchange BitMEX has announced that it has settled with the Commodity Futures Trading Commission (CFTC) and Financial Crimes Enforcement Network (FinCEN) for a $100 million penalty.

BitMEX is alleged to to have offered US residents unlicensed, leveraged crypto products, between 2014 and 2020. BitMEX’s former management is still facing criminal charges.