COIN BUREAU NEWSFLASH! – (02/09/22) Here are some of today’s m | Coin Bureau Insider
COIN BUREAU NEWSFLASH! – (02/09/22)
Here are some of today’s most important headlines:
dYdX Ends Contentious Promo Claiming ‘Overwhelming Demand’
A recently launched promotional campaign on decentralised exchange dYdX seems to have triggered some backlash from the community. The campaign offered a $25 bonus to new users who deposited 500 USDC for their first transaction.
The catch is that the bonus was only eligible for users who were willing to do a “liveness check” that entailed a facial scan using the user’s webcam to see if they were gaming the promotional campaign through multiple accounts.
This was not received well by the community who cited concerns of breach of privacy and puppeteering by regulators. Though dYdX has denied these claims, the DEX seems to have dropped the campaign just a day after its launch citing “overwhelming demand.”
https://cointelegraph.com/news/dydx-ends-contentious-promo-claiming-overwhelming-demand
Indonesia to Establish 'Crypto Stock' Exchange by End of 2022
According to this report from DealStreetAsia, the Indonesian government is planning to establish a ‘crypto stock exchange’ by the end of 2022. The stock exchange will reportedly list the companies in the digital asset industry, such as the various crypto exchanges that have received licenses to operate in the country.
According to Deputy Trade Minister Jerry Sambuaga, the ‘crypto stock exchange’ will act as means to protect consumers while providing exposure to the industry, amid the country’s growing interest in digital assets.
Sambuaga outlined the preparations being undertaken and timeline to establish the bourse by stating,
"Creating a bourse needs many preparations. We need to see which entities should be included in the bourse. Secondly, we need to validate the said entities. Thirdly, there is a minimum capital and other requirements related to custodian, depository, technical things."
https://www.dealstreetasia.com/stories/indonesia-roll-out-crypto-bourse-306036
FTX US Derivatives Adds Former CFTC Commissioner Jill Sommers to Board
In an effort to support the regulatory initiatives of FTX US Derivatives, former Commodity Futures Trading Commissioner (CFTC) Jill Sommers has joined its board, according to an announcement made on Thursday. Sommers has served at the CFTC for over six years and has been an advisor to various financial and policy bodies.
FTX.US Derivatives CEO Zach Dexter stated,
“Adding Jill's wealth of experience in the derivatives landscape is an invaluable resource for our board as we traverse through the evolving digital asset ecosystem and its integration into the broader financial market structure.”
https://www.theblock.co/post/167073/ftx-us-derivatives-adds-former-cftc-commissioner-to-board
Babylon Finance to Shut Down After Failing to Recover from Rari Hack
On Wednesday, crypto asset manager Babylon Finance announced its decision to wind down operations and distribute its remaining treasury holdings by November. The firm is reportedly winding down operations due to its failure to recover from a $3.4 million exploit on a lending service it launched on Rari Capital.
Founder Ramon Recuero tweeted,
“Despite our efforts, we haven’t been able to revert the negative momentum caused by the Rari hack…… For the last few months, the team has been working without a salary trying to find ways to get back on track with our previous TVL [total value locked] growth. Our biggest mistake was not raising enough money.”
https://decrypt.co/108751/80m-rari-capital-hack-was-the-domino-that-led-to-defi-project-babylon-finances-demise
KyberSwap Discloses $265K Exploit, Vows to Reimburse All Funds
Multichain DEX aggregator KyberSwap has reportedly been hit by a frontend exploit that resulted in the theft of $265,000 in user funds. According to Kyber, a bug on the website allowed the attackers to display a fake approval message which when confirmed sent the user’s funds to the attacker’s wallet address.
