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DeFi Rekt By Curve? SBF Behind $BALD?

Ethical hacker returns funds to Curve, SBF could be driving $BALD, DCG appoints a new CFO, Do Kwon to face SEC allegations, and Binance wins Dubai operational license

Aug 1, 2023

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Welcome to Blockhead's Daily Digest, your go-to source for staying informed on the dynamic and ever-changing world of cryptocurrency. Whether you're a seasoned investor, blockchain enthusiast, or simply curious about the latest developments, we've got you covered with the most comprehensive news and analysis.


An exploit Curve Finance on Sunday continues to send shockwaves through the DeFi landscape, leaving $100 million worth of crypto at risk. Initially, $24 million was stolen but updated figures point towards $52 million. Worse still, the hack unveiled critical vulnerabilities in the wider DeFi ecosystem, threatening more smart contracts built using certain versions of Vyper.

Proving the crypto industry isn't completely corrupt, ethical hacker c0ffeebabe.eth returned 2,879 ETH to Curve Finance after it was diverted from the CRV-ETH liquidity pool. c0ffeebabe.eth used an MEV bot to front-run a malicious hacker, returning the ETH to the Curve address.

Nonetheless, the exploit leaves countless projects built on Vyper at risk, and once again puts into question the security of the wider DeFi ecosystem.

If the Curve drama wasn't saucy enough for you, perhaps $BALD might tickle your fancy. Up more than 40,000% over the 48 hours since its launch, the meme coin’s price plummeted as much as 90% from its Monday high.

What's behind this pump? FTX founder Sam Bankman-Fried, apparently. Crypto Twitter analyst @hype_eth pushed the theory, pointing towards how the Bald developer was highly active on SushiSwap and dYdX, with communication styles that resembled SBF.

Other similarities between SBF and the Bald creator include language patterns and on-chain activities that coincided with the former's court dates.

Of course, this is far from definitive proof, but the speculation is piquing the interest of the online crypto community.

Elsewhere:

  • SEC Asked Coinbase to Halt Trading: The US SEC reportedly asked Coinbase to suspend trading all cryptocurrencies except Bitcoin before suing the exchange in June. "We really didn't have a choice at that point. Delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the U.S.," Coinbase CEO Brian Armstrong said. "It kind of made it an easy choice ...  let's go to court and find out what the court says."
  • DCG Appoints New CFO: Digital Currency Group (DCG) has appointed Mark Shifke as its Chief Financial Officer. Shifke has nearly 40 years of experience in the financial industry, with expertise in mergers and acquisitions and previously served as the CFO of Billtrust.
  • Judge Rules Do Kwon, Terraform Labs Must Face SEC Allegations: A federal judge has ruled that Terraform Labs and its founder, Do Kwon, must face fraud allegations by the SEC, denying their motion to dismiss the SEC's claims. The SEC accused the defunct firm of defrauding investors and selling unregistered securities amounting to billions of dollars in digital assets.
  • Binance Wins Dubai Operational License: Binance has been granted an Operational MVP License to operate in Dubai after meeting the pre-conditions set since receiving a preparatory license in September 2022. Binance received a Minimal Viable Product license from Dubai's Virtual Assets Regulatory Authority last year. Its new license will allow eligible users in Dubai to access authorized services.

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