DeFi faces stress check, DoJ fears run on Binance, Hong Kong’s crypto buying and selling: Hodler’s Digest, July 30 – Aug. 5

The decentralized finance (DeFi) ecosystem skilled a difficult week after a seismic safety incident led to over $61 million being stolen from Curve Funds swimming pools, leaving a number of protocols going through broader contagion dangers. This assault uncovered vulnerabilities throughout DeFi initiatives and sparked efforts to get well stolen funds over the previous few days, hammering the efficiency of tokens and even stablecoins on account of the dramatic ups and downs on this story. Because the group navigates the aftermath of this exploit, Cointelegraph compiled the weeks occasions, presenting a timeline of what occurred because the hack on July 30.

The USA Division of Justice is reportedly contemplating charging cryptocurrency alternate Binance with fraud, however hesitating based mostly on prices to customers. In line with individuals aware of the matter, Justice Division officers are involved about an indictment towards Binance inflicting a run much like what occurred with FTX in November 2022. The officers are contemplating fines or non-prosecution agreements for Binance somewhat than legal prices in an effort to cut back the hurt to customers. Binance has been focused by a legal probe within the U.S. for allegedly violating the countrys sanctions on Russia and has additionally confronted lawsuits from U.S. regulators.

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