May 6, 2022
December 21, 2021
Current state of crypto regulations around the world, Celsius exploit to the tune of $54M, crypto tokens takes a plunge, and Colombia’s largest bank taps Gemini to offer Bitcoin
The landscape of Fintech, crypto, and DeFi is ever-changing. Each week, we will pull together some highlights worth noting.
Here are last week’s insights, news, and trends that caught our attention:
A chart summary of Crypto regulations across the world
Tweeted by @FabiusMercurius
Ming Zhao shared a snapshot of the Nasdaq report that covers the current state of cryptocurrency regulation across the world. Countries included: USA, Canada, UK, Australia, China, Singapore, Japan, Brazil, Chile, France, Germany, Ireland, Italy and Malta.
Celsius Reportedly Affected in Exploit of DeFi Protocol BadgerDAO
The Wednesday $115 million hack to the bitcoin-focused DeFi protocol BadgerDAO appears to have impacted Celsius Network to the tune of approximately $54 million, according to on-chain data from etherscan.
While the on-chain data does not definitively prove that the funds belonged to the crypto lender, the wallet that was impacted was seeded by a series of wallets that originates with Celsius.
Initial reports showed that a wallet linked to Celsius had 896 wrapped bitcoins stolen. Celsius’ losses at this time could amount to approximately $54 million USD, a little under one-half of the total amount stolen from BadgerDAO.
Crypto Tokens Plunge in Fresh Sign of Global Market Nerves
Bitcoin plunged along with other cryptocurrencies on Saturday, in another indication of the risk aversion sweeping across financial markets.
The largest digital token fell as low as $42,296 before paring some of the tumble. It was trading at about $48,300 as of 10:31 a.m. in New York on Saturday, a drop of about 10%. The token has now declined more than 20% from the all-time high of more than $69,000 seen on November 10. [...]
Despite the most recent declines, Bitcoin is still up more than 60% this year, a return that exceeds many other assets -- and El Salvador’s President Nayib Bukele said the country had again bought the dip, adding 150 coins. The nation this year adopted Bitcoin as legal tender.
Colombia’s Largest Bank Taps Gemini to Offer Bitcoin, Ethereum Trading to Clients
Residents of Colombia will soon be able to buy cryptocurrencies such as Bitcoin directly from their bank accounts.
It’s part of Colombia’s new regulatory sandbox, which is slowly beginning to bear fruit as more banking institutions begin to offer cryptocurrency services to their clients through arrangements with leading crypto firms.
Starting December 14, Colombians will be able to buy cryptocurrencies through Bancolombia—the country's largest bank—thanks to a deal that the bank has struck with the Winklevoss-owned crypto exchange Gemini.