Daily Crypto News | December 12th, 2022


Welcome to Barmy’s Daily Crypto News – December 12th, 2022

1. Arbitrum-Based Defi Protocol Lodestar was hacked for $6.9M in an exploit

Lodestar Finance, a different decentralized financial network, was compromised for $6.9 million through an exploit. Deposits have been drained as a result of the protocol being abused.

According to Lodestar, the hacker “manipulated the plvGLP contract’s exchange rate” before “supplying plvGLP collateral to Lodestar and borrowing all available cash.” The exploiter was able to cash out “what they could” as a result. The team remarked on Saturday that a “collateralization ratio mechanism stopped them from fully paying out the plvGLP.”

Members of the Lodestar team communicated their decision to halt borrowing and liquidation activity via the team’s Discord channel. According to data from defillama.com, the total value locked (TVL) in Lodestar was reduced from about $7 million to just $11.06.

On November 23, 2022, LODE reached an all-time high of $0.718 per unit. Since then, LODE’s value has decreased by 76.1%, with a 24-hour price range of roughly $0.13 to $0.369 per unit. As of the time of publication, LODE is trading for $0.173 per coin.

2. Do Kwon is currently located in Serbia

Chosun Media reported on December 11 that South Korean officials had received intelligence indicating that CEO Kwon was in Serbia, and it was confirmed to be accurate. Since Terra’s demise, South Korean officials have been looking for Do Kwon, but it seems they haven’t had much success locating him.

He is believed to have relocated to Singapore near the end of April, right before the shocking collapse of the Terra ecosystem. Kwon was the subject of an arrest warrant issued on September 14 by the Financial and Securities Criminal Unit of the Seoul Southern District Prosecutor’s Office for breaking South Korean capital markets regulations.

The South Korean Ministry of Foreign Affairs instructed Kwon to return his passport on October 6 after issuing the directive in October. The Ministry also stated that his passport will be completely cancelled if he didn’t comply. Later that month, South Korean investigators corroborated rumors that Do Kwon had flown to Dubai for a potential layover before continuing on to another location, which turned out to be Serbia.

3. Bybit will require updated KYC verification checks for P2P trading, fiat deposits and NFT trades

For a variety of items, the cryptocurrency exchange Bybit will demand updated Know-Your-Customer (KYC) verification procedures from Dec. 15.

According to a recent post in the exchange’s help center, individual KYC will be required for all one-click buys, fiat deposits, and peer-to-peer trading on Bybit. In addition, KYC is also applied to NFT purchases and sales of more than $10,000 on the secondary market.

Starting on December 30, NFT deposits, withdrawals, and purchases from the primary market will all be subject to mandatory KYC. The maximum withdrawal amounts for non-KYC users are 20,000 USDT per day and 100,000 USDT per month, with the withdrawal limitations for each KYC level changing on December 20.

4. Crypto.com has released its audited Proof of Reserves

Users can check to see if their crypto assets are fully supported by Crypto.com’s audited Proof of Reserves, which was recently released (1:1).

The verification was done by the Mazars Group, a renowned global audit, tax, and consultancy organization with more than 44,000 professionals working in more than 90 countries.

Through an auditor-monitored live database query on December 7, 2022, 00:00:00 UTC, Mazars Group compared the assets stored in on-chain addresses that were established to be owned by Crypto.com with customer balances.

According to Kris Marszalek, CEO of Crypto.com, “Providing audited Proof of Reserves is a critical step for the entire sector to promote transparency and start the process of restoring trust.” Crypto.com is completely dedicated to giving clients a safe, secure, and legal way to interact with digital currencies around the world.

5. “Cryptocurrency truly has no real value at all.” According to US Senator Tester

According to Tester, cryptocurrency truly has no real value at all, and regulation of the industry would just serve to legitimize it.

Tester has served as the senior senator for Montana since 2007. Additionally, he is a member of the Senate Banking Committee, one of the important parties in the continuing discussion of U.S. crypto regulation.

“I couldn’t get past the smell test with it”. He stated, “I have not been able to discover anyone who has been able to explain to me what is there other than synthetics […] which imply nothing. Tester continued by saying that he does not see any justification for the existence of this material.

The senator’s anti-crypto comments and his admission of ignorance in the field received harsh criticism from the crypto community. Just a few weeks before to his most recent irritable remarks, Tester told Semafor that the industry was “all nonsense” and that he couldn’t “figure out what supports it.”.


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