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Law Decoded: Cents and stability, Nov. 20–27

27.11.2020
Stablecoins and CBDCs and their related issues of privacy and surveillance lead this week's Law Decoded

Facebook’s Libra to reportedly launch in January 2021 as USD stablecoin

27.11.2020
Libra will initially be pegged to just one fiat currency

Facebook-Led Libra Plans Dollar-Pegged Stablecoin Launch in January 2021: Report

27.11.2020
Libra might eventually get off the ground as early as January albeit in a more limited format

$100 Million Liquidated on Defi Protocol Compound Following Oracle Exploit

27.11.2020
Lenders on decentralized finance (defi) protocol Compound on Thursday got liquidated for a massive $103 million, according to analytics provider Loanscan. This happened after what appears to be an oracle exploit on the Dai stablecoin. An apparent error or malicious attack to the Dai-dollar-peg data...

ZK International Subsidiary xSigma Introduces New Defi Project

26.11.2020
PRESS RELEASE. xSigma Corporation, a wholly owned subsidiary of ZK International Group (NASDAQ:ZKIN), was launched in 2018 as a blockchain research and development lab to solve real-world infrastructure challenges. After two years of intensive research into smart contracts and other...

BIS Paper Says There’s Potential to Embed Regulation Into Stablecoin Systems

25.11.2020
The need to regulate global stablecoins like Libra doesn't mean authorities can't embrace innovation, according to according to a BIS working paper

Hackers Paradise: Yet Another Defi Protocol Exploited for Nearly $20 Million in DAI

25.11.2020
Decentralized finance (defi) protocol Pickle Finance was hacked for $19.7 million of the stablecoin DAI over the weekend, as the defi industry appears to be turning into a hackers paradise. Pickle’s native token (PICKLE) plunged 62% on the news, falling from $23.27 to $8.70 when the hack...

USDT Towers Over 30 Stablecoins- Tether’s Market Cap Grew by 2 Million Percent in Just Four Years

22.11.2020
During the last two years since the initial bear market after the 2017 bull run, stablecoins have been extremely popular. Today, statistics show that the market capitalization of all the notable stablecoins today is hovering above the $23.9 billion mark. Out of more than 30 stablecoins in 2020...

IMF lawyers argue that central banks need reform before they can issue CBDCs

20.11.2020
New and developing research from the International Monetary Fund suggests that central banks around the world need new legal definitions for tokenized currencies

SEC gives OK to social media platform to issue stablecoin without registering as a security

19.11.2020
The letter states the regulatory agency “will not recommend enforcement action” against a platform issuing a digital currency capable of being converted to fiat

Coinflex Launches Noncustodial Interest-Bearing Stablecoin on BCH and ETH Networks

19.11.2020
The cryptocurrency exchange Coinflex has announced the launch of a unique interest-bearing stablecoin called Flexusd. The new stablecoin is considered to be the first dollar-backed crypto that pays interest at the base level. Moreover, the new token is built on the Ethereum blockchain and...

Origin Defi Protocol Suffers Massive Flash Loan Attack- OUSD Stablecoin Value Plunges 85%

18.11.2020
The OUSD stablecoin issuer, Origin Protocol is the latest Defi protocol to fall victim to a flash loan attack. The attack, which occurred in the early hours of Tuesday, on November 17, resulted in the disappearance of tokens worth millions of dollars. Confirming the attack, one of...

Bitcoin Touches $17K Price Zone, BTC Dominance Levels High, Altcoins Still Way Behind

17.11.2020
On November 17, the price of bitcoin touched another 2020 all-time high (ATH) when the crypto asset surpassed the $17k price zone on Tuesday. Bitcoin dominance has risen higher during the last few months and currently hovers at 65% this week. Despite the massive rise in bitcoin value during...

Yield-generating stablecoin project Origin Dollar exploited for $7M

17.11.2020
Origin Protocol has announced its yield-generating stablecoin protocol, OUSD, has been hacked and drained of at least $7 million

Binance Discontinues UK Pound Stablecoin Calling It Just an ‘Experiment’

16.11.2020
The exchange is discontinuing its own BGBP stablecoin, an "experiment" that obviously wasn't a success

Hackers Drain $2 Million in DAI From Defi Protocol Akropolis

13.11.2020
Decentralized finance (defi) protocol Akropolis was on Thursday hacked for $2 million in DAI, in the latest flash loan attack to hit the nascent defi industry. The attacker pilfered the platform’s Ycurve pool in batches of $50,000 in the stablecoin DAI. This particular pool allows investors...