A small-scale decentralized autonomous organization (DAO) has suffered a rather sizeable smart contract exploit leading to an estimated $120 million being stolen from its protocol. BonqDAO, which is behind the Bonq protocol, told its Twitter followers on Feb. 1 that its protocol was exposed to an oracle hack that allowed the exploiter to manipulate the price of the AllianceBlock (ALBT) token. Bonq protocol was exposed to an oracle hack, where exploiter increased the ALBT price and minted large amounts of BEUR. The BEUR was then swapped for other tokens on Uniswap. Then, the price was decreased to almost zero, which …

According to a new social post on Feb. 1, Maker decentralized autonomous organization, or MakerDAO, has approved the creation of a new fund dedicated to expenses related to legal defense. MakerDAO is the issuer of the DAI United States dollar stablecoin. As told by developers, Maker will allocate 5 million DAI to "reimburse legal defense expenses in case of legal or regulatory action against specific participants of MakerDAO." The post further explained: "Initially, the coverage will be provided to Recognized Delegates, Core Unit Facilitators, Core Unit permanent contributors, and active MKR holders. The legal action against the beneficiary must be …

Web3 firm MetisDAO Foundation launched Koris, a smart contract-based platform that allows decentralized organizations to operate and manage communities through an end-to-end operational infrastructure. In an announcement sent to Cointelegraph, the company said that Koris aims to turn decentralized autonomous organizations (DAOs) into DACs or “decentralized autonomous companies” by providing an operating system consisting of various governance and management tools. The team believes that while DAO platforms have collective decision-making and operational functions, they can be taken further by providing tools to help grow Web3 businesses. Chelsea Kubo, the co-founder and COO of Koris, said that there is a growing …

Lifespan.io President and co-founder Keith Comito was into longevity before longevity was cool. “We started our nonprofit back in 2014,” Comito said. “Back then, few credible researchers would be caught dead saying they were working on aging. It was still kind of a scientific backwater. So, we wanted to emulate what the cancer research advocates did, starting in the ‘40s.” He said those early advocates identified the most credible research at the time and used “old-school” fundraising approaches like telethons to crowdfund for their work. They built a grassroots movement and grew their scientific expertise. Through their efforts, defeating cancer …

The World Economic Forum (WEF) released a “toolkit” for digital autonomous organizations (DAOs) on Jan. 17. More than 100 experts contributed to the document attempts to provide “a starting point for DAOs to develop effective operational, governance and legal strategies.” The 37-page so-called toolkit is explanatory in nature, with concise but encyclopedic entries on DAOs and related topics. It described them as “a set of adaptable resources for key stakeholders to help realize the full potential of this emerging form.” DAOs have “the potential to address many of the shortcomings of the traditional firm while also realizing more equitable governance …

What is the future of Bitcoin DeFi? The effectiveness of Bitcoin DeFi platforms and protocols will be determined by their long-term sturdiness and security, level of innovation, as well as the incentives provided to investors. With Bitcoin scaling solutions like Rootstock, Stack, Liquid Network and more, it is evident that DeFi is flowing into the Bitcoin network. However, DeFi on Bitcoin is less approachable than on the Ethereum blockchain and other smart contract platforms. That said, if developers want to opt for the Bitcoin blockchain to develop DApps or mint NFTs, they need to rely upon layer-1 or layer-2 solutions, …

The Commodity Futures Trading Commission (CFTC) has begun the process of getting a default judgment in its case against Ooki DAO after the latter missed the deadline to respond to the lawsuit. According to a Jan. 11 court filing, the regulator has requested the court for an "entry of default" against the decentralized autonomous organization (DAO), stating it had missed the deadline to "answer or otherwise defend" as instructed by the summons. If approved, the entry of default will establish Ooki DAO has failed to plead or defend itself in court and will no longer be able to answer or …

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The end of 2022 saw the least value of stolen funds from DeFi, with $62 million worth of exploits in December. While the figure might seem a relief given the multiple bridge hacks and hundreds of millions of dollars stolen this year, cybersecurity experts have warned that the ecosystem would see no decrease in exploits, flash loans or exit scams in 2023. Lido protocol overtook MakerDAO to have the highest total value locked (TVL) …

The Metaverse and Virtual Reality (VR) go hand in hand in the public’s imagination and platforms including Somnium Space, Crypto Voxels, and Meta’s Horizon Worlds already support the technology. But despite describing itself as a “decentralized virtual reality platform” on its website, the browser-based 3D metaverse platform Decentraland still lacks VR. Sean Ong, founder of extended reality specialists XR Dev Studio, sits on a team that has developed an “alpha” version of the VR platform. He explained that while “VR has always been part of Decentraland’s vision,” the Decentraland Foundation has been prioritizing the implementation of core features ahead of …

The multi-billion-dollar sports industry is undergoing a digital transformation and Web3 elements are likely to play a major role. This notion was highlighted in Deloitte’s “2022 Sports Industry Outlook” report, which predicts an acceleration in the blending of real and digital worlds, along with growing markets for nonfungible tokens (NFTs) and immersive technologies. According to the report, such advances may lead to a significant increase in fan engagement. This is an important point to consider, given that fan engagement has long served as the backbone for ensuring sponsor revenue, ticket and merchandise sales, along with the overall popularity of a …

Collective action, labor struggle and protest go hand in hand, and it’s no secret that unionizing and organizing to fight for workers’ rights is a tedious task. But is there a way to simplify and boost the efficiency of the process? On this week’s episode of the newly launched podcast The Agenda, Cointelegraph senior copy editor Jonathan DeYoung and head of markets Ray Salmond sit down with Larry Williams Jr., co-founder of TheLaborDAO, and Daniel Carias and Dustin Tong, co-founders of theCaféDAO, to discuss the state of workers’ rights in the United States and how blockchain can strengthen labor movements. …

The Republic of the Marshall Islands, an independent island state located in the Pacific Ocean near the Equator, has announced that the Decentralized Autonomous Organizations Act of 2022 has officially been passed into law. The law recognizes decentralized autonomous organizations and enables legal entities registered in the country to formally adopt DAO structures and governance tools. The government hopes this latest move will encourage the growth of decentralized entities and their accompanying elements within the state. According to the announcement, the DAO Act of 2022 will allow DAOs to incorporate under Limited Liability Companies (LLCs), enabling them to identify as …