Websites linked to the crypto exchange FTX have been taken down on Nov. 9, following a liquidity crisis and a pending acquisition of the company by its rival Binance. Websites for Alameda Research and the company's venture capital arm FTX ventures were offline and made private, while both FTX's main site and FTX US's website remain accessible. Cointelegraph reached out to Alameda on Nov. 9, but has not heard back as of publication time. The latest developments include unconfirmed reports about most of FTX's legal and compliance staff quitting on Tuesday evening. The liquidity crunch was announced on Nov. 8 …

For all the progress that has been made in DeFi, the industry currently stands at something of a crossroads. Since its peak last year, TVL in DeFi has shrunk from around $150 billion to where it is now, around $50 billion. The turmoil has coincided with global trends that have affected industries across the board, but the challenges faced by DeFi are unique, especially given how young a sector it is. Few question that DeFi has the potential to transform finance in a way that is more equitable for all involved. The big question, though, is how exactly can DeFi’s …

While decentralized finance (DeFi) is expected to be an upgrade to traditional finance mechanisms, some believe that denying users access to decentralized exchanges based on their wallets is a backward move. In a tweet, entrepreneur Brad Mills criticized DeFi for denying users access to decentralized exchanges (DEXs) due to various factors such as location and wallet content. Because of this, Mills described the future of Web3 as a “surveillance panopticon” and said that it has rebuilt everything wrong with Wall Street but on a blockchain. Within the tweet, Mills also shared an image of a pop-up message from 1inch Network’s …

According to a new post by blockchain security firm SlowMist on Nov. 7, it appears that the last week’s token exploit affecting GameFi project Gala Games resulted from a public leak of applicable security keys on GitHub. As told by SlowMist, pNetwork, the cross-chain interoperability bridge used by Gala Games on the BNB Smart Chain, had three privileged roles in its smart contract pGALA. “The Admin role is used to manage upgrades and changes to the Admin address of the proxy contract. The DEFAULT_ADMIN_ROLE role is used to manage various privileged roles in the logic (eg: MINTER_ROLE ), and the …

Cryptocurrency exchange FTX took to Twitter to address user complaints surrounding sluggish withdrawals. FTX assured users that everything is running smoothly with the matching engine, although node throughput is limited for Bitcoin (BTC) withdrawals. In the series of tweets, the exchange also addressed stablecoin withdrawals, saying redemptions or creations might be slow until banks open for the week and wires clear. Meanwhile, the community on Twitter had mixed reactions regarding FTX’s response. Some users tweeted their support of the exchange while others expressed their skepticism: Telling everyone how fine you are is the first red flag you are not — …

In one of the more striking early scenes from P.T. Anderson’s 2007 film, There Will Be Blood, there is a gas explosion that destroys the drilling rig set up by oil tycoon Daniel Plainview. Noticing one of his employees observing the situation dejectedly, Plainview rebukes the man, saying: “What are you looking so miserable about? There’s a whole ocean of oil under our feet. No one can get at it except for me!” Access to and possession of that oil would catapult Plainview, like it did many of his real-world counterparts, to the highest stratosphere of wealth. These days, rather …

Days after GameFi project Gala Games and decentralized finance (DeFi) protocol pNetwork assured its community that everything was fine, crypto exchange Huobi Global came out with its version of the story, accusing pNetwork of earning a $4.5 million profit from the recent pGALA crash. On Nov. 3, a suspected attacker minted $2 billion worth of Gala tokens (GALA) on the Binance Smart Chain and dumped a portion of the tokens on PancakeSwap, earning a total of 12,977 Binance Coin (BNB), which was worth around $4.5 million at the time. This drained a PancakeSwap pool and caused a drop in the …

The trucking industry is one of the most important sectors in the world. According to recent statistics, the global freight trucking market was worth over $2.7 trillion in 2021. In addition, it’s been found that millions of commercial driver’s license holders are employed by trucking companies within the United States, a market that is responsible for delivering 70% of all freight. Given these statistics, it shouldn’t come as a surprise that technology has become a critical component for ensuring the advancement of the trucking industry. Yet while GPS tracking, autonomous driving and other mainstream technologies may be apparent, a couple …

The GameFi industry is set to unleash its massive potential within the next six years. According to Absolute Reports data, its estimated value will grow to $2.8 billion by 2028, with a compound annual growth rate of 20.4% in the same period.It’s a quieter perhaps less scandalous branch compared to the more newsworthy centralized finance (CeFi) and decentralized finance (DeFi) spaces, but this hasn’t impacted its force nor its promise. Even in the depth of crypto winter — read: a bear crypto market — blockchain-based games have continued to register a steady uptick in daily active users and transactions month …

Few doubt the potential that DeFi has to redefine crucial aspects of finance for all. But, as it stands, using DeFi platforms and protocols is often time consuming and anything but easy. One of the biggest draws of DeFi are the yields users can earn on farming and staking protocols. However, the yields on offer are constantly changing, meaning crypto enthusiasts need to stay locked to their screens to ensure they aren't missing out. Given the 24-hour nature of this fast-moving industry, keeping on top of things is often easier said than done. Some protocols are also pretty difficult to …

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 first week of November proved to be the institutionalization of DeFi markets as major international banks and financial institutions executed and completed their first DeFi transaction. The global financial giant JP Morgan completed its first-ever cross-border transaction using DeFi on a public blockchain with the help of the Monetary Authority of Singapore’s (MAS) Project Guardian. DBS Bank started a trading test of foreign exchange (FX) and government securities using permissioned DeFi liquidity pools. …

In the past year, Polygon (MATIC) has focused on growing their list of high-profile partners which includes luminaries like Disney, Starbucks and Robinhood. The recent announcements of partnerships with both Instagram and JPMorgan have speculators pushing the token price up nearly 200%. In addition to partnerships, blockchain adoption through network usage is important to analyze. Blockchain adoption can be analyzed by looking into daily active users of the blockchain, protocols using the technology, number of transactions and total locked value. Total value locked on Polygon rises above $1B Total value locked (TVL) is one cryptocurrency indicator used to assess the …