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In recent market developments, Spell Token (SPELL), the native cryptocurrency of Abracadabra Money, has witnessed a notable surge in its value, marking a remarkable 13% increase in the last 24 hours and an impressive 59% surge over the past seven days.  This surge in price follows a series of significant […]

The stablecoin issued by decentralized platform Abracadabra.money {MIM}, suffered a flash crash to $0.76 after reports emerged of a $6.5 million exploit.

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Alchemix, a lending platform, has reported that all the funds stolen by the Curve Finance hacker from Alchemix’s alETH-ETH pool have been returned. Curve Finance had fallen victim to a major heist on the 31st of July, leading to the hacker draining around $61 million from the protocol. Alchemix Announces Return Of All Funds The Curve Finance exploit had resulted in Alchemix losing around $13.6 million from its alETH-ETH pool. Apart from Alchemix, several other pools also saw their funds drained. These included JPEGd’s pETH-ETH pool, which saw outflows of around $11.4 million, and Metronome’s sETH-ETH pool, which saw the exploit drain about $1.6 million. The hacker had targeted several stable pools on Curve Finance using a reentrancy bug that impacted the Vyper programming language used on Curve Finance. Now, Alchemix has announced on X that the hacker has returned the stolen funds after accepting a bug bounty offer from Curve, Metronome, and Alchemix. “We are extremely happy to announce that all funds stolen by the hacker of the Alchemix @CurveFinance pool have now been returned.” An Offer The Hacker Couldn’t Refuse Alchemix, Metronome, and Curve Finance had offered the hacker a 10% bug bounty as a reward, asking them to return the remaining 90% of the stolen funds. The three entities had stated that if the hacker returned the funds, they would not face any further legal or law enforcement actions. “The offer comes with a guarantee of no further legal actions or involvement of law enforcement. We want to resolve this in a civilized manner. You will have no risk of us pursuing this further, no risk of law enforcement issues.” However, the three protocols also told the hacker to view their offer as a final warning, giving them until the 6th of August to accept their offer. They warned that if the hacker refused or ignored their warning, they would be expanding the bounty to the public, offering 10% of the funds to anyone who would help identify the hacker in a way that would lead to conviction in court. The stark warning stated that the hacker would feel the full force of the law should he fail to comply. “If you choose not to partake in the voluntary return and complete the process by the 6th of August at 0800 UTC, we will expand the bounty to the public and offer the full 10% to the person who is able to identify you in a way that leads to your conviction in the courts. We will pursue you from all angles with the full extent of the law.” Hacker Accepts Offer And Returns Funds On the 4th of August, the hacker posted a message on the Ethereum network directed at Curve Finance and Alchemix development teams. In the not-so-pleasant message, the hacker stated that they would return the funds, but because they did not want to ruin the multiple projects impacted, and not because they were caught or because of the threat of legal action. The hacker stated in his on-chain message, “I’m refunding, not because you can find me. It’s because I don’t want to ruin your project.” At around 11:16 am UTC, the hacker returned 1 alETH to the Curve Finance deployer account. Following the success of the initial transaction, the hacker made three separate transfers two hours later, totaling around 4820.55 alETH, sent to the Alchemix development team’s multisig wallet. The funds returned were around $8.9 million worth of crypto assets, making up around 15% of the stolen funds. Alchemix later reported that the hacker returned all of the stolen funds. NFT protocol JPEG’d, in a separate announcement, also confirmed that they had been refunded, with the perpetrators returning around 5495 ETH. As stated in the bounty offer, the NFT protocol will not be taking any legal action against the hackers. The JPEG’d team stated, ​​“Any further investigations or legal matters against the entity will end. We view this occurrence as a white-hat rescue.” DeFi Breathes A Sigh Of Relief The Curve Finance exploit had put considerable pressure on the larger DeFi ecosystem after the value of the protocol’s CRV token plummeted after the hack. Several reports that emerged after the hack stated that Curve founder Michael Egorov had taken several loans, putting up CRV as collateral, putting Egorov’s $168 million lending position at risk of liquidation. This put major DeFi protocols Aave, Abracadabra, and several others at risk as well, thanks to a potential domino effect. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Alchemix, a lending platform, has reported that all the funds stolen by the Curve Finance hacker from Alchemix’s alETH-ETH pool have been returned. Curve Finance had fallen victim to a major heist on the 31st of July, leading to the hacker draining around $61 million from the protocol. Alchemix Announces Return Of All Funds The Curve Finance exploit had resulted in Alchemix losing around $13.6 million from its alETH-ETH pool. Apart from Alchemix, several other pools also saw their funds drained. These included JPEGd’s pETH-ETH pool, which saw outflows of around $11.4 million, and Metronome’s sETH-ETH pool, which saw the exploit drain about $1.6 million. The hacker had targeted several stable pools on Curve Finance using a reentrancy bug that impacted the Vyper programming language used on Curve Finance. Now, Alchemix has announced on X that the hacker has returned the stolen funds after accepting a bug bounty offer from Curve, Metronome, and Alchemix. “We are extremely happy to announce that all funds stolen by the hacker of the Alchemix @CurveFinance pool have now been returned.” An Offer The Hacker Couldn’t Refuse Alchemix, Metronome, and Curve Finance had offered the hacker a 10% bug bounty as a reward, asking them to return the remaining 90% of the stolen funds. The three entities had stated that if the hacker returned the funds, they would not face any further legal or law enforcement actions. “The offer comes with a guarantee of no further legal actions or involvement of law enforcement. We want to resolve this in a civilized manner. You will have no risk of us pursuing this further, no risk of law enforcement issues.” However, the three protocols also told the hacker to view their offer as a final warning, giving them until the 6th of August to accept their offer. They warned that if the hacker refused or ignored their warning, they would be expanding the bounty to the public, offering 10% of the funds to anyone who would help identify the hacker in a way that would lead to conviction in court. The stark warning stated that the hacker would feel the full force of the law should he fail to comply. “If you choose not to partake in the voluntary return and complete the process by the 6th of August at 0800 UTC, we will expand the bounty to the public and offer the full 10% to the person who is able to identify you in a way that leads to your conviction in the courts. We will pursue you from all angles with the full extent of the law.” Hacker Accepts Offer And Returns Funds On the 4th of August, the hacker posted a message on the Ethereum network directed at Curve Finance and Alchemix development teams. In the not-so-pleasant message, the hacker stated that they would return the funds, but because they did not want to ruin the multiple projects impacted, and not because they were caught or because of the threat of legal action. The hacker stated in his on-chain message, “I’m refunding, not because you can find me. It’s because I don’t want to ruin your project.” At around 11:16 am UTC, the hacker returned 1 alETH to the Curve Finance deployer account. Following the success of the initial transaction, the hacker made three separate transfers two hours later, totaling around 4820.55 alETH, sent to the Alchemix development team’s multisig wallet. The funds returned were around $8.9 million worth of crypto assets, making up around 15% of the stolen funds. Alchemix later reported that the hacker returned all of the stolen funds. NFT protocol JPEG’d, in a separate announcement, also confirmed that they had been refunded, with the perpetrators returning around 5495 ETH. As stated in the bounty offer, the NFT protocol will not be taking any legal action against the hackers. The JPEG’d team stated, ​​“Any further investigations or legal matters against the entity will end. We view this occurrence as a white-hat rescue.” DeFi Breathes A Sigh Of Relief The Curve Finance exploit had put considerable pressure on the larger DeFi ecosystem after the value of the protocol’s CRV token plummeted after the hack. Several reports that emerged after the hack stated that Curve founder Michael Egorov had taken several loans, putting up CRV as collateral, putting Egorov’s $168 million lending position at risk of liquidation. This put major DeFi protocols Aave, Abracadabra, and several others at risk as well, thanks to a potential domino effect. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Decentralized Finance platforms Curve Finance, Alchemix, and Metronome have announced a joint initiative to recover the stolen funds in the wake of the recent exploits that hit Curve’s pools. The exploit resulted in a loss of around $70 million worth of crypto assets, meaning the bounty offered is around $7 million. A Resolution In Sight? The DeFi platforms impacted by the Curve heist are doing everything they can to recover the stolen funds. According to on-chain data, Curve, Alchemix, and Metronome have offered the hackers a 10% bounty as a reward, urging the hackers to return the remaining 90% of the stolen funds. Curve Finance updated users about their offer to the hackers via X, stressing that they would face no further legal or law enforcement actions if they chose to return the funds. Curve stated in the joint message sent via Etherscan, “The offer comes with a guarantee of no further legal actions or involvement of law enforcement. We want to resolve this in a civilized manner. You will have no risk of us pursuing this further, no risk of law enforcement issues.” Final Warning The three protocols gave the hackers a deadline of 6th August to accept their offer. They added that should the hackers refuse the offer; the protocols would expand the bounty to the public and offer the 10% to anyone who would be able to identify them in a way that leads to their conviction. The stark warning read, “If you choose not to partake in the voluntary return and complete the process by 6th August at 0800 UTC, we will expand the bounty to the public and offer the full 10% to the person who is able to identify you in a way that leads to your conviction in the courts. We will pursue you from all angles with the full extent of the law.” All three protocols have opened a direct line of communication with the hackers through [email protected] and urged the hackers to respond and take the offer to avoid legal action. The protocols also stressed that any individuals responding for negotiations would need to verify their credentials and ownership of their email address on-chain. Curve and the other protocol’s outreach is similar to the strategy adopted by DeFi protocol Euler Finance, which fell victim to a crippling hack earlier in the year. However, the protocol was able to negotiate with the hackers and retrieve the stolen funds successfully. The Curve Hack The Curve exploit saw around $70 million worth of crypto stolen by hackers. This figure included CRV tokens worth around $4.52 million, which led to a significant drop in the price of the token. At the heart of the exploit was a vulnerability in Vyper called a reentrancy bug. This vulnerability allowed hackers to drain several stablecoin pools on Curve, leading to considerable chaos in the DeFi ecosystem. DeFi markets were further spooked after reports emerged that Curve Finance founder Michael Egorov had allegedly taken several loans using around 47% of CRV’s circulating supply. Several DeFi protocols, such as Aave, Abracadabra, and several others, faced major implications following the drop in CRV’s value. This is because the decline put Egorov’s $168 million lending position at risk of liquidation, potentially unleashing a domino effect on DeFi. However, Curve and Egorov found support from prominent names in the crypto and DeFi space, such as Power DeFi user DCF God, Tron Foundation CEO Justin Sun, and Jeffrey Huang, also known as Machi Big Brother. Sun, DCF God, and Huang purchased large quantities of CRV from Egorov, helping reduce the principal value of Egorov’s loan from $63 million to $54 million. Other players who assisted Egorov were Cream Finance, which sent Egorov $1 million worth of USDT and USDC, and Huang, who sent Egorov $1.5 million worth of USDT. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Decentralized Finance platforms Curve Finance, Alchemix, and Metronome have announced a joint initiative to recover the stolen funds in the wake of the recent exploits that hit Curve’s pools. The exploit resulted in a loss of around $70 million worth of crypto assets, meaning the bounty offered is around $7 million. A Resolution In Sight? The DeFi platforms impacted by the Curve heist are doing everything they can to recover the stolen funds. According to on-chain data, Curve, Alchemix, and Metronome have offered the hackers a 10% bounty as a reward, urging the hackers to return the remaining 90% of the stolen funds. Curve Finance updated users about their offer to the hackers via X, stressing that they would face no further legal or law enforcement actions if they chose to return the funds. Curve stated in the joint message sent via Etherscan, “The offer comes with a guarantee of no further legal actions or involvement of law enforcement. We want to resolve this in a civilized manner. You will have no risk of us pursuing this further, no risk of law enforcement issues.” Final Warning The three protocols gave the hackers a deadline of 6th August to accept their offer. They added that should the hackers refuse the offer; the protocols would expand the bounty to the public and offer the 10% to anyone who would be able to identify them in a way that leads to their conviction. The stark warning read, “If you choose not to partake in the voluntary return and complete the process by 6th August at 0800 UTC, we will expand the bounty to the public and offer the full 10% to the person who is able to identify you in a way that leads to your conviction in the courts. We will pursue you from all angles with the full extent of the law.” All three protocols have opened a direct line of communication with the hackers through [email protected] and urged the hackers to respond and take the offer to avoid legal action. The protocols also stressed that any individuals responding for negotiations would need to verify their credentials and ownership of their email address on-chain. Curve and the other protocol’s outreach is similar to the strategy adopted by DeFi protocol Euler Finance, which fell victim to a crippling hack earlier in the year. However, the protocol was able to negotiate with the hackers and retrieve the stolen funds successfully. The Curve Hack The Curve exploit saw around $70 million worth of crypto stolen by hackers. This figure included CRV tokens worth around $4.52 million, which led to a significant drop in the price of the token. At the heart of the exploit was a vulnerability in Vyper called a reentrancy bug. This vulnerability allowed hackers to drain several stablecoin pools on Curve, leading to considerable chaos in the DeFi ecosystem. DeFi markets were further spooked after reports emerged that Curve Finance founder Michael Egorov had allegedly taken several loans using around 47% of CRV’s circulating supply. Several DeFi protocols, such as Aave, Abracadabra, and several others, faced major implications following the drop in CRV’s value. This is because the decline put Egorov’s $168 million lending position at risk of liquidation, potentially unleashing a domino effect on DeFi. However, Curve and Egorov found support from prominent names in the crypto and DeFi space, such as Power DeFi user DCF God, Tron Foundation CEO Justin Sun, and Jeffrey Huang, also known as Machi Big Brother. Sun, DCF God, and Huang purchased large quantities of CRV from Egorov, helping reduce the principal value of Egorov’s loan from $63 million to $54 million. Other players who assisted Egorov were Cream Finance, which sent Egorov $1 million worth of USDT and USDC, and Huang, who sent Egorov $1.5 million worth of USDT. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

All proceeds from such a strategy will be kept in Abracadabra’s treasury and be used to reduce the DAO risk associated with the liquidity conditions associated with CRV.

The Curve Finance exploit has created a liquidity crisis in the DeFi ecosystem and many lending protocols are rushing to minimize their exposure.

Curve Finance and CEO Michael Egorov have received support from prominent names in the crypto space, including Justin Sun and DCF God. Curve had suffered a major exploit earlier in the week, leading to the protocol losing nearly $50 million to hackers. Chaos At Curve Finance Curve Finance suffered a major exploit earlier in the week, allowing hackers to siphon off nearly $50 million worth of crypto. This included CRV tokens worth $4.52 million, leading to a significant drop in the token’s price. The exploit resulted from a reentrancy bug in Vyper, the programming language powering parts of the Curve ecosystem. The CRV token saw a decline of nearly 20% following the attack. The markets were further spooked after reports emerged that the founder of Curve Finance, Michael Egorov, had allegedly taken several loans, using nearly 47% of the total circulating supply of CRV. Reentrancy attacks have become relatively common in the DeFi space. In such an exploit, hackers trick smart contracts by making repeated calls to the protocol and stealing user assets. As a result, Upbit has suspended deposits and withdrawals of the CRV token, while other exchanges have warned users to exercise caution when dealing with investments related to CRV. Upbit had tweeted, “Today, certain vulnerabilities have been discovered in some of the stablecoin pools associated with Curve (CRV). As a result, CRV is currently experiencing significant volatility. We advise exercising caution when considering any investments related to CRV. To ensure the safety of digital asset transactions, we have temporarily suspended deposits and withdrawals for CRV.” Curve And Egorov Find Support The plummeting CRV price significantly increased the risk of liquidating the loans Egorov took. However, prominent players from the crypto space have stepped in to assist Curve and Egorov. These include Power DeFi user DCF God, Tron Foundation CEO Justin Sun, and Jeffrey Huang, also known as Machi Big Brother. All have since stepped in and purchased CRV tokens from Egorov. As a result of this help, the principal value of Egorov’s loan dropped from $63 million to $54 million. Tron founder Justin Sun tweeted that he was excited to assist Curve, demonstrating his support for the protocol by acquiring a number of CRV tokens. According to available on-chain data, Sun purchased around 5 million CRV tokens worth around $3 million. The tokens were purchased from a wallet called the Curve.fi Founder, and was completed through an over-the-counter transaction. Sun tweeted, “Excited to assist Curve! As steadfast partners, we remain committed to providing support whenever needed. Our joint efforts will introduce an @stusdt pool on Curve, amplifying user benefits. Together, we aim to empower the community and forge a decentralized finance!” Other players that chipped in to assist Curve were Cream Finance, who sent Egorov $1 million in USDT and USDC stablecoins. Egorov also received $1.5 million worth of USDT from Jeffrey Huang (Machi Big Brother), according to data sourced from PeckShield. Egorov also transferred over 50 million CRV to other entities, including the Web3 investment firm DWF Labs and Power DeFi user DCF God. Going by these numbers, Egorov sold around 50 million CRV tokens at a price of around $0.4 per token, making the transactions worth close to $20 million. Major Implications For DeFi The Curve Finance exploit could have major implications for the larger DeFi ecosystem, with the CRV token’s value suffering a significant decline, putting Egorov’s $168 million lending position at risk of liquidation. If the position were to be liquidated, it could have a domino effect on the larger DeFi ecosystem. Egorov has a $70 million loan on Aave v2, for which he has used CRV as collateral. Additionally, he has also borrowed $17 worth of FRAX, putting $32 million worth of CRV as collateral, along with another $18 million loan from DeFi protocol Abracadabra. Concerns about the concentration of CRV on Aave were flagged by Gauntlet, who recommended freezing the token on Aave. “The amount of CRV concentrated on Aave, relative to the circulating supply of CRV, is already high. Given the limitations of V2 mechanisms, including the possibility of circumventing an LTV of 0, the only way to truly prevent more risk of this position is to prevent borrowing of all assets on V2.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Curve Finance suffered a significant exploit over the weekend, with attackers managing to siphon off around $70 million worth of assets from users. Curve founder Michael Egorov has a loan of around $70 million in USDT on Aave v2, using CRV as collateral. Curve Chaos Could Have Major Implications The exploit at Curve Finance resulted in the price of the protocol’s CRV token experiencing a sharp decline. This decline has put a $168 million lending position held by Curve founder Michael Egorov at risk of liquidation. If the position gets liquidated, it could have disastrous implications across the decentralized finance (DeFi) ecosystem. The Curve founder has around $168 million worth of CRV, which he has used to secure loans from several DeFi protocols, according to data from the blockchain analytics site DeBank. This amount equals nearly 34% of CRV’s total market capitalization. The exploit has led to a decline of over 20% in the CRV price, putting Egorov’s position in danger of liquidation. A Major Blow A forced liquidation would be a devastating blow to Curve after its weekend exploit. As a result of the exploit, the total value of assets locked on the DeFi protocol dropped from $3.7 billion to $2.1 billion, with investors pulling their funds as a precaution. Thanks to DeFi’s interconnected nature, the liquidation of Egorov’s position could put significant pressure on CRV’s price and other decentralized lending protocols. The CRV token is extremely popular on Uniswap and Sushiswap and is used as collateral on platforms such as Aave. Aave’s Exposure Michael Egorov has a $70 million loan in USDT on Aave v2, for which he has used CRV as collateral. Based on risk parameters set by Aave, if the CRV token’s price drops below $65%, it would be at risk of liquidation. When liquidations occur, the collateral the borrower deposits is sold in exchange for the borrowed asset. In the case of Aave, the CRV would be sold for Aave, leading to considerable bad debt. The concerns around bad debt were already flagged by Gauntlet, who recommended freezing CRV and setting its loan-to-value to zero on Aave v2. “The amount of CRV concentrated on Aave, relative to the circulating supply of CRV, is already high. Given the limitations of V2 mechanisms, including the possibility of circumventing an LTV of 0, the only way to truly prevent more risk of this position is to prevent borrowing of all assets on V2.” However, this proposal failed to pass. Aave’s GHO stablecoin also lost its peg for a few hours on the 31st of July. The stablecoin subsequently regained its peg, with analysts working to determine why the de-pegging occurred. According to most, the de-pegging was a result of the reentrancy attack on Curve Finance. The GHO stablecoin had dropped to $0.96 on the 31st, losing its $1 peg for a few hours. However, it regained its peg and is currently trading at $0.98. Other Protocols At Risk Aave is not the only protocol that the Curve Finance fiasco could impact. Egorov has also borrowed $17 million worth of the FRAX stablecoin, putting $32 million worth of CRV as collateral. Since the exploit, Egorov has made several transactions to repay part of the amount he borrowed on Fraxlend. According to DeBank data, Egorov also has an $18 million loan on DeFi protocol Abracadabra. Egorov has moved to shore up his capital by selling LDO, the governance token for liquid staking protocol Lido, in exchange for the USDC stablecoin. These transactions have been done in several batches valued at between $10,000 and $50,000, according to data from EtherScan. The developments have raised several questions for decentralized lending protocols, and whether they should implement measures to prevent large positions, such as the ones taken by Egorov, that could potentially introduce systemic risk. Egorov came under fierce criticism in 2020 after he took control of over two-thirds of a Curve voting token, veCRV. He later apologized and called the move an overreaction to what he thought was a takeover attempt by Yearn.Finance. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

In a recent statement, the SEC claimed that the recent Ripple ruling was incorrect, while disclosing that it has already decided and is currently moving in to post an appeal. There has been some intertwining contexts with latest legal fracas with the US Securities and Exchange Commission (SEC), which involves Terraform Labs and its co-founder, Do Kwon. Notably, the SEC's recent motion against Terraform Labs has revived discussions around the landmark Ripple Labs case, signaling a possible appeal on the horizon. Institutional vs. Retail: Divergent Perspectives In the Ripple Labs case, the court determined that Ripple's XRP token sales to institutional investors breached SEC rules. However, the judge ruled that Ripple's offerings to retail investors on exchanges didn't infringe on these same regulations. This bifurcation of institutional and retail sales was broadly seen as a victory for the crypto industry. In a stark departure from this view, the SEC, in its most recent filing against Terraform Labs and Kwon, voiced its disapproval. The agency stated: "The decision creates an artificial distinction between the expectations of sophisticated institutional and retail investors." In the SEC's view, the ruling reformulates the decades-old Howey Test, a metric used to identify when assets are securities, transforming it into a more subjective standard. Accordingly, the SEC requested that the court reject this part of the Ripple decision and hinted at a possible appeal in the Ripple case. The Ripple Ruling's Impact on Terraform Labs Lawsuit The Ripple ruling has become a crucial reference in the ongoing lawsuit against Terraform Labs and Kwon. Their legal representatives cited the Ripple decision in their dismissal motion, arguing that it "confirms the legal insufficiency of the SEC’s argument." They were referring to the SEC's assertion that certain tokens, including the ill-fated TerraUSD stablecoin, were securities due to their method of sale. However, the SEC has doubled down on its accusations that Terraform Labs and Kwon offered and sold unregistered securities as part of a fraudulent scheme, causing a loss of at least $40 billion in market value. The SEC also underscored that the institutional investor aspect of the Ripple ruling supports its case against Terraform Labs. The SEC notes that institutional buyers in such a case (such as trading firms that purchased crypto assets from Terraform Labs with no restrictions on resale) purchased ostensibly on the reason that the assets were an investment on top of Terraform Lab's initiatives. The legal entanglements involving the SEC, Ripple Labs, and now Terraform Labs, highlightts the evolving dynamics between the emerging crypto industry and established securities regulations. The nuanced interpretation of these regulations in relation to cryptocurrencies like XRP and TerraUSD has far-reaching implications for the industry. How these cases play out in the courts will set precedents that could shape the crypto landscape for years to come. SEC's Prospective Appeal The SEC's recent motion reveals its plan to challenge the federal court ruling in favor of Ripple Labs. U.S. District Judge Analisa Torres upheld that nearly half of Ripple's XRP sales did not contravene investor-protection laws. This verdict sparked hope among other defendants embroiled in disputes with the SEC regarding their cryptocurrency sales, which, according to the SEC, often constitute illegally sold securities. This court ruling has become a beacon of hope for defendants like Do Kwon, co-founder of Terraform Labs. Kwon, currently serving time in prison, faces an SEC lawsuit alleging fraudulent activities and various legal infringements. The lawsuit was filed in February in Manhattan federal court. In light of the recent Ripple Labs ruling, Kwon's defense is employing it as a basis to refute the SEC's accusations. Precedent in Flux With the SEC signalling its intent to appeal the Ripple Labs ruling, a cloud of uncertainty hangs over the crypto industry. The final decision on the Ripple case could profoundly influence ongoing and future lawsuits, including Terraform Labs.Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

[PRESS RELEASE – Willemstad, Curacao, July 24th, 2023] Last year, the Fairspin platform launched two associated loyalty programs: Play To Earn and Hold To Earn. Within the first one, it is possible to receive TFS tokens as a rakeback; using the second one, it is possible to increase them thanks to the holding without any […]

Willemstad, Curacao, July 24th, 2023, ChainwireLast year, the Fairspin platform launched two associated loyalty programs: Play To Earn and Hold To Earn. Within the first one, it is possible to receive TFS tokens as a rakeback; using the second one, it is possible to increase them thanks to the holding without any risks.Both programs have already shown outstanding results. Since its launch, $726,234 and $1,759 091,86 were paid to players in frames of the Play To Earn and Hold To Earn respectively.TFS Token team is pleased to announce another beneficial way to get additional income for TFS holders - the liquidity staking program.What is liquidity staking?Tokens and money, staked in such a program, will be used to increase liquidity on the PancakeSwap in the TFS-USDT pool. This will help improve the liquidity of the TFS token, thus strengthening its position on the market.The Liquidity Staking option is available on the Staking Programs page on the Fairspin website.Unlike the already existing staking programs, liquidity staking is permanent, which means if a user chooses this option, staking will continue until the option is not stopped by the user.At the same time, the reward from the liquidity staking can be withdrawn at any time upon the user's request. There is no obligatory minimum staking time to withdraw the reward as well as there are no limits on the number of withdrawing requests.How the reward is calculatedThe amount of reward depends on the GGR of Fairspin casino and the number of tokens in the staking pool and the user's multiplier.The user's multiplier depends on the length of your stake in days.Calculation formula:from 0 to 1 day multiplier *0.3from 7 to 30 days multiplier *0.630 to ∞ days multiplier *1The reward, in the end, will be equal to % of the GGR of the Fairspin casino multiplied by the user's share in the pool and multiplied by the time multiplier. If a user stakes tokens for 1 month and more, he will have the maximum benefit - a share of 0.5% of GGR.The request to stop liquidity staking can be made at any time. A user can request to withdraw the full sum or a part of it.The tokens will be sent to a user’s account immediately.In case a user makes a request to withdraw a part of tokens from the Liquidity Staking, the reward multiplier for the rest of the tokens in Liquidity Staking will go back to the initial level.About TFS TokenThe TFS token is the driving force behind Fairspin, one of the leading global blockchain casinos, that ushers in a new era of trust and transparency in online gambling.Built upon ERC-20/BEP-20 technology, the TFS token ensures immutable betting data, empowering players with complete access to their gaming history and rewards. With a limited supply and a focus on user rewards, the token introduces groundbreaking Play to Earn and Hold to Earn features, rewarding players for their engagement.As the gaming industry continues to evolve, the TFS token stands at the forefront, revolutionizing the way players interact with online casinos and shaping the future of fair gaming.ContactTFS Token PR [email protected]

A project leader called for adding lawyers, jurisdictions and trustees for Abracadabra DAO, the entity overseeing Magic Internet Money (MIM) and SPELL tokens.

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The Arbitrum Foundation has made a couple of new governance proposals following the fracas that occurred over its original.

Radio Caca has evolved from managing the NFT collection of Elon Musk’s mom to a Steam-like blockchain gaming ecosystem.