September 2022 Crypto Industry Updates

The content will be sorted chronologically, last at the bottom.

• DeFi protocol token New Free DAO (NFD) fails 99% after flash lending attack
  • Unlike regular loans, several DeFi protocols offer flash loans, allowing users to borrow large amounts of assets without upfront collateral deposits.
  • The only condition is that the loan must be repaid in a single transaction within a specified period. However, this feature is often exploited by malicious adversaries to collect large amounts of assets to launch expensive exploits targeting DeFi protocols.
• DBS Bank is entering the metaverse
  • signed a partnership with The Sandbox, a subsidiary of Animoca Brands
  • The first company in Singapore entered into a partnership with them, and became the first bank in Singapore to join the Metaverse.
  • is the intention create “DBS BetterWorld” in The Sandbox

• VerifyVASP Raises Series A Funding at $100M Valuation Led by FTX Ventures
  • FTX Ventures along with Peak Capital and Bcharu invested $5 million in the company
  • Based in Singapore, VerifyVASP provides a single travel rules solution that includes counterparty due diligence, travel rules messaging and integrated risk monitoring for over 70 digital asset businesses in 24 countries.
• The Algorand Foundation has confirmed a 35 million USDC hole in its balance sheet
  • Caused by exposure to controversial crypto lending platform Hodlnaut
• South Korea issues arrest warrant for crypto-company founder Do Kwon
  • for alleged illegal activity behind the stablecoin TerraUSD (UST).
• Crypto exchange from investment giants Fidelity, Charles Schwab and Citadel goes live (September 13, 2022)
  • A consortium of broker-dealers, global market makers and venture capital firms announced the formation of a cryptocurrency exchange, EDX Markets, aimed at retail and institutional investors in the United States.
• Crypto Market Maker Wintermute Has Been Hacked For $160 Million
  • Founded in 2017, Wintermute trades billions of dollars daily in the crypto market, providing liquidity to multiple venues.