Top Stories This Week
The decentralized finance (DeFi) ecosystem experienced a challenging week after a seismic security incident led to over $61 million being stolen from Curve Finance’s pools, leaving several protocols facing broader contagion risks. This attack exposed vulnerabilities across DeFi projects and sparked efforts to recover stolen funds over the past few days, hammering the performance of tokens and even stablecoins as a result of the dramatic ups and downs in this story. As the community navigates the aftermath of this exploit, Cointelegraph compiled the week’s events, presenting a timeline of what happened since the hack on July 30.
US DoJ is concerned about a run on Binance should prosecutors bring fraud charges
The United States Department of Justice is reportedly considering charging cryptocurrency exchange Binance with fraud, but hesitating based on costs to consumers. According to people familiar with the matter, Justice Department officials are concerned about an indictment against Binance causing a run similar to what happened with FTX in November 2022. The officials are considering fines or non-prosecution agreements for Binance rather than criminal charges in an effort to reduce the harm to consumers. Binance has been targeted by a criminal probe in the U.S. for allegedly violating the country’s sanctions on Russia and has also faced lawsuits from U.S. regulators.
Hong Kong debuts retail crypto trading with HashKey and OSL
Digital asset firm HashKey has successfully obtained all necessary licensing to broaden its business from serving professional investors to taking on retail users, as Hong Kong expands its cryptocurrency trading to individual investors. The first license, Type 1, allows HashKey to operate a virtual asset trading platform under Hong Kong’s securities laws. The second one, Type 7, officially enables the firm to provide automated trading services to both institutional and retail users. OSL, another local crypto firm, received an upgrade to its existing license from Hong Kong’s Securities and Futures Commission, allowing it to…