Latest Crypto News: SEC Announces $24M Settlement For Case Against Bittrex, Former CEO, Aave DAO Opens Voting On Proposals To Reduce CRV Exposure
Voting on three proposals that might alter the protocol’s exposure to the Curve DAO token is being conducted by Aave token holders.
The Aave community is working to reduce the vulnerability of the protocol to the Curve DAO token, and two proposals will be put to a vote on August 10, 2023. The move was made in an attempt to lessen the danger that Michael Egorov, the man behind Curve Finance, and his significant borrowing position presented to the lending process.
Curve DAO (CRV) is the native token of the Curve Finance decentralized finance (DeFi) platform.
Egorov pledged more than 30% of the total market value of CRV as collateral in order to receive loans on Aave v2 totaling over $60 million. However, Curve’s hack on July 30, 2023 had an impact on the token price, making Egorov’s holdings liquidatable.
Owners of Ave tokens have until August 12, 2023, to cast their votes on two issues. If allowed, one would want to decrease the CRV liquidation threshold on Aave v2 by 6%, which might subject user accounts to liquidation. The second prevents borrowing CRV on Ethereum and Polygon v3 and prohibits shorting CRV using the Aave protocol.
Bittrex’s former CEO and the SEC have reached a $24 million settlement.
A deal has been struck between the US Securities and Exchange Commission (SEC) and the co-founder and former CEO of the cryptocurrency exchange Bittrex, William Shihara.
Bittrex and Shihara were accused of running an unlicensed exchange by the SEC in a complaint they independently filed in April, together with Bittrex Global.
By agreeing to pay $14.4 million in disgorgement (the repayment of ill-gotten gains), $4 million in prejudgment interest, and $5.6 million in civil penalties, Bittrex and Bittrex Global have now reached a settlement with the federal regulator, according to a notice from the SEC dated August 10, 2023.
However, the agreement has not yet received judicial approval.
In a statement to Cointelegraph, Shihara praised the settlement as a “good outcome,” adding that the US needs to “[strike] a balance between fostering innovation, encouraging entrepreneurs, and the need to protect consumers.”
Shihara served as Bittrex’s CEO from the time of the exchange’s founding in 2014 until his resignation in 2019.
136,000 Daily Active Users on the Coinbase Layer-2 Network
Just one day after the network’s official launch, Coinbase’s layer 2 Blockchain has surpassed the 100,000 daily active user mark. On August 10, 2023, almost 30% of Base’s users were brand-new to the Blockchain.
On August 10, 2023, the second day of its public release, there were more over 136,000 daily users, the most in its short existence, according to Dune Analytics statistics.
Breaking the previous record of over 60,000 on July 31, 2023, nearly 42,000 daily users, or around 30% of the total, were new Base users on August 10.
A report on August 10 by bitcoin industry data site CryptoRank said that Base is now ranked fourth among layer 2 solutions in terms of daily transactions per second, after zkSync Era, Arbitrum, and Optimism.
