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The defi platform Raft has temporarily suspended the minting of its R stablecoin due to a security vulnerability that resulted in a substantial loss. The company is currently investigating the incident and has promised to keep its users updated. Existing users, however, can continue with loan repayments and collateral retrieval. We are
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On-chain data shows that the attacker drained 1,577 ETH from Raft, then sent 1,570 ETH to a burn address – destroying most of the stolen assets and leaving only 7 ETH for themselves. The hacker's address received 18 ETH via crypto mixer service Tornado Cash before the attack, blockchain data
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While the biggest stablecoins, Tether’s USDT and Circle Internet Financial’s USDC, are backed by conventional assets like U.S. Treasurys, those backed instead by crypto assets have had mixed success. MakerDAO’s DAI, which is collateralized by a combination of Ethereum-based tokens, stablecoins and real-world assets such as U.S. government bonds, has
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Tech giant Google announced a plethora of new Artificial Intelligence (AI)-backed features during its annual Google I/O conference, with updated AI tech set to appear across its major platforms.On May 10, the annual Google I/O conference took place in California, with CEO Sundar Pichai giving a keynote address on the
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The Bank of England Financial Policy Committee and other U.K. regulators are assessing crypto regulation after publishing reports on financial stability relating to cryptoassets and decentralized finance. The BoE report was released on Thursday, and the Financial Conduct Authority, or FCA, along with the Bank’s Prudential Regulation Authority, or PRA,
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