13 Burst results for "Nexus Mutual"
The Defiant - DeFi Podcast
"nexus mutual" Discussed on The Defiant - DeFi Podcast
"Yeah. I mean, roughly 200 million was lost in this hack. And Euler actually had insurance through Sherlock, the company that I believe was the last pair of eyes on the particular piece of code that was exploited. And the payout was, I mean, it was less than $5 million. I can't remember exactly how much it was, but it's like, yeah, DeFi insurance programs are far from where they would need to be for me as a user to feel like, okay, I'm good. I can trust this. You know, I get something bad happens. I mean, most of them, they're all not they're all. Most of them are trustworthy. You know, I don't think that they're any blue trip protocol like Euler is a scam at all, but trusting just that there isn't some little thing in the code that somebody could find. Yeah, and insurance would go a long way to helping that, but I don't know of any. Crypto insurance business that that's ready to make people whole when you have these 7, 8 figure hacks. I mean, that's amazing. Oh, go ahead. Sorry. I mean, you have protocols like nexus mutual and stuff, where you can get insurance. But of course, they can't run. They're not able to operate at scale. So it's not like making 200 million hole. It would be as an individual user if you wanted insurance. You could have maybe bought some. I'm not sure if user was covered. Or they had a policy for that. But generally, the issue is scale, right? So most of the coverage is already all taken up. It's very hard to buy coverage at size. And they've been a lot of, if not scams, then disappointments in the insurance space as well. So we had cover protocol that very famously imploded after the dev team walked away. And a couple of others, what was the other one that was, I think it was called out as a scam or something happened, was it armor, maybe, or something like that? So yeah, like you said, the industry definitely has to mature. And I mean, it's great to be able to use these different money Legos to structure transaction or do what you want to do. But yeah, safety with each additional smart contract comes that additional risk that there might just be a loophole in that particular one that in order to miss the team missed everyone missed and then that allows the malicious attacker to sneak his way in and then drain the whole protocol. So yeah, the risk is definitely still outsized. I mean, I wouldn't, I mean, the biggest proponent of DeFi to everyone. But I still wouldn't tell my dad, you know, put your savings account money into a way or something. Even though it's proven to be. You know, it has Dutch wood hasn't been exploited, but you never know right. It's all code at the end of the day and as someone who doesn't understand the code myself, it's very hard for me to take a call and say, oh, you know what this code looks safe to me. So yeah, I'm just going to say before that, it's pretty amazing to me that it's still the OG DeFi protocol. Uniswap. The ones that are still unscathed and standing on haven't been hacked. That is amazing. Yeah, like when you iterations are, I don't know if it's because they're adding more complexity, taking on more risk. But the OGs, you know, the first one to try. Or at least the first one to succeed in DeFi. You remain there. Are still kind of the safest. Let's not jinx it. I have a lot of money on you and swap. Knocking on right now. Okay, so we're running out of time, but let's wrap up with the last big story of the week. We Ethereum chapter upgrades. I like to walk us through this. Sure. And just to, I guess, be quick about it and also, I'm not a technical guy, so I can't really explain what exactly happened, but basically they've been, they've been building this very important upgrade for Ethereum, right? So just a little bit of context, Ethereum, everybody listening to this probably knows switch from proof of work to proof of stake last year, changing the way that it orders and confirms transactions so that it would slash its energies by 99%. Proof of stake requires that users deposit 32 eth in order to become one of the validators that contributes to the ordering and confirming of transactions. And there are a lot of proof of stake blockchains out of that right now. Solana is one of them and just about all of them when you put money into become a validator. Well, you can also take it out if you so choose, right? You're not locking your eth up for all time right now with Ethereum. You actually can't withdraw your stake. The proof of stake engine that's running within Ethereum went live back in December 2020 and has been running was running in parallel with the actual Ethereum proof of work blockchain since then. So there are people who staked as far back as 2020 whose eth has been locked in there. They can't withdraw it. They can't cash out, they can't use it in other DeFi protocols. Obviously, it's a really big deal to enable withdrawals. So the next big Ethereum upgrade the last one was the merge went switch to proof of stake the next big one is called Shanghai. That was always planned to drop sometime in the spring of 2023. Ethereum's distributed group of developers has been working on this technology. They've been testing it kind of bulletproofing it. And some of those final steps happened earlier this week. And in fact, the development
Ethereum Daily
"nexus mutual" Discussed on Ethereum Daily
"Welcome to eth daily, a daily briefing on the latest in Ethereum. Bitcoin introduces its GTC eth liquid staking index token, the liquid collective deploys its LS eth token ten or 5 suffers a $1.6 million exploit and optimism prepares for its optimism gourley hard fork. All this and more from eth Daly starts right now. Bitcoin introduced GTC eth an index token of liquid stake in derivatives that also contributes a portion of staking rewards to get coin. GTC eth was created on index coupe, a DApp for creating custom index tokens. It also uses the same methodology as index cubes DSE liquid staking token index, which consists of R 8 by rocket pool, wrapped as the eth by lido and SET two by steak wise. Features a 3.24% variable APY for holders. 1.75% of the stake in rewards are also donated to Bitcoin. Index cube keeps a streaming fee of 0.25% for providing the service to initial liquidity pools for GTC eth have also been seated on uniswap V three. Good coin did not specify how it plans to allocate funds received from GTC eth holders. Liquid collective and enterprise liquid staking project deployed its LS eth liquid staking token. Coinbase prime and Bitcoin Susie, which are members of the collective, launched LSE support for institutional clients. The token is set to be listed for trading on coinbase. Holders can also transfer out LSE for use in DeFi. Liquid collective says LS eth holders are protected against slashing events thanks to a coverage program with nexus mutual. LSE staking consists of node operators with multi cloud multi region and multi client infrastructure, including coinbase cloud, a KYC check is required as part of minting and redeeming LS eth. Tender phi, it borrowing protocol native to arbitrum was exploited for nearly $1.6 million by a white hat, the attacker was able to drain all borrow both assets on the protocol after having deposited a single GMX token. The attacker left a message in the transaction call data stating the exploit was related to a misconfigured Oracle. Once tender fire reached out, the white hat agreed to return all still in funds -62.15 ether, which was capped as a bounty, tender phi, then repaid the bounties value back to the protocol to make users whole. It was later confirmed that a decimal error caused the contract to return to the price of GMX with 38 decimals instead of 18. Uniswap developer Mark tuda released a framework for executing sponsored transactions. The framework uses permit two, a contract that by uniswap that features time bound and signature based token approvals. It allows users to set any amount of ERC 20 tokens as payment for getting their transaction executed by a sponsor, permits you allows a sponsor to batch token transfers and verify signatures on behalf of a user. Once a user specifies and signs a set of operations along with an ERC 20 token tip, a sponsor contract can pull user tokens verify the signature perform the operations and pay the executor. The code for the framework has not yet been audited. And lastly, optimism is asking infrastructure providers to roll back to a previous version after discovering issues with a recent release. Once ready, node operators on optimism gorely are required to update their op node and Opie get clients ahead of a hard fork on March 17th. Coined as the goal of the upgrade, the fork will implement changes to deposit processing on.
Coronavirus
"nexus mutual" Discussed on Coronavirus
"Welcome to eth daily, a daily briefing on the latest in Ethereum. Bitcoin introduces its GTC eth liquid staking index token, the liquid collective deploys its LS eth token ten or 5 suffers a $1.6 million exploit and optimism prepares for its optimism gourley hard fork. All this and more from eth Daly starts right now. Bitcoin introduced GTC eth an index token of liquid stake in derivatives that also contributes a portion of staking rewards to get coin. GTC eth was created on index coupe, a DApp for creating custom index tokens. It also uses the same methodology as index cubes DSE liquid staking token index, which consists of R 8 by rocket pool, wrapped as the eth by lido and SET two by steak wise. Features a 3.24% variable APY for holders. 1.75% of the stake in rewards are also donated to Bitcoin. Index cube keeps a streaming fee of 0.25% for providing the service to initial liquidity pools for GTC eth have also been seated on uniswap V three. Good coin did not specify how it plans to allocate funds received from GTC eth holders. Liquid collective and enterprise liquid staking project deployed its LS eth liquid staking token. Coinbase prime and Bitcoin Susie, which are members of the collective, launched LSE support for institutional clients. The token is set to be listed for trading on coinbase. Holders can also transfer out LSE for use in DeFi. Liquid collective says LS eth holders are protected against slashing events thanks to a coverage program with nexus mutual. LSE staking consists of node operators with multi cloud multi region and multi client infrastructure, including coinbase cloud, a KYC check is required as part of minting and redeeming LS eth. Tender phi, it borrowing protocol native to arbitrum was exploited for nearly $1.6 million by a white hat, the attacker was able to drain all borrow both assets on the protocol after having deposited a single GMX token. The attacker left a message in the transaction call data stating the exploit was related to a misconfigured Oracle. Once tender fire reached out, the white hat agreed to return all still in funds -62.15 ether, which was capped as a bounty, tender phi, then repaid the bounties value back to the protocol to make users whole. It was later confirmed that a decimal error caused the contract to return to the price of GMX with 38 decimals instead of 18. Uniswap developer Mark tuda released a framework for executing sponsored transactions. The framework uses permit two, a contract that by uniswap that features time bound and signature based token approvals. It allows users to set any amount of ERC 20 tokens as payment for getting their transaction executed by a sponsor, permits you allows a sponsor to batch token transfers and verify signatures on behalf of a user. Once a user specifies and signs a set of operations along with an ERC 20 token tip, a sponsor contract can pull user tokens verify the signature perform the operations and pay the executor. The code for the framework has not yet been audited. And lastly, optimism is asking infrastructure providers to roll back to a previous version after discovering issues with a recent release. Once ready, node operators on optimism gorely are required to update their op node and Opie get clients ahead of a hard fork on March 17th. Coined as the goal of the upgrade, the fork will implement changes to deposit processing on.
CoinDesk Podcast Network
"nexus mutual" Discussed on CoinDesk Podcast Network
"So I think that if it is true that Caroline is reportedly working with regulators to turn states witness, it makes complete sense that she would bring this lawyer on board. This lawyer who knows the inner workings of the SEC, she knows how to work with regulators. She's been working for government for a really, really long time. I would think that is someone who could potentially negotiate a good deal for you to turn states witness. When I was reading the story, I thought about the story we spoke about, I think it was a few months ago now about lawmakers talking about the revolving door between Washington and the crypto industry. I think it was AOC and Warren who came out and said, you know, what are we doing to address this? Should we address any potential conflict? Wouldn't be surprised if we see these same people come out and say, if you've previously worked for government in the same year, I believe that the article said that the lawyer was working for the SEC this year earlier this year. Should you be representing people that the government are going up against? I don't know. I know that if you work at a law firm, you don't represent both sides of the story and I can imagine lawmakers coming out and questioning this sort of thing. Although it is totally kosher as it stands, Zach, I saw your hand go up. Yeah, I mean, the tangled web, you know, let's forget the polycule and all that spicy New York Post garbage for a second and just the tangled web here on the legal side is actually really interesting too, right? You know, this lawyer, she was the co director of the enforcement division with the lawyer who is now representing FTX, right? So these are people who were at the SEC working together who now may be working on both sides of the private side of this whole fracas and these people are no slouches, right? These people were involved when they were working for the government at the SEC with the ripple lab suit with other suits in the crypto space. So they potentially know it well, and it would make sense for someone in this position to seek out the best possible expert here. But it does sort of, again, I think, to Jen's point. Speak to that tangled web of people who were former regulators now using that subject matter expertise in the private sector and it creates this strange dynamic where it's kind of like, wow, which side of the fence are these people on now? And it's kind of just very confusing in terms of past rules, new rules, and how these are all going to kind of like potentially inner mesh in a really crazy way. Again, this is all reportedly, we'll see what happens, but let's change gears. We're going to meet. We're talking about insurance. Let's get boring. No polycule is here, folks. We're talking about crypto insurance firm ever toss out here raising $14 million. These are headlines that you would see pretty regularly in the good old days. But now here in the depths of crypto winter, arrays of this size, I guess, is notable, but I think it's really the topic that's probably more notable, right? These firms who have exposure to imploding, hacked, exploited projects, often are with few options as it relates to crypto insurance. So you and Allison, among uncovering a bunch of scoops in the space, he's also been kind of chronicling the evolution of crypto insurance over the years, and this is the latest from him with this raise from everts. I'm going to throw it straight to Wendy for her thoughts on the crypto insurance sector. What are your thoughts here? I actually like that we're going to have some sort of crypto insurance coming. One of the issues that we have in the space is a lack of violation, the lack of clarity. And I feel like self governance is going to be a big theme that we can see. If the crypto industry can go to lawmakers or regulators and say, hey, this is what we've been able to build. Let's just go ahead and allow this. That might actually be able to push more positive regulation in. Instead of letting a government entity decide what we do. And the reason why leading a government entity decide what we do is because they've already showcased us problematic behavior with the lack of regulations. And as we talked about in the story before, they don't really have guidelines of who can represent who if you work for a government entity and then merging over into crypto. So I think this is a good thing. I like it. I know it kind of goes against the whole true decentralized economy ethos, but at the same time, I think it is a necessary thing that we need in the industry, especially for people that are brand new. I completely agree with you, Wendy, and I think that it's the perfect time to be speaking to investors about this story and this thesis and the perfect time to be speaking to consumers about this. You know, we had FTX implode. We have everyone talking about, you know, what if this happens again? What about hacks? What about theft and insurance is the solution? I know that there is a quote in the article from the CEO and he said that for years they've been talking about trust accounts, degradation of assets and delineation of ownership in the event of bankruptcy, says that they've been underwriting that for three or four years. And so this makes total sense, I think, for centralized exchanges, we often talk about Visa and centralized banks and how they offer these assurances to consumers. And if you're new to the space, maybe you sometimes get that confused and don't understand why you might be losing your money when there is something that goes wrong. And so I think this is great and it speaks again to that optionality. If you think this is totally whack and you hate centralization, there are solutions out there for you. There are decentralized ways for you to go out there and take on that risk yourself. And so I think it is good. Will. Yeah, the product market fit timing is really nice. And we saw that with the ledger news as well, right? Where everyone wants to go into self custody during a period when FTX was blowing up and people did not have self custody of their assets and therefore lost them. In the same way we've seen a lot of exchanges go and solve it or products go and solve it. Teams just be blown up. Treasury is being secure. And now I have an insurance product that's coming onto the scene. I think this is going to bring a lot of adoption for this insurance company specifically. And then just lay some light onto the insurance angle in crypto. Because there's a lot more teams that are actually building insurance in crypto than just this one team here. There's a lot of different protocols for that. There's a lot of people building these sort of insurance products in order to help the space in general. And so I'm glad to see that this being trotted out. It's unfortunate we really only focus on these things during the down markets. But that's how it is. I think there's a bull market for exchanges and assets, but there's also a bull market for insurance and hardware wallets and things like that. And they're typically off cycle from each other because people don't need them until you need it. Wendy altered up to you, but also saw Zach's hand go up. Really quickly. If this does get pushed through, they actually are able to provide some sort of insurance to people. I think one of the biggest complaints we're going to see is the turnaround time. I don't know if any of you guys have ever been in a car accident, but when you're in a car accident or you do actually have to file an insurance claim, you don't get your money like that. There's a lot of investigation that has to happen. A lot of different things have to happen. So people are going to use this and think it's going to be an easy all encompassing thing. That's not going to be the reality. But I still am very excited to see more of these pop up and hopefully they are legit and people are able to feel a little bit safer investing in crypto. Zach, go ahead. Yeah, a couple more options on the DeFi side. Nexus mutual probably is the one that comes to mind in terms of how to head risks and a DeFi friendly way. The thing I wanted to pipe in about was an interesting name on the cap table of this one. Sino global, which reported lost a bunch of money in FTX collapse, both through direct exposure. And sort of indirect ties was involved in this round for this insurance provider. So for this to be kind of one of their first investments in the wake that is, I think, salient and perhaps a bit interesting. Jen laszo gears. Thank you. Thank you, will. I knew you were going to toss it to me for last thoughts on insurance. I mean, I think this is just the road to boring, right? More protections, more regulation for the people who want to invest in crypto in a safe way. And I love it. Times are tough, particularly for crypto, but bit stamps different. Bit stamp is the longest running crypto exchange. And among the most regulated in the world, which includes a bit licensed in New York and a payment institution license in Europe. And when
Bankless
"nexus mutual" Discussed on Bankless
"They were in the ether pool. So they got hit. Why would they in it? This just part of treasury management. Wow, so this wasn't even part of the nexus protocol. It wasn't like a hack that went bad and that they had to kind of provide insurance for it. It was like, we have some treasury funds, and we're going to put it here in order to get higher yield and the cost to them was $5 million, $3 million for that. 3 million dollars. 1.6% of all of nexus mutual assets. Wow, treasury management, very important to get these risks into the market, huh? I would say just like the hybrid position of between DeFi and tfi, it kind of does map out to how much damage there was, not complete dead, but pretty badly harmed. Chasing chasing yield can be a pretty bad game to play. It's just got a bad name these days. Like, because if you even get 10% you'll, right? I mean, like, are the chances greater than 10% that the protocol you're in could die, or once every ten years, the protocol, if it's greater than that, then you're actually not making the risk adjusted return. Dude, vitalik gave us that take on one of our podcast episodes with him over a year ago. Yeah. He was saying that the DeFi yield risks were underappreciated back in like 2020. But it didn't matter when prices go up. It only matters. The risks only show up in prices go down. Totally, totally. What's get coined doing, David, this is kind of exciting. Bitcoin and UNICEF. Okay, so Bitcoin has been one of the big pillars of the Ethereum ecosystem for a very long time. And it's always been pretty insular. It's Ethereum funding other parts of Ethereum. This is a story of quadratic funding and Bitcoin breaking out to the outside through UNICEF. So Bitcoin is launching its first ever quadratic funding round on its new grants protocol in collaboration with UNICEF's office
Bankless
"nexus mutual" Discussed on Bankless
"So these are smaller numbers than some of the numbers that we've heard about. But is maple gonna be fine? Are they going to recover from this? Is this part of can the ship? I don't know. I don't know the answer to that. I think we need this to have a play out a little bit more. But that's actually not where this story ends, because nexus mutual also had some money inside of maple finance. So nexus mutual, which is an insurance smart contract and insurance platform on Ethereum, lost $3 million due to this exposure. So they were in one of those same pools. They were in the ether pool. So they got hit. Why would they in it? This just part of treasury management. Wow, so this wasn't even part of the nexus protocol. It wasn't like a hack that went bad and that they had to kind of provide insurance for it. It was like, we have some treasury funds, and we're going to put it here in order to get higher yield and the cost to them was $5 million, $3 million for that. 3 million dollars. 1.6% of all of nexus mutual assets. Wow, treasury management, very important to get these risks into the market, huh?
Bankless
"nexus mutual" Discussed on Bankless
"So these are smaller numbers than some of the numbers that we've heard about. But is maple gonna be fine? Are they going to recover from this? Is this part of can the ship? I don't know. I don't know the answer to that. I think we need this to have a play out a little bit more. But that's actually not where this story ends, because nexus mutual also had some money inside of maple finance. So nexus mutual, which is an insurance smart contract and insurance platform on Ethereum, lost $3 million due to this exposure. So they were in one of those same pools. They were in the ether pool. So they got hit. Why would they in it? This just part of treasury management. Wow, so this wasn't even part of the nexus protocol. It wasn't like a hack that went bad and that they had to kind of provide insurance for it. It was like, we have some treasury funds, and we're going to put it here in order to get higher yield and the cost to them was $5 million, $3 million for that. 3 million dollars. 1.6% of all of nexus mutual assets. Wow, treasury management, very important to get these risks into the market, huh?
Unchained
"nexus mutual" Discussed on Unchained
"On Wednesday, a federal judge terminated an investor's class action lawsuit against the creators of Ethereum max and public figures Kim Kardashian and Floyd Mayweather. The dismissal comes three months after Kardashian reconciled with the SEC, paying a sum of over a $1 million due to her promotion of the cryptocurrency. The judge expressed worries about celebrities persuasive abilities to have their undiscerning followers purchase snake oil. Shanghai has a tentative date. Ethereum developers announced a timeline for their much awaited next hard fork. Shanghai, which would make it possible to withdraw ether, staked with network validators. At a meeting on Thursday, core developers set the tentative date of March 2023 for the completion of the Shanghai upgrade, which is formerly known as Ethereum improvement proposal EIP four 8 9 5. This upgrade seeks to provide greater flexibility and convenience to those who have staked ether on Ethereum since the merge. The latest major upgrade of the blockchain. This has happened many times before, especially with the merge, the repose timeline may be delayed due to potential technical difficulties or other unforeseen issues. Developers also discussed EIP four 8 8 four, another hard fork that will enable Proto dank sharding. A technology that will allow the network to significantly improve scalability. Circle terminates plans to go public. Circle, the issuer of the widely used USD C stablecoin has ended its proposed merger with special purpose acquisition company, Concorde acquisition corp, and scrap the deal that was originally valued at $4.5 billion. The intention was for circle to be combined with the spac and then listed on the New York Stock Exchange. Neither side revealed why the merger wasn't successful, but circle CEO Jeremy lair still believes an IPO isn't the company's future. Maple finance cuts ties with insolvent client that was exposed to FTX. Maple finance, a major DeFi lending platform, announced it was cutting ties with orthogonal trading, a large client believed to have misrepresented its financial position. Maples decision follows the collapse of FTX, which is forcing the hands of overextended crypto lenders and borrowers. Orthogonal had borrowed over $500 million from maple, and its default caused a secondary knock on effect on nexus mutual, which potentially suffered losses of $3 million from exposure to the company. Time for fun bits. Avenging the scammers. Joma, the creator of NFT project dagos, posted a hilarious video on Twitter, mimicking how SPF handled funds on FTX. The video portrays a conversation between Sam bankman fried in air quotes, who repeats that he's a philanthropist, and a customer who wants to deposit $8 billion on an exchange to trade. During the conversation, SPF is playing League of Legends. And when this customer finally gives SPF the $8 billion, the money is not so accidentally slipped into the hands of Alameda research, represented by a person smoking and gambling with the funds. In a wise decision, the customer regrets giving his money to SPF and decides to ask for it back, but a bunch of FTT tokens get thrown in his face while SPF runs away. You still have my money, right? Oh, yes, of course. Yeah, here it is. Huh. Yeah, it looks a little bit different, but I guess that's fine. All right, thanks so much for joining us today to learn more about V, the legal process for Sam beckman free to NFTX, check out the show notes for this episode. Unchained is produced by me, Laura shin, without from Anthony Eun, Mark Murdock, Matt filtered upon our Sam shri rum, Pam and Jim jar, shashank, and sale K transcription. Thanks for listening.
Unchained
"nexus mutual" Discussed on Unchained
"Announced it was cutting ties <Speech_Female> with orthogonal trading, <Speech_Female> a large <Speech_Female> client believed to have <Speech_Female> misrepresented its <Speech_Female> financial position. <Silence> Maples <Speech_Female> decision follows <Speech_Female> the collapse of FTX, <Speech_Female> which is forcing <Speech_Female> the hands of overextended <Speech_Female> crypto lenders and <Speech_Female> borrowers. <Speech_Female> Orthogonal had <Speech_Female> borrowed over $500 million <Speech_Female> from maple, <Speech_Female> and its default <Speech_Female> caused a secondary <Speech_Female> knock on effect <Speech_Female> on nexus mutual, <Speech_Female> which potentially <Speech_Female> suffered losses of <Speech_Female> $3 million from <Speech_Female> exposure <SpeakerChange> to the company. <Speech_Female> <Speech_Female> Time for fun bits. <Speech_Female> <Speech_Female> Avenging the <Speech_Female> scammers. <Speech_Female> Joma, <Speech_Female> the creator of NFT <Speech_Female> project <Speech_Female> dagos, <Speech_Female> posted <Speech_Female> a hilarious video <Speech_Female> on Twitter, mimicking <Speech_Female> how SPF <Speech_Female> handled funds on <Speech_Female> FTX. <Speech_Female> The video <Speech_Female> portrays a conversation <Speech_Female> between <Speech_Female> Sam bankman fried <Speech_Female> in <Speech_Female> air quotes, <Speech_Female> who repeats that <Speech_Female> he's a philanthropist, <Speech_Female> and a customer <Speech_Female> who wants to deposit <Speech_Female> $8 billion <Speech_Female> on an exchange to <Speech_Female> trade. <Speech_Female> During the conversation, <Speech_Female> SPF is playing <Speech_Female> League of Legends. <Speech_Female> And when this <Speech_Female> customer finally gives <Speech_Female> SPF the $8 billion, <Speech_Female> the money <Speech_Female> is not <Speech_Female> so accidentally slipped <Speech_Female> into the hands of <Speech_Female> Alameda research, <Speech_Female> represented <Speech_Female> by a person smoking <Speech_Female> and gambling <Speech_Female> with the funds. <Silence> In a wise <Speech_Female> decision, the customer <Speech_Female> regrets giving <Speech_Female> his money to SPF <Speech_Female> and decides to ask for <Speech_Female> it back, but <Speech_Female> a bunch of FTT <Speech_Female> tokens get <Speech_Female> thrown in his face <Speech_Female> while SPF <Speech_Female> runs <SpeakerChange> away. <Speech_Female> You still <Speech_Music_Male> have my money, right? <Speech_Male> Oh, yes, of <Speech_Male> course. <Speech_Male> Yeah, <Speech_Male> here it is. <Speech_Male> <Music> <Speech_Music_Male> <Speech_Music_Male> Huh. Yeah, it looks a little <Speech_Male> bit different, but <Speech_Male> <Speech_Male> I guess that's fine. <Speech_Music_Female> <SpeakerChange> <Speech_Music_Female> All right, thanks so much <Speech_Female> for joining us today <Speech_Female> to learn more about <Speech_Female> V, the legal process <Speech_Music_Female> for Sam beckman <Speech_Music_Female> free to NFTX, <Speech_Female> check out the show notes for <Speech_Female> this episode. <Speech_Music_Female> Unchained is produced by <Speech_Female> me, Laura shin, <Speech_Female> without from Anthony <Speech_Music_Female> Eun, Mark Murdock, <Speech_Music_Female> Matt filtered <Speech_Music_Female> upon our <Speech_Music_Female> Sam shri rum, <Speech_Music_Female> Pam and Jim jar, shashank, <Speech_Music_Female> <Advertisement> and sale K <Speech_Music_Female> <Advertisement> transcription. <Speech_Music_Female> <Advertisement> Thanks for <SpeakerChange> listening.
The Crypto Overnighter
"nexus mutual" Discussed on The Crypto Overnighter
"Here, encrypted, it's 10 p.m. Pacific time, my name is nicodemus and welcome back to the crypto overnighter, where we take a nightly look at the crypto NFT and metaverse space, and keep in mind nothing in this show should ever be considered financial advice. Last night, we spoke for a bit about maple finance and some of the difficulties that they were running into. And I wanted to give you a bit of an update. Nexus mutual is a peer to peer insurance alternative. And they are expecting to take a loss on their investment in a credit pool on maple finance. Now, listeners from last night will remember that maple finance is a decentralized lending platform. And now the company warned about a potential loss of 2461 eth, which is around $3 million due to orthogonal trading default. Nexus has started to withdraw all of their funds from the affected pool, which represents about 1.6% of their assets. In August, nexus deposited over 15,000 eth worth around $19.3 million. That went into the credit pool on maple finance following a community vote. However, more of nexus funds are potentially at risk due to orthogonal trading default debt and oros global's failure to repay alone. Now nexus mutual is warning that it may take a loss on its investment in the credit pool on maple finance. What that means is that the potential losses due to orthogonal trading default on its debt and maples credit dashboard shows that the defaulted debt represents 56% of the outstanding debt on the rapid Ethereum credit pool. At present, there is only $3.1 million in cash deposits that are not tied up in loans. That limits nexus ability to withdraw funds. Maple has a ten day waiting period before depositors can withdraw capital. This news comes as the collapse of the crypto exchange FTX continues to impact DeFi lending protocols. Have you been paying attention to silvergate bank because something's going on there? And now, silvergate has always been kind of interesting from a crypto point of view. One interesting thing that happened is when they closed their door on the Libra, DM stablecoin project, they bought the intellectual property and said that they intended to create a coin using those assets. Well, things started going downhill for them on Monday morning as the bank's shares plummeted 3%. What happened was that Morgan Stanley downgraded its rating on silvergate capital to underweight. That's due to the risks arising from the bankruptcy of the crypto exchange FTX. The banks analysts believe that silvergate faces significant uncertainty about deposit flows in the near term. They estimate that the bank's digital deposits have fallen in about 60% so far in the fourth quarter. The demise of FTX could also lead to litigation and headline risk across the crypto industry. Allen lane is silver bank capital CEO. He published a public letter that said that the bank conducted quote extensive due diligence on FTX and its related entities, including Alameda research. He added that the bank followed all of the relevant regulatory procedures and investigated any potential untoward activity. Lane said that speculation and misinformation being spread by short sellers and other opportunists is trying to capitalize on the market uncertainty. Silvergate disclosed one month ago that FTX deposits made up nearly 10% of their $11.9 billion in deposits from digital asset customers. However, the bank does not appear to be a creditor to FTX. Now, lane said that the bank has a resilient balance sheet and ample liquidity. He added that the lender carries cash and securities in excess of their digital asset related deposit liabilities. Silvergate stock is down 53% over the last month and was little changed in after hour trade on Monday. Well, since then, U.S. Congress has gotten involved. Three U.S. senators, Elizabeth Warren, John Kennedy and roger Marshall have written to silvergate. They want answers about its supposed role in facilitating transfers between the exchange FTX and Alameda research. The senators letter come after allegations were made that sbf made large transfers of customer funds from the exchange to Alameda research. FTX and other companies reportedly held around 20 accounts at silvergate, according to a bankruptcy filing. The senators letter said that there were, quote, reports that mister bankman freed secretly transferred some $10 billion of customer funds to his trading vehicle automated research to fund risky bets, violating both U.S. securities laws and FTX owned terms of service. They also said that they were concerned about surrogates role in these activities because of reports suggesting that silvergate facilitated the transfer of FTX customer funds to Alameda. Shares were down another 6.15% and have touched a new 52 week low in Tuesday morning trade, adding to their roughly 50% decline since the FTX collapse. Silvergate has issued a statement saying that it was quote the victim of FTX and Alameda research's apparent misuse of customer assets. They said that they believe their full cooperation will help set the record straight. Now the bank has until December 19th to officially respond to the senators. SPF has reportedly hired Mark Cohen, a former federal prosecutor as his defense attorney. His spokesperson said the former CEO has retained Cohen amid a flurry of civil litigation from investors in the crypto exchange and investigations by U.S. lawmakers and regulators. Now Cohen is a cofounder of the law firm Cohen and gresser and was a former assistant U.S. attorney for the eastern district of New York. He also worked on the defense team for Ghislaine Maxwell. Wait, didn't she get convicted? Anyway, FTX group filed for bankruptcy under chapter 11 in the district of Delaware on November 11th. This was following a reported liquidity crunch in which the firm claimed billions in leverage, making it unable to meet withdrawal demands. Filing in bankruptcy court suggested FTX could be accountable to more than 1 million creditors. After the company's collapse, SPF has made several media appearances and has spoken to reporters many times. Despite criticism from some in the crypto space. The former CEO has apologized for his role in the exchanges downfall. He said that he plans to make it up to affected team members, but has not yet offered a concrete plan to compensate investors. John ray became the exchanges CEO in November. Now, one defender SPF doesn't have to hire is Kevin O'Leary. Because it was in an interview with Yahoo finance today that Shark Tank's mister wonderful called for calm following FTX is collapse. O'Leary stated that the exchanges former CEO should be considered innocent and less evidence emerges that he committed fraud. He called for FTX to be audited to reveal where they exchange his money went so that investors can get their funds back. On November 30th and December 1st, SPF took several interviews in which he claimed that he was not guilty of fraud, which led to backlash within the crypto community. However, O'Leary defended him in a new interview, saying that he is quote innocent until proven guilty. O'Leary explained quote, I am of the ilk, and of the group of people that says, you're innocent until proven guilty. That's what I believe, and I want the facts. And so if you tell me that you didn't, you did or didn't do something, I'm going to believe you until I find out it's a falsehood.
Crypto Altruism Podcast
"nexus mutual" Discussed on Crypto Altruism Podcast
"Because yeah, right now, the way it is with Reddit, it really is sketchy. It's really hard to know if when someone signs up to be an auntie if they're trusted, like how can we know? Yeah, so in this way, we've kind of come up with more of a way to vet people to make sure that it's as safe as it possibly can be. And then let's say that we need to do some effort that doesn't necessarily involve reproductive health services. We have this giant network of people and they're going to be ready to help. And yeah, the second mission is the DeFi protocol and the Dow. Obviously, we're going to be taking a bit of the profits from the DeFi protocol and using that to support the aunties in the network. So what that will mean, because right now on Reddit, they can't offer anything financial. But we would love to be able to reimburse antis for any costs they incur. You know, like it would be as simple as bringing a receipt to the website uploading it and getting approved. And then since we're partnering with a service called bank so, we'll actually be able to let people withdraw from stablecoin to Fiat without a KYC if it's under a certain amount of money. So we're keeping the identity safe. Once again, it's just a way to keep this network anonymous, safe, immutable. And then the second mission is to create a really stable Dow. Like something that isn't as volatile as some of the projects that we've seen, I'm definitely taking a lot of inspiration from other doubts that have existed so far. And I've studied a lot of the ways in which they failed. So yeah, that's it. It's to generate for us it'll be like, we have more than one DeFi protocol in mind. Obviously there's the Dow and there will be the governance token. We're going to offer staking and bonding mechanisms in the way that Olympus Dow did, but we have a bit more of a stability algorithm in place for the main token. I've also looked deeply into DeFi insurance, which is way more impressive than I thought it would be at this stage. I don't know if you've looked at nexus mutual before, but there's all kinds of things that they cover in terms of they do insurance for protocols, economic design failure, Oracle failure, which is a big one, or a call failures have been pretty bad.
Markets Daily Crypto Roundup
"nexus mutual" Discussed on Markets Daily Crypto Roundup
"The second quarter was about $30 billion larger than the previous record decline, not two years earlier at the onset of the COVID-19 pandemic. Reuters reports on this one. In other news, a fresh report out says U.S. firms that do most of their business at home will fare better than those exposed to Europe, where a recession is all but guaranteed. That's according to strategists at Goldman Sachs. Quote, despite concerns that investors have about U.S. equity markets, we believe it offers greater absolute and risk adjusted return potential than recession plagued European markets, they wrote in a note. Bloomberg reports on that one. Meanwhile, the Federal Reserve's attempt to get a clean read on post pandemic inflation has focused attention on gauges that elevate housing costs, which is why what happens to rental inflation will factor heavily into the future of monetary policy. The good news is that rental inflation may be close to topping out after advancing almost 6% in just the 12 months through July. The bad news is that it will take a while to go back down. And that means that fed officials will maintain higher interest rates for some time, if you're the fed and you're trying to push down on inflation, you have to sort of hammer the labor market a little bit. In the sense that that's what's going to help push shelter inflation down. The president of inflation insights in Pasadena, California said. Most other prices, meanwhile, are quote out of their control. It's another one from Bloomberg. Turning to international news, the Conservative Party of Canada or the CPC elected a pro Bitcoin Ontario member of parliament. Pierre poi liev. As the party's new leader on Saturday, and it wasn't even close. Quickly have garnered over 68% of the conservative vote. Miles ahead of his closest rival, who only managed to scrounge up about 16% of the total vote. Poorly have not only dominated in vote count, but also as the preferred candidate in almost every single electoral district across Canada, quote, government is ruining the Canadian dollar, so Canadians should have the freedom to use other money, such as Bitcoin. Willie has said earlier this year. Coin desk Frederick reports. Turning to industry news, the Biden administration's new findings on Bitcoin mining's environmental impact, united some industry advocates and some of its critics, both sides declaring their views had support from the highest levels of the U.S. government. On Thursday, The White House office of science and technology policy released a much anticipated 45 page report on Bitcoin mining and detailed the pros and cons of the industry's impact on the environmental and energy grid, calling for more research so that federal agencies can come up with standards to minimize harm. Oh joy. If these measures prove inefficient the report set, the administration and Congress should consider limiting or eliminating energy intensive technologies like proof of work. The system that powers the Bitcoin blockchain and at least for a few more days, Ethereum. Bitcoin mining in particular is based on criticism for its energy usage and carbon emissions. But the industry is argued that it can actually support the world's transition to renewables. Advocates say the report highlights the positive potential of Bitcoin mining, whereas critics note that the government agency tried to debunk some of the miners arguments, quote every major Bitcoin influencer going on national TV should be hammering the point that The White House report found that proof of work mining could yield positive results for climate change, tweeted one attorney. Coin desks Eliza Gritty has more. And finally, the notable reduction in energy consumption after the merge may allow some institutional investors to purchase ether for the first time. Those were barred from buying tokens that run on blockchains using proof of work consensus mechanisms. New report out from Bank of America says, quote, the ability to stake eth and generate a higher quality yield lower credit and liquidity risk is a validator or through the staking service rather than on black box lending and borrowing applications, may also drive institutional adoption, analysts wrote. The big bank says that higher quality yield also has ramifications for the web three ecosystem of decentralized applications. A decentralized insurance protocol such as nexus mutual needs to generate a return on its reserves to allow for it to become a feasible alternative to traditional insurance companies, the bank said. Insurance companies normally invest their reserves in corporate or government debt, but instruments with similar risk and reward characteristics are difficult to find in the digital asset ecosystem. Staking on Ethereum may in fact be the closest alternative. It added. Coin desks will canny, has more. And in crypto culture news, here's Adrian blast. Thank you, Adam, what's up, everybody? Starbucks, the popular coffee roaster is set to begin a non fungible token or NFT based loyalty program with the blockchain technology provided by polygon. The company's Starbucks Odyssey will allow customers to purchase and earn digital collectibles in the form of an NFT that offer benefits and immersive experiences. The program is to be built on polygon's proof of stake network, a scaling tool that sits on top of the Ethereum network, applications that run on polygon and other scalars can avoid some of the high costs and low transaction speeds caused by congestion on Ethereum's main network. Starbucks hinted at developing a web three experience in May when it announced plans to launch a series of NFT collections providing quote unique experiences, community building, and customer engagement. Jamie Crowley reports on that. Thanks very much for that Adrian. Today's featured stories and opinion piece from coin desks, David zamora. Today's feature is entitled, then they fight you. Scenarios for coming crypto regulation. I can't count how many times over the years I've seen someone on a crypto Twitter trot out the old saw that starts with first they ignore you, then they laugh at you. Well, be careful what you wish for, because over the past year, we've clearly reached the then they fight you portion of the quote, often misattributed to Mahatma Gandhi. For more than a decade, regulators including the U.S. Securities and Exchange Commission have been imposing only minimal restraint and targeting egregious frauds for prosecution. But otherwise leaving crypto largely to its own devices. But when Gary gensler was appointed to have the SEC under the Biden administration, he signaled early and often his intention to take a more rigorous approach. That attitude is manifested in a variety of ways, even beyond gensler's formal domain. In May, the SEC doubled the number of staffers in its enforcement division who were focused on crypto. Sanctions against the privacy software known as tornado cache by the office of foreign assets control has triggered the most acute worry in the industry, and will face legal challenges, and last week saw filings from grayscale investments acknowledging in response to an SEC inquiry that the steller zcash and horizon crypto tokens quote may currently be and quote securities. And full disclosure, grayscale and coin desk are both earned by digital currency group. Some of this increased scrutiny may be simply a consequence of crypto's growing influence and the stakes, rather than entirely due to gensler. According to the law blog, legal intelligencer, cryptocurrency enforcement actions by the SEC have shot up to 79 for the three years from 2018 to 2021 from just 18 between 2013 and 2017. But it also does no good to deny the obvious. Gensler came in ready to regulate, and he got a convenient mandate courtesy of the immense amount of truly damaging fraud and foolhardy experimentation in crypto. That was always present, but the increased exposure of the general public to crypto speculation during the 2020 through 2022 bull market made the situation far more dangerous than it had been. So there are two maybe three possible outcomes here. The most likely, unfortunately, is that gensler's SEC places mounting legal pressure on both token issuers and exchanges. Primarily using even more enforcement actions to treat tokens as securities and a relatively uniform way. That would almost certainly strangle many good crypto projects along with the bad. The preferable alternative would be a real attempt to structure rules that wouldn't hamper the potential of this new technology along the lines of the formal time limited safe harbor proposed by SEC commissioner Hester purse. That proposal includes data reporting requirements for token projects, which is good, but didn't place any prior restraint on entities that wanted to try something new, which is also good. Personally, I would love to see additional safe harbor permissions for tokens with very low value. The sort that might be deployed for small scale doubts or decentralized autonomous organizations or other truly community driven projects. But let's be realistic. Regulation that leaves substantial room for experimentation isn't particularly likely to come to fruition. In part, that's because Congress remains a bit of an ineffectual mess. Ill equipped to craft complex and rational, new rules. But more fundamentally, the SEC and other regulators just aren't set up to grapple with the truly mind bending complexities of blockchain's crossover between technology and finance. That disconnect may be inevitable because regulation implies a normative vision of the way that things should be. Embracing risk and chaos and figuring it out as we go is probably the only real way to find out the long-term potential of these innovations. With that possibility has basically closed over the past two years, thanks to a combination of real growth and shameless hox tourism. Figures like Alex mashinsky and du Quan conveniently disregarded the experimental nature of the products they were promoting to the general public, and that means that real engineers and designers tinkering at the truly bleeding edge are poised to pay a completely undeserved penalty. As these tighter constraints close in, it'll be increasingly important to remember what's actually being targeted by stricter regulation. Ultimately, the problem is not cryptocurrency, the blockchain itself, which are merely technologies. The problem is that they've been overhyped and exploited to further a much larger system, in which promotion of high risk investments yields big rewards, even if those investments are more likely to get vaporized. The same dynamic is in play in the regulated venture capital industry. We recently saw the absurdity of another 350 million, being handed to low rent P. T. Barnum, Adam Neumann, who became a billionaire in the course of destroying $11 billion of other people's money at WeWork, his Neumann, a smarter, better, or more trustworthy person than duquan, that seems like a stretch. Of course, there is a potential upside as the crackdown ramps up. It could return cryptocurrency to its roots. The fat days of loose oversight were moved incentives to build truly robust systems that could operate beyond government reach in favor of fragile systems with superficial features that could be shown to retail traders and investors. Features like censorship resistance and true decentralization are about to get a lot more important. And in the long run, that could be the best outcome of all. Hey, listeners, thank you for listening. On behalf of markets daily, you're invited to coin desk's new event. The investing in digital enterprises and asset summit or ideas for short. This event facilitates capital flow and market growth by connecting the digital economy with traditional finance. Join us on October 18th and 19th for a 360° investment experience where you can source invest and secure your next big deal in digital assets in one place. Use code markets 20 that's all one word and with the number 20 for 20% off a general pass. Register today at coin desk dot com slash ideas.
Unchained
"nexus mutual" Discussed on Unchained
"Super super interesting. And i also want to add like the people who recognize this the most are actually the founders. Like the defy founders. Who came tracy. No finance welding like saul both worlds so good. Example is hugh carp nexus mutual for where before he started nexus or fifteen years he was the cic cfo of munich Large insurance company. And then whenever he shows up next is's kpi's in dashboards to his brains nutritional world. They're all like blown away because like those people. I can never find a dashboard on for their traditional unsure about kpi's such as active premiums enforce price to book like all these like fundamental kpi's which are hidden quarterly pdf's whereas a because next mutual is on chain on a theory. You can get all that data in real time. And it's just it amazes done like how much transparency there is for defy yay. And one other thing. I would add to it is. It's not even just the unchain metrics but even just being able to see how the community is talking in the forums because normally for a company or whatever the decision makers whatever. Their thoughts are would be hidden. They wouldn't be something that would be each available to any random shareholder. But in a crypto community you can kind of see like what is a community saying where sentiment going like that kind of thing and so that also is another difference. ra so let's drive now into these metrics. And i actually so even though you know. The topic is kind of like east. Broadly which is composed of fewer different topics. I really wanna start with. Nfc's because that's where the action is nowadays. And when i was doing research for this episode mine was just kind of blown because You know if you've been listening my show. I haven't really done much. Nf except for the infinity. And so i was just like whoa but anyway all right. So what are the notable aspects. You're seeing in energy market right now especially when it comes to unchain metrics will i like open seas like Barricade completely exploited like monthly volume. I saw the other day. That only thirty something companies in the world that has like over a billion in giambi In like open see is like on pace to be like one of those in lake. They've the company's only been around for like about three years saigal. A lot of the volume growth has been driven by. Pfp's which are like these avatar projects That i know people like to trade in speculate on and also like us as avatars in like open seas like then benefiting from just the in the marketplace for searching discovery for these avatars. So that's been one of the big trends in and of ts in the last few weeks. And what is the pfp. A product profile picture. Oh okay. I think we're crazy to see when the the open sea volumes is how it shut up to i guess around the hundred million in trading volume amongst in like earlier this year and it felt like that was like read an explosive moments and then came a little bit down in april or something and now it's like seven hundred million so far in august so it's like it's insane when you see some of these focus sticks sort. Play out wherever you'd think that. Oh that that was like the p and then that just absolutely north months later. Wow wait no. It's seven hundred billion for august million You see seven hundred sixty five million only about half the months so far. That's crazy because the volume in july was three hundred and twenty five million so okay so the reading more than doubled july and it's only been less than half of the month. Okay well yeah. And i did it. Also see glass node report. That said that sixty three thousand addresses interacted with open sea in july. But that in the first three days of august alone over twenty thousand addresses had interacted with open. See so at that like now. It's up to ninety two thousand with the first how well okay throwing all their. Kpi's have like a dwarfed i- all of august is dwarf. July's it's not been the end of the month. Yeah we're not even halfway through just also in case people don't ok. P stands for key performance indicator public. It's all out there. Oh yeah yeah. Yeah which will put. We'll put that in the show notes. So when you see all that like you know do you. Do you get a sense of what is driving this interest in tease. Or who's getting into the space or like why it's growing so exponentially. I had this mental model that Defiance crypto for elites and like. Nfc's is a crypto for normies. And like the reason. I say that is like defy Kind of higher barrier to entry one gas fees of price out a lot of people in like two. There's a lot of financial vocabulary eating analogy. You need to know like what. What's a perpetual swap. Like how options work is a lot of trading terminology. Which is why. A lot of the defy activity has been driven by wales and traders like more sophisticated people whereas nfc's Like when i explained. Ftc my parents. They understood immediately Just because it's very relatable to most like everyday people on because you're you're like buying a culture in like investing in like athletes aren't music entertainment and like that's just something that's Retail people understand. Becker which is why. If you look kind of mainstream media coverage you saw like nf t.'s. Crossed the chasm to mainstream attention. Much faster than a defy. And can you tell us how it was that you explained here parents. Because i'm just curious to hear how you would explain it. To a non crypto person. I like the best analogies like collectibles like things like sports cards..