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SEC Rejects ARK 21Shares Spot BTC ETF Application, DeFi Lender Inverse Finance Gets Exploited

Updated: Apr 7, 2022

Daily Market Wrap

  • Crypto market cap: 2.16 trillion, down 0.17%

  • BTC price stands at USD 46,171, down 0.50%

  • ETH price stands at USD 3,506, down 0.44%

  • Top gainer: Oasis Network (ROSE), up 12.56%

  • Top loser: Waves (WAVES), down 11.14%

News of the Day

Why it matters:

  • The SEC said that Cboe BZX has not met the requirements of listing a financial product under the Exchange Act and broader rules of practice

  • 21Shares is a European exchange-traded product issuer

  • To date, the SEC has not approved any spot crypto ETF applications for listing shares in the U.S.

Crypto daily spotlight

Brief introduction: Inverse Finance is a DeFi lending protocol based on fully collateralised cross-chain stablecoins: DOLA and the INV governance token. Users that stake INV tokens received returns in DOLA Revenue Sharing Rewards on Inverse’s Ethereum money market, Anchor. INV has a market capitalisation of about $30 million and circulating supply of 93,726 tokens at the time of writing.

Why it matters:

  • The attacker targeted its Anchor money market by manipulating token prices; this allowed the attacker to borrow loans against extremely low collateral

  • Last Tuesday, the gaming-focused blockchain, Ronin, lost more than $625 million worth of crypto due to an attack

  • Then, last Thursday, Ola Finance was exploited for $3.6 million in crypto; these recent attacks demonstrate the increasing sophistication of attackers’ techniques

Daily sector tracker

Daily News Roundup

  1. Kraken Exchange to Support Bitcoin’s Lightning Network After Delay

  2. FTX in Talks with Indian Gaming Startup MPL for Web 3 Push

  3. Netz Capital Purchases Ethereum NFT Collection Pudgy Penguins for $2.5 Million

  4. Wall Street Veteran Caitlin Long Says Crypto Will Split Into Three Camps Due to Regulation

  5. Designers of Euro Central Bank Digital Currency Consider Privacy Issues

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