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
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