DeFi to be examined at inaugural CFTC tech advisory meeting: Finance Redefined

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Welcome to Finance Redefined. This is a weekly newsletter that provides key insights on Decentralized Finance (DeFi) and was created to bring you the important developments of the past week.

DeFi will be the focus of the inaugural Commodity Futures Trading Commission (CFTC) Technical Advisory Meeting, where a panel will “explore the issue of decentralized finance.”

Nearly a year after announcing its development, Polygon, the Layer 2 scaling protocol for Ethereum, has released its zero-knowledge decentralized identity solution to the public.

The cryptocurrency phishers behind some of the most high-profile and valuable Web3 thefts claim to have cleaned up their stores, saying, “It’s time to move on to something better.”

In another DeFi exploit-related development, Platypus Finance has created a portal that allows users to view how much money they owe to the platform following the recent $9.1 million exploit. French police arrested two of his suspects, and he seized €210,000 ($223,000) worth of cryptocurrency in connection with the Platypus exploit.

The DeFi market got off to a bearish start to March, with Thursday’s price drop wiping out most of the gains from the top 100 DeFi tokens. With a few exceptions, most of the top 100 tokens traded in the red on the weekly chart.

Decentralized Finance Considered at First CFTC Technical Advisory Council

The U.S. commodity regulator will take a closer look at the decentralized finance space at its upcoming technical committee meeting, which also invited crypto industry executives.

On March 1, the CFTC announced that the agenda for its March 22 Technical Advisory Board meeting would include a panel on “Examining Issues in Decentralized Finance.”

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Notorious Monkey Drainer Crypto Scammers Say They’re ‘Shut Down’

A scammer pseudonymous as Monkey Drainer posted on his Telegram channel on March 1 that he would “shut down immediately” and that all “files, servers and devices” related to Drainer would be “immediately destroyed” and ” I will not go back,” he said. ”

Scammers advise even up-and-coming “young cybercriminals” that they should not “lose themselves in search of easy money” and that only those with “the highest level of He said he should run a “criminal” organization.

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Polygon launches decentralized identity product with zk-proofs

The Polygon ID service uses zero-knowledge proofs. It uses encryption technology to allow you to verify your identity online without sensitive information being passed to third parties or potentially stored.

Polygon Labs released Polygon ID on March 1, almost 12 months after the project officially launched in a closed-source environment. The Polygon team says Polygon ID was built to “solve the problem of digital trust.”

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French police arrest two in platypus attack

French police have arrested two suspects in connection with the $9.1 million Platypus exploit and seized €210,000 ($223,000) worth of cryptocurrency, according to local authorities.

According to Platypus, the investigation leading to the arrest was supported by on-chain detective ZachXBT and cryptocurrency exchange Binance. The same abuser compromised the decentralized protocol in his 3 flash his loan attacks on February 16th.

According to the protocol’s latest update, it has launched a page where viewers can see how much they can earn from the platform. It contains several sections to help you. This includes an overview, pre-attack net values, and post-attack adjustments.

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DeFi market overview

DeFi’s total market value fell below $50 billion in the past week, according to analytical data. According to Cointelegraph Markets Pro and TradingView data, his DeFi top 100 tokens by market cap have had a bearish week, with most tokens trading at a loss, with a few exceptions.

Thanks for reading this week’s overview of the most influential DeFi developments. Join us next Friday for more stories, insights and education in this dynamically advancing space.