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World News$7B stolen in crypto scams in 2021, RadioShack DeFi

$7B stolen in crypto scams in 2021, RadioShack DeFi

The high cryptocurrencies by market worth stay in the pink this week.

Bitcoin is presently buying and selling at round $46,766, in line with Coin Metrics, and ether is buying and selling at round $3,880. Both are down around 6% in the final seven days.

But a number of cryptocurrencies in the highest 10 managed to resist the downturn. Terra’s LUNA is up over 29% in the final week and is now buying and selling at $80, in line with Coin Gecko. Avalanche’s AVAX can also be up 29% in that time-frame and is presently buying and selling at $113.

Along with value motion, listed here are 5 essential issues that occurred in the crypto house final week.

1. Elon Musk mentioned that Tesla will settle for dogecoin as cost for merch

2. Cryptocurrency costs listed on Coinbase and CoinMarketCap briefly glitch

3. Senate Banking Committee members point out concern over stablecoins and DeFi

During a Senate Banking Committee hearing on Tuesday, members mentioned stablecoins, that are cryptocurrencies that should be pegged to a reserve asset just like the U.S. greenback.

Chairman Sherrod Brown, D-Ohio, shared his ideas on stablecoins and their dangers in his opening statement.

“Let’s be clear about one thing: If you put your money in stablecoins, there’s no guarantee you’re going to get it back,” Sen. Brown mentioned. “Stablecoins and crypto markets aren’t actually an alternative to our banking system. They’re a mirror of the same broken system — with even less accountability and no rules at all.”

Senator Elizabeth Warren, D-Mass., agreed. “Stablecoins pose risks to consumers and to our economy,” she tweeted following the hearing.

“They’re propping up one of the shadiest parts of the crypto world, DeFi, where consumers are least protected from getting scammed. Our regulators need to get serious about clamping down before it is too late.”

4. $7.7 billion was stolen in crypto scams in 2021, report says

Over $7.7 billion was stolen in cryptocurrency scams worldwide in 2021, in line with a new report by blockchain analytics agency Chainalysis. That’s an 81% rise in comparison with 2020.

Rug pulls, a sort of rip-off the place builders abandon a undertaking and go away with buyers’ funds, grew to become the “go-to scam” of the decentralized finance, or DeFi, ecosystem, Chainalysis wrote in its report.

In 2021, rug pulls accounted for over $2.8 billion stolen, or 37% of all cryptocurrency rip-off income, in comparison with 1% in 2020. 

5. RadioShack turns to DeFi

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