Polygon Helps UK Regulators, Level Finance Exploited đ„
Get the latest crypto updates in Datawallet's Daily Dose: Polygon aids UK regulators, Level Finance hack, Sotheby's NFT expansion, and ByBit's lending services.
Hello hello, crypto fans and DeFi aficionados! Welcome to another issue of Datawalletâs Daily Dose, the only place for crypto-related news youâll ever need. Regardless if youâve already spent someoneâs yearly salary on a rock NFT or are just beginning to venture into the uncharted waters that crypto is - we have something for you.
Our mission is to keep you informed and on your toes on all things crypto, so without further ado, letâs get this show on the road. Hereâs what we lined up for you today:
- Polygon Labs lends a helping hand to UKâs regulators
- Level Finance hacked, $2 million taken
- Sothebyâs expands its NFT sales
- ByBit starts offering lending services
Polygon Labs lends a helping hand to UKâs regulators
Polygon Labs has heeded the UK governmentâs call to assist in building out a legal framework for crypto-oriented companies. In February this year, His Majestyâs Treasury (HM Treasury) asked blockchain- and crypto-related businesses to respond to its Consultation & Call for Evidence as it sought to establish a solid regulatory regime for the industry.Â
Late last night, Polygon Labs submitted its response. You can find the document (PDF) on this link.
As per a blog post published on the Polygon website, HM Treasuryâs Consultation is a âcomprehensive, thoughtful proposalâ that is based on a thorough analysis and good understanding of the crypto industry. The Consultation aims to first focus on centralized and custodial intermediaries in crypto-assets (CeFi), as well as companies issuing their own tokens. Apparently, the framework shouldnât be too dissimilar to what the European Union is working on.Â
âThe Call for Evidence asks for input regarding novel applications of blockchain technology such as decentralized finance, mining & validation and sustainability,â Polygon Labs concluded in its writeup.
1/ đŹđ§ @0xPolygonLabs submitted its response to @hmtreasury's Consultation & Call for Evidence on #cryptoassets. Just in time for my trip to the UK next week to meet w policymakers & regulators to continue to building laws for crypto. Tl;dr below & link to full response in 2/. pic.twitter.com/XnrOIrRe8G
— Rebecca Rettig (@RebeccaRettig1) May 1, 2023
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Level Finance hacked, close to $2 million taken
Level Finance, a crypto-company describing itself as a decentralized perpetual exchange with functional risk management and innovative liquidity solutions has been breached and its funds siphoned.Â
As per the companyâs announcement late Monday night on Twitter, the attackers targeted its smart contracts and managed to get away with 214,000 LVL tokens. Just before news of the breach broke, the price of one LVL was $8.4, meaning the crooks got away with $1.8 million.
However, in the hours following the news, the price plummeted by 50%, reaching a price of $4.2 before rebounding. At press time, LVL costs $7.7.
The team also explained that the threat actors swapped the token for BNB tokens, and that other smart contracts were unaffected by the exploit. Liquidity pools, as well as the DAO treasury, are also unaffected by the event, the team further stated. A fix to the flaw was issued some 12 hours following the breach.
An exploit targeted our Referral Controller Contract.
— LEVEL Finance #RealYield (@Level__Finance) May 1, 2023
- 214k LVL tokens drained to exploiters address.
- Attacker swapped LVL to 3,345 BNB
- Exploit was isolated from other contracts.
- Fix to be deployed in 12 Hrs.
- LP's and DAO treasury UNAFFECTED.
More details to follow.
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Sothebyâs expands its NFT sales
You can now explore Sothebyâs NFT collection in the most futuristic way possible - via the metaverse. One of the worldâs most popular (and biggest!) brokers of art, jewelry, and collectibles published a Twitter thread in which it announced the ânext evolution of #SothebysMetaverseâ, and described it as âthe most trusted and dynamic destination to collect, buy and sell remarkable digital works.â
The offering will feature a rotating, curated selection of art, picked by Sothebyâs specialists. For each piece of art, there will be unique guidance and context, which includes thematic presentations, artist spotlights, and more.
For starters, Sothebyâs picked a number of popular NFT artists, including Xcopy, Tyler Hobbs, and Claire Silver.Â
Ethereum and Polygon chains will be executing the sales, it was said. Artist resale royalties will be honored directly on-chain through marketplace smart contracts, with a seller fee of 2.5%.Â
The responses on the thread have been overwhelmingly positive, with some people calling it an âamazing step for artists and collectorsâ.Â
Sothebyâs is located in 40 countries around the world, in which it maintains 80 locations. Among the younger generations, Sothebyâs is known for hosting the shredded Banksyâs art auction.Â
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ByBit starts offering lending services
At a time of a complete and utter meltdown of crypto lending businesses, one company is headed in the opposite direction - ByBit. This Dubai-based exchange platform announced it will start rolling out an in-house crypto lending service to its users on May 2.Â
Users that decide to deposit their crypto funds on the platform can expect to earn yield, including hourly interest payments in various lending pools. On the other end, the borrowers can take out a loan on the platform, by placing an equal, or larger amount, of crypto, as collateral.Â
In a press release published by the company, its CEO and co-founder Ben Zhou said users can expect âattractive returns on idle cryptocurrenciesâÂ
"This is another step on our mission to making the world of Web3 more accessible and uncomplicated."
Last year, some of the biggest crypto lenders, including Genesis, and Celsius, filed for bankruptcy, following the demise of the TERRA/Luna protocol. Other platforms, such as Binance and Nexo, still offer similar services.
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Other breaking news
- OPNX Exchange reprimanded by the Dubai crypto regulator
- Phantom multichain rolls out
- Uniswap launches Agora and Delegate Race
- AVA Labs founder awarded $3 million in defamation suit
- BLUR Lending is now live
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Wrapping Up
Todayâs issue of the Datawallet Daily Dose covered all the biggest news to hit the crypto market today. From Polygonâs filing to Sothebyâs Metaverse, to ByBit joining the lending industry, we continue to feel the pulse in one of the worldâs most active industries.Â
Stay tuned for more, as tomorrow weâll bring more of the same!