FTX founder sentenced to 25 years in prison and attack on Prisma Finance's DeFi protocol: expert talks about the events that shook the cryptocurrency world
Kyiv • UNN
A number of important developments in the cryptocurrency world, including regulatory investigations, security breaches, network growth, and high-profile court cases, highlight the rapid development and challenges facing the industry.
A number of important events have taken place in the world of cryptocurrencies, which indicate both the rapid development of this market and the challenges faced by its participants and investors. Olena Sosedka, co-founder of the first Ukrainian fintech ecosystem Concord Fintech Solutions, reported this on her Facebook page, UNN writes.
According to her, the attention of cryptocurrency market participants and investors was drawn to the launch of an investigation into transactions through Garantex.
In particular, the US and UK authorities have launched an investigation into $20 billion worth of transactions by the Russian cryptocurrency exchange Garantex.
"It was a concern because Garantex was added to the sanctions list, which underscores the seriousness of the regulators' intentions to fight money laundering and other illegal transactions through cryptocurrencies," Sosedka said.
Equally important for the cryptocurrency world was the attack on the Prisma Finance DeFi protocol, which fell victim to an exploit. As a result of the attack, hackers withdrew $11.6 million.
"This event is a reminder of the ongoing security risks faced by decentralized finance (DeFi) projects and the need to strengthen asset protection measures," Sosedka explained.
In addition, according to her, the number of validators in the Ethereum blockchain has reached an important milestone of 1 million, which demonstrates the growth of decentralization and security.
"There are approximately $114 billion worth of assets blocked in the staking, indicating a significant amount of confidence among network participants in Ethereum's prospects and its ability to support large-scale network activity and innovation," Sosedka said.
It is also important that funds have invested about $1.1 billion in tokenized US Treasury bonds over the past 11 months. This, according to Sosedka, indicates a growing interest in new forms of digital assets and the integration of traditional financial instruments with blockchain technologies.
The sentencing of FTX founder Sam Bankman-Fried also attracted the attention of cryptocurrency market participants. He was charged with fraud and other crimes related to the collapse of the FTX crypto exchange. The court sentenced him to 25 years in prison. According to Sosiedka, this case became one of the most high-profile in the cryptocurrency industry and sparked a broad discussion of the regulation and supervision of cryptocurrency platforms
"These developments reflect both the rapid growth and innovation in cryptocurrencies and blockchain, as well as the challenges the industry faces, including security, regulation, and trust," added Sosedka.
Recall
UNN has launched a series of publications that will tell about digital currencies and their possibilities. Our first material was devoted to the technology underlying cryptocurrencies - the blockchain: "Crypto for Dummies". Part 1: what is blockchain and its "features" that few people know about.
In the second part, UNN explained what halving is and why it is causing a stir in the cryptocurrency market. Read more about it in the article: Crypto for Dummies. Part 2: what is halving and why it causes a stir in the cryptocurrency market.
