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The lending platform is on track to remove some $7 million of MKR governance tokens from the market in a month, according to blockchain data.

Nexus Mutual, a DeFi coverage protocol, has swapped 14,390 ETH (equivalent to $27.3 million) from its “safety insurance module” for Rocket Pool’s rETH liquid staking token using the CoW Swap DEX aggregator. This ranks as one of the largest on-chain swaps ever conducted by Nexus Mutual as part of a broader diversification strategy for the coverage protocol.

On-chain data indicates that Nexus Mutual executed its purchase of rETH in two transactions: one for 14,140 ETH and the other for 250 ETH, relying on CoW Swap’s trade routes to carry out the trade.

This transactions were conducted as part of Nexus Mutual’s diversification strategy. Within the Nexus Mutual DAO, an investment committee recommended reallocating funds from its insurance module, which provides coverage for security incidents like hacks, to liquid staked ether. As a result, the project decided to invest in rocket ether (rETH), an asset generated by the liquid staking project, Rocket Pool.

“Staking with the Rocket Pool protocol would amplify Nexus Mutual’s investment in liquid staked ETH while adding protocol diversity. This would consequently limit the risk of exposure to any single staking provider,” said a spokesperson from Nexus Mutual.

The Nexus Mutual team noted that it chose CoW Swap as its preferred DEX aggregator because of its price-matching capabilities, protection against maximal extractable value (MEV), and its ability to handle substantial volumes without significant slippage.

CowSwap has previously facilitated transactions for other DAOs, such as Ethereum Name Service’s swap of 10,000 ETH into USDC stablecoin in February. Just recently, the Aave community acquired $2 million in Balancer LP tokens using the protocol.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

This week, OpenSea introduced “Deals,” allowing NFT collectors to trade directly with one another and McDonald’s launched McNugget Land in The Sandbox, inviting users to interact with pixelated nuggets and play mini-games.

Backed by Alexis Ohanian and OpenSea, the newly-launched platform has created blockchain-based solutions for several pain points associated with buying and selling high-end physical collectibles.

A New York couple accused of laundering $4.5 billion of crypto related to the 2016 hacking of the Bitfinex exchange have entered into a plea agreement with federal prosecutors, according to court documents.

Ilya Lichtenstein and Heather Morgan are set to attend a plea hearing early next month. Federal prosecutors allege the couple conspired with “others known and unknown to the grand jury,” according to the court documents. 

Morgan, known by her rapper name “Razzlekhan,” was arrested with Lichtenstein last year and charged with conspiracy to commit money laundering and conspiracy to defraud the U.S. A district court judge had previously signed a protective order in the case, indicating it would involve “classified national security information” that can only be accessed by people with security clearance.

Earlier this month, Bitfinex said it recovered $312,000 in cash and nearly $2,000 worth of Bitcoin Cash from the 2016 hack.

 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Human communication systems are under threat from linguistic robots (AI). But the same spammy problem helped lead to the creation of Bitcoin.

The pair will forfeit the proceeds from nearly 120,000 bitcoins they allegedly laundered from the hacked crypto exchange.

The new Paradex decentralized perpetuals platform is backed by the recent appchain technology from StarkWare.

Paradigm, an institutional liquidity platform for cryptocurrency not to be confused with the venture capital firm of the same name, has incubated a decentralized perpetual derivatives Layer 2 appchain named “Paradex.” 

Described as a hybrid derivatives exchange, the project will integrate liquidity from Paradigm with the transparency and self-custody typical of DeFi. It will operate as its own chain based on Starknet’s developer stack and is the result of a collaboration between Starnet contributor StarkWare and Paradigm that lasted six months, according to a statement. 

Paradigm operates as a liquidity network for crypto derivatives traders, catering to both the centralized finance and decentralized finance sectors. With the debut of Paradex, Paradigm aims to broaden its presence in the Layer 2 domain.

“As we began evaluating blockchain scaling technologies that would enable Paradex’s ambitious vision, it became clear that we needed a solution that would not only deliver scalability, but also control and customization,” said Nafaa Hendaoui, head of product at Paradex. 

Earlier this week, Starknet introduced an appchains framework, facilitating the creation of multiple application-specific blockchains within its ecosystem.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Affiliates of the most notorious terrorist organization use centralized exchanges, the blockchain intel firm said.