Weekly Article Recap: 12/11-12/15

Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

Ledger Exploited: Security Breach Raises Alarms in Crypto Community

In one of the most notable events of the week, a security flaw in the widely-used Ledger Library raised alarms regarding the safety of decentralized applications (dapps), notably impacting platforms like SushiSwap, Zapper, Revoke, etc. The risk reportedly extended beyond Ledger users, affecting anyone connecting to a dapp utilizing the compromised Connector. Ledger acknowledged and removed the malicious version of the Ledger Connect Kit, assuring users of the safety of their Ledger devices and the Ledger Live app.

Read the full story here. 

BNB Chain Unveils Ambitious GreenField Technology Roadmap Targeting Mass Adoption

BNB Chain recently unveiled the tech roadmap for BNB Greenfield, its decentralized storage network targeting both Web2 and Web3 developers. The roadmap focuses on enhancing performance, simplifying development, and strengthening multichain capabilities. Despite a legal dispute impacting BNB due to the US Justice Department's actions against Binance, the token has shown some recovery lately.

Learn more about the BNB Greenfield roadmap here. 

KuCoin Agrees to Leave New York and Pay $22M in Settlement

Cryptocurrency exchange KuCoin has agreed to a $22 million settlement and will block access for users in New York to resolve a lawsuit brought by the state's Attorney General, Letitia James. The lawsuit, initiated in March, accused KuCoin of failing to register with the state before allowing investors to trade cryptocurrencies. 

Find more information in the article.

SafeMoon Files For  Chapter 7 Bankruptcy Amidst SEC Heat 

SafeMoon (SFM) has filed for Chapter 7 bankruptcy amid SEC accusations. The memecoin, once thriving, opts for liquidation as it faces allegations of deceptive practices by its executives, including founder Kyle Nagy, CEO John Karony, and CTO Thomas Smith. SEC claims involve artificially inflating SafeMoon's market cap to $5.7 billion.

Details here. 

SEC Rejects Coinbase's Plea for Clear Crypto Rules Amid Ongoing Legal Battle 

In a setback for Coinbase, the US Securities and Exchange Commission (SEC) has denied the platform's request for specialized regulations in the cryptocurrency sector. The dispute, initiated in 2022 by Coinbase, aimed to establish specific rules for the crypto industry, citing inadequacies in current securities laws.

Read the full story here.