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DeFi trader hit by MEV attack swapped 440K USDC for just 10K USDT Liquidity issues affected users on two decentralized finance (DeFi) platforms today, though for different reasons and with widely differing consequences. In what appears to be user error, three sizable swaps of 220,000, 131,000, and 91,000 of Circle’s USDC stablecoin netted a total of just over 10,000 tethers (USDT) after falling victim to a maximum extractable volume (MEV) bot. The swaps, made via the Uniswap V3 decentralized exchange, were flagged by blockchain security firm Peckshield, which regularly alerts the DeFi community to hacks, phishing attacks, and suspicious transactions. #PeckShieldAlert 220K $USDC -> 5K $USDT pic.twitter.com/dHnMyzxdea — PeckShieldAlert (@PeckShieldAlert) March 12, 2025 Read more: MEV bot to return $7.5M if Rho Markets admits to oracle error While the three affected transactions all come from distinct addresses, a brief look at their transaction hist...

The stablecoin issuer Tether has hired a new chief financial officer (CFO) and committed to completing a full audit. The veteran finance executive Simon McWilliams will now serve as CFO for Tether, which issues the dollar-pegged USDT, the top stablecoin by market cap. McWilliams will lead the stablecoin issuer toward a full audit and “spearhead Tether’s further commitment to transparency and regulatory readiness,” according to a press release from the firm. Tether didn’t provide a timeline for the audit. The firm already releases quarterly attestation reports with the accounting giant BDO, but it says a full audit will “ensure greater financial integrity and verification of reserves.” The stablecoin issuer has dealt with regulatory issues recently, including failing to gain compliance with the European Union’s new Markets in Crypto Assets (MiCA) regulations, which has led to crypto exchanges delisting USDT in Europe. MiCA esta...

The leading stablecoin firm Tether (USDT) has rolled out a private beta for a new tokenization platform. “Hadron by Tether” aims to simplify the tokenization process for stocks, bonds, funds, stablecoins, loyalty points, real estate, art and other assets, according to a new press release from the firm. Tether chief executive Paolo Ardoino notes the platform is fully non-custodial and supported by multiple blockchains. The CEO says Hadron represents “the beginning of a new era for finance.” “It leverages a very intuitive user interface to set up and configure multi-signature wallets, including hardware wallets. A deeply thought user experience streamlines the interaction between issuers and their users. Among its suite of controls, deep emphasis has been placed on providing the most comprehensive set of tools for compliance, Know-Your-Customer (KYC), Anti-Money-Laundering (AML), Know-Your-Transaction, Risk Management, and secondary m...

Tether has recently been involved in several developments and announcements within the cryptocurrency space. These include allocating 15% of its profits to acquire Bitcoin, revealing its $1.5 billion BTC reserve, and deciding to initiate Bitcoin mining operations in Uruguay. Additionally, it also launched on the KAVA blockchain in June. Now, in its recent independent auditors report for Q2 released on Monday, USDT issuer Tether has disclosed an excess of $3.3 billion in reserve assets to back USDT . Also read: Ripple Predicts Blockchain’s Potential to Save Financial Institutions $10B Tether’s Q2 attestation reveals $72.5B in US Treasury exposure According to the Q2 attestation, the stablecoin issuer has an exposure of $72.5 billion to US Treasuries. These include deposits in money market funds, repurchase agreements, and direct T-bill investments. Details from the filing reveal that, as of June 30, the company’s bitcoin (BTC) holdings saw an increase in...

This year has been pretty good for cryptos so far. Right from Altcoins rallying to the aggregate market cap ballooning, a bunch of positives have been noted. On Thursday, Bitcoin was, yet again, the talk of the town. The market’s largest crypto broke above $18k, one of its most rigid psychological barriers. After registering a 4.5% uptick over the past 24 hours, BTC was trading at $18.1k at press time. Source: TradingView Now, according to the latest data from Glassnode, a fairly large volume of BTC was acquired between $16.5k and $18.2k. The sharp spike noted by the supply in profit metric justified the same. Even though this might seem to be a positive, there is a gray lining to it. More than half the circulating supply was in loss in the period between November 2022 to early January 2023. Thanks to the current rally, over 13% of the said supply has now returned to profit. Like shown below, whenever this metric has seen a sharp rise, it has been succeeded by dramatic...