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Crypto

Aave joins DeFi partners to address $292 million KelpDAO hack

Aave has begun a joint recovery effort with major cryptocurrency firms under the slogan “DeFi United” to stabilise the DeFi lending market after a $292 million hack. The initiative focuses on covering the collateral shortfall for hacked rsETH. The incident stemmed from a vulnerability in KelpDAO’s LayerZero integration, enabling the minting of unbacked rsETH and borrowing of about $190 million in assets. Aave’s total value locked fell by $10 billion after the attack.

Crypto

Morgan Stanley launches money market fund for stablecoin reserves

Morgan Stanley has launched a government money market fund designed for stablecoin issuers seeking to hold reserves. According to CoinDesk, Morgan Stanley Investment Management introduced the Stablecoin Reserve Portfolio. The fund is aimed at issuers of dollar- and other fiat-linked stablecoins that must hold assets such as dollars to back tokens in circulation. The fund, ticker MSNXX, invests only in U.S. short-term Treasuries and repurchase agreements and targets a $1 net asset value.

Crypto

U.S. CFTC adds New York to lawsuit to block prediction market regulation

The U.S. Commodity Futures Trading Commission has filed a lawsuit against New York state over its move to regulate prediction market operators. In a complaint filed in the U.S. District Court for the Southern District of New York, the CFTC argued that authority to regulate related derivatives, including prediction market contracts, belongs to it under federal law. New York has sued Coinbase and Gemini, citing alleged violations of state gambling law.