Stablecoin issuer Tether, the company behind USDt (USDT), said Thursday it will back a $150 million recovery program for the Drift Protocol decentralized exchange (DEX) following an exploit of the platform in April. The recovery plan for the $280 million Drift Protocol exploit includes $127.5 million from Tether, with the rest coming from undisclosed partners,…
In brief Drift Protocol is working with Tether on establishing a recovery pool for victims that lost $295 million to an exploit this month. Drift indicated that its moving away from Circle’s USDC after the stablecoin issuer’s cross-chain protocol was used to move stolen funds. The Treasury Department has urged Congress to consider legal protections…
In brief Hyperbridge’s exploit was about 10x worse than originally feared, with estimated losses now around $2.5 million. The protocol originally reported that there were just $237,000 in funds exploited earlier this week. The bulk of stolen funds have been traced, and the firm is working with law enforcement in the hopes of freezing and…
In brief Snap laid off approximately 1,000 team members, representing 16% of its full-time workforce. The cuts are expected to reduce the company’s annualized cost base by more than $500 million by the second half of 2026. AI agents are already generating over 65% of Snap’s new code and responding to over 1 million queries…
In brief A mother and her 10-year-old son were kidnapped from their Burgundy home on Monday in a ransom plot targeting the father’s cryptocurrency business. Elite police unit GIGN rescued the victims from a Val-de-Marne hotel room Tuesday around 6am. French ministers have stated that they are working on a plan to address the issue…
In the United States, victims of the $4 billion crypto Ponzi scam OneCoin are finally receiving compensation. On April 13, the US Department of Justice said that $40 million in assets are available to anyone who purchased OneCoin between 2014 and 2019 and experienced a net loss. This program marks a milestone for OneCoin victims,…
In brief Bitcoin’s recent ascent coincides with high exchange inflows and large holder deposits, exceeding March’s pre-correction spike. The average exchange deposit size hit 2.25 BTC—the largest jump since July 2024, signaling distribution from large holders, according to a CryptoQuant report. Large deposits also rose from under 10% to over 40% of inflows within days,…
In brief The FCA is seeking feedback on seven regulated cryptoasset activities, including stablecoin issuance, trading platforms, dealing, safeguarding, and staking, with final rules due this summer. Crypto firms can begin applying for authorization from September 2026, ahead of the full regime taking effect in October 2027. An expert told Decrypt that the activity-based perimeter…
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And check out our new daily news show covering all of the top stories in 5 minutes or less, downloadable on Apple Pod or Spotify. GM! Today’s top news: Crypto majors slightly…
A review of more than 150 major crypto protocols shows that disclosure of market-making arrangements is almost nonexistent, despite their central role in token trading. The research, conducted by crypto advisory company Novora, found that fewer than 1% of protocols disclose any terms related to market makers. Across the full dataset, only one protocol, decentralized…