Dough Finance shuttered after a $2.5-million hack. Its recycled founders returned with a new project, with Trump’s backing. In July 2024, Dough Finance, a Florida-based DeFi platform promising leveraged “looping” returns, fell prey to a flash-loan exploit that drained $2.5 million from user accounts. The exploit not only wiped out investor funds but also brought operations to a halt. Chase Herro and Zak Folkman founded Dough Finance in 2024 in Florida. The platform attracted investors by offering high-risk DeFi strategies such as looping, a process where traders reuse borrowed crypto. Here’s how looping works: Read more
The demand for an offline digital cash option has been intensifying since Russia invaded Ukraine. Is there a role for blockchain? The Ukraine-Russia War has shaken up the world in many ways. For the Nordic countries, two of which share borders with Russia (Finland and Norway), a military invasion is no longer unthinkable. For Sweden, it may also be prompting second thoughts about its “cashless society.” According to a recent report in The Guardian, Sweden is worried about hybrid warfare attacks from Russia, including cyberwarfare. This can take down critical infrastructure like power grids on which digital payment networks depend. The Swedish government has even advised its citizens to put aside some “cash” — just in case. “Nordics are walking back the cashless society initiative because their centralized implementation of the concept is too fragile. Cash turns out necessary as a backup,” Ethereum co-founder Vitalik Buterin posted on May 25, referencing The Guardian story. Read more
The Cointelegraph Decentralization Guardians (CTDG) initiative is operational with validators on Solana, Chiliz, Polkadot, Coreum, Canton and Mantra. Cointelegraph is evolving from industry commentary to active participation in securing Web3 with the launch of the Cointelegraph Decentralization Guardians (CTDG) initiative, debuting live, institutional-grade validators on major blockchains including Solana, Chiliz, Polkadot, Coreum, Canton and Mantra. The CTDG initiative functions as a multi-faceted program that combines running high-performance validator nodes across leading blockchain ecosystems with public education, data-driven network monitoring and increased visibility for partner protocols. Merging media operations with Web3 success support positions Cointelegraph as a direct contributor to the health and security of the industry it covers. The program’s mainnet validators are live, and its public dashboards are tracking key network statistics and validator performance. These tools are accompanied by ne...